Tenable (TENB) 10-Q 30 Jul 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 24, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-38600
Entity Registrant Name	TENABLE HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-5580846
Entity Address, Address Line One	7021 Columbia Gateway Drive
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Columbia
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21046
City Area Code	410
Local Phone Number	872-0555
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	TENB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		101,263,716
Entity Central Index Key	0001660280
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 136,467	$ 74,363
Short-term investments	105,634	137,904
Accounts receivable (net of allowance for doubtful accounts of $297 and $764 at June 30, 2020 and December 31, 2019, respectively)	81,782	94,827
Deferred commissions	29,620	28,499
Prepaid expenses and other current assets	26,298	27,369
Total current assets	379,801	362,962
Property and equipment, net	35,144	26,847
Deferred commissions (net of current portion)	42,148	43,766
Operating lease right-of-use assets	40,476	42,847
Acquired intangible assets, net	14,350	15,508
Goodwill	54,138	54,138
Other assets	9,779	12,544
Total assets	575,836	558,612
Current liabilities:
Accounts payable	429	1,732
Accrued expenses	7,909	8,436
Accrued compensation	31,360	36,634
Deferred revenue	274,953	274,348
Operating lease liabilities	5,347	5,209
Other current liabilities	783	1,284
Total current liabilities	320,781	327,643
Deferred revenue (net of current portion)	90,356	88,779
Operating lease liabilities (net of current portion)	48,678	40,663
Other liabilities	4,853	2,622
Total liabilities	464,668	459,707
Stockholders’ equity:
Common stock (par value: $0.01; 500,000 shares authorized; 101,127 and 98,587 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively)	1,011	986
Additional paid-in capital	710,066	662,990
Accumulated other comprehensive income	149	50
Accumulated deficit	(600,058)	(565,121)
Total stockholders’ equity	111,168	98,905
Total liabilities and stockholders’ equity	$ 575,836	$ 558,612

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 297	$ 764
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	101,127,000	98,587,000
Common stock, shares outstanding (in shares)	101,127,000	98,587,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenue	$ 107,209	$ 85,384	$ 209,857	$ 165,685
Cost of revenue	19,142	13,918	37,843	27,144
Gross profit	88,067	71,466	172,014	138,541
Operating expenses:
Sales and marketing	55,443	56,015	115,298	108,704
Research and development	25,310	21,698	52,141	43,633
General and administrative	17,879	15,987	36,812	31,123
Total operating expenses	98,632	93,700	204,251	183,460
Loss from operations	(10,565)	(22,234)	(32,237)	(44,919)
Interest income, net	455	1,594	1,189	3,150
Other expense, net	(298)	(122)	(1,258)	(336)
Loss before income taxes	(10,408)	(20,762)	(32,306)	(42,105)
Provision for income taxes	1,552	866	2,631	963
Net loss	$ (11,960)	$ (21,628)	$ (34,937)	$ (43,068)
Net loss per share, basic and diluted (in usd per share)	$ (0.12)	$ (0.23)	$ (0.35)	$ (0.45)
Weighted-average shares used to compute net loss per share, basic and diluted (in shares)	100,209	95,820	99,532	94,785

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (11,960)	$ (21,628)	$ (34,937)	$ (43,068)
Other comprehensive (loss) income, net of tax:
Unrealized (losses) gains on available-for-sale securities	(14)	59	99	80
Other comprehensive (loss) income	(14)	59	99	80
Comprehensive loss	$ (11,974)	$ (21,569)	$ (34,838)	$ (42,988)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Balance (in shares) at Dec. 31, 2018		93,126
Balance at Dec. 31, 2018	$ 121,763	$ 931	$ 586,940	$ 0	$ (466,108)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Exercise of stock options (in shares)		3,242
Exercise of stock options	12,727	$ 32	12,695
Vesting of restricted stock units (in shares)		1
Vesting of restricted stock units	0
Issuance of common stock under employee stock purchase plan (in shares)		439
Issuance of common stock under employee stock purchase plan	8,579	$ 5	8,574
Stock-based compensation	20,878		20,878
Other comprehensive income	80			80
Net loss	(43,068)				(43,068)
Balance (in shares) at Jun. 30, 2019		96,808
Balance at Jun. 30, 2019	120,959	$ 968	629,087	80	(509,176)
Balance (in shares) at Mar. 31, 2019		96,203
Balance at Mar. 31, 2019	128,209	$ 962	614,774	21	(487,548)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Exercise of stock options (in shares)		604
Exercise of stock options	2,849	$ 6	2,843
Vesting of restricted stock units (in shares)		1
Stock-based compensation	11,470		11,470
Other comprehensive income	59			59
Net loss	(21,628)				(21,628)
Balance (in shares) at Jun. 30, 2019		96,808
Balance at Jun. 30, 2019	$ 120,959	$ 968	629,087	80	(509,176)
Balance (in shares) at Dec. 31, 2019	98,587	98,587
Balance at Dec. 31, 2019	$ 98,905	$ 986	662,990	50	(565,121)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Exercise of stock options (in shares)	1,594	1,594
Exercise of stock options	$ 10,974	$ 16	10,958
Vesting of restricted stock units (in shares)		568
Vesting of restricted stock units	0	$ 5	(5)
Issuance of common stock under employee stock purchase plan (in shares)		378
Issuance of common stock under employee stock purchase plan	7,307	$ 4	7,303
Stock-based compensation	28,820		28,820
Other comprehensive income	99			99
Net loss	$ (34,937)				(34,937)
Balance (in shares) at Jun. 30, 2020	101,127	101,127
Balance at Jun. 30, 2020	$ 111,168	$ 1,011	710,066	149	(600,058)
Balance (in shares) at Mar. 31, 2020		100,003
Balance at Mar. 31, 2020	100,376	$ 1,000	687,311	163	(588,098)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Exercise of stock options (in shares)		959
Exercise of stock options	6,996	$ 10	6,986
Vesting of restricted stock units (in shares)		165
Vesting of restricted stock units	0	$ 1	(1)
Stock-based compensation	15,770		15,770
Other comprehensive income	(14)			(14)
Net loss	$ (11,960)				(11,960)
Balance (in shares) at Jun. 30, 2020	101,127	101,127
Balance at Jun. 30, 2020	$ 111,168	$ 1,011	$ 710,066	$ 149	$ (600,058)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net loss	$ (34,937)	$ (43,068)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	5,268	3,089
Stock-based compensation	28,701	20,692
Other	606	(1,022)
Changes in operating assets and liabilities:
Accounts receivable	13,512	(658)
Prepaid expenses and other current assets	1,058	1,673
Deferred commissions	497	(2,432)
Other assets	(13,177)	1,209
Accounts payable and accrued expenses	(3,023)	5,646
Accrued compensation	(5,274)	(3,092)
Deferred revenue	2,182	17,430
Other current and noncurrent liabilities	(276)	(46)
Net cash provided by (used in) operating activities	21,491	(2,997)
Cash flows from investing activities:
Purchases of property and equipment	(11,004)	(5,335)
Purchases of short-term investments	(91,908)	(102,453)
Sales and maturities of short-term investments	124,675	110,750
Net cash provided by investing activities	21,763	2,962
Cash flows from financing activities:
Proceeds from loan agreement	2,000	0
Principal payments under finance lease obligations	(8)	(8)
Proceeds from stock issued in connection with the employee stock purchase plan	7,307	8,579
Proceeds from the exercise of stock options	10,974	12,727
Net cash provided by financing activities	20,273	21,298
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(1,463)	(716)
Net increase in cash and cash equivalents and restricted cash	62,064	20,547
Cash and cash equivalents and restricted cash at beginning of period	74,665	165,378
Cash and cash equivalents and restricted cash at end of period	136,729	185,925
Supplemental disclosure of cash flow information:
Cash paid for interest	16	49
Cash paid for income taxes	2,728	1,111
Supplemental cash flow information related to leases:
Operating cash payments for operating leases	2,595	2,286
Supplemental disclosure of non-cash flow investing activities:
Construction in progress	$ 1,199	$ 611

