Sailpoint Technologies 10-Q 9 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Aug. 04, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-38297
Entity Registrant Name	SailPoint Technologies Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1628077
Entity Address, Address Line One	11120 Four Points Drive
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78726
City Area Code	512
Local Phone Number	346-2000
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	SAIL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		92,942,032
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001627857
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 407,634	$ 510,289
Restricted cash	6,404	6,355
Accounts receivable, net of allowances of $333 and $376	110,765	112,255
Deferred contract acquisition costs, current	18,038	15,592
Prepayments and other current assets	35,265	26,027
Income taxes receivable	2,722	0
Total current assets	580,828	670,518
Property and equipment, net	18,407	19,443
Right-of-use assets, net	25,477	27,048
Deferred contract acquisition costs, non-current	43,660	38,510
Other non-current assets, net of allowances of $66 and $50	14,807	15,016
Goodwill	289,437	241,103
Intangible assets, net	82,588	63,962
Total assets	1,055,204	1,075,600
Current liabilities
Accounts payable	6,687	4,753
Accrued expenses and other liabilities	46,139	59,460
Income taxes payable	0	978
Convertible senior notes, net	384,317	326,672
Deferred revenue	169,798	165,995
Total current liabilities	606,941	557,858
Deferred tax liability - non-current	22	1,329
Long-term operating lease liabilities	31,000	33,080
Deferred revenue - non-current	19,331	18,723
Total liabilities	657,294	610,990
Commitments and contingencies (Note 7)
Stockholders’ equity
Common stock, $0.0001 par value, authorized 300,000 shares, issued and outstanding 92,804 shares as of June 30, 2021 and 91,386 shares as of December 31, 2020	9	9
Preferred stock, $0.0001 par value, authorized 10,000 shares, no shares issued and outstanding as of June 30, 2021 and December 31, 2020	0	0
Additional paid in capital	446,579	484,012
Accumulated deficit	(48,678)	(19,411)
Total stockholders' equity	397,910	464,610
Total liabilities and stockholders’ equity	$ 1,055,204	$ 1,075,600

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Accounts receivable, allowance	$ 333	$ 376
Stockholders’ equity
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	92,804,000	91,386,000
Common stock, shares outstanding (in shares)	92,804,000	91,386,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Contract Assets
Current assets
Other non-current assets, allowance	$ 66	$ 50

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue
Total revenue	$ 102,486	$ 92,458	$ 193,248	$ 167,900
Cost of revenue
Total cost of revenue	27,590	18,432	51,940	36,994
Gross profit	74,896	74,026	141,308	130,906
Operating expenses
Research and development	23,033	17,653	42,599	33,461
General and administrative	10,461	9,371	21,728	18,885
Sales and marketing	58,408	38,934	109,570	75,794
Total operating expenses	91,902	65,958	173,897	128,140
Income (loss) from operations	(17,006)	8,068	(32,589)	2,766
Other expense, net
Interest income	212	169	412	1,441
Interest expense	(632)	(4,586)	(1,421)	(9,118)
Other expense, net	(219)	(112)	(220)	(436)
Total other expense, net	(639)	(4,529)	(1,229)	(8,113)
Income (loss) before income taxes	(17,645)	3,539	(33,818)	(5,347)
Income tax (expense) benefit	903	(497)	1,785	(28)
Net income (loss)	$ (16,742)	$ 3,042	$ (32,033)	$ (5,375)
Net income (loss) per share
Basic (in dollars per share)	$ (0.18)	$ 0.03	$ (0.35)	$ (0.06)
Diluted (in dollars per share)	$ (0.18)	$ 0.03	$ (0.35)	$ (0.06)
Weighted average shares outstanding
Basic (in shares)	92,464	90,328	92,076	90,095
Diluted (in shares)	92,464	91,599	92,076	90,095
Licenses
Revenue
Total revenue	$ 24,450	$ 34,880	$ 43,685	$ 55,884
Cost of revenue
Total cost of revenue	1,355	1,106	2,602	2,186
Subscription
Revenue
Total revenue	64,355	45,922	123,597	89,803
Cost of revenue
Total cost of revenue	13,716	8,657	25,020	17,133
Services and other
Revenue
Total revenue	13,681	11,656	25,966	22,213
Cost of revenue
Total cost of revenue	$ 12,519	$ 8,669	$ 24,318	$ 17,675

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional paid in capital	Additional paid in capitalCumulative Effect, Period of Adoption, Adjustment	Accumulated deficit	Accumulated deficitCumulative Effect, Period of Adoption, Adjustment
Stockholders' equity, beginning balance at Dec. 31, 2019	$ 434,127	$ (359)	$ 9	$ 442,407		$ (8,289)	$ (359)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2019			89,676,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options	2,807			2,807
Exercise of stock options (in shares)			423,000
Restricted stock units vested, net of tax settlement	(236)			(236)
Restricted stock units vested, net of tax settlement (in shares)			332,000
Stock-based compensation expense	13,341			13,341
Common stock issued under employee stock plan	3,466			3,466
Common stock issued under employee stock plan (in shares)			176,000
Net income (loss)	(5,375)					(5,375)
Stockholders' equity, ending balance at Jun. 30, 2020	447,771		$ 9	461,785		(14,023)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2020			90,607,000
Stockholders' equity, beginning balance at Dec. 31, 2019	434,127	(359)	$ 9	442,407		(8,289)	(359)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2019			89,676,000
Stockholders' equity, ending balance at Dec. 31, 2020	$ 464,610	(62,751)	$ 9	484,012	$ (65,517)	(19,411)	2,766
Stockholders' equity, ending balance (in shares) at Dec. 31, 2020			91,386,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]
Stockholders' equity, beginning balance at Mar. 31, 2020	$ 432,704		$ 9	449,760		(17,065)
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2020			90,169,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options	1,490			1,490
Exercise of stock options (in shares)			195,000
Restricted stock units vested, net of tax settlement	(81)			(81)
Restricted stock units vested, net of tax settlement (in shares)			67,000
Stock-based compensation expense	7,150			7,150
Common stock issued under employee stock plan	3,466			3,466
Common stock issued under employee stock plan (in shares)			176,000
Net income (loss)	3,042					3,042
Stockholders' equity, ending balance at Jun. 30, 2020	447,771		$ 9	461,785		(14,023)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2020			90,607,000
Stockholders' equity, beginning balance at Dec. 31, 2020	464,610	(62,751)	$ 9	484,012	(65,517)	(19,411)	2,766
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2020			91,386,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Settlement of capped calls related to partial conversion of convertible senior notes (in shares)			(37,301)
Stockholders' equity, ending balance at Mar. 31, 2021	396,956		$ 9	428,883		(31,936)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2021			92,228,000
Stockholders' equity, beginning balance at Dec. 31, 2020	464,610	$ (62,751)	$ 9	484,012	$ (65,517)	(19,411)	$ 2,766
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2020			91,386,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options	2,967			2,967
Exercise of stock options (in shares)			285,000
Restricted stock units vested, net of tax settlement	(3,062)			(3,062)
Restricted stock units vested, net of tax settlement (in shares)			845,000
Stock-based compensation expense	22,945			22,945
Common stock issued under employee stock plan	5,234			5,234
Common stock issued under employee stock plan (in shares)			143,000
Partial conversion of convertible senior notes (in shares)			182,000
Settlement of capped calls related to partial conversion of convertible senior notes (in shares)			(37,301)
Net income (loss)	(32,033)					(32,033)
Stockholders' equity, ending balance at Jun. 30, 2021	397,910		$ 9	446,579		(48,678)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2021			92,804,000
Stockholders' equity, beginning balance at Mar. 31, 2021	396,956		$ 9	428,883		(31,936)
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2021			92,228,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options	1,359			1,359
Exercise of stock options (in shares)			97,000
Restricted stock units vested, net of tax settlement	(1,769)			(1,769)
Restricted stock units vested, net of tax settlement (in shares)			336,000
Stock-based compensation expense	12,872			12,872
Common stock issued under employee stock plan	5,234			5,234
Common stock issued under employee stock plan (in shares)			143,000
Net income (loss)	(16,742)					(16,742)
Stockholders' equity, ending balance at Jun. 30, 2021	$ 397,910		$ 9	$ 446,579		$ (48,678)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2021			92,804,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net loss	$ (32,033)	$ (5,375)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization expense	10,733	9,151
Amortization of debt discount and issuance costs	1,100	8,788
Amortization of contract acquisition costs	9,002	6,058
(Gain) loss on disposal of fixed assets	25	(5)
Provision for credit losses	268	805
Stock-based compensation expense	22,945	13,341
Operating leases, net	(279)	(222)
Deferred taxes	0	(113)
Net changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business acquisitions:
Accounts receivable	2,223	10,365
Deferred contract acquisition costs	(16,598)	(10,360)
Prepayments and other current assets	(9,218)	909
Other non-current assets	1,609	(4,311)
Accounts payable	1,934	(48)
Accrued expenses and other liabilities	(15,415)	(6,338)
Income taxes	(3,577)	(1,895)
Deferred revenue	2,675	1,303
Net cash provided by (used in) operating activities	(24,606)	22,053
Investing activities
Purchase of property and equipment	(1,991)	(1,286)
Proceeds from sale of property and equipment	12	11
Purchase of intangibles	(40)	0
Business acquisitions, net of cash acquired	(70,960)	0
Net cash used in investing activities	(72,979)	(1,275)
Financing activities
Payments for partial conversion of convertible senior notes	(10,160)	0
Taxes associated with net issuances of shares upon vesting of restricted stock units	(3,062)	(236)
Proceeds from employee stock purchase plan contributions	5,234	3,466
Exercise of stock options	2,967	2,807
Net cash provided by (used in) financing activities	(5,021)	6,037
Net increase (decrease) in cash, cash equivalents and restricted cash	(102,606)	26,815
Cash, cash equivalents and restricted cash, beginning of period	516,644	450,120
Cash, cash equivalents and restricted cash, end of period	$ 414,038	$ 476,935

