Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 22, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | 6100 Merriweather Drive | ||
Entity Address, City or Town | Columbia | ||
Entity Address, State or Province | MD | ||
Entity Address, Postal Zip Code | 21044 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3.9 | ||
Entity Common Stock, Shares Outstanding (in shares) | 109,780,284 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's definitive Proxy Statement relating to the 2022 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the year ended December 31, 2021. | ||
Entity Central Index Key | 0001660280 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | Baltimore, Maryland |
Auditor Firm ID | 42 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 278,000 | $ 178,223 |
Short-term investments | 234,292 | 113,623 |
Accounts receivable (net of allowance for doubtful accounts of $524 and $261 at December 31, 2021 and 2020, respectively) | 136,601 | 115,342 |
Deferred commissions | 40,311 | 32,143 |
Prepaid expenses and other current assets | 60,234 | 44,462 |
Total current assets | 749,438 | 483,793 |
Property and equipment, net | 36,833 | 38,920 |
Deferred commissions (net of current portion) | 59,638 | 46,733 |
Operating lease right-of-use assets | 38,530 | 39,426 |
Acquired intangible assets, net | 71,536 | 13,193 |
Goodwill | 261,614 | 54,414 |
Other assets | 31,230 | 14,110 |
Total assets | 1,248,819 | 690,589 |
Current liabilities: | ||
Accounts payable and accrued expenses | 16,254 | 5,731 |
Accrued compensation | 54,051 | 35,509 |
Deferred revenue | 407,498 | 328,819 |
Operating lease liabilities | 2,320 | 3,815 |
Other current liabilities | 3,759 | 1,028 |
Total current liabilities | 483,882 | 374,902 |
Deferred revenue (net of current portion) | 123,387 | 105,691 |
Term loan, net of issuance costs (net of current portion) | 364,728 | 0 |
Operating lease liabilities (net of current portion) | 55,046 | 54,529 |
Other liabilities | 6,463 | 4,802 |
Total liabilities | 1,033,506 | 539,924 |
Stockholders’ equity: | ||
Common stock (par value: $0.01; 500,000 shares authorized, 108,929 and 103,715 shares issued and outstanding at December 31, 2021 and 2020, respectively) | 1,089 | 1,037 |
Additional paid-in capital | 869,059 | 757,470 |
Accumulated other comprehensive (loss) income | (306) | 10 |
Accumulated deficit | (654,529) | (607,852) |
Total stockholders’ equity | 215,313 | 150,665 |
Total liabilities and stockholders’ equity | $ 1,248,819 | $ 690,589 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 524 | $ 261 |
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) | 108,929,000 | 103,715,000 |
Common stock, shares outstanding (in shares) | 108,929,000 | 103,715,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Revenue | $ 541,130 | $ 440,221 | $ 354,586 |
Cost of revenue | 106,396 | 77,554 | 60,818 |
Gross profit | 434,734 | 362,667 | 293,768 |
Operating expenses: | |||
Sales and marketing | 270,158 | 224,277 | 228,035 |
Research and development | 116,432 | 101,687 | 87,064 |
General and administrative | 89,912 | 73,136 | 69,468 |
Total operating expenses | 476,502 | 399,100 | 384,567 |
Loss from operations | (41,768) | (36,433) | (90,799) |
Interest (expense) income, net | (6,896) | 1,244 | 5,830 |
Other expense, net | (1,965) | (1,885) | (680) |
Loss before income taxes | (50,629) | (37,074) | (85,649) |
(Benefit) provision for income taxes | (3,952) | 5,657 | 13,364 |
Net loss | $ (46,677) | $ (42,731) | $ (99,013) |
Net loss per share, basic (in usd per share) | $ (0.44) | $ (0.42) | $ (1.03) |
Net loss per share, diluted (in usd per share) | $ (0.44) | $ (0.42) | $ (1.03) |
Weighted-average shares used to compute net loss per share, basic (in shares) | 106,387 | 101,009 | 96,014 |
Weighted-average shares used to compute net loss per share, diluted (in shares) | 106,387 | 101,009 | 96,014 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (46,677) | $ (42,731) | $ (99,013) |
Other comprehensive (loss) income, net of tax: | |||
Unrealized (loss) gain on available-for-sale securities | (316) | (40) | 50 |
Other comprehensive (loss) income | (316) | (40) | 50 |
Comprehensive loss | $ (46,993) | $ (42,771) | $ (98,963) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) Income | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2018 | 93,126,000 | ||||
Beginning 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) | 4,205,000 | 4,205,000 | |||
Exercise of stock options | $ 19,048 | $ 42 | 19,006 | ||
Vesting of restricted stock units (in shares) | 479,000 | ||||
Vesting of restricted stock units | 0 | $ 5 | (5) | ||
Issuance of common stock under employee stock purchase plan (in shares) | 777,000 | ||||
Issuance of common stock under employee stock purchase plan | 15,129 | $ 8 | 15,121 | ||
Stock-based compensation | 41,928 | 41,928 | |||
Other comprehensive income (loss) | 50 | 50 | |||
Net loss | (99,013) | (99,013) | |||
Ending balance (in shares) at Dec. 31, 2019 | 98,587,000 | ||||
Ending 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) | 2,956,000 | 2,956,000 | |||
Exercise of stock options | $ 21,709 | $ 29 | 21,680 | ||
Vesting of restricted stock units (in shares) | 1,504,000 | ||||
Vesting of restricted stock units | 0 | $ 15 | (15) | ||
Issuance of common stock under employee stock purchase plan (in shares) | 668,000 | ||||
Issuance of common stock under employee stock purchase plan | 13,040 | $ 7 | 13,033 | ||
Stock-based compensation | 59,782 | 59,782 | |||
Other comprehensive income (loss) | (40) | (40) | |||
Net loss | $ (42,731) | (42,731) | |||
Ending balance (in shares) at Dec. 31, 2020 | 103,715,000 | 103,715,000 | |||
Ending balance at Dec. 31, 2020 | $ 150,665 | $ 1,037 | 757,470 | 10 | (607,852) |
Increase (Decrease) in Stockholders' Deficit [Roll Forward] | |||||
Exercise of stock options (in shares) | 2,671,000 | 2,671,000 | |||
Exercise of stock options | $ 18,268 | $ 26 | 18,242 | ||
Vesting of restricted stock units (in shares) | 1,872,000 | ||||
Vesting of restricted stock units | 0 | $ 19 | (19) | ||
Issuance of common stock under employee stock purchase plan (in shares) | 671,000 | ||||
Issuance of common stock under employee stock purchase plan | 13,736 | $ 7 | 13,729 | ||
Stock-based compensation | 79,637 | 79,637 | |||
Other comprehensive income (loss) | (316) | (316) | |||
Net loss | $ (46,677) | (46,677) | |||
Ending balance (in shares) at Dec. 31, 2021 | 108,929,000 | 108,929,000 | |||
Ending balance at Dec. 31, 2021 | $ 215,313 | $ 1,089 | $ 869,059 | $ (306) | $ (654,529) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net loss | $ (46,677) | $ (42,731) | $ (99,013) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Deferred income taxes | (10,468) | 161 | 4,243 |
Depreciation and amortization | 16,170 | 10,633 | 6,880 |
Stock-based compensation | 79,405 | 59,573 | 41,610 |
Other | 3,915 | 1,071 | (784) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (17,228) | (20,012) | (25,941) |