Business and Summary of Signifi

Business and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Summary of Significant Accounting Policies	Business and Summary of Significant Accounting Policies Business Description Tenable Holdings, Inc. (the “Company,” “we,” "us," or “our”) is a provider of Cyber Exposure solutions, which is a discipline for managing, measuring and comparing cybersecurity risk in the digital era. Our enterprise software platform enables broad visibility into an organization’s cyber exposure across the modern attack surface and deep insights that help organizations translate technical data into business insights to understand and reduce their cybersecurity risk. Basis of Presentation The accompanying consolidated financial statements include the accounts of Tenable Holdings, Inc. and our wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“GAAP”) for interim financial information. The consolidated statements are unaudited and should be read in conjunction with the consolidated financial statements and related notes included in our 2019 Annual Report on Form 10-K ("10-K") filed with the Securities and Exchange Commission on February 28, 2020. The consolidated financial statements have been prepared on a basis consistent with the audited annual consolidated financial statements included in the 10-K and, in the opinion of management, include all adjustments of a normal recurring nature necessary to fairly state our financial position, our results of operations, and cash flows. The results for the six months ended June 30, 2020 are not necessarily indicative of the operating results expected for the year ending December 31, 2020 or any other future period. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates include, but are not limited to, the determination of the estimated economic life of perpetual licenses for revenue recognition, the estimated period of benefit for deferred commissions, the useful lives of long-lived assets, the fair value of acquired intangible assets, the valuation of stock-based compensation, including the estimated underlying fair value of our common stock prior to our IPO, the incremental borrowing rate for operating leases, and the valuation of deferred tax assets. We base these estimates on historical experience and on various other assumptions that we believe to be reasonable. Actual results could differ significantly from these estimates. Significant Accounting Policies Our significant accounting policies are described in our 10-K. During the six months ended June 30, 2020 , there were no material changes to our significant accounting policies other than those described below. Recently Adopted Accounting Pronouncements We adopted Accounting Standards Update ("ASU") No. 2016-13 — Financial Instruments-Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments, effective January 1, 2020 using the modified retrospective approach. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements. The new standard replaces the previous incurred loss impairment methodology with a methodology that reflects current expected credit losses for financial assets, including trade receivables, which are not measured at fair value, through net income. Under the new standard, our allowance for doubtful accounts reflects our best estimate of expected future credit losses based on various factors, including our historical collection experience, age of accounts receivable balances, current conditions, reasonable and supportable forecasts of future economic conditions, as well as

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Disaggregation of Revenue The following table presents a summary of revenue: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Subscription revenue $ 92,010 $ 69,370 $ 178,400 $ 134,107 Perpetual license and maintenance revenue 12,179 13,553 25,598 27,080 Professional services and other revenue 3,020 2,461 5,859 4,498 Revenue $ 107,209 $ 85,384 $ 209,857 $ 165,685 Concentrations We sell and market our products and services through our field sales force that works closely with our channel partners, which includes a network of distributors and resellers, in developing sales opportunities. We use a two-tiered channel model whereby we sell our products and services to our distributors, which in turn sell to resellers, which then sell to end-users. We derived 91% of revenue through our channel network in the three and six months ended June 30, 2020 and 90% of revenue in the three and six months ended June 30, 2019 . One of our distributors accounted for 43% of revenue in each of the three and six months ended June 30, 2020 and 2019 . That same distributor accounted for 40% of accounts receivable at June 30, 2020 and December 31, 2019 . Contract Balances We generally bill our customers in advance and accounts receivable are recorded when we have the right to invoice the customer. Contract liabilities consist of deferred revenue and include customer billings and payments received in advance of performance under the contract. In the three months ended June 30, 2020 and 2019 and the six months ended June 30, 2020 and 2019 , we recognized revenue of $99.5 million , $78.3 million , $175.0 million and $136.7 million , respectively, that was included in the deferred revenue balance at the beginning of each of the respective periods. Remaining Performance Obligations At June 30, 2020 , the future estimated revenue related to unsatisfied performance obligations was $378.2 million , of which approximately 74% is expected to be recognized as revenue over the succeeding twelve months , and the remainder is expected to be recognized over the four years thereafter. Deferred Commissions The following summarizes the activity of deferred incremental costs of obtaining a contract: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Beginning balance $ 70,742 $ 59,811 $ 72,265 $ 59,434 Capitalization of contract acquisition costs 8,892 8,608 15,013 15,234 Amortization of deferred contract acquisition costs (7,866 ) (6,553 ) (15,510 ) (12,802 ) Ending balance $ 71,768 $ 61,866 $ 71,768 $ 61,866