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Summary of Significant Accounting Policies	Description of Business and Summary of Significant Accounting Policies 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 occurred on September 8, 2014 and our certificate of incorporation was amended and restated as of such date. SailPoint Technologies, Inc. was formed on July 14, 2004 as a Delaware corporation. The Company designs, develops and markets identity security software that helps organizations govern user access to critical systems and data. The Company currently markets its products and services worldwide. Basis of Presentation The accompanying unaudited condensed consolidated financial statements , which include the accounts of the Company and its wholly owned subsidiaries, have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as well as the instructions to Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim reporting. Accordingly, the Company has condensed or omitted certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP. All intercompany accounts and transactions have been eliminated in consolidation. 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, 2021 or any future period. These financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the SEC on February 25, 2021 (the “Annual Report”). Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Management periodically evaluates such estimates and assumptions for continued reasonableness. In particular, we make estimates with respect to the fair value allocation of multiple performance obligations in revenue recognition, the expected period of benefit of deferred contract acquisition costs, the collectability of accounts receivable, stock-based compensation expense, income taxes, and the valuation, useful lives and impairment of intangible assets and goodwill arising from business combinations. Appropriate adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation. Actual results could differ from those estimates. 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. The Company maintains its cash in bank deposit accounts that, at times, may exceed federally insured limits. As of June 30, 2021 and December 31, 2020, no single customer represented more than 10% of the balance in accounts receivable. Management considers concentration of credit risk to be minimal with respect to accounts receivable due to the positive historical collection experience of the Company. No single customer represented more than 10% of revenue for the three and six months ended June 30, 2021 or 2020. The Company does not experience concentration of credit risk in foreign countries as no single foreign country represents more than 10% of the Company’s consolidated revenues or net assets. Significant Accounting Policies The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes in the Annual Report, most notably Note 1 “Description of Business and Summary of Significant Accounting Policies.” Except for the adoption of Accounting Standards Update ("ASU") 2020-06 described below, there have been no changes to our significant accounting policies described in the Annual Report that have had a material impact on our unaudited condensed consolidated financial statements and related notes. Recently Adopted Accounting Pronouncements In August 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for certain financial instruments with characteristics of liability and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, ASU 2020-06 removes from GAAP the liability and equity separation model for convertible instruments with a cash conversion feature, and as a result, after adoption, entities will no longer separately present in equity an embedded conversion feature for such debt. Similarly, the embedded conversion feature will no longer be amortized as interest expense over the life of the instrument. Instead, entities will account for a convertible debt instrument wholly as debt unless (1) a convertible instrument contains features that require bifurcation as a derivative under Accounting Standards Codification ("ASC") Topic 815, Derivatives and Hedging, or (2) a convertible debt instrument was issued at a substantial premium. Among other potential impacts, this change will reduce reported interest expense, increase reported net income, and result in a reclassification of certain conversion feature balance sheet amounts from stockholders’ equity to liabilities as it relates to the Notes (as defined in Note 9 "Convertible Senior Notes and Capped Call Transactions"). Additionally, ASU 2020-06 requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020, and can be adopted on either the fully retrospective or modified retrospective basis. The Company early adopted ASU 2020-06 effective January 1, 2021 using the modified retrospective approach, which requires a cumulative adjustment to be recorded to accumulated deficit. Adoption of ASU 2020-06 resulted in a material effect on the unaudited condensed consolidated balance sheet as the Company no longer separately presents in equity an embedded conversion feature. The impact to the unaudited condensed consolidated balance sheet was an increase of the Notes by $66.8 million, a decrease of our deferred tax liability by $4.0 million, a decrease of our additional paid in capital by $65.5 million and a decrease of our accumulated deficit by $2.8 million. Interest expense recognized will be reduced as a result of accounting for the convertible debt instrument as a single liability measured at its amortized cost. This adoption did not have a material impact on the Company's unaudited condensed consolidated statement of cash flows. The Company will prospectively utilize the if-converted method to calculate the impact of convertible instruments on diluted earnings per share.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2021
Revenue Recognition [Abstract]
Revenue Recognition	Revenue Recognition Disaggregation of Revenue The Company’s revenue by geographic region based on the customer’s location is presented in Note 13 “Geographic Information and Major Customers.” The following table presents the Company’s revenue by timing of revenue recognition to understand the risks of timing of transfer of control and cash flows: Licenses SaaS (1) Maintenance and Support (1) Other Subscription Services (1) Services and Other (In thousands) Three Months Ended June 30, 2021 Revenue recognized at a point in time $ 24,450 $ — $ — $ — $ — Revenue recognized over time — 25,369 37,304 1,682 13,681 Total revenue $ 24,450 $ 25,369 $ 37,304 $ 1,682 $ 13,681 Three Months Ended June 30, 2020 Revenue recognized at a point in time $ 34,880 $ — $ — $ — $ — Revenue recognized over time — 15,246 30,067 609 11,656 Total revenue $ 34,880 $ 15,246 $ 30,067 $ 609 $ 11,656 Six Months Ended June 30, 2021 Revenue recognized at a point in time $ 43,685 $ — $ — $ — $ — Revenue recognized over time — 47,258 72,778 3,561 25,966 Total revenue $ 43,685 $ 47,258 $ 72,778 $ 3,561 $ 25,966 Six Months Ended June 30, 2020 Revenue recognized at a point in time $ 55,884 $ — $ — $ — $ — Revenue recognized over time — 29,373 59,224 1,206 22,213 Total revenue $ 55,884 $ 29,373 $ 59,224 $ 1,206 $ 22,213 (1) Subscription revenue is further disaggregated into SaaS, Maintenance and Support and Other Subscription Services revenue in the table above. Contract Balances A summary of the activity impacting our contract balances during the reporting periods is presented below: Contract Acquisition Costs Six Months Ended June 30, 2021 June 30, 2020 (In thousands) Beginning Balance $ 54,102 $ 35,152 Additional deferred contract acquisition costs 16,598 10,360 Amortization of deferred contract acquisition costs (9,002) (6,058) Ending Balance $ 61,698 $ 39,454 There were no material impairments of deferred contract acquisition costs for the periods ended June 30, 2021 or 2020. Deferred Revenue Six Months Ended June 30, 2021 June 30, 2020 (In thousands) Beginning Balance $ 184,718 $ 152,033 Increase, net 4,411 1,303 Ending Balance $ 189,129 $ 153,336 Deferred revenue, which is a contract liability, consists primarily of amounts invoiced in advance of revenue recognition under the Company’s contracts with customers and is recognized as the revenue recognition criteria are met. Revenue recognized that was previously deferred was $73.6 million and $124.8 million during the three and six months ended June 30, 2021, respectively, compared to $49.9 million and $88.6 million during the three and six months ended June 30, 2020. 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 obligations and customer billings. Contract assets primarily relate to unbilled amounts, which are netted with deferred revenue at the contract level, and typically result from sales contracts where 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 in the amount of $18.6 million and $10.7 million and other non-current assets in the amount of $13.7 million and $14.2 million in the unaudited condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020, respectively. During the six months ended June 30, 2021 and 2020, amounts reclassified from contract assets to accounts receivable were $12.5 million and $2.7 million, respectively. 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 contract 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 June 30, 2021, amounts allocated to these additional performance obligations are $396.1 million, of which we expect to recognize $225.8 million as revenue over the next 12 months with the remaining balance recognized thereafter.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present the Company’s financial assets that are measured at fair value on a recurring basis: As of June 30, 2021 Level 1 Level 2 Level 3 Total (In thousands) Assets Cash equivalents Money market funds $ 12,480 — — $ 12,480 Total cash equivalents $ 12,480 — — $ 12,480 As of December 31, 2020 Level 1 Level 2 Level 3 Total (In thousands) Assets Cash equivalents Money market funds $ 9,757 — — $ 9,757 Total cash equivalents $ 9,757 — — $ 9,757 The Company’s carrying amounts of financial instruments, including cash, accounts receivable, accounts payable, and accrued expenses are considered Level 1 and approximate their fair values due to their short maturities as of June 30, 2021 and December 31, 2020 and are excluded from the fair value tables above. See Note 9 “Convertible Senior Notes and Capped Call Transactions” for the carrying amount and estimated fair value of the Notes as of June 30, 2021.