Prepaid expenses and other assets | (46,207) | (19,372) | (16,954) |
Accounts payable, accrued expenses and accrued compensation | 24,330 | (5,282) | 10,513 |
Deferred revenue | 92,486 | 71,383 | 72,799 |
Other current and noncurrent liabilities | 1,039 | 8,808 | (4,097) |
Net cash provided by (used in) operating activities | 96,765 | 64,232 | (10,744) |
Cash flows from investing activities: | |||
Purchases of property and equipment | (6,561) | (20,277) | (20,674) |
Purchases of short-term investments | (282,438) | (184,516) | (242,059) |
Sales and maturities of short-term investments | 160,874 | 209,148 | 224,594 |
Purchase of other investments | (5,000) | 0 | 0 |
Business combinations, net of cash acquired | (258,465) | (276) | (74,911) |
Net cash (used in) provided by investing activities | (391,590) | 4,079 | (113,050) |
Cash flows from financing activities: | |||
Proceeds from term loan | 375,000 | 0 | 0 |
Credit facility issuance costs | (9,348) | (333) | 0 |
Proceeds from loan agreement | 0 | 2,000 | 0 |
Proceeds from stock issued in connection with the employee stock purchase plan | 13,736 | 13,040 | 15,129 |
Proceeds from the exercise of stock options | 18,268 | 21,709 | 19,048 |
Other financing activities | (10) | (13) | (16) |
Net cash provided by financing activities | 397,646 | 36,403 | 34,161 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (3,013) | (916) | (1,080) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 99,808 | 103,798 | (90,713) |
Cash and cash equivalents and restricted cash at beginning of year | 178,463 | 74,665 | 165,378 |
Cash and cash equivalents and restricted cash at end of year | 278,271 | 178,463 | 74,665 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 4,978 | 335 | 96 |
Cash paid for income taxes, net of refunds | 6,481 | 5,729 | 8,530 |
Supplemental cash flow information related to leases: | |||
Cash payments for operating leases | $ 7,657 | $ 8,807 | $ 4,452 |
Business and Summary of Signifi
Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
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 platform offerings provide broad visibility into security issues such as vulnerabilities, misconfigurations, internal and regulatory compliance violations and other indicators of the state of an organization’s security across IT infrastructure and applications, cloud environments, Active Directory and industrial internet of things and operational technology environments. Basis of Presentation The accompanying consolidated financial statements include the accounts of Tenable Holdings, Inc. and our wholly owned subsidiaries and have been prepared in conformity with United States generally accepted accounting principles (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. 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 and deferred revenue, 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. Foreign Currency The functional currency for all of our foreign subsidiaries is the U.S. dollar. Assets and liabilities denominated in other currencies are remeasured into U.S. dollars at current exchange rates for monetary assets and liabilities and at historical exchange rates for non-monetary assets and liabilities. We bill our customers in U.S. dollars. Expenses incurred in non U.S. dollar currencies are remeasured into U.S. dollars when incurred. Remeasurement losses in currencies other than the functional currency were $1.9 million, $1.7 million and $1.1 million in 2021, 2020 and 2019, respectively, and are included as a component of other expense, net in the consolidated statements of operations. Revenue Recognition We recognize revenue in order to depict the transfer of promised goods or services to customers in an amount that reflects the consideration we expect to be entitled in exchange for those goods or services. To achieve this, we apply the following steps: • Identify the contract with a customer • Identify the performance obligations in the contract • Determine the transaction price • Allocate the transaction price to the performance obligations in the contract • Recognize revenue when or as performance obligations are satisfied In situations where we enter into a contractual arrangement that includes non-standard terms and conditions, such as acceptance provisions or options to purchase additional products and services, as well as contract modifications, we apply judgment in identifying and assessing the impact on revenue recognition. We generate revenue from subscription arrangements for software and cloud-based solutions, perpetual licenses, maintenance associated with perpetual licenses, and professional services and other revenue. We begin to recognize revenue when control of our software or services is transferred to the customer, which for sales made through distributors is concurrent with the transfer to the end user. Subscription Revenue Subscription arrangements generally have annual or multi-year contractual terms and allow customers to use our software or cloud solutions. For our software subscriptions that are dependent on ongoing software updates and the ability to identify the latest cybersecurity vulnerabilities, revenue is recognized ratably over the subscription term given the critical utility provided by the ongoing updates that are released throughout the contract period. When the critical utility of our software does not depend on ongoing updates, we recognize revenue attributable to the license at the time of delivery and the revenue attributable to the maintenance and support ratably over the contract period. Perpetual License and Maintenance Revenue Our perpetual licenses are generally sold with one or more years of maintenance, which include ongoing software updates and the ongoing ability to identify the latest cybersecurity vulnerabilities. Given the critical utility provided by the ongoing software updates and updated ability to identify network vulnerabilities included in maintenance, we combine the perpetual license and the maintenance into a single performance obligation. Perpetual license arrangements generally contain a material right related to the customer’s ability to renew maintenance at a price that is less than the initial license fee. We apply a practical alternative to allocating a portion of the transaction price to the material right performance obligation and estimate a hypothetical transaction price which includes fees for expected maintenance renewals based on the estimated economic life of the perpetual license contracts. We allocate the transaction price between the cybersecurity subscription provided in the initial contract and the material right related to expected contract renewals based on the hypothetical transaction price. We recognize the amount allocated to the combined license and maintenance performance obligation over the initial contractual period, which is generally one year. We recognize the amount allocated to the material right over the expected maintenance renewal