Cash and Cash Equivalents and S

Cash and Cash Equivalents and Short-Term Investments	6 Months Ended
	Jun. 30, 2020
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents and Short-Term Investments	Cash and Cash Equivalents and Short-Term Investments The following tables summarize the amortized cost, unrealized gain and loss and estimated fair value of cash equivalents and short-term investments: June 30, 2020 (in thousands) Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: Money market funds $ 55,178 $ — $ — $ 55,178 Total cash equivalents $ 55,178 $ — $ — $ 55,178 Short-term investments: Commercial paper $ 48,573 $ — $ — $ 48,573 Corporate bonds 11,769 56 — 11,825 U.S. Treasury and agency obligations 45,143 93 — 45,236 Total short-term investments $ 105,485 $ 149 $ — $ 105,634 December 31, 2019 (in thousands) Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: Money market funds $ 13,588 $ — $ — $ 13,588 Commercial paper 8,987 — — 8,987 Total cash equivalents $ 22,575 $ — $ — $ 22,575 Short-term investments: Commercial paper $ 61,371 $ — $ — $ 61,371 Corporate bonds 23,856 14 (1 ) 23,869 U.S. Treasury and agency obligations 52,627 38 (1 ) 52,664 Total short-term investments $ 137,854 $ 52 $ (2 ) $ 137,904 Gross unrealized losses were not material at June 30, 2020 and December 31, 2019 , respectively. At June 30, 2020 , we considered the extent to which any unrealized losses on our short-term investments were driven by credit risk and other factors, including market risk, and if it is more-likely-than-not that we would have to sell the security before the recovery of the amortized cost basis. Based on our assessment, we do not believe any unrealized losses represent credit losses at June 30, 2020 . At June 30, 2020

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements We measure certain financial instruments at fair value using a fair value hierarchy. In the hierarchy, assets are classified based on the lowest level inputs used in valuation into the following categories: • Level 1 — Quoted prices in active markets for identical assets and liabilities; • Level 2 — Observable inputs including quoted market prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in inactive markets, or inputs that are corroborated by observable market data; and • Level 3 — Unobservable inputs. The following tables summarize assets that are measured at fair value on a recurring basis: June 30, 2020 (in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents Money market funds $ 55,178 $ — $ — $ 55,178 $ 55,178 $ — $ — $ 55,178 Short-term investments Commercial paper $ — $ 48,573 $ — $ 48,573 Corporate bonds — 11,825 — 11,825 U.S. Treasury and agency obligations — 45,236 — 45,236 $ — $ 105,634 $ — $ 105,634 December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents Money market funds $ 13,588 $ — $ — $ 13,588 Commercial paper — 8,987 — 8,987 $ 13,588 $ 8,987 $ — $ 22,575 Short-term investments Commercial paper $ — $ 61,371 $ — $ 61,371 Corporate bonds — 23,869 — 23,869 U.S. Treasury and agency obligations — 52,664 — 52,664 $ — $ 137,904 $ — $ 137,904 We did not have any liabilities measured and recorded at fair value at June 30, 2020 or December 31, 2019 .

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consisted of the following: (in thousands) June 30, 2020 December 31, 2019 Computer software and equipment $ 22,160 $ 21,234 Furniture and fixtures 6,200 4,504 Leasehold improvements 25,093 16,953 Right-of-use assets under finance leases 1,583 1,866 Total 55,036 44,557 Less: accumulated depreciation and amortization (19,892 ) (17,710 ) Property and equipment, net $ 35,144 $ 26,847 Depreciation and amortization related to property and equipment was $2.0 million , $1.3 million , $4.0 million and $2.8 million in the three months ended June 30, 2020 and 2019 and the six months ended June 30, 2020 and 2019 , respectively.

Goodwill and Acquired Intangibl

Goodwill and Acquired Intangible Assets	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Acquired Intangible Assets	Goodwill and Acquired Intangible Assets On December 2, 2019, we acquired Indegy, Ltd. We have not yet finalized the allocation of the purchase price, which may change as additional information becomes available related to any working capital adjustment and income taxes. Acquired intangible assets subject to amortization are as follows: June 30, 2020 December 31, 2019 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired technology $ 17,325 $ (3,117 ) $ 14,208 $ 17,325 $ (2,009 ) $ 15,316 Trade name 200 (58 ) 142 200 (8 ) 192 $ 17,525 $ (3,175 ) $ 14,350 $ 17,525 $ (2,017 ) $ 15,508 Amortization of acquired intangible assets was $0.6 million , $0.1 million , $1.2 million and $0.3 million in the three months ended June 30, 2020 and 2019 and the six months ended June 30, 2020 and 2019 , respectively. At June 30, 2020 , estimated future amortization of acquired intangible assets is as follows: (in thousands) Year ending December 31, 2020 (1) $ 1,156 2021 2,306 2022 2,214 2023 2,214 2024 2,214 Thereafter 4,246 Total $ 14,350 _______________ (1) Represents the six months ending December 31, 2020 .