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Business Combinations 2021 Acquisitions Intello On February 22, 2021, the Company acquired Intello Inc. ("Intello"), a Delaware corporation, pursuant to an Agreement and Plan of Merger whereby Intello became a wholly owned subsidiary of the Company. Intello is an early-stage software as a service ("SaaS") management company that helps organizations discover, manage, and secure SaaS applications. The aggregate consideration paid in connection with this acquisition was $42.9 million, net of cash acquired. The following table summarizes the final purchase price allocation as of the date of acquisition: As of February 22, 2021 (In thousands) Cash and cash equivalents $ 1,143 Accounts receivable 146 Prepayments and other current assets 43 Property and equipment 17 Goodwill 32,417 Intangible assets 12,300 Accrued expenses and other liabilities (97) Deferred tax liability - non-current (1,401) Deferred revenue (536) Total fair value of assets acquired and liabilities assumed $ 44,032 The following table presents the estimated fair values and useful lives of the identifiable intangible assets acquired: Amount Estimated Useful Life (In thousands) (In years) Developed technology $ 9,500 5 Customer lists $ 2,800 3 The fair value of developed technology was estimated using the relief from royalty method (Level 3) utilizing assumptions for annual obsolescence, royalty rates, tax rate and discount rate. The fair value of customer lists was estimated using the replacement cost method (Level 3), which utilized assumptions for the cost to recreate the relationships, such as the timing and resources required, distributor's profit mark-up and opportunity cost. ERP Maestro On March 15, 2021, the Company acquired ERP Maestro, Inc. ("ERP Maestro"), a Florida corporation, pursuant to an Agreement and Plan of Merger whereby ERP Maestro became a wholly owned subsidiary of the Company. ERP Maestro is an early-stage SaaS governance, risk and compliance solution that provides separation-of-duty controls monitoring for an organization’s most critical applications. The aggregate consideration paid in connection with this acquisition was $28.1 million, net of cash acquired. The following table summarizes the final purchase price allocation as of the date of acquisition: As of March 15, 2021 (In thousands) Cash and cash equivalents $ 924 Accounts receivable 850 Prepayments and other current assets 59 Property and equipment 152 Right-of-use assets 223 Goodwill 15,917 Intangible assets 13,900 Accrued expenses and other liabilities (503) Deferred tax liability - non-current (1,329) Deferred revenue (1,200) Total fair value of assets acquired and liabilities assumed $ 28,993 The following table presents the estimated fair values and useful lives of the identifiable intangible assets acquired: Amount Estimated Useful Life (In thousands) (In years) Developed technology $ 10,000 5 Customer lists $ 3,900 3 The fair value of developed technology was estimated using the replacement cost method (Level 3) utilizing assumptions for the cost to replace, such as the workforce, timing and resources required, annual obsolescence, as well as a theoretical developer’s profit margin and entrepreneurial incentive and opportunity cost. The fair value of customer lists was estimated using the replacement cost method (Level 3), which utilized assumptions for the cost to recreate the relationships, such as the timing and resources required, distributor's profit mark-up and opportunity cost and customer age. Additional Acquisition Related Information The operating results of the acquired companies are included in our unaudited condensed consolidated statement of operations from the respective dates of acquisition. Pro forma results of operations have not been presented because the effects of these acquisitions, individually and in the aggregate, were not material to our unaudited condensed consolidated statement of operations. During the six months ended June 30, 2021, acquisition related costs were $2.2 million, which include primarily legal, accounting and consulting professional service fees and have been included in general and administrative expenses in the unaudited condensed consolidated statement of operations. These acquisitions have been accounted for as business combinations. Assets acquired and liabilities assumed have been recorded at their estimated fair values as of the respective acquisition date. The Company finalized the purchase price within the required one-year measurement period as of the dates of acquisition.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill Goodwill represents the excess of the purchase price over the identifiable tangible and intangible assets acquired less liabilities assumed arising from business combinations. The change in the carrying amounts of goodwill for the six months ended June 30, 2021 is due to the acquisitions of Intello and ERP Maestro. For additional information regarding the acquisitions, see Note 4 “Business Combinations.” The following table reflects goodwill activity for the six months ended June 30, 2021: (In thousands) Balance, December 31, 2020 $ 241,103 Goodwill acquired 47,307 Measurement period adjustments 1,027 Balance, June 30, 2021 $ 289,437 There were no impairments of goodwill during the periods ended June 30, 2021 or 2020. Intangible Assets Total cost and amortization of intangible assets are comprised of the following: As of Weighted Average June 30, 2021 December 31, 2020 Intangible assets, net (In years) (In thousands) Customer lists 14.6 $ 49,200 $ 42,500 Developed technology 8.5 71,260 51,760 Trade names and trademarks 17.0 24,500 24,500 Other intangible assets 4.7 3,786 3,746 Total intangible assets 148,746 122,506 Less: Accumulated amortization (66,158) (58,544) Total intangible assets, net $ 82,588 $ 63,962 Amortization expense for the periods presented is as follows: Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (In thousands) Cost of revenue - licenses $ 1,008 $ 1,008 $ 2,016 $ 2,016 Cost of revenue - subscription 1,557 911 2,414 1,821 Research and development 169 190 337 381 Sales and marketing 1,626 1,069 2,846 2,137 Total amortization expense $ 4,360 $ 3,178 $ 7,613 $ 6,355 Periodically, the Company evaluates intangible assets for possible impairment. There were no impairments of intangible assets during the periods ended June 30, 2021 or 2020. The total estimated future amortization expense of these intangible assets as of June 30, 2021 is as follows: Year Ending December 31, (In thousands) 2021 (except the six months ended June 30) $ 8,732 2022 17,106 2023 16,557 2024 12,674 2025 8,175 Thereafter 19,344 Total amortization expense $ 82,588

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	Leases Letters of Credit As of June 30, 2021 and December 31, 2020, the Company had an aggregate of $6.0 million of cash collateral for an unconditional standby letter of credit related to the Company’s corporate headquarters lease. The Company is also required to maintain a small amount of restricted cash to guarantee rent payments for our subsidiaries. Operating Leases As of June 30, 2021, our leases, which primarily consist of office leases, have remaining lease terms of less than one year to eight years. Certain leases include early termination and/or extension options; however, exercise of these options is at the Company’s sole discretion. As of June 30, 2021, the Company determined that it is not reasonably certain that it will exercise the options to extend its leases or terminate them early. As of June 30, 2021, we have no financing leases and no material sub-leases, and our non-cancelable operating lease commitments exclude variable consideration. The undiscounted annual future minimum lease payments are summarized by year in the table below: Year Ending December 31, (In thousands) 2021 (except the six months ended June 30) $ 3,099 2022 5,983 2023 5,148 2024 5,040 2025 4,890 Thereafter 17,393 Total minimum lease payments 41,553 Less: interest (5,842) Total present value of operating lease liabilities $ 35,711 Current operating lease liabilities $ 4,711 Long-term operating lease liabilities 31,000 Total operating lease liabilities $ 35,711

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Indemnification Arrangements In the ordinary course of business, the Company enters into contractual arrangements under which it agrees to provide indemnification of varying scope and terms to customers, business partners and other parties with respect to certain matters, including losses arising out of the breach of such agreements, intellectual property infringement claims made by third parties, and other liabilities with respect to our products, services and business. In these circumstances, payment may be conditioned on the other party making a claim pursuant to the procedures specified in a particular contract. The Company includes service level commitments to customers of our cloud-based products warranting certain levels of uptime reliability and performance and permitting those customers to receive credits in the event that we fail to meet those levels. To date, the Company has not incurred any material costs as a result of these commitments, and we expect the time between any potential claims and issuance of the credits to be short. As a result, we have not accrued any liabilities related to these commitments in our unaudited condensed consolidated financial statements. Litigation Claims and Assessments The Company is subject to claims and suits that may arise from time to time in the ordinary course of business. In addition, some legal actions, claims and governmental inquiries may be instituted or asserted in the future against us and our subsidiaries. Although the outcome of our legal proceedings cannot be predicted with certainty and no assurances can be provided, based upon current information, we do not believe the liabilities, if any, which may ultimately result from the outcome of such matters, individually or in the aggregate, will have a material adverse impact on our unaudited condensed consolidated financial statements.

Credit Agreement

Credit Agreement	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Credit Agreement	Credit Agreement On March 11, 2019, SailPoint Technologies, Inc., as borrower (the "Borrower"), and certain of our other wholly owned subsidiaries entered into a credit agreement (as amended, restated, amended and restated, supplemented or otherwise modified from time to time through the date hereof, the “Credit Agreement”). The Credit Agreement is guaranteed by 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. In September 2019, the Company amended the Credit Agreement in connection with the issuance and sale of the Notes. Such amendment included a decrease in the commitments for revolving credit loans from $150.0 million to $75.0 million, 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 the 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 acquisitions permitted under the Credit Agreement. The Credit Agreement contains certain customary representations and warranties and affirmative and negative covenants. The interest rates applicable to revolving credit loans under the Credit Agreement are at the Company’s option. The Company pays an unused commitment fee during the term of the Credit Agreement ranging from 0.20% to 0.30% per annum based on the Senior Secured Net Leverage Ratio. Borrowings under the Credit Agreement are scheduled to mature on March 11, 2024. The Company had no outstanding revolving credit loan balance under the Credit Agreement as of June 30, 2021 or December 31, 2020. The Company was in compliance with all applicable covenants as of June 30, 2021. The Company incurred total debt issuance costs of $0.8 million in connection with the Credit Agreement, the net balance of which is included in other non-current assets in the accompanying unaudited condensed consolidated balance sheets. These costs are being amortized to interest expense over the life of the Credit Agreement on a straight-line basis. Amortization of debt issuance costs for the periods ended June 30, 2021 and 2020 were not material and were recorded in interest expense in the accompanying unaudited condensed consolidated statements of operations.