period, which begins at the end of the initial contractual term and is generally four years. We have estimated the five-year economic life of perpetual license contracts based on historical contract attrition, expected renewal periods, the lifecycle of the our technology and other factors. While we believe that the estimates we have made are reasonable and appropriate, different assumptions and estimates could materially impact our reported financial results. Professional Services and Other Revenue Professional services and other revenue is primarily comprised of advisory services and training related to the deployment and optimization of our products. These services do not result in significant customization of our products. Professional services and other revenue is recognized as the services are performed. Contracts with Multiple Performance Obligations In cases where our contracts with customers contain multiple performance obligations, the contract transaction price is allocated on a relative standalone selling price basis. We typically determine standalone selling price based on observable selling prices of our products and services. Variable Consideration We record revenue from sales at the net sales price, which is the transaction price, including estimates of variable consideration when applicable. Certain of our customers may be entitled to receive credits and in limited circumstances, refunds, if service level commitments are not met. We have not historically experienced significant incidents affecting the ability to meet these service level commitments and any estimated refunds related to these agreements have not been material. Sales through our channel network of distributors and resellers are generally discounted as compared to the price that we would sell to an end user. Revenue for sales through our channel network is recorded net of any distributor or reseller margin. Cash and Cash Equivalents We consider all highly liquid financial instruments with an original maturity of three months or less when purchased to be cash equivalents. At December 31, 2021, cash and cash equivalents included $5.8 million of restricted cash primarily related to collateral for our outstanding letters of credit. At December 31, 2020, cash and cash equivalents included $0.4 million of restricted cash primarily related to collateral for a lease and credit card deposits. At December 31, 2021 and 2020, cash and cash equivalents excluded $0.3 million and $0.2 million, respectively, of restricted cash, which is related to an account established as collateral for a lease arrangement and is included in other assets on the consolidated balance sheets. Fair Value of Financial Instruments Fair value is defined as the price that would be received from selling an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. We apply fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. We measure cash and cash equivalents and short-term investments at fair value using a fair value hierarchy of inputs. We approximate fair value by using the carrying amounts for accounts receivable, accounts payable and accrued expenses due to their short-term nature. Investments We currently invest in asset backed securities, certificates of deposit, commercial paper, corporate and supranational bonds, and U.S. treasury and agency obligations. Our investments are classified as available-for-sale and recorded at fair value, with unrealized gains and losses reported in accumulated other comprehensive (loss) income within stockholders’ equity. We classify investments with original maturities of less than 90 days as cash and cash equivalents. Investments with original maturities greater than 90 days, including those we do not currently intend on selling within the next twelve months, are classified as short-term investments as they are available for use in our operations. We evaluate potential impairments of available-for-sale debt securities due to credit-related and non-credit-related 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. Identified credit-related impairments would be recognized as a charge in the statement of operations. In November 2021, we entered into a simple agreement for future equity ("SAFE") agreement for $5.0 million in exchange for a right to participate in a future equity financing. Alternatively, upon a change in control or an initial public offering, we have the option to redeem the SAFE for $5.0 million, or convert the SAFE into shares of common stock. The number of shares of common stock would be determined by dividing the SAFE purchase amount by the liquidity price in the SAFE agreement. The $5.0 million value of the SAFE is included in other assets on our consolidated balance sheet at December 31, 2021. Accounts Receivable Accounts receivable are recorded at the invoiced amount, less an allowance for doubtful accounts, and do not bear interest. We maintain an allowance for doubtful accounts at an amount estimated to be sufficient to cover the risk of collecting less than full payment of the receivables. At each balance sheet date, we evaluate our receivables and assess the allowance for doubtful accounts based on specific customer collection issues and historical write-off trends. Our allowance for doubtful accounts reflects our best estimate of expected future credit losses. We consider various factors that may impact our ability to collect on accounts receivable, including our historical collection experience, age of accounts receivable balances, current conditions, reasonable and supportable forecasts of future economic conditions, as well as other factors, however, these estimates may change and future credit losses may differ from our estimates. Expected credit losses from accounts receivable are recognized as expense in our statement of operations. Deferred Commissions Sales commissions, including related fringe benefit costs, are considered to be incremental costs of obtaining a contract. Sales commissions on initial sales are not commensurate with sales commissions on contract renewals and therefore are recognized over an estimated period of benefit, which ranges between three Property and Equipment, net Property and equipment, net is stated at historical cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets: three years for computer software and equipment and five years for furniture and fixtures. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful lives of the assets or the terms of the respective leases. Property and equipment, net includes right-of-use assets acquired under finance leases. Amortization of assets acquired under finance leases is included in depreciation expense. Repairs and maintenance costs are expensed as incurred. Leases We determine if an arrangement contains a lease and the classification of that lease, if applicable, at inception. We have elected to not recognize a lease liability or right-of-use ("ROU") asset for short-term leases (leases with a term of twelve months or less). For contracts with lease and non-lease components, we have elected to not allocate the contract consideration, and account for the lease and non-lease components as a single lease component. Additionally, we enter into arrangements to use shared office spaces and other facilities, and have determined that these arrangements do not contain leases as we do not have the right to use an identified asset. Operating leases are included in operating lease ROU assets, operating lease liabilities and operating lease liabilities (net of current portion) in our consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities and other liabilities in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The implicit rate within our operating leases are generally not determinable and we use our incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment. We determine our incremental borrowing rate for each lease using our current borrowing rate, adjusted for various factors including level of collateralization, term and currency to align with the terms of the lease. The operating lease ROU asset also includes any lease prepayments, offset by lease incentives. Certain of our leases include options to extend or terminate the lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain we will exercise that option. An option to terminate is considered unless it is reasonably certain we will not exercise the option. Lease expense for lease payments is recognized on a straight-line basis over the term of the lease. Impairment of Long-Lived Assets We evaluate our long-lived assets for impairment whenever events or changes in circumstance indicate that the carrying amount may not be fully recoverable. Recoverability of the long-lived assets is measured by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured as the excess of the carrying amount over the fair value. There was no impairment of long-lived assets in 2021, 2020 or 2019. Business Combinations We account for business combinations by recognizing the fair value of acquired assets and liabilities. The excess purchase consideration over the fair value of acquired assets and liabilities is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, a non-recurring Level 3 fair value measurement, we make estimates and assumptions, especially with respect to intangible assets such as identified acquired technology and trade names. We determine the fair value of acquired technology using the multi-period excess earnings method, a form of the income approach. Estimates in valuing identifiable intangible assets include, but are not limited to, projected revenue growth rates, future expected operating expenses, obsolescence projections and an appropriate discount rate. Our estimate of fair value is based upon assumptions we believe to be reasonable, but which are inherently uncertain and, as a result, actual results may differ from estimates. During the measurement period, we may make adjustments to the fair value of assets acquired and liabilities assumed, with offsetting adjustments to goodwill. Any adjustments made after the measurement period will be reflected in the consolidated statements of operations. Acquisition-related transaction costs are expensed as incurred. Goodwill The excess of the purchase consideration over the fair value of acquired assets and liabilities is recorded as goodwill. We perform our annual impairment assessment on October 1, or more frequently, when events or circumstances indicate impairment may have occurred. We operate as one reporting unit and have elected to first assess qualitative factors to determine whether it is more likely than not that the fair value of the Company as a whole is less than its carrying amount, including goodwill. The qualitative assessment includes an evaluation of relevant events and circumstances, including macroeconomic, industry and market conditions, our overall financial performance, and trends in the value of our common stock. During the periods presented, there were no indications of impairment and it was not more likely than not that goodwill was impaired. Common Stock Our Amended and Restated Certificate of Incorporation authorized 500,000,000 shares of common stock and 10,000,000 shares of preferred stock. There were no shares of preferred stock issued or outstanding at December 31, 2021 or 2020. The voting, dividend, and liquidation rights of common stockholders are subject to, and qualified by, the rights of preferred stockholders. The common stockholders are entitled to receive dividends when, as and if, declared by the Board of Directors, subject to preferential dividend rights of preferred stockholders. Upon dissolution or liquidation, our common stockholders will be entitled to receive all assets available for distribution to stockholders, subject to any preferential rights of preferred stockholders. Advertising Advertising costs are expensed as they are incurred. We incurred advertising costs of $13.6 million, $8.2 million and $5.3 million in 2021, 2020 and 2019, respectively, which are included in sales and marketing expense in the consolidated statements of operations. Software Development Costs Research and development costs to develop software to be sold, leased or marketed are expensed as incurred up to the point of technological feasibility for the related software product. We have not capitalized development costs for software to be sold, leased or marketed to date, as the software development process is essentially completed concurrent with the establishment of technological feasibility. As such, these costs are expensed as incurred and recognized in research and development costs in the consolidated statements of operations. Software developed for internal use, with no substantive plans to market such software at the time of development, are capitalized and included in property and equipment, net in the consolidated balance sheets. Costs incurred during the preliminary planning and evaluation and post implementation stages of the project are expensed as incurred. Costs incurred during the application development stage of the project are capitalized. In 2021, 2020 and 2019, we capitalized $2.9 million, $1.6 million and $4.2 million, respectively, of development costs related to internal use software. Stock-Based Compensation Stock-based compensation expense related to restricted stock units ("RSUs"), purchase rights issued under our 2018 Employee Stock Purchase Plan ("2018 ESPP"), stock options and restricted stock is calculated based on the fair value of the awards granted and is recognized on a straight-line basis over the requisite service period, which is generally two The fair value of RSUs is based on the market price of our common stock on the date of grant. The fair value of stock options and 2018 ESPP purchase rights is estimated on the grant date using the Black-Scholes option pricing model, which requires us to make assumptions and judgments, including