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	Leases We have operating leases for office facilities and finance leases for computer and office equipment. The components of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Operating lease cost $ 2,327 $ 1,100 $ 4,811 $ 2,081 Finance lease cost Amortization of ROU assets $ 76 $ 155 $ 186 $ 308 Interest on lease liabilities 1 1 3 3 Total finance lease cost $ 77 $ 156 $ 189 $ 311 Rent expense for short-term leases in the three and six months ended June 30, 2020 and 2019 was not material. Supplemental information related to leases was as follows: June 30, 2020 December 31, 2019 Operating leases Weighted average remaining lease term 10.3 years 10.0 years Weighted average discount rate 5.7% 5.8% Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 ROU assets obtained in exchange for lease obligations Operating leases $ 704 $ — $ 704 $ 2,198 Finance leases — — — 11 In the three and six months ended June 30, 2020 , we received proceeds from lease incentives of $8.6 million . Maturities of operating lease liabilities at June 30, 2020 were as follows: (in thousands) Year ending December 31, 2020 (1) $ 2,558 2021 7,195 2022 7,300 2023 6,997 2024 7,151 Thereafter 50,952 Total lease payments 82,153 Less: Imputed interest (22,521 ) Less: Tenant incentives (5,607 ) Total $ 54,025 _______________ (1) Represents the six months ending December 31, 2020 .
Leases	Leases We have operating leases for office facilities and finance leases for computer and office equipment. The components of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Operating lease cost $ 2,327 $ 1,100 $ 4,811 $ 2,081 Finance lease cost Amortization of ROU assets $ 76 $ 155 $ 186 $ 308 Interest on lease liabilities 1 1 3 3 Total finance lease cost $ 77 $ 156 $ 189 $ 311 Rent expense for short-term leases in the three and six months ended June 30, 2020 and 2019 was not material. Supplemental information related to leases was as follows: June 30, 2020 December 31, 2019 Operating leases Weighted average remaining lease term 10.3 years 10.0 years Weighted average discount rate 5.7% 5.8% Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 ROU assets obtained in exchange for lease obligations Operating leases $ 704 $ — $ 704 $ 2,198 Finance leases — — — 11 In the three and six months ended June 30, 2020 , we received proceeds from lease incentives of $8.6 million . Maturities of operating lease liabilities at June 30, 2020 were as follows: (in thousands) Year ending December 31, 2020 (1) $ 2,558 2021 7,195 2022 7,300 2023 6,997 2024 7,151 Thereafter 50,952 Total lease payments 82,153 Less: Imputed interest (22,521 ) Less: Tenant incentives (5,607 ) Total $ 54,025 _______________ (1) Represents the six months ending December 31, 2020 .

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt There were no amounts outstanding under our $25.0 million revolving credit facility (“2017 Credit Facility”) with Silicon Valley Bank ("SVB") in the six months ended June 30, 2020 and 2019 . In July 2020, the maturity date of the 2017 Credit Facility was extended to August 3, 2020. In April 2020, the 2017 Credit Facility was amended to increase the maximum amount of letters of credit that may be issued from $5.0 million to $6.5 million . At June 30, 2020 , our borrowing capacity was reduced by $5.5 million related to standby letters of credit. In July 2020, we entered into a new $45.0 million senior secured credit facility (“2020 Credit Facility”) with SVB in connection with the expiration of the 2017 Credit Facility. The 2020 Credit Facility bears interest at either LIBOR plus 2% , with a 1% LIBOR floor, or the ABR plus 1% , and terminates on July 24, 2022. A commitment fee of 0.35% per annum is payable quarterly in arrears based on the unused portion. The 2020 Credit Facility includes a $45.0 million uncommitted expansion and has a financial covenant requiring a minimum consolidated quick ratio of at least 1.5 :1.0 on the last day of any quarter.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Under the evergreen provision in our 2018 Equity Incentive Plan ("2018 Plan"), in January 2020 we reserved an additional 4,929,361 shares of our common stock for issuance. At June 30, 2020 , there were 17,500,941 shares available for grant under the 2018 Plan. Stock-based compensation expense included in the consolidated statements of operations was as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Cost of revenue $ 830 $ 742 $ 1,577 $ 1,394 Sales and marketing 5,375 4,215 9,871 7,581 Research and development 3,893 2,441 6,841 4,471 General and administrative 5,568 3,975 10,412 7,246 Total stock-based compensation expense $ 15,666 $ 11,373 $ 28,701 $ 20,692 At June 30, 2020 , the unrecognized stock-based compensation expense related to unvested restricted stock units was $127.9 million , which is expected to be recognized over an estimated remaining weighted average period of 3.2 years . At June 30, 2020 , the unrecognized stock-based compensation expense related to outstanding stock options was $17.0 million , which is expected to be recognized over an estimated remaining weighted average period of 1.7 years . At June 30, 2020 , the unrecognized stock-based compensation expense related to unvested awards of restricted stock was $0.8 million , which is expected to be recognized over an estimated remaining period of 0.5 years . Restricted Stock and Restricted Stock Units A summary of our restricted stock and restricted stock units activity is presented below: Restricted Stock Restricted Stock Units (in thousands, except for per share data) Number of Shares Weighted Average Grant Date Fair Value Number Weighted Unvested balance at December 31, 2019 495 $ 4.25 2,894 $ 26.34 Granted — — 3,372 27.86 Vested (198 ) 4.25 (569 ) 29.04 Forfeited — — (261 ) 25.71 Unvested balance at June 30, 2020 297 4.25 5,436 27.03 Stock Options A summary of our stock option activity is presented below: (in thousands, except for exercise prices and years) Number of Shares Weighted Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at December 31, 2019 12,939 $ 8.38 7.1 $ 201,608 Granted — — Exercised (1,594) 6.89 33,416 Forfeited/canceled (287) 10.99 Outstanding at June 30, 2020 11,058 8.53 6.8 235,370 Exercisable at June 30, 2020 6,692 6.42 6.4 156,517 At June 30, 2020 , there were 11.1 million stock options that were vested and expected to vest. 2018 Employee Stock Purchase Plan Under the evergreen provision in our 2018 Employee Stock Purchase Plan ("2018 ESPP"), in January 2020 we reserved an additional 1,478,808 shares of our common stock for issuance. At June 30, 2020 , there were 5,721,517 shares reserved for issuance under the 2018 ESPP. In the six months ended June 30, 2020 , employees purchased 377,378 shares of our common stock at a weighted average price of $19.36 per share , resulting in $7.3 million of cash proceeds. At June 30, 2020 , there was $5.0 million of employee contributions to the 2018 ESPP included in accrued compensation. The unrecognized stock-based compensation expense related to our 2018 ESPP was $6.5 million , which is expected to be recognized over the remaining weighted average period of 0.7 years . The fair value of the 2018 ESPP purchase rights was estimated on the offering or modification dates using a Black-Scholes option-pricing model and the following assumptions: Six Months Ended June 30, 2020 2019 Expected term (in years) 0.5 — 2.0 0.5 — 2.0 Expected volatility 41.6% — 47.9% 35.4% — 44.6% Risk-free interest rate 0.8% — 0.9% 2.5% — 2.6% Expected dividend yield — —