Convertible Senior Notes and Ca

Convertible Senior Notes and Capped Call Transactions	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Convertible Senior Notes and Capped Call Transactions	Convertible Senior Notes and Capped Call TransactionsIn September 2019, the Company issued and sold $400.0 million aggregate principal amount of 0.125% Convertible Senior Notes due 2024 (the “Notes”) in a private offering (the “Offering”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The net proceeds from the Offering were $391.2 million, after deducting discounts and commissions and other fees and expenses payable by the Company in connection with the Offering. The Company used $37.1 million of the net proceeds from the Offering to pay the cost of the privately negotiated capped call transactions (the "Capped Call Transactions") it entered into with the initial purchasers of the Notes or their respective affiliates and another financial institution. The Notes were issued pursuant to an indenture (the “Indenture”), by and between the Company and U.S. Bank National Association, as trustee. The Notes are senior unsecured obligations of the Company and will mature on September 15, 2024, unless earlier redeemed, repurchased or converted. The Notes bear interest at a fixed rate of 0.125% per year payable semiannually in arrears on March 15 and September 15 of each year. The Notes will be convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding March 15, 2024, only under the following circumstances: • during any calendar quarter commencing after the calendar quarter ending on December 31, 2019 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; • during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price (as defined in the Indenture) per $1,000 principal amount of the Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of common stock and the conversion rate for the Notes on each such trading day; • if the Company calls any or all of the Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or • upon the occurrence of specified corporate events as set forth in the Indenture. On or after March 15, 2024 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances. Upon conversion, the Company may satisfy its conversion obligation by paying and/or delivering, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the Indenture. The Notes are convertible at an initial conversion rate of 35.1849 shares of common stock per $1,000 principal amount of the Notes, which is equivalent to an initial conversion price of $28.42 per share of common stock, subject to adjustment upon the occurrence of specified events. The conversion rate is subject to adjustment under certain circumstances in accordance with the terms of the Indenture. In addition, following certain corporate events that occur prior to the maturity date or if the Company delivers a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Notes in connection with such a corporate event or notice of redemption, as the case may be. For example, upon the occurrence of a make-whole fundamental change, as defined in the purchase agreement, the Company will, in certain circumstances, increase the conversion rate by a number of additional shares for a holder that elects to convert its Notes in connection with such make-whole fundamental change or during the relevant redemption period. The Company may not redeem the Notes prior to September 20, 2022. The Company may redeem for cash all or any portion of the Notes, at its option, on or after September 20, 2022, if the last reported sale price of common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the Notes, which means that the Company is not required to redeem or retire the Notes periodically. If the Company undergoes a fundamental change (as defined in the Indenture), holders may require the Company to repurchase for cash all or any portion of their Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The Indenture includes customary covenants and sets forth certain events of default after which the Notes may be declared immediately due and payable and sets forth certain types of bankruptcy or insolvency events of default involving the Company after which the Notes become automatically due and payable. The Company was in compliance with all applicable covenants as of June 30, 2021. For at least 20 trading days during the period of 30 consecutive trading days ended September 30, 2020, the last reported sale price of the Company’s common stock was equal to or exceeded 130% of the conversion price of the Notes on each applicable trading day. This conversion trigger has been met each quarter since then, including the quarter ended June 30, 2021. As a result, the Notes continue to be convertible at the option of the holders during the fiscal quarter ending September 30, 2021 and remained classified as current liabilities on the unaudited condensed consolidated balance sheet as of June 30, 2021. During the three months ended March 31, 2021, upon the request of certain holders, the Company settled the conversion of the $10.2 million in aggregate principal amount of the Notes (the "2021 Converted Notes") with cash and settled all other amounts owed to the respective holders through the issuance of 181,629 shares of the Company's common stock with an aggregate fair value of approximately $10.1 million. The Company recognized an immaterial amount related to the acceleration of unamortized debt issuance costs related to these early note conversions, which was recorded in interest expense in the accompanying unaudited condensed consolidated statements of operations. As of the date of this filing, no other holders of the Notes have submitted requests for conversion. Transaction costs related to the issuance of the Notes were $8.8 million and are being amortized to interest expense at an effective interest method rate of 0.57% over the term of the Notes. As of June 30, 2021, the Notes have a remaining life of 39 months. The net carrying amount of the liability and equity components of the Notes for the periods presented is as follows: As of June 30, 2021 December 31, 2020 (In thousands) Liability component Principal $ 389,840 $ 400,000 Unamortized discount (1) — (68,270) Unamortized issuance costs (1) (5,523) (5,058) Net carrying amount $ 384,317 $ 326,672 Equity component, net of issuance costs (1) $ — $ 86,764 (1) See Note 1 "Description of Business and Summary of Significant Accounting Policies" for more information regarding the effect of adoption of ASU 2020-06. The interest expense recognized related to the Notes for the periods presented is as follows: Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (In thousands) Contractual interest expense $ 122 $ 125 $ 240 $ 250 Amortization of debt discount (1) — 4,042 — 8,031 Amortization of debt issuance costs (2) 426 337 1,018 674 Total $ 548 $ 4,504 $ 1,258 $ 8,955 (1) See Note 1 "Description of Business and Summary of Significant Accounting Policies" for more information regarding the effect of adoption of ASU 2020-06. (2) Amortization of debt issuance costs includes the acceleration of unamortized debt issuance costs related to the partial conversion of the Notes. As of June 30, 2021, the total estimated fair value of the Notes was $731.2 million. The fair value was determined based on the closing trading price per $100 of the Notes as of the last day of trading for the period. The fair value of the Notes is primarily affected by the trading price of our common stock and market interest rates. The fair value of the Notes is considered Level 2 within the fair value hierarchy and was determined based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, and quoted prices of the Notes in an over-the-counter market. Capped Call Transactions In September 2019, in connection with the pricing of the Notes and in connection with the initial purchasers’ exercise in full of their option to purchase additional Notes, the Company entered into the Capped Call Transactions. The Capped Call Transactions are generally expected to reduce potential dilution to common stock upon any conversion of the Notes and/or offset any potential cash payments the Company is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap. The Capped Call Transactions have an initial strike price of $28.42 per share, which corresponds to the initial conversion price of the Notes and is subject to certain adjustments, and an initial cap price of $41.34 per share, which is subject to certain adjustments. For accounting purposes, the Capped Call Transactions are separate transactions and not part of the terms of the Notes. As the Capped Call Transactions are considered indexed to our own stock and are considered equity classified, they are recorded in stockholders’ equity and are not accounted for as derivatives. The cost of $37.1 million incurred in connection with the Capped Call Transactions was recorded as a reduction to additional paid in capital. The Capped Call Transactions initially covered, subject to anti-dilution adjustments substantially similar to those applicable to the Notes, 14.1 million shares of our common stock. In connection with the settlement of the 2021 Converted Notes during the three months ended March 31, 2021, the Company terminated a pro rata amount of the Capped Call Transactions pursuant to the terms thereof. As a result of this pro rata termination, the Company received 37,301 shares of its common stock with an aggregate value of approximately $1.9 million based on the trading price of our common stock at that time. As of June 30, 2021, the Capped Call Transactions cover, subject to anti-dilution adjustments, 13.7 million shares of our common stock.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	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 restricted stock units (“RSUs”). The 2015 Stock Option Plans reserve 5.0 million shares of common stock for issuance as ISOs, 0.5 million shares of RSUs and 0.25 million 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. As of June 30, 2021, 0.6 million shares were available for issuance under the 2015 Stock Option Plans, including less than 0.1 million shares 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 (the "Board") adopted the 2017 Long Term Incentive Plan (the “2017 Plan”) under which it may grant stock options to purchase shares of common stock and RSUs. As of June 30, 2021, the Company had reserved 22.1 million 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 is increased on each January 1 by 4.4 million shares of common stock. Options and RSUs granted to employees 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. As of June 30, 2021, 14.1 million shares were available for issuance under the 2017 Plan. The Company currently uses authorized and unissued shares to satisfy share award exercises. The fair values for the Company’s stock options granted and Employee Stock Purchase Plan (the "ESPP") purchase rights, as discussed further below, during the periods presented were estimated at grant date using a Black Scholes option-pricing model using the following weighted average assumptions: Stock Options ESPP June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Expected dividend rate 0% 0% 0% 0% Expected volatility 47.3% - 50.8% 50.8% - 56.2% 50.0% - 50.8% 48.1% - 56.2% Risk-free interest rate 0.80% - 1.14% 0.42% - 1.53% 0.04% - 0.09% 0.18% - 1.57% Expected term (in years) 6.25 6.25 0.50 0.50 Stock Options The following table summarizes stock option activity for the six months ended June 30, 2021: Number Weighted Weighted Aggregate (In thousands) (Per share) (In years) (In thousands) Balances at December 31, 2020 2,404 $ 17.85 7.7 $ 85,064 Granted 304 $ 60.57 Exercised (285) $ 10.42 Forfeited (106) $ 26.19 Balances at June 30, 2021 2,317 $ 23.99 7.0 $ 65,552 Options vested and expected to vest at June 30, 2021 2,317 $ 23.99 7.0 $ 65,552 Options vested and exercisable at June 30, 2021 1,209 $ 15.02 5.8 $ 43,573 The Company expects all outstanding stock options to fully vest. The weighted average grant date fair value per share for the six months ended June 30, 2021 and 2020 was $29.51 and $8.82, respectively. The total fair value of shares vested for the three and six months ended June 30, 2021 was $1.3 million and $4.5 million, respectively, compared to $0.9 million and $3.7 million for the three and six months ended June 30, 2020, respectively. The total unrecognized compensation expense related to non-vested stock options granted is $16.8 million and is expected to be recognized over a weighted average period of 2.5 years as of June 30, 2021. Restricted Stock Units The following table summarizes the RSU activity for the Company for the six months ended June 30, 2021: Number of Weighted Weighted Aggregate (In thousands) (Per share) (In years) (In thousands) Balances at December 31, 2020 3,135 $ 23.90 1.4 $ 166,927 Granted 1,430 $ 57.59 Vested (907) $ 25.84 Forfeited (226) $ 33.66 Balances at June 30, 2021 3,432 $ 36.78 1.5 $ 175,270 Units expected to vest at June 30, 2021 3,432 $ 36.78 1.5 $ 175,270 The Company expects all outstanding RSUs to fully vest. The total unrecognized compensation expense related to RSUs was $116.0 million as of June 30, 2021 and is expected to be recognized over a weighted average period of 2.8 years. Employee Stock Purchase Plan The Company initially reserved 1.8 million shares of common stock for issuance under the ESPP. The number of shares available for issuance under the ESPP increases each January 1 by 0.9 million shares of common stock. The ESPP will continue in effect unless terminated by the Company’s Board or Compensation Committee, each of which has the right to terminate the ESPP at any time. As of June 30, 2021, 3.3 million shares were available for issuance under the ESPP Plan. During the six months ended June 30, 2021 and 2020, the Company issued and distributed 0.1 million and 0.2 million shares of common stock, respectively. A summary of the Company’s stock-based compensation expense, which includes stock options, RSUs and ESPP, is presented below: Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (In thousands) Stock options $ 1,796 $ 1,437 $ 3,412 $ 2,828 RSUs 10,204 5,261 17,775 9,459 ESPP 872 452 1,758 1,054 Total stock-based compensation expense $ 12,872 $ 7,150 $ 22,945 $ 13,341 A summary of the Company’s stock-based compensation expense as recognized on the unaudited condensed consolidated statements of operations is presented below: Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (In thousands) Cost of revenue - subscription $ 873 $ 396 $ 1,535 $ 785 Cost of revenue - services and other 938 391 1,712 818 Research and development 3,186 1,487 5,406 2,988 General and administrative 2,534 1,950 4,596 2,952 Sales and marketing 5,341 2,926 9,696 5,798 Total stock-based compensation expense $ 12,872 $ 7,150 $ 22,945 $ 13,341