the expected term, expected volatility, and risk-free interest rates. Following our IPO, we use the market price of our common stock at the date of grant. Prior to our IPO, we estimated the fair value of our common stock at the date of grant. Net Loss per Share We calculate basic net loss per share by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by giving effect to all potentially dilutive common stock equivalents in the period, including unvested RSUs, stock options, unvested restricted shares and shares to be issued under our 2018 ESPP. As we have reported losses for all periods presented, all potentially dilutive securities have been excluded from the calculation of diluted net loss per share as their effect would be antidilutive. Segment Information We operate as one operating segment as 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. Income Taxes Income taxes are accounted for under the asset and liability method. This method requires recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities, net operating loss carryforwards, and tax credit carryforwards. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax assets will not be realized. We recognize tax benefits from an uncertain tax position if it is more likely than not to be sustained upon audit by the relevant taxing authority. Interest and penalties associated with such uncertain tax positions are classified as a component of income tax expense. Recently Adopted Accounting Pronouncements We adopted Accounting Standards Update ("ASU") No. 2019-12 - Income Taxes (Topic 740) : Simplifying the Accounting for Income Taxes, effective January 1, 2021. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements. This ASU eliminated previously allowed exceptions and clarified existing guidance in the accounting for income taxes, including in the areas of franchise taxes, the tax basis of goodwill and interim period effects of changes in tax laws. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU No. 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This ASU provides optional expedients and exceptions to contract modification guidance to ease the financial reporting burden of the transition from the London Interbank Offered Rate ("LIBOR") to alternative reference rates. The ASU was effective beginning on March 12, 2020 and can be adopted prospectively through December 31, 2022. We are currently evaluating the impact of this accounting standard on our consolidated financial statements. In October 2021, the FASB issued ASU No. 2021-08 - Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . This ASU requires companies to measure contract assets and contract liabilities from contracts acquired in a business combination in accordance with Accounting Standards Codification Topic 606 on the acquisition date. We early adopted the ASU as of January 1, 2022 and will apply it prospectively to future acquisitions. The impact of this accounting standard will depend on the contract assets and liabilities acquired in future business combinations. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of Revenue The following table presents a summary of revenue: Year Ended December 31, (in thousands) 2021 2020 2019 Subscription revenue $ 476,023 $ 377,354 $ 290,549 Perpetual license and maintenance revenue 50,333 50,594 54,173 Professional services and other revenue 14,774 12,273 9,864 Revenue $ 541,130 $ 440,221 $ 354,586 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 92%, 91% and 90% of revenue through our channel network in 2021, 2020 and 2019, respectively. One of our distributors accounted for 39%, 43% and 43% of revenue in 2021, 2020 and 2019, respectively. That same distributor accounted for 32% and 41% of accounts receivable at December 31, 2021 and 2020, respectively. 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 2021, 2020 and 2019, we recognized revenue of $329.0 million, $274.3 million and $214.0 million, respectively, that was included in the deferred revenue balance at the beginning of each of the respective periods. Remaining Performance Obligations At December 31, 2021, the future estimated revenue related to unsatisfied performance obligations was $559.0 million, of which approximately 76% is expected to be recognized as revenue over the succeeding twelve months, and the remainder expected to be recognized over the four years thereafter. Deferred Commissions The following summarizes the activity of deferred incremental costs of obtaining a contract: Year Ended December 31, (in thousands) 2021 2020 Beginning balance $ 78,876 $ 72,265 Capitalization of contract acquisition costs 58,196 38,756 Amortization of deferred contract acquisition costs (37,123) (32,145) Ending balance $ 99,949 $ 78,876 |
Cash Equivalents and Short-Term
Cash Equivalents and Short-Term Investments | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash Equivalents and Short-Term Investments | 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: December 31, 2021 (in thousands) Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: Money market funds $ 178,518 $ — $ — $ 178,518 Total cash equivalents $ 178,518 $ — $ — $ 178,518 Short-term investments: Commercial paper $ 134,165 $ — $ (47) $ 134,118 Corporate bonds 27,169 — (41) 27,128 Asset backed securities 27,464 — (53) 27,411 Certificates of deposit 10,000 — (8) 9,992 Supranational bonds 8,632 — (33) 8,599 U.S. Treasury and agency obligations 27,168 — (124) 27,044 Total short-term investments $ 234,598 $ — $ (306) $ 234,292 December 31, 2020 (in thousands) Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: Money market funds $ 44,153 $ — $ — $ 44,153 Commercial paper 4,500 — — 4,500 Total cash equivalents $ 48,653 $ — $ — $ 48,653 Short-term investments: Commercial paper $ 71,425 $ — $ — $ 71,425 Corporate bonds 4,502 3 — 4,505 U.S. Treasury and agency obligations 37,686 7 — 37,693 Total short-term investments $ 113,613 $ 10 $ — $ 113,623 Gross unrealized losses were not material at December 31, 2021. 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 December 31, 2021. The contractual maturities of our short-term investments are as follows: December 31, 2021 December 31, 2020 (in thousands) Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 195,579 $ 195,453 $ 113,613 $ 113,623 Due between one and four years 39,019 38,839 — — Total short-term investments $ 234,598 $ 234,292 $ 113,613 $ 113,623 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