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2020 2019 2020 2019 Net loss $ (11,960 ) $ (21,628 ) $ (34,937 ) $ (43,068 ) Weighted-average shares used to compute net loss per share 100,209 95,820 99,532 94,785 Net loss per share, basic and diluted $ (0.12 ) $ (0.23 ) $ (0.35 ) $ (0.45 ) The following potentially dilutive securities have been excluded from the diluted per share calculations because they would have been antidilutive: Three and Six Months Ended June 30, (in thousands) 2020 2019 Stock options 11,058 14,892 Restricted stock units 5,436 2,987 Restricted shares 297 692 Shares to be issued under the 2018 ESPP 255 253 Total 17,046 18,824

Geographic Information

Geographic Information	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Geographic Information	Geographic Information We operate as one operating segment. Our Chief Executive Officer, who is our chief operating decision maker, reviews financial information on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. Revenue by region, based on the address of the end user as specified in our subscription, license or service agreements, was as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Americas $ 71,946 $ 58,888 $ 141,260 $ 114,979 Europe, Middle East and Africa 24,642 18,848 48,192 36,155 Asia Pacific 10,621 7,648 20,405 14,551 Revenue $ 107,209 $ 85,384 $ 209,857 $ 165,685 Customers located in the United States accounted for 61% and 62% of revenue in the three and six months ended June 30, 2020 , respectively and 64% of revenue in the three and six months ended June 30, 2019 . No other country accounted for 10% or more of revenue in the periods presented. Our property and equipment, net by geographic area is summarized as follows: (in thousands) June 30, 2020 December 31, 2019 United States $ 30,853 $ 21,464 International 4,291 5,383 Property and equipment, net $ 35,144 $ 26,847

Business and Summary of Signi_2

Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidations	The accompanying consolidated financial statements include the accounts of Tenable Holdings, Inc. and our wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Basis of Accounting	The consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“GAAP”) for interim financial information. The consolidated statements are unaudited and should be read in conjunction with the consolidated financial statements and related notes included in our 2019 Annual Report on Form 10-K ("10-K") filed with the Securities and Exchange Commission on February 28, 2020. The consolidated financial statements have been prepared on a basis consistent with the audited annual consolidated financial statements included in the 10-K and, in the opinion of management, include all adjustments of a normal recurring nature necessary to fairly state our financial position, our results of operations, and cash flows.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates include, but are not limited to, the determination of the estimated economic life of perpetual licenses for revenue recognition, the estimated period of benefit for deferred commissions, the useful lives of long-lived assets, the fair value of acquired intangible assets, the valuation of stock-based compensation, including the estimated underlying fair value of our common stock prior to our IPO, the incremental borrowing rate for operating leases, and the valuation of deferred tax assets. We base these estimates on historical experience and on various other assumptions that we believe to be reasonable. Actual results could differ significantly from these estimates.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements We adopted Accounting Standards Update ("ASU") No. 2016-13 — Financial Instruments-Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments, effective January 1, 2020 using the modified retrospective approach. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements. The new standard replaces the previous incurred loss impairment methodology with a methodology that reflects current expected credit losses for financial assets, including trade receivables, which are not measured at fair value, through net income. Under the new standard, our allowance for doubtful accounts reflects our best estimate of expected future credit losses based on various factors, including our historical collection experience, age of accounts receivable balances, current conditions, reasonable and supportable forecasts of future economic conditions, as well as

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Summary of revenue	The following table presents a summary of revenue: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Subscription revenue $ 92,010 $ 69,370 $ 178,400 $ 134,107 Perpetual license and maintenance revenue 12,179 13,553 25,598 27,080 Professional services and other revenue 3,020 2,461 5,859 4,498 Revenue $ 107,209 $ 85,384 $ 209,857 $ 165,685
Activity of deferred contract costs	The following summarizes the activity of deferred incremental costs of obtaining a contract: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Beginning balance $ 70,742 $ 59,811 $ 72,265 $ 59,434 Capitalization of contract acquisition costs 8,892 8,608 15,013 15,234 Amortization of deferred contract acquisition costs (7,866 ) (6,553 ) (15,510 ) (12,802 ) Ending balance $ 71,768 $ 61,866 $ 71,768 $ 61,866

Cash and Cash Equivalents and_2

Cash and Cash Equivalents and Short-Term Investments (Tables)	6 Months Ended
	Jun. 30, 2020
Cash and Cash Equivalents [Abstract]
Summary of amortized cost, unrealized gain and loss and estimated fair value	The following tables summarize the amortized cost, unrealized gain and loss and estimated fair value of cash equivalents and short-term investments: June 30, 2020 (in thousands) Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: Money market funds $ 55,178 $ — $ — $ 55,178 Total cash equivalents $ 55,178 $ — $ — $ 55,178 Short-term investments: Commercial paper $ 48,573 $ — $ — $ 48,573 Corporate bonds 11,769 56 — 11,825 U.S. Treasury and agency obligations 45,143 93 — 45,236 Total short-term investments $ 105,485 $ 149 $ — $ 105,634 December 31, 2019 (in thousands) Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: Money market funds $ 13,588 $ — $ — $ 13,588 Commercial paper 8,987 — — 8,987 Total cash equivalents $ 22,575 $ — $ — $ 22,575 Short-term investments: Commercial paper $ 61,371 $ — $ — $ 61,371 Corporate bonds 23,856 14 (1 ) 23,869 U.S. Treasury and agency obligations 52,627 38 (1 ) 52,664 Total short-term investments $ 137,854 $ 52 $ (2 ) $ 137,904

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of assets measured at fair value on recurring basis	The following tables summarize assets that are measured at fair value on a recurring basis: June 30, 2020 (in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents Money market funds $ 55,178 $ — $ — $ 55,178 $ 55,178 $ — $ — $ 55,178 Short-term investments Commercial paper $ — $ 48,573 $ — $ 48,573 Corporate bonds — 11,825 — 11,825 U.S. Treasury and agency obligations — 45,236 — 45,236 $ — $ 105,634 $ — $ 105,634 December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents Money market funds $ 13,588 $ — $ — $ 13,588 Commercial paper — 8,987 — 8,987 $ 13,588 $ 8,987 $ — $ 22,575 Short-term investments Commercial paper $ — $ 61,371 $ — $ 61,371 Corporate bonds — 23,869 — 23,869 U.S. Treasury and agency obligations — 52,664 — 52,664 $ — $ 137,904 $ — $ 137,904