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Taxes The effective tax rate for the three and six months ended June 30, 2021 is 5.1% and 5.3%, respectively, compared to 14.0% and (0.5)% for the three and six months ended June 30, 2020, respectively. The primary drivers for the differences in the rates from the prior-year period to the current-year period are related to differences in forecasted pre-tax book loss, the impact of stock compensation, foreign tax liabilities, acquisition impact, valuation allowance build and the effect of research and development credits. Provision for income taxes consists of U.S. and state income taxes and income taxes in certain foreign jurisdictions in which the Company conducts business. The Company expects to be in an overall deferred tax asset position for the period ended December 31, 2021 with a full valuation allowance as its deferred tax assets are not expected to be offset by the turning of its deferred tax liabilities over time. The Company still maintains a full valuation allowance for its Israel tax position due to the lack of taxable earnings for the foreseeable future. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. During the periods ended June 30, 2021 and 2020, 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 2017 and is no longer subject to state, local and foreign income tax examinations by tax authorities for years before 2016. 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 unaudited condensed consolidated financial statements. The Company has an uncertain tax position reserve related to this foreign jurisdiction filing that should sufficiently cover any related assessment.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per ShareBasic and diluted net income (loss) per share is computed by dividing net income (loss) 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 anti-dilutive effect. The following table sets forth the calculation of basic and diluted net income (loss) per share for the periods presented: Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (In thousands, except per share data) Numerator Net income (loss) $ (16,742) $ 3,042 $ (32,033) $ (5,375) Denominator Weighted average shares outstanding Basic 92,464 90,328 92,076 90,095 Diluted 92,464 91,599 92,076 90,095 Net income (loss) per share Basic $ (0.18) $ 0.03 $ (0.35) $ (0.06) Diluted $ (0.18) $ 0.03 $ (0.35) $ (0.06) The following weighted average outstanding shares of common stock equivalents were excluded from the computation of the diluted net income (loss) per share for the periods presented because their effect would have been anti-dilutive: Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (In thousands) Stock options to purchase common stock 2,399 1,491 2,432 2,943 RSUs issued and outstanding 3,623 1,805 3,532 1,212 ESPP 145 — 142 182 Convertible senior notes 10,029 — 10,314 — Total 16,196 3,296 16,420 4,337

Geographic Information and Majo

Geographic Information and Major Customers	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Geographic Information and Major Customers	Geographic Information and Major Customers 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 the licensing of software and the sale of our maintenance, SaaS subscription offerings, professional services and technical support. Revenue is classified by the following major geographic areas: (i) United States, (ii) Europe, the Middle East and Africa (“EMEA”) and (iii) rest of the world. The following are a summary of consolidated revenues within geographic areas: Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (In thousands) United States $ 69,742 $ 69,197 $ 135,149 $ 123,696 EMEA (1) 19,422 13,047 34,878 26,775 Rest of the World (1) 13,322 10,214 23,221 17,429 Total revenue $ 102,486 $ 92,458 $ 193,248 $ 167,900 (1) No single country outside of the United States represented more than 10% of our revenue.

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements , which include the accounts of the Company and its wholly owned subsidiaries, have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as well as the instructions to Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim reporting. Accordingly, the Company has condensed or omitted certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP. All intercompany accounts and transactions have been eliminated in consolidation. 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, 2021 or any future period. These financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the SEC on February 25, 2021 (the “Annual Report”).
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Management periodically evaluates such estimates and assumptions for continued reasonableness. In particular, we make estimates with respect to the fair value allocation of multiple performance obligations in revenue recognition, the expected period of benefit of deferred contract acquisition costs, the collectability of accounts receivable, stock-based compensation expense, income taxes, and the valuation, useful lives and impairment of intangible assets and goodwill arising from business combinations. Appropriate adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation. Actual results could differ from those estimates.
Concentration of Credit 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. The Company maintains its cash in bank deposit accounts that, at times, may exceed federally insured limits. As of June 30, 2021 and December 31, 2020, no single customer represented more than 10% of the balance in accounts receivable. Management considers concentration of credit risk to be minimal with respect to accounts receivable due to the positive historical collection experience of the Company. No single customer represented more than 10% of revenue for the three and six months ended June 30, 2021 or 2020. The Company does not experience concentration of credit risk in foreign countries as no single foreign country represents more than 10% of the Company’s consolidated revenues or net assets.
Significant Accounting Policies	Significant Accounting Policies The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes in the Annual Report, most notably Note 1 “Description of Business and Summary of Significant Accounting Policies.” Except for the adoption of Accounting Standards Update ("ASU") 2020-06 described below, there have been no changes to our significant accounting policies described in the Annual Report that have had a material impact on our unaudited condensed consolidated financial statements and related notes.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In August 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for certain financial instruments with characteristics of liability and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, ASU 2020-06 removes from GAAP the liability and equity separation model for convertible instruments with a cash conversion feature, and as a result, after adoption, entities will no longer separately present in equity an embedded conversion feature for such debt. Similarly, the embedded conversion feature will no longer be amortized as interest expense over the life of the instrument. Instead, entities will account for a convertible debt instrument wholly as debt unless (1) a convertible instrument contains features that require bifurcation as a derivative under Accounting Standards Codification ("ASC") Topic 815, Derivatives and Hedging, or (2) a convertible debt instrument was issued at a substantial premium. Among other potential impacts, this change will reduce reported interest expense, increase reported net income, and result in a reclassification of certain conversion feature balance sheet amounts from stockholders’ equity to liabilities as it relates to the Notes (as defined in Note 9 "Convertible Senior Notes and Capped Call Transactions"). Additionally, ASU 2020-06 requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020, and can be adopted on either the fully retrospective or modified retrospective basis. The Company early adopted ASU 2020-06 effective January 1, 2021 using the modified retrospective approach, which requires a cumulative adjustment to be recorded to accumulated deficit. Adoption of ASU 2020-06 resulted in a material effect on the unaudited condensed consolidated balance sheet as the Company no longer separately presents in equity an embedded conversion feature. The impact to the unaudited condensed consolidated balance sheet was an increase of the Notes by $66.8 million, a decrease of our deferred tax liability by $4.0 million, a decrease of our additional paid in capital by $65.5 million and a decrease of our accumulated deficit by $2.8 million. Interest expense recognized will be reduced as a result of accounting for the convertible debt instrument as a single liability measured at its amortized cost. This adoption did not have a material impact on the Company's unaudited condensed consolidated statement of cash flows. The Company will prospectively utilize the if-converted method to calculate the impact of convertible instruments on diluted earnings per share.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue Recognition [Abstract]
Schedule of Timing of Transfer of Control and Cash Flows	The following table presents the Company’s revenue by timing of revenue recognition to understand the risks of timing of transfer of control and cash flows: Licenses SaaS (1) Maintenance and Support (1) Other Subscription Services (1) Services and Other (In thousands) Three Months Ended June 30, 2021 Revenue recognized at a point in time $ 24,450 $ — $ — $ — $ — Revenue recognized over time — 25,369 37,304 1,682 13,681 Total revenue $ 24,450 $ 25,369 $ 37,304 $ 1,682 $ 13,681 Three Months Ended June 30, 2020 Revenue recognized at a point in time $ 34,880 $ — $ — $ — $ — Revenue recognized over time — 15,246 30,067 609 11,656 Total revenue $ 34,880 $ 15,246 $ 30,067 $ 609 $ 11,656 Six Months Ended June 30, 2021 Revenue recognized at a point in time $ 43,685 $ — $ — $ — $ — Revenue recognized over time — 47,258 72,778 3,561 25,966 Total revenue $ 43,685 $ 47,258 $ 72,778 $ 3,561 $ 25,966 Six Months Ended June 30, 2020 Revenue recognized at a point in time $ 55,884 $ — $ — $ — $ — Revenue recognized over time — 29,373 59,224 1,206 22,213 Total revenue $ 55,884 $ 29,373 $ 59,224 $ 1,206 $ 22,213 (1) Subscription revenue is further disaggregated into SaaS, Maintenance and Support and Other Subscription Services revenue in the table above.
Summary of Contract Balances	A summary of the activity impacting our contract balances during the reporting periods is presented below: Contract Acquisition Costs Six Months Ended June 30, 2021 June 30, 2020 (In thousands) Beginning Balance $ 54,102 $ 35,152 Additional deferred contract acquisition costs 16,598 10,360 Amortization of deferred contract acquisition costs (9,002) (6,058) Ending Balance $ 61,698 $ 39,454 Deferred Revenue Six Months Ended June 30, 2021 June 30, 2020 (In thousands) Beginning Balance $ 184,718 $ 152,033 Increase, net 4,411 1,303 Ending Balance $ 189,129 $ 153,336