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: December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 178,518 $ — $ — $ 178,518 Total cash equivalents $ 178,518 $ — $ — $ 178,518 Short-term investments Commercial paper $ — $ 134,118 $ — $ 134,118 Corporate bonds — 27,128 — 27,128 Asset backed securities — 27,411 — 27,411 Certificates of deposit — 9,992 — 9,992 Supranational bonds — 8,599 — 8,599 U.S. Treasury and agency obligations — 27,044 — 27,044 Total short-term investments $ — $ 234,292 $ — $ 234,292 December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 44,153 $ — $ — $ 44,153 Commercial paper — 4,500 — 4,500 Total cash equivalents $ 44,153 $ 4,500 $ — $ 48,653 Short-term investments Commercial paper $ — $ 71,425 $ — $ 71,425 Corporate bonds — 4,505 — 4,505 U.S. Treasury and agency obligations — 37,693 — 37,693 Total short-term investments $ — $ 113,623 $ — $ 113,623 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consisted of the following: December 31, (in thousands) 2021 2020 Computer software and equipment $ 29,203 $ 22,930 Furniture and fixtures 5,944 6,011 Leasehold improvements 26,713 26,210 Right-of-use assets under finance leases 1,343 1,571 Total 63,203 56,722 Less: accumulated depreciation and amortization (26,370) (17,802) Property and equipment, net $ 36,833 $ 38,920 Depreciation and amortization related to property and equipment was $9.5 million, $8.1 million and $6.3 million in 2021, 2020 and 2019, respectively. |
Acquisitions, Goodwill and Inta
Acquisitions, Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions, Goodwill and Intangible Assets | Acquisitions, Goodwill and Intangible Assets Business Combinations In October 2021, we acquired Accurics. Accurics delivers cloud-native security for DevOps and security teams. This acquisition expanded our broader cloud strategy to include the holistic assessment and automated remediation of policy violations and breach paths before the infrastructure is provisioned and throughout its lifecycle. We acquired 100% of the equity in exchange for cash consideration of $160.0 million, net of cash acquired of $9.6 million. In April 2021, we acquired Alsid, which expanded our product offerings to include active directory security. Active directory is the basis for managing user permissions across on-premises and hybrid cloud deployments and is foundational to the security of cloud workloads, security remote work, and adopting zero trust architectures. Through a share purchase agreement, we acquired 100% of Alsid's equity in exchange for cash consideration of $98.5 million, net of cash acquired of $3.3 million. Cash consideration, net of cash acquired, was preliminarily allocated as follows: (in thousands) Accurics Alsid Accounts receivable $ 180 $ 4,105 Prepaid expenses and other assets 341 2,304 Intangible assets 33,390 31,400 Goodwill 134,909 72,291 Accounts payable, accrued expenses and accrued compensation (719) (3,794) Deferred revenue (188) (3,699) Deferred tax liabilities, net (7,937) (4,118) Total purchase price allocation $ 159,976 $ 98,489 We are still finalizing the allocations of the purchase price, which may change as additional information becomes available related to acquired intangible assets, working capital and income taxes for Accurics and income taxes for Alsid. Acquired intangible assets and their estimated useful lives at the date of acquisition are as follows: Accurics Alsid (dollars in thousands) Cost Estimated Useful Life Cost Estimated Useful Life Acquired technology $ 33,300 10 years $ 31,300 7 years Trade name 90 2 years 100 1 year Acquired intangible assets $ 33,390 $ 31,400 The results of operations of Accurics and Alsid are included in our consolidated statements of operations from the acquisition date and were not material. Pro forma results of operations are not presented as they are not material to the consolidated statements of operations. In 2021 and 2020, we recognized acquisition-related transaction costs, primarily in general and administrative expense, of $6.9 million and $0.3 million, respectively. In 2019, we recognized acquisition-related transaction costs of $4.0 million, including $2.1 million of expense related to the intercompany transfer of intellectual property. Goodwill and Acquired Intangible Assets The changes in the carrying amount of goodwill are as follows: (in thousands) Balance at December 31, 2020 $ 54,414 Acquired goodwill 207,200 Balance at December 31, 2021 $ 261,614 The excess purchase consideration over the fair value of acquired assets and liabilities is recorded as goodwill. The acquired goodwill reflects the synergies we expect from marketing and selling these new capabilities from Accurics and Alsid to our customers. The acquired goodwill is not tax deductible. Acquired intangible assets subject to amortization are as follows: December 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired technology $ 81,924 $ (10,499) $ 71,425 $ 17,325 $ (4,224) $ 13,101 Trade name 390 (279) 111 200 (108) 92 $ 82,314 $ (10,778) $ 71,536 $ 17,525 $ (4,332) $ 13,193 Amortization of acquired intangible assets was $6.4 million, $2.3 million, and $0.6 million in 2021, 2020 and 2019, respectively. At December 31, 2021, our acquired intangible assets are expected to be amortized over an estimated weighted average period of 7.7 years. At December 31, 2021, estimated future amortization of intangible assets is as follows: (in thousands) Year ending December 31, 2022 $ 9,907 2023 10,049 2024 10,016 2025 10,016 2026 9,831 Thereafter 21,717 Total $ 71,536 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases We have operating leases for office facilities and finance leases for office equipment. Our leases have remaining terms of less than one year to just over ten years, some of which include one or more options to renew, with renewal terms up to five years and some of which include options to terminate the leases within the next one The components of lease expense were as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Operating lease cost $ 7,634 $ 9,870 $ 6,045 Finance lease cost Amortization of ROU assets $ 7 $ 242 $ 607 Interest on lease liabilities 5 6 7 Total finance lease cost $ 12 $ 248 $ 614 Rent expense for short-term leases in 2021, 2020 and 2019 was not material. Supplemental information related to leases was as follows: December 31, 2021 December 31, 2020 Operating leases Weighted average remaining lease term 9.2 years 10.0 years Weighted average discount rate 5.5% 5.6% Year Ended December 31, (in thousands) 2021 2020 2019 ROU assets obtained in exchange for lease obligations Operating leases $ 3,137 $ 3,188 $ 39,170 Finance leases — — 11 In 2020, we received proceeds from lease incentives of $14.2 million. The proceeds from lease incentives received are included with the change in the lease liabilities under the other current and noncurrent liabilities caption in the operating activities section of the statement of cash flows. Maturities of operating lease liabilities at December 31, 2021 were as follows: (in thousands) Year ending December 31, 2022 $ 5,446 2023 8,260 2024 8,396 2025 8,221 2026 7,421 Thereafter 37,423 Total lease payments 75,167 Less: Imputed interest (17,801) Total $ 57,366 |