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Property and equipment, net	Property and equipment, net consisted of the following: (in thousands) June 30, 2020 December 31, 2019 Computer software and equipment $ 22,160 $ 21,234 Furniture and fixtures 6,200 4,504 Leasehold improvements 25,093 16,953 Right-of-use assets under finance leases 1,583 1,866 Total 55,036 44,557 Less: accumulated depreciation and amortization (19,892 ) (17,710 ) Property and equipment, net $ 35,144 $ 26,847

Goodwill and Acquired Intangi_2

Goodwill and Acquired Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of finite-lived intangible assets	Acquired intangible assets subject to amortization are as follows: June 30, 2020 December 31, 2019 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired technology $ 17,325 $ (3,117 ) $ 14,208 $ 17,325 $ (2,009 ) $ 15,316 Trade name 200 (58 ) 142 200 (8 ) 192 $ 17,525 $ (3,175 ) $ 14,350 $ 17,525 $ (2,017 ) $ 15,508
Schedule of finite-lived intangible assets, future amortization expense	At June 30, 2020 , estimated future amortization of acquired intangible assets is as follows: (in thousands) Year ending December 31, 2020 (1) $ 1,156 2021 2,306 2022 2,214 2023 2,214 2024 2,214 Thereafter 4,246 Total $ 14,350 _______________ (1) Represents the six months ending December 31, 2020 .

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Components of leases	Supplemental information related to leases was as follows: June 30, 2020 December 31, 2019 Operating leases Weighted average remaining lease term 10.3 years 10.0 years Weighted average discount rate 5.7% 5.8% Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 ROU assets obtained in exchange for lease obligations Operating leases $ 704 $ — $ 704 $ 2,198 Finance leases — — — 11 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Operating lease cost $ 2,327 $ 1,100 $ 4,811 $ 2,081 Finance lease cost Amortization of ROU assets $ 76 $ 155 $ 186 $ 308 Interest on lease liabilities 1 1 3 3 Total finance lease cost $ 77 $ 156 $ 189 $ 311
Schedule of maturities of operating lease liabilities	Maturities of operating lease liabilities at June 30, 2020 were as follows: (in thousands) Year ending December 31, 2020 (1) $ 2,558 2021 7,195 2022 7,300 2023 6,997 2024 7,151 Thereafter 50,952 Total lease payments 82,153 Less: Imputed interest (22,521 ) Less: Tenant incentives (5,607 ) Total $ 54,025 _______________ (1) Represents the six months ending December 31, 2020 .

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	Stock-based compensation expense included in the consolidated statements of operations was as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Cost of revenue $ 830 $ 742 $ 1,577 $ 1,394 Sales and marketing 5,375 4,215 9,871 7,581 Research and development 3,893 2,441 6,841 4,471 General and administrative 5,568 3,975 10,412 7,246 Total stock-based compensation expense $ 15,666 $ 11,373 $ 28,701 $ 20,692
Summary of restricted stock and restricted stock units	A summary of our restricted stock and restricted stock units activity is presented below: Restricted Stock Restricted Stock Units (in thousands, except for per share data) Number of Shares Weighted Average Grant Date Fair Value Number Weighted Unvested balance at December 31, 2019 495 $ 4.25 2,894 $ 26.34 Granted — — 3,372 27.86 Vested (198 ) 4.25 (569 ) 29.04 Forfeited — — (261 ) 25.71 Unvested balance at June 30, 2020 297 4.25 5,436 27.03
Stock option activity	A summary of our stock option activity is presented below: (in thousands, except for exercise prices and years) Number of Shares Weighted Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at December 31, 2019 12,939 $ 8.38 7.1 $ 201,608 Granted — — Exercised (1,594) 6.89 33,416 Forfeited/canceled (287) 10.99 Outstanding at June 30, 2020 11,058 8.53 6.8 235,370 Exercisable at June 30, 2020 6,692 6.42 6.4 156,517
ESPP valuation assumptions	The fair value of the 2018 ESPP purchase rights was estimated on the offering or modification dates using a Black-Scholes option-pricing model and the following assumptions: Six Months Ended June 30, 2020 2019 Expected term (in years) 0.5 — 2.0 0.5 — 2.0 Expected volatility 41.6% — 47.9% 35.4% — 44.6% Risk-free interest rate 0.8% — 0.9% 2.5% — 2.6% Expected dividend yield — —

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Computation of basic and diluted net loss per share	The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2020 2019 2020 2019 Net loss $ (11,960 ) $ (21,628 ) $ (34,937 ) $ (43,068 ) Weighted-average shares used to compute net loss per share 100,209 95,820 99,532 94,785 Net loss per share, basic and diluted $ (0.12 ) $ (0.23 ) $ (0.35 ) $ (0.45 )
Potentially dilutive securities	The following potentially dilutive securities have been excluded from the diluted per share calculations because they would have been antidilutive: Three and Six Months Ended June 30, (in thousands) 2020 2019 Stock options 11,058 14,892 Restricted stock units 5,436 2,987 Restricted shares 297 692 Shares to be issued under the 2018 ESPP 255 253 Total 17,046 18,824

Geographic Information (Tables)

Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Revenue by region	Revenue by region, based on the address of the end user as specified in our subscription, license or service agreements, was as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Americas $ 71,946 $ 58,888 $ 141,260 $ 114,979 Europe, Middle East and Africa 24,642 18,848 48,192 36,155 Asia Pacific 10,621 7,648 20,405 14,551 Revenue $ 107,209 $ 85,384 $ 209,857 $ 165,685
Property and equipment, net by geographic area	Our property and equipment, net by geographic area is summarized as follows: (in thousands) June 30, 2020 December 31, 2019 United States $ 30,853 $ 21,464 International 4,291 5,383 Property and equipment, net $ 35,144 $ 26,847

Revenue Recognition - Summary o

Revenue Recognition - Summary of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 107,209	$ 85,384	$ 209,857	$ 165,685
Subscription revenue
Disaggregation of Revenue [Line Items]
Revenue	92,010	69,370	178,400	134,107
Perpetual license and maintenance revenue
Disaggregation of Revenue [Line Items]
Revenue	12,179	13,553	25,598	27,080
Professional services and other revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 3,020	$ 2,461	$ 5,859	$ 4,498