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Financial Assets that are Measured at Fair Value on a Recurring Basis	The following tables present the Company’s financial assets that are measured at fair value on a recurring basis: As of June 30, 2021 Level 1 Level 2 Level 3 Total (In thousands) Assets Cash equivalents Money market funds $ 12,480 — — $ 12,480 Total cash equivalents $ 12,480 — — $ 12,480 As of December 31, 2020 Level 1 Level 2 Level 3 Total (In thousands) Assets Cash equivalents Money market funds $ 9,757 — — $ 9,757 Total cash equivalents $ 9,757 — — $ 9,757

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Summary of Final Purchase Price	The following table summarizes the final purchase price allocation as of the date of acquisition: As of February 22, 2021 (In thousands) Cash and cash equivalents $ 1,143 Accounts receivable 146 Prepayments and other current assets 43 Property and equipment 17 Goodwill 32,417 Intangible assets 12,300 Accrued expenses and other liabilities (97) Deferred tax liability - non-current (1,401) Deferred revenue (536) Total fair value of assets acquired and liabilities assumed $ 44,032 The following table summarizes the final purchase price allocation as of the date of acquisition: As of March 15, 2021 (In thousands) Cash and cash equivalents $ 924 Accounts receivable 850 Prepayments and other current assets 59 Property and equipment 152 Right-of-use assets 223 Goodwill 15,917 Intangible assets 13,900 Accrued expenses and other liabilities (503) Deferred tax liability - non-current (1,329) Deferred revenue (1,200) Total fair value of assets acquired and liabilities assumed $ 28,993
Summary of Estimated Fair Values and Useful Lives of Identifiable Intangible Assets Acquired	The following table presents the estimated fair values and useful lives of the identifiable intangible assets acquired: Amount Estimated Useful Life (In thousands) (In years) Developed technology $ 9,500 5 Customer lists $ 2,800 3 The following table presents the estimated fair values and useful lives of the identifiable intangible assets acquired: Amount Estimated Useful Life (In thousands) (In years) Developed technology $ 10,000 5 Customer lists $ 3,900 3

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill Activity	The following table reflects goodwill activity for the six months ended June 30, 2021: (In thousands) Balance, December 31, 2020 $ 241,103 Goodwill acquired 47,307 Measurement period adjustments 1,027 Balance, June 30, 2021 $ 289,437
Schedule of Cost and Amortization of Intangible Assets	Total cost and amortization of intangible assets are comprised of the following: As of Weighted Average June 30, 2021 December 31, 2020 Intangible assets, net (In years) (In thousands) Customer lists 14.6 $ 49,200 $ 42,500 Developed technology 8.5 71,260 51,760 Trade names and trademarks 17.0 24,500 24,500 Other intangible assets 4.7 3,786 3,746 Total intangible assets 148,746 122,506 Less: Accumulated amortization (66,158) (58,544) Total intangible assets, net $ 82,588 $ 63,962
Summary of Amortization Expense	Amortization expense for the periods presented is as follows: Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (In thousands) Cost of revenue - licenses $ 1,008 $ 1,008 $ 2,016 $ 2,016 Cost of revenue - subscription 1,557 911 2,414 1,821 Research and development 169 190 337 381 Sales and marketing 1,626 1,069 2,846 2,137 Total amortization expense $ 4,360 $ 3,178 $ 7,613 $ 6,355
Schedule of Estimated Future Amortization Expense of Intangible Assets	The total estimated future amortization expense of these intangible assets as of June 30, 2021 is as follows: Year Ending December 31, (In thousands) 2021 (except the six months ended June 30) $ 8,732 2022 17,106 2023 16,557 2024 12,674 2025 8,175 Thereafter 19,344 Total amortization expense $ 82,588

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Summary of Future Minimum Lease Payments	The undiscounted annual future minimum lease payments are summarized by year in the table below: Year Ending December 31, (In thousands) 2021 (except the six months ended June 30) $ 3,099 2022 5,983 2023 5,148 2024 5,040 2025 4,890 Thereafter 17,393 Total minimum lease payments 41,553 Less: interest (5,842) Total present value of operating lease liabilities $ 35,711 Current operating lease liabilities $ 4,711 Long-term operating lease liabilities 31,000 Total operating lease liabilities $ 35,711

Convertible Senior Notes and _2

Convertible Senior Notes and Capped Call Transactions (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Summary of Net Carrying Amount of Liability and Equity Components of Notes	The net carrying amount of the liability and equity components of the Notes for the periods presented is as follows: As of June 30, 2021 December 31, 2020 (In thousands) Liability component Principal $ 389,840 $ 400,000 Unamortized discount (1) — (68,270) Unamortized issuance costs (1) (5,523) (5,058) Net carrying amount $ 384,317 $ 326,672 Equity component, net of issuance costs (1) $ — $ 86,764 (1) See Note 1 "Description of Business and Summary of Significant Accounting Policies" for more information regarding the effect of adoption of ASU 2020-06.
Summary of Interest Expense Recognized Related to Notes	The interest expense recognized related to the Notes for the periods presented is as follows: Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (In thousands) Contractual interest expense $ 122 $ 125 $ 240 $ 250 Amortization of debt discount (1) — 4,042 — 8,031 Amortization of debt issuance costs (2) 426 337 1,018 674 Total $ 548 $ 4,504 $ 1,258 $ 8,955 (1) See Note 1 "Description of Business and Summary of Significant Accounting Policies" for more information regarding the effect of adoption of ASU 2020-06. (2) Amortization of debt issuance costs includes the acceleration of unamortized debt issuance costs related to the partial conversion of the Notes.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Summary of Fair Value of Stock Options Estimated by Using Assumptions	The fair values for the Company’s stock options granted and Employee Stock Purchase Plan (the "ESPP") purchase rights, as discussed further below, during the periods presented were estimated at grant date using a Black Scholes option-pricing model using the following weighted average assumptions: Stock Options ESPP June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Expected dividend rate 0% 0% 0% 0% Expected volatility 47.3% - 50.8% 50.8% - 56.2% 50.0% - 50.8% 48.1% - 56.2% Risk-free interest rate 0.80% - 1.14% 0.42% - 1.53% 0.04% - 0.09% 0.18% - 1.57% Expected term (in years) 6.25 6.25 0.50 0.50
Summary of Stock Option Activity	The following table summarizes stock option activity for the six months ended June 30, 2021: Number Weighted Weighted Aggregate (In thousands) (Per share) (In years) (In thousands) Balances at December 31, 2020 2,404 $ 17.85 7.7 $ 85,064 Granted 304 $ 60.57 Exercised (285) $ 10.42 Forfeited (106) $ 26.19 Balances at June 30, 2021 2,317 $ 23.99 7.0 $ 65,552 Options vested and expected to vest at June 30, 2021 2,317 $ 23.99 7.0 $ 65,552 Options vested and exercisable at June 30, 2021 1,209 $ 15.02 5.8 $ 43,573
Summary of Restricted Stock Unit Activity	The following table summarizes the RSU activity for the Company for the six months ended June 30, 2021: Number of Weighted Weighted Aggregate (In thousands) (Per share) (In years) (In thousands) Balances at December 31, 2020 3,135 $ 23.90 1.4 $ 166,927 Granted 1,430 $ 57.59 Vested (907) $ 25.84 Forfeited (226) $ 33.66 Balances at June 30, 2021 3,432 $ 36.78 1.5 $ 175,270 Units expected to vest at June 30, 2021 3,432 $ 36.78 1.5 $ 175,270
Summary of Stock-Based Compensation Expense By Underlying Equity Instrument	A summary of the Company’s stock-based compensation expense, which includes stock options, RSUs and ESPP, is presented below: Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (In thousands) Stock options $ 1,796 $ 1,437 $ 3,412 $ 2,828 RSUs 10,204 5,261 17,775 9,459 ESPP 872 452 1,758 1,054 Total stock-based compensation expense $ 12,872 $ 7,150 $ 22,945 $ 13,341
Summary of Stock-Based Compensation Expense	A summary of the Company’s stock-based compensation expense as recognized on the unaudited condensed consolidated statements of operations is presented below: Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (In thousands) Cost of revenue - subscription $ 873 $ 396 $ 1,535 $ 785 Cost of revenue - services and other 938 391 1,712 818 Research and development 3,186 1,487 5,406 2,988 General and administrative 2,534 1,950 4,596 2,952 Sales and marketing 5,341 2,926 9,696 5,798 Total stock-based compensation expense $ 12,872 $ 7,150 $ 22,945 $ 13,341

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Net Income (Loss) Per Share	The following table sets forth the calculation of basic and diluted net income (loss) per share for the periods presented: Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (In thousands, except per share data) Numerator Net income (loss) $ (16,742) $ 3,042 $ (32,033) $ (5,375) Denominator Weighted average shares outstanding Basic 92,464 90,328 92,076 90,095 Diluted 92,464 91,599 92,076 90,095 Net income (loss) per share Basic $ (0.18) $ 0.03 $ (0.35) $ (0.06) Diluted $ (0.18) $ 0.03 $ (0.35) $ (0.06)
Schedule​ of Antidilutive ​Securities ​Excluded ​From ​Computation of Net Income (Loss) Per Share	The following weighted average outstanding shares of common stock equivalents were excluded from the computation of the diluted net income (loss) per share for the periods presented because their effect would have been anti-dilutive: Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (In thousands) Stock options to purchase common stock 2,399 1,491 2,432 2,943 RSUs issued and outstanding 3,623 1,805 3,532 1,212 ESPP 145 — 142 182 Convertible senior notes 10,029 — 10,314 — Total 16,196 3,296 16,420 4,337

Geographic Information and Ma_2

Geographic Information and Major Customers (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Summary of Consolidated Total Revenue by Geography	The following are a summary of consolidated revenues within geographic areas: Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (In thousands) United States $ 69,742 $ 69,197 $ 135,149 $ 123,696 EMEA (1) 19,422 13,047 34,878 26,775 Rest of the World (1) 13,322 10,214 23,221 17,429 Total revenue $ 102,486 $ 92,458 $ 193,248 $ 167,900 (1) No single country outside of the United States represented more than 10% of our revenue.