Revenue Recognition - Concentra

Revenue Recognition - Concentrations (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
One distributor | Revenue | Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	43.00%	43.00%	43.00%	43.00%
One distributor | Accounts receivable | Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage			40.00%		40.00%
Channel network | Revenue | Sales method risk
Concentration Risk [Line Items]
Concentration risk, percentage	91.00%	90.00%	91.00%	90.00%

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue recognized that was included in deferred revenue	$ 99.5	$ 78.3	$ 175	$ 136.7

Revenue Recognition - Remaining

Revenue Recognition - Remaining Performance Obligations (Details) $ in Millions	Jun. 30, 2020USD ($)
Revenue from Contract with Customer [Abstract]
Future estimated revenue	$ 378.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected recognized percentage over succeeding 12 months	74.00%
Expected timing of satisfaction	4 years

Revenue Recognition - Activity

Revenue Recognition - Activity of Deferred Contract Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Capitalized Contract Cost [Roll Forward]
Beginning balance	$ 70,742	$ 59,811	$ 72,265	$ 59,434
Capitalization of contract acquisition costs	8,892	8,608	15,013	15,234
Amortization of deferred contract acquisition costs	(7,866)	(6,553)	(15,510)	(12,802)
Ending balance	$ 71,768	$ 61,866	$ 71,768	$ 61,866

Cash and Cash Equivalents and_3

Cash and Cash Equivalents and Short-Term Investments - Summary of Amortized Cost, Unrealized Gain and Loss and Estimated Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Line Items]
Amortized Cost	$ 105,485	$ 137,854
Unrealized Gain	149	52
Unrealized Loss	0	(2)
Estimated Fair Value	105,634	137,904
Commercial paper
Cash and Cash Equivalents [Line Items]
Amortized Cost	48,573	61,371
Unrealized Gain	0	0
Unrealized Loss	0	0
Estimated Fair Value	48,573	61,371
Corporate bonds
Cash and Cash Equivalents [Line Items]
Amortized Cost	11,769	23,856
Unrealized Gain	56	14
Unrealized Loss	0	(1)
Estimated Fair Value	11,825	23,869
U.S. Treasury and agency obligations
Cash and Cash Equivalents [Line Items]
Amortized Cost	45,143	52,627
Unrealized Gain	93	38
Unrealized Loss	0	(1)
Estimated Fair Value	45,236	52,664
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	55,178	13,588
Commercial paper
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents		8,987
Cash equivalents
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 55,178	$ 22,575

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 105,634	$ 137,904
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	48,573	61,371
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	11,825	23,869
U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	45,236	52,664
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	55,178	13,588
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		8,987
Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	55,178	22,575
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 1 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 1 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 1 | U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	55,178	13,588
Level 1 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		0
Level 1 | Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	55,178	13,588
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	105,634	137,904
Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	48,573	61,371
Level 2 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	11,825	23,869
Level 2 | U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	45,236	52,664
Level 2 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		8,987
Level 2 | Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	8,987
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 3 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 3 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 3 | U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 3 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 3 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		0
Level 3 | Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 0	$ 0

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total	$ 55,036		$ 55,036		$ 44,557
Less: accumulated depreciation and amortization	(19,892)		(19,892)		(17,710)
Property and equipment, net	35,144		35,144		26,847
Depreciation and amortization	2,000	$ 1,300	4,000	$ 2,800
Computer software and equipment
Property, Plant and Equipment [Line Items]
Total	22,160		22,160		21,234
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total	6,200		6,200		4,504
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total	25,093		25,093		16,953
Right-of-use assets under finance leases
Property, Plant and Equipment [Line Items]
Total	$ 1,583		$ 1,583		$ 1,866

Goodwill and Acquired Intangi_3

Goodwill and Acquired Intangible Assets - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 17,525	$ 17,525
Accumulated Amortization	(3,175)	(2,017)
Total	14,350	15,508
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	17,325	17,325
Accumulated Amortization	(3,117)	(2,009)
Total	14,208	15,316
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	200	200
Accumulated Amortization	(58)	(8)
Total	$ 142	$ 192

Goodwill and Acquired Intangi_4

Goodwill and Acquired Intangible Assets - Schedule of Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of acquired intangible assets	$ 600	$ 100	$ 1,200	$ 300
2020	1,156		1,156
2021	2,306		2,306
2022	2,214		2,214
2023	2,214		2,214
2024	2,214		2,214
Thereafter	4,246		4,246
Total	$ 14,350		$ 14,350		$ 15,508

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Leases [Abstract]
Incentive to lessee	$ 8.6	$ 8.6

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 2,327	$ 1,100	$ 4,811	$ 2,081
Amortization of ROU assets	76	155	186	308
Interest on lease liabilities	1	1	3	3
Total finance lease cost	$ 77	$ 156	$ 189	$ 311

Leases - Supplemental Informati

Leases - Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Operating leases
Weighted average remaining lease term	10 years 3 months 18 days		10 years 3 months 18 days		10 years
Weighted average discount rate	5.70%		5.70%		5.80%
ROU assets obtained in exchange for lease obligations
Operating leases	$ 704	$ 0	$ 704	$ 2,198
Finance leases	$ 0	$ 0	$ 0	$ 11

Leases - Operating Lease Liabil

Leases - Operating Lease Liability Maturities (Details) $ in Thousands	Jun. 30, 2020USD ($)
Leases [Abstract]
2020	$ 2,558
2021	7,195
2022	7,300
2023	6,997
2024	7,151
Thereafter	50,952
Total lease payments	82,153
Less: Imputed interest	(22,521)
Less: Tenant incentives	(5,607)
Total	$ 54,025

Debt (Details)