Description of Business and S_3

Description of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jan. 01, 2021	Dec. 31, 2020
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Date of incorporation	Aug. 8, 2014
Convertible senior notes, net	$ 384,317		$ 326,672
Deferred tax liability - non-current	22		1,329
Additional paid in capital	446,579		484,012
Accumulated deficit	$ 48,678		$ 19,411
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2020-06
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Convertible senior notes, net		$ 66,800
Deferred tax liability - non-current		(4,000)
Additional paid in capital		(65,500)
Accumulated deficit		$ (2,800)

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Timing of Transfer of Control and Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 102,486	$ 92,458	$ 193,248	$ 167,900
Licenses
Disaggregation of Revenue [Line Items]
Total revenue	24,450	34,880	43,685	55,884
SaaS
Disaggregation of Revenue [Line Items]
Total revenue	25,369	15,246	47,258	29,373
Maintenance and Support
Disaggregation of Revenue [Line Items]
Total revenue	37,304	30,067	72,778	59,224
Other Subscription Services
Disaggregation of Revenue [Line Items]
Total revenue	1,682	609	3,561	1,206
Services and other
Disaggregation of Revenue [Line Items]
Total revenue	13,681	11,656	25,966	22,213
Revenue recognized at a point in time | Licenses
Disaggregation of Revenue [Line Items]
Total revenue	24,450	34,880	43,685	55,884
Revenue recognized over time | SaaS
Disaggregation of Revenue [Line Items]
Total revenue	25,369	15,246	47,258	29,373
Revenue recognized over time | Maintenance and Support
Disaggregation of Revenue [Line Items]
Total revenue	37,304	30,067	72,778	59,224
Revenue recognized over time | Other Subscription Services
Disaggregation of Revenue [Line Items]
Total revenue	1,682	609	3,561	1,206
Revenue recognized over time | Services and other
Disaggregation of Revenue [Line Items]
Total revenue	$ 13,681	$ 11,656	$ 25,966	$ 22,213

Revenue Recognition - Summary o

Revenue Recognition - Summary of Activity Impacting Contract Balances (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Capitalized Contract Cost [Roll Forward]
Contract acquisition costs, beginning balance	$ 54,102	$ 35,152
Additional deferred contract acquisition costs	16,598	10,360
Amortization of deferred contract acquisition costs	(9,002)	(6,058)
Contract acquisition costs, ending balance	$ 61,698	$ 39,454

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Revenue Recognition [Abstract]
Impairment losses recognized on contract assets			$ 0	$ 0
Revenue recognized that was previously deferred	$ 73,600,000	$ 49,900,000	124,800,000	88,600,000
Contract assets, current	18,600,000		18,600,000		$ 10,700,000
Contract assets, noncurrent	$ 13,700,000		13,700,000		$ 14,200,000
Contract asset, reclassified to receivable			$ 12,500,000	$ 2,700,000

Revenue Recognition - Summary_2

Revenue Recognition - Summary of Contract Balances With Deferred Revenue Current and Noncurrent (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Contract With Customer, Liability [Roll Forward]
Deferred revenue, beginning balance	$ 184,718	$ 152,033
Increase, net	4,411	1,303
Deferred revenue, ending balance	$ 189,129	$ 153,336

Revenue Recognition - Remaining

Revenue Recognition - Remaining Performance Obligations (Details) $ in Millions	Jun. 30, 2021USD ($)
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount	$ 396.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount	$ 225.8
Remaining performance obligations, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-01
Disaggregation of Revenue [Line Items]
Remaining performance obligations, expected timing of satisfaction, period	12 months

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets that are Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Total cash equivalents	$ 12,480	$ 9,757
Level 1
Assets:
Total cash equivalents	12,480	9,757
Level 2
Assets:
Total cash equivalents	0	0
Level 3
Assets:
Total cash equivalents	$ 0	$ 0

Business Combinations - Additio

Business Combinations - Additional Information (Details) - USD ($) $ in Thousands	Mar. 15, 2021	Feb. 22, 2021	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Business combination, consideration paid			$ 70,960	$ 0
Business combination, acquisition related costs			$ 2,200
Intello
Business Acquisition [Line Items]
Business combination, consideration paid		$ 42,900
ERP Maestro
Business Acquisition [Line Items]
Business combination, consideration paid	$ 28,100

Business Combinations - Summary

Business Combinations - Summary of Final Purchase Price (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 15, 2021	Feb. 22, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 289,437			$ 241,103
Intello
Business Acquisition [Line Items]
Cash and cash equivalents			$ 1,143
Accounts receivable			146
Prepayments and other current assets			43
Property and equipment			17
Goodwill			32,417
Intangible assets			12,300
Accrued expenses and other liabilities			(97)
Deferred tax liability - non-current			(1,401)
Deferred revenue			(536)
Total fair value of assets acquired and liabilities assumed			$ 44,032
ERP Maestro
Business Acquisition [Line Items]
Cash and cash equivalents		$ 924
Accounts receivable		850
Prepayments and other current assets		59
Property and equipment		152
Right-of-use assets		223
Goodwill		15,917
Intangible assets		13,900
Accrued expenses and other liabilities		(503)
Deferred tax liability - non-current		(1,329)
Deferred revenue		(1,200)
Total fair value of assets acquired and liabilities assumed		$ 28,993

Business Combinations - Summa_2

Business Combinations - Summary of Estimated Fair Values and Useful Lives of Identifiable Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Mar. 15, 2021	Feb. 22, 2021
Intello
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets		$ 12,300
ERP Maestro
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 13,900
Developed technology | Intello
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets		$ 9,500
Estimated Useful Life		5 years
Developed technology | ERP Maestro
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 10,000
Estimated Useful Life	5 years
Customer lists | Intello
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets		$ 2,800
Estimated Useful Life		3 years
Customer lists | ERP Maestro
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 3,900
Estimated Useful Life	3 years

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill Activity (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 241,103
Goodwill acquired	47,307
Measurement period adjustments	1,027
Goodwill, ending balance	$ 289,437

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill	$ 0	$ 0
Impairment of intangible assets	$ 0	$ 0

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Cost and Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 148,746	$ 122,506
Less: Accumulated amortization	(66,158)	(58,544)
Total intangible assets, net	$ 82,588	63,962
Customer lists
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	14 years 7 months 6 days
Intangible assets, gross	$ 49,200	42,500
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	8 years 6 months
Intangible assets, gross	$ 71,260	51,760
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	17 years
Intangible assets, gross	$ 24,500	24,500
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	4 years 8 months 12 days
Intangible assets, gross	$ 3,786	$ 3,746

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Summary of Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 4,360	$ 3,178	$ 7,613	$ 6,355
Cost of revenue - licenses
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	1,008	1,008	2,016	2,016
Cost of revenue - subscription
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	1,557	911	2,414	1,821
Research and development
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	169	190	337	381
Sales and marketing
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 1,626	$ 1,069	$ 2,846	$ 2,137

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2021 (except the six months ended June 30)	$ 8,732
2022	17,106
2023	16,557
2024	12,674
2025	8,175
Thereafter	19,344
Total intangible assets, net	$ 82,588	$ 63,962

Leases - Additional Information

Leases - Additional Information (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Commitments And Contingencies Disclosure [Line Items]
Financing leases	$ 0
Standby Letter of Credit
Commitments And Contingencies Disclosure [Line Items]
Cash collateral	$ 6,000,000	$ 6,000,000
Minimum
Commitments And Contingencies Disclosure [Line Items]
Remaining lease terms	1 year
Maximum
Commitments And Contingencies Disclosure [Line Items]
Remaining lease terms	8 years

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021 (except the six months ended June 30)	$ 3,099
2022	5,983
2023	5,148
2024	5,040
2025	4,890
Thereafter	17,393
Total minimum lease payments	41,553
Less: interest	(5,842)
Total present value of operating lease liabilities	35,711
Current operating lease liabilities	4,711
Long-term operating lease liabilities	$ 31,000	$ 33,080

Credit Agreement (Details)

Credit Agreement (Details)	6 Months Ended
	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 11, 2019USD ($)
Line of Credit Facility [Line Items]
Credit agreement mature date	Mar. 11, 2024
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	$ 75,000,000		$ 150,000,000
Senior secured net leverage ratio	3.50
Line of credit outstanding balance	$ 0	$ 0
Total debt issuance costs	$ 800,000
Revolving Credit Facility | Minimum | Line of Credit
Line of Credit Facility [Line Items]
Payment of unused commitment fee under credit agreement based on senior secured net leverage ratio	0.20%
Revolving Credit Facility | Maximum | Line of Credit
Line of Credit Facility [Line Items]
Payment of unused commitment fee under credit agreement based on senior secured net leverage ratio	0.30%
Letter of Credit | Line of Credit
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	$ 15,000,000

Convertible Senior Notes and _3

Convertible Senior Notes and Capped Call Transactions - Additional Information (Details)	1 Months Ended	3 Months Ended	6 Months Ended
	Sep. 30, 2019USD ($)$ / sharesshares	Mar. 31, 2021USD ($)shares	Jun. 30, 2021USD ($)day$ / sharesshares	Dec. 31, 2020USD ($)
Capped Call Transactions
Debt Instrument [Line Items]
Payments for purchase of capped calls	$ 37,100,000
Strike price (in dollars per share) | $ / shares	$ 28.42
Cap price per share (in dollars per share) | $ / shares	$ 41.34
Capped call transactions, option indexed to the issuer's equity, (in shares) | shares	14,100,000
Shares outstanding on Capped Call Transactions | shares			13,700,000
Common Stock
Debt Instrument [Line Items]
Settlement of capped calls related to partial conversion of convertible senior notes (in shares) | shares		37,301	37,301
Stock received upon partial settlement of capped calls		$ 1,900,000
Convertible Senior Notes due 2024
Debt Instrument [Line Items]
Debt instrument principal amount	$ 400,000,000		$ 389,840,000	$ 400,000,000
Debt instrument interest rate	0.125%		0.125%
Net proceeds from the offering	$ 391,200,000
Payments for purchase of capped calls	$ 37,100,000
Debt instrument maturity date			Sep. 15, 2024
Number of trading days for convertible debt | day			20
Number of consecutive trading days for convertible debt | day			30
Percentage of stock price trigger for convertible debt			130.00%
Number of business days for convertible debt | day			5
Measurement period for convertible debt | day			5
Percentage of stock price trigger in measurement period			98.00%
Debt instrument, redemption price, percentage			100.00%
Debt conversion, principal		$ 10,200,000
Debt issuance costs			$ 8,800,000
Effective interest rate percentage			0.57%
Debt instrument remaining life			39 months
Estimated fair values of debt instrument			$ 731,200,000
Debt instrument, convertible, conversion trading price			$ 100
Convertible Senior Notes due 2024 | Common Stock
Debt Instrument [Line Items]
Initial conversion ratio			35.1849
Debt instrument, conversion price (in dollars per share) | $ / shares			$ 28.42
Debt conversion, converted instrument, shares issued | shares		181,629
Debt instrument, fair value of shares issued in partial conversion		$ 10,100,000

Convertible Senior Notes and _4

Convertible Senior Notes and Capped Call Transactions - Summary of Net Carrying Amount of Liability and Equity Components of Notes (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Net carrying amount	$ 384,317,000	$ 326,672,000
Convertible Senior Notes due 2024
Debt Instrument [Line Items]
Debt instrument principal amount	389,840,000	400,000,000	$ 400,000,000
Unamortized discount	0	(68,270,000)
Unamortized issuance costs	(5,523,000)	(5,058,000)
Net carrying amount	384,317,000	326,672,000
Equity component, net of issuance costs	$ 0	$ 86,764,000

Convertible Senior Notes and _5

Convertible Senior Notes and Capped Call Transactions - Summary of Interest Expense Recognized Related to Notes (Details) - Convertible Senior Notes due 2024 - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest Expense Debt [Line Items]
Contractual interest expense	$ 122	$ 125	$ 240	$ 250
Amortization of debt discount	0	4,042	0	8,031
Amortization of debt issuance costs	426	337	1,018	674
Total	$ 548	$ 4,504	$ 1,258	$ 8,955

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in USD per share)			$ 29.51	$ 8.82
Total fair value of shares vested	$ 1.3	$ 0.9	$ 4.5	$ 3.7
Total unrecognized compensation expense related to non-vested stock options granted	$ 16.8		$ 16.8
Unrecognized compensation expense, weighted-average period of recognition			2 years 6 months
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserve for issuance (in shares)	1,800,000		1,800,000
Increase in common stock reserved (in shares)			900,000
Shares available for issuance under ESPP Plan (in shares)	3,300,000		3,300,000
Shares of common stock issued and distributed (in shares)			100,000	200,000
2015 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserve for issuance (in shares)					250,000
Shares available for issuance (in shares)	100,000		100,000
2015 Stock Option and Grant Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)	600,000		600,000
2017 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserve for issuance (in shares)	22,100,000		22,100,000
Vesting period			4 years
Shares available for issuance (in shares)	14,100,000		14,100,000
Shares of common stock options granted (in shares)			4,400,000
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 (in shares)					5,000,000
Vesting period					4 years
Expiration period					10 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserve for issuance (in shares)					500,000
Total unrecognized compensation expense related to non-vested stock options granted	$ 116		$ 116
Unrecognized compensation expense, weighted-average period of recognition			2 years 9 months 18 days

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Fair Value of Stock Options Estimated by Using Assumptions (Details)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend rate	0.00%	0.00%
Expected term (in years)	6 years 3 months	6 years 3 months
Stock Options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	47.30%	50.80%
Risk-free interest rate	0.80%	0.42%
Stock Options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	50.80%	56.20%
Risk-free interest rate	1.14%	1.53%
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend rate	0.00%	0.00%
Expected term (in years)	6 months	6 months
ESPP | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	50.00%	48.10%
Risk-free interest rate	0.04%	0.18%
ESPP | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	50.80%	56.20%
Risk-free interest rate	0.09%	1.57%

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock Options Activity (Details) - Stock Options $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Number of Options
Beginning balance (in shares) | shares	2,404
Granted (in shares) | shares	304
Exercised (in shares) | shares	(285)
Forfeited (in shares) | shares	(106)
Ending balance (in shares) | shares	2,317	2,404
Options vested and expected to vest (in shares) | shares	2,317
Options vested and exercisable (in shares) | shares	1,209
Weighted Average Exercise Price
Weighted average exercise price, beginning balance (in USD per share) | $ / shares	$ 17.85
Weighted average exercise price, granted (in USD per share) | $ / shares	60.57
Weighted average exercise price, exercised (in USD per share) | $ / shares	10.42
Weighted average exercise price, forfeited (in USD per share) | $ / shares	26.19
Weighted average exercise price, ending balance (in USD per share) | $ / shares	23.99	$ 17.85
Weighted average exercise price, options vested and expected to vest (in USD per share) | $ / shares	23.99
Weighted average exercise price, options vested and exercisable (in USD per share) | $ / shares	$ 15.02
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual term (years)	7 years	7 years 8 months 12 days
Weighted average remaining contractual term (years), options vested and expected to vest	7 years
Weighted average remaining contractual term (years), options vested and exercisable	5 years 9 months 18 days
Aggregate Intrinsic Value
Aggregate intrinsic value, balance | $	$ 65,552	$ 85,064
Aggregate intrinsic value, options vested and expected to vest | $	65,552
Aggregate intrinsic value, options vested and exercisable | $	$ 43,573

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Detail) - Restricted Stock Units - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Number of Shares
Beginning balance (in shares)	3,135
Granted (in shares)	1,430
Vested (in shares)	(907)
Forfeited (in shares)	(226)
Ending balance (in shares)	3,432	3,135
Units expected to vest at period end (in shares)	3,432
Weighted Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 23.90
Granted (in USD per share)	57.59
Vested (in USD per share)	25.84
Forfeited (in USD per share)	33.66
Ending balance (in USD per share)	36.78	$ 23.90
Units expected to vest (in USD per share)	$ 36.78
Weighted Average Remaining Contractual Term
Weighted average remaining contractual term, balance	1 year 6 months	1 year 4 months 24 days
Weighted average remaining contractual term (years), units expected to vest	1 year 6 months
Aggregate Intrinsic Value
Aggregate intrinsic value, balance	$ 175,270	$ 166,927
Aggregate intrinsic value, units expected to vest	$ 175,270

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Stock-Based Compensation Expense By Underlying Equity Instrument (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 12,872	$ 7,150	$ 22,945	$ 13,341
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	872	452	1,758	1,054
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1,796	1,437	3,412	2,828
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 10,204	$ 5,261	$ 17,775	$ 9,459

Stock-Based Compensation - Su_5

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 12,872	$ 7,150	$ 22,945	$ 13,341
Cost of revenue - subscription
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	873	396	1,535	785
Cost of revenue - services and other
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	938	391	1,712	818
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	3,186	1,487	5,406	2,988
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2,534	1,950	4,596	2,952
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 5,341	$ 2,926	$ 9,696	$ 5,798

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Examination [Line Items]
Effective income tax rate	5.10%	14.00%	5.30%	(0.50%)
Interest or penalties expense	$ 0	$ 0	$ 0	$ 0
U.S. Federal
Income Tax Examination [Line Items]
Income tax examination description			no longer subject to U.S. federal income tax examinations for years before 2017
Foreign Tax Authority
Income Tax Examination [Line Items]
Income tax examination description			no longer subject to state, local and foreign income tax examinations by tax authorities for years before 2016

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Schedule of Calculation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator
Net income (loss)	$ (16,742)	$ 3,042	$ (32,033)	$ (5,375)
Weighted average shares outstanding
Basic (in shares)	92,464	90,328	92,076	90,095
Diluted (in shares)	92,464	91,599	92,076	90,095
Net income (loss) per share
Basic (in dollars per share)	$ (0.18)	$ 0.03	$ (0.35)	$ (0.06)
Diluted (in dollars per share)	$ (0.18)	$ 0.03	$ (0.35)	$ (0.06)

Net Income (Loss) Per Share -_2

Net Income (Loss) Per Share - Schedule of Antidilutive Securities Excluded From Computation of Net Income (Loss) Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
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 income (loss) per share (in shares)	16,196	3,296	16,420	4,337
Stock Options
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 income (loss) per share (in shares)	2,399	1,491	2,432	2,943
Restricted Stock 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 income (loss) per share (in shares)	3,623	1,805	3,532	1,212
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 income (loss) per share (in shares)	145	0	142	182
Convertible senior notes
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 income (loss) per share (in shares)	10,029	0	10,314	0

Geographic Information and Ma_3

Geographic Information and Major Customers - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021segment
Segment Reporting [Abstract]
Number of reportable segments	1

Geographic Information and Ma_4

Geographic Information and Major Customers - Summary of Consolidated Total Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 102,486	$ 92,458	$ 193,248	$ 167,900
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	69,742	69,197	135,149	123,696
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	19,422	13,047	34,878	26,775
Rest of the World
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 13,322	$ 10,214	$ 23,221	$ 17,429

Uncategorized Items - sail-2021

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]