Debt (Details)	Jul. 24, 2020USD ($)	Jun. 30, 2020USD ($)	Apr. 22, 2020USD ($)	Apr. 21, 2020USD ($)	Jun. 30, 2019USD ($)
2020 Credit Facility | Revolving Credit Facility | Subsequent Event
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 45,000,000
Commitment fee percentage	0.35%
Uncommitted expansion	$ 45,000,000
Uncommitted expansion, minimum quick ratio covenant	1.5
LIBOR | 2020 Credit Facility | Revolving Credit Facility | Subsequent Event
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.00%
Debt instrument, basis spread on variable rate, variable rate floor	1.00%
Adjusted Base Rate | 2020 Credit Facility | Revolving Credit Facility | Subsequent Event
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Silicon Valley Bank | Revolving Credit Facility
Line of Credit Facility [Line Items]
Long term line of credit, noncurrent		$ 0			$ 0
Credit facility, maximum borrowing capacity		25,000,000
Line of credit facility, decrease in borrowing capacity		$ 5,500,000
Silicon Valley Bank | Letter of Credit
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity			$ 6,500,000	$ 5,000,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jan. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense, outstanding stock options	$ 17
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense, unvested restricted stock or RSUs	$ 127.9
Estimated remaining weighted average period	3 years 2 months 12 days
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated remaining weighted average period	1 year 8 months 12 days
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense, unvested restricted stock or RSUs	$ 0.8
Estimated remaining weighted average period	6 months
2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)		4,929,361
Shares available for grant (in shares)	17,500,941

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 15,666	$ 11,373	$ 28,701	$ 20,692
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	830	742	1,577	1,394
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	5,375	4,215	9,871	7,581
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	3,893	2,441	6,841	4,471
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 5,568	$ 3,975	$ 10,412	$ 7,246

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock and Restricted Stock Units (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Restricted shares
Number of Shares
Number of shares unvested, beginning of period (in shares) | shares	495
Number of shares, granted (in shares) | shares	0
Number of shares, vested (in shares) | shares	(198)
Number of shares, forfeited (in shares) | shares	0
Number of shares unvested, end of period (in shares) | shares	297
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning of period (in usd per share) | $ / shares	$ 4.25
Weighted average grant date fair value, granted (in usd per share) | $ / shares	0
Weighted average grant date fair value, vested (in usd per share) | $ / shares	4.25
Weighted average grant date fair value, forfeited (in usd per share) | $ / shares	0
Weighted average grant date fair value, end of period (in usd per share) | $ / shares	$ 4.25
Restricted stock units
Number of Shares
Number of shares unvested, beginning of period (in shares) | shares	2,894
Number of shares, granted (in shares) | shares	3,372
Number of shares, vested (in shares) | shares	(569)
Number of shares, forfeited (in shares) | shares	(261)
Number of shares unvested, end of period (in shares) | shares	5,436
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning of period (in usd per share) | $ / shares	$ 26.34
Weighted average grant date fair value, granted (in usd per share) | $ / shares	27.86
Weighted average grant date fair value, vested (in usd per share) | $ / shares	29.04
Weighted average grant date fair value, forfeited (in usd per share) | $ / shares	25.71
Weighted average grant date fair value, end of period (in usd per share) | $ / shares	$ 27.03

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares
Number of Shares
Number of shares outstanding, beginning of period (in shares) | shares	12,939
Number of shares, granted (in shares) | shares	0
Number of shares, exercised (in shares) | shares	(1,594)
Number of shares, forfeited/canceled (in shares) | shares	(287)
Number of shares outstanding, end of period (in shares) | shares	11,058	12,939
Number of shares exercisable (in shares) | shares	6,692
Weighted Average Exercise Price
Weighted average exercise price, outstanding, beginning of period (in usd per share) | $ / shares	$ 8.38
Weighted average exercise price, granted (in usd per share) | $ / shares	0
Weighted average exercise price, exercised (in usd per share) | $ / shares	6.89
Weighted average exercise price, forfeited/canceled (in usd per share) | $ / shares	10.99
Weighted average exercise price, outstanding, end of period (in usd per share) | $ / shares	8.53	$ 8.38
Weighted average exercise price, exercisable (in usd per share) | $ / shares	$ 6.42
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual term (in years), outstanding	6 years 9 months 18 days	7 years 1 month 6 days
Weighted average remaining contractual term (in years), exercisable	6 years 4 months 24 days
Aggregate intrinsic value, outstanding | $	$ 235,370	$ 201,608
Aggregate intrinsic value, exercised | $	33,416
Aggregate intrinsic value, exercisable | $	$ 156,517

Stock-Based Compensation - St_3

Stock-Based Compensation - Stock Option Activity (Narrative) (Details) shares in Millions	Jun. 30, 2020shares
Share-based Payment Arrangement [Abstract]
Stock options vested and expected to vest (in shares)	11.1

Stock-Based Compensation - Empl

Stock-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jan. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock issued in connection with the employee stock purchase plan	$ 7,307	$ 8,579
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)	5,721,517		1,478,808
Common stock purchased (in shares)	377,378
Share price (in usd per share)	$ 19.36
Employee contributions	$ 5,000
Unrecognized stock-based compensation expense	$ 6,500
Remaining offering period	8 months 12 days

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair Value Assumptions (Details) - Employee stock purchase plan	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	41.60%	35.40%
Expected volatility, maximum	47.90%	44.60%
Risk - free interest rate, minimum	0.80%	2.50%
Risk - free interest rate, maximum	0.90%	2.60%
Expected dividend yield	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 months	6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	2 years	2 years

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net loss	$ (11,960)	$ (21,628)	$ (34,937)	$ (43,068)
Weighted-average shares used to compute net loss per share (in shares)	100,209	95,820	99,532	94,785
Net loss per share, basic and diluted (in usd per share)	$ (0.12)	$ (0.23)	$ (0.35)	$ (0.45)

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Potentially Dilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	17,046	18,824	17,046	18,824
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	11,058	14,892	11,058	14,892
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,436	2,987	5,436	2,987
Restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	297	692	297	692
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	255	253	255	253

Geographic Information - Narrat

Geographic Information - Narrative (Details) - segment	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting [Abstract]
Number of operating segments			1
United States | Revenue | Geographic concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	61.00%	64.00%	62.00%	64.00%

Geographic Information - Revenu

Geographic Information - Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 107,209	$ 85,384	$ 209,857	$ 165,685
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	71,946	58,888	141,260	114,979
Europe, Middle East and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	24,642	18,848	48,192	36,155
Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 10,621	$ 7,648	$ 20,405	$ 14,551

Geographic Information - Proper

Geographic Information - Property And Equipment, Net By Geographic Area (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 35,144	$ 26,847
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	30,853	21,464
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 4,291	$ 5,383