Leases | Leases We have operating leases for office facilities and finance leases for office equipment. Our leases have remaining terms of less than one year to just over ten years, some of which include one or more options to renew, with renewal terms up to five years and some of which include options to terminate the leases within the next one The components of lease expense were as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Operating lease cost $ 7,634 $ 9,870 $ 6,045 Finance lease cost Amortization of ROU assets $ 7 $ 242 $ 607 Interest on lease liabilities 5 6 7 Total finance lease cost $ 12 $ 248 $ 614 Rent expense for short-term leases in 2021, 2020 and 2019 was not material. Supplemental information related to leases was as follows: December 31, 2021 December 31, 2020 Operating leases Weighted average remaining lease term 9.2 years 10.0 years Weighted average discount rate 5.5% 5.6% Year Ended December 31, (in thousands) 2021 2020 2019 ROU assets obtained in exchange for lease obligations Operating leases $ 3,137 $ 3,188 $ 39,170 Finance leases — — 11 In 2020, we received proceeds from lease incentives of $14.2 million. The proceeds from lease incentives received are included with the change in the lease liabilities under the other current and noncurrent liabilities caption in the operating activities section of the statement of cash flows. Maturities of operating lease liabilities at December 31, 2021 were as follows: (in thousands) Year ending December 31, 2022 $ 5,446 2023 8,260 2024 8,396 2025 8,221 2026 7,421 Thereafter 37,423 Total lease payments 75,167 Less: Imputed interest (17,801) Total $ 57,366 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Credit Agreement In July 2021, we entered into a credit agreement ("Credit Agreement") which is comprised of: • a $375.0 million senior secured term loan facility ("Term Loan"); and • a $50.0 million senior secured revolving credit facility ("Revolving Credit Facility"). The table below summarizes the carrying value of the Term Loan: (in thousands) December 31, 2021 Term loan $ 375,000 Less: Unamortized debt discount and issuance costs (7,616) Term loan, net of issuance costs 367,384 Less: Term loan, net, current (1) (2,656) Term loan, net of issuance costs (net of current portion) $ 364,728 _______________ (1) Term loan, net, current is included in other current liabilities on our consolidated balance sheets. The Term Loan bears interest at a rate of 2.75% per annum over LIBOR, subject to a 0.50% floor. The Term Loan will amortize at 1% per annum in equal quarterly installments, starting in March 2022 until the final maturity date on July 7, 2028. Our Term Loan is recorded at its carrying value. At December 31, 2021, the carrying value of our Term Loan approximated the fair value of our Term Loan as the terms and interest rate approximate market rates. In the fair value hierarchy, our Term Loan is classified as Level 2 as it is traded in less active markets. The maturities of the Term Loan at December 31, 2021 were as follows: (in thousands) Year ending December 31, 2022 $ 3,750 2023 3,750 2024 3,750 2025 3,750 2026 3,750 Thereafter 356,250 Total $ 375,000 We may be subject to mandatory Term Loan prepayments related to the excess cash flow provisions beginning in 2023. The Revolving Credit Facility bears interest at a rate, depending on first lien net leverage, ranging from 2.00% to 2.50% over LIBOR and matures on July 7, 2026. Additionally, we will pay a commitment fee during the term ranging from 0.25% to 0.375% per annum of the average daily undrawn portion of the revolving commitments based on the first lien net leverage ratio. The Revolving Credit Facility contains a $15.0 million letter of credit sublimit. The Credit Agreement contains certain customary events of default, which include failure to make payments when due, the material inaccuracy of representations or warranties, failure to observe or perform certain covenants, cross-defaults, bankruptcy and insolvency-related events, certain judgments, certain ERISA-related events, failure of any lien created under the Security Documents (as defined in the Credit Agreement) to be valid and perfected (subject to certain exceptions), failure of any material guarantee of the Loan Document Obligations (as defined in the Credit Agreement) to be in full force and effect and a Change of Control (as defined in the Credit Agreement). The Credit Agreement is guaranteed by the Company and Tenable Public Sector LLC, a subsidiary of the Company, as guarantors, and is supported by a security interest in substantially all of the assets of Tenable, Inc. and the guarantors. The Credit Agreement contains certain customary representations and warranties and affirmative and negative covenants, including certain restrictions on incurring additional indebtedness or guaranteeing indebtedness of others, creating liens on properties or assets, making certain investments, loans, advances and guarantees, selling assets, making certain restricted payments and entering into certain sale and leaseback transactions, affiliate transactions, restrictive agreements and asset and stock-based transactions. Additionally, if at least 35% of the Revolving Credit Facility is drawn on the last day of the quarter, the total net leverage ratio cannot be greater than 5.50 to 1.00. At December 31, 2021, we were in compliance with the covenants and there have been no amounts outstanding under the Revolving Credit Facility. 2020 Credit Facility In connection with the Credit Agreement, we terminated our $45.0 million senior secured credit facility ("2020 Credit Facility") with Silicon Valley Bank, including the release of all related guarantees and liens. Prior to its termination, there were no amounts outstanding under our 2020 Credit Facility. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments In July 2021, we entered into a contract with Amazon Web Services, Inc. ("AWS") for cloud services from August 2021 through July 2024. Under the terms of the contract, we committed to spend $43.7 million, $46.8 million and $50.1 million in contract years one, two and three, respectively, for a total of $140.6 million. If we do not meet the minimum purchase obligation during any of those years, we will be required to pay the difference. At December 31, 2021, we have spent $37.8 million under our contract with AWS. Letters of Credit At December 31, 2021, we had $5.7 million of standby letters of credit related to our grant agreements with the State of Maryland and our operating leases. Collateral for our letters of credit was classified as restricted cash in cash and cash equivalents. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation In 2018, our Board of Directors adopted, and our stockholders approved, our 2018 Equity Incentive Plan ("2018 Plan"). Under the evergreen provision in the 2018 Plan, in January 2021 we reserved an additional 5,185,762 shares of our common stock. At December 31, 2021, there were 19,828,070 shares available for grant. Stock-based compensation expense included in the consolidated statements of operations was as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Cost of revenue $ 4,446 $ 3,158 $ 2,817 Sales and marketing 29,410 19,842 16,032 Research and development 20,593 14,794 8,911 General and administrative 24,956 21,779 15,683 Total stock-based compensation expense $ 79,405 $ 59,573 $ 43,443 At December 31, 2021, the unrecognized stock-based compensation expense related to unvested RSUs was $186.3 million, which is expected to be recognized over an estimated weighted average remaining period of 2.8 years. At December 31, 2021, the unrecognized stock-based compensation expense related to outstanding stock options was $2.5 million, which is expected to be recognized over an estimated remaining weighted average period of 0.5 years. At December 31, 2021, the unrecognized stock-based compensation expense related to our 2018 ESPP was $8.1 million, which is expected to be recognized over an estimated weighted average period of 0.9 years. Restricted Stock and RSUs A summary of our restricted stock and RSU activity is presented below: Restricted Stock RSUs (in thousands, except for per share data) Number of Shares Weighted Average Grant Date Fair Value Number Weighted Unvested balance at December 31, 2018 890 $ 4.25 1,129 $ 18.90 Granted — — 2,715 27.81 Vested (395) 4.25 (479) 18.28 Forfeited — — (471) 25.21 Unvested balance at December 31, 2019 495 4.25 2,894 26.34 Granted — — 3,570 28.23 Vested (396) 4.25 (1,504) 25.37 Forfeited — — (470) 26.68 Unvested balance at December 31, 2020 99 4.25 4,490 28.13 Granted — — 3,842 43.57 Vested (99) 4.25 (1,872) 28.14 Forfeited — — (679) 33.64 Unvested balance at December 31, 2021 — — 5,781 37.74 RSUs granted under our stock incentive plans generally vest over a period of two Stock Options A summary of our stock option activity is below: (in thousands, except for per share data and years) Number of Shares Weighted Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at December 31, 2018 19,219 $ 7.78 8.0 $ 277,114 Granted — — Exercised (4,205) 4.53 98,378 Forfeited/canceled (2,075) 10.63 Outstanding at December 31, 2019 12,939 8.38 7.1 201,608 Granted — — Exercised (2,956) 7.34 73,277 Forfeited/canceled (542) 10.80 Outstanding at December 31, 2020 9,441 8.56 6.4 412,547 Granted — — Exercised (2,671) 6.84 111,256 Forfeited/canceled (39) 14.96 Outstanding at December 31, 2021 6,731 9.21 5.5 308,677 Exercisable at December 31, 2021 5,851 8.30 5.4 273,642 At December 31, 2021, there were 6.7 million stock options outstanding that were vested and expected to vest. Stock options granted under our stock incentive plans have a maximum term of ten years, generally vest over a period of three Estimating the fair value of stock options and ESPP purchase rights using the Black-Scholes option-pricing model requires assumptions as to the fair value of common stock, expected term, expected volatility, the risk-free interest rate and the expected dividend yield. Fair Value of Common Stock. Following our IPO, we use the market price of our common stock at the date of grant. Prior to our IPO, the lack of an active public market for our common stock required an estimate of the fair value of the common stock for granting stock options and restricted shares, and for determining stock-based compensation expense. Contemporaneous third-party valuations were obtained to assist in determining the fair value of our common stock. The contemporaneous valuations were performed in accordance with applicable methodologies, approaches and assumptions of the technical practice-aid issued by the American Institute of Certified Public Accountants Practice Aid entitled Valuation of Privately-Held Company Equity Securities Issued as Compensation. Expected Term. This is the period of time that the options granted are expected to remain unexercised. We employ the simplified method to calculate the average expected term. Expected Volatility. Volatility is a measure of the amount by which a financial variable, such as a share price, has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. In 2021, we began using the volatility of our common stock to calculate expected volatility. Prior to 2021, we identified several public entities of similar size, complexity, and stage of development and estimated our volatility based on the volatility of the common stock of these companies. Risk-Free Interest Rate. This is the U.S. Treasury rate, having a term that most closely resembles the expected life of the stock option. Expected Dividend Yield. We have never declared or paid dividends and have no plans to do so in the foreseeable future. 2018 Employee Stock Purchase Plan In 2018, our board of directors adopted, and our stockholders approved, our 2018 ESPP. Under the evergreen provision, in January 2021 we reserved an additional 1,555,728 shares of our common stock for issuance. At December 31, 2021, there were 6,316,370 shares reserved for issuance under the 2018 ESPP. Under our 2018 ESPP, employees may set aside up to 15% of their gross earnings, on an after-tax basis, to purchase our common stock at a discounted price, which is calculated at 85% of the lower of the fair market value of our common stock on the first day of an offering or on the date of purchase. The 2018 ESPP permits offerings up to 27 months in duration, with one or more purchase periods in each offering. Additionally, in cases where the fair market value of a share of our common stock on the first day of a new purchase period within an offering is less than or equal to the fair market value of a share of our common stock at the beginning of the offering, that offering will be terminated and participants will be automatically enrolled in a new offering with a new 24-month duration and purchase periods every six months. In 2021, employees purchased 670,534 shares of our common stock at a weighted average price of $20.48 per share, resulting in $13.7 million of cash proceeds. In 2020, employees purchased 667,719 shares of our common stock at a weighted average price of $19.53 per share resulting in $13.0 million of cash proceeds. In 2019, employees purchased 776,809 shares of our common stock at a weighted average price of $19.48 per share resulting in $15.1 million of cash proceeds. At December 31, 2021 and 2020 there was $6.0 million and $6.5 million, respectively, of employee contributions to the 2018 ESPP included in accrued compensation. 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: Year Ended December 31, 2021 2020 2019 Expected term (in years) 0.5 — 2.0 0.5 — 2.0 0.5 — 2.0 Expected volatility 37.2% — 59.4% 41.6% — 60.1% 34.4% — 44.6% Risk-free interest rate 0.1% — 0.2% 0.1% — 0.9% 1.5% — 2.5% Expected dividend yield — — — |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2021 | |
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: Year Ended December 31, (in thousands, except per share data) 2021 2020 2019 Net loss $ (46,677) $ (42,731) $ (99,013) Weighted-average shares used to compute net loss per share, basic and diluted 106,387 101,009 96,014 Net loss per share, basic and diluted $ (0.44) $ (0.42) $ (1.03) The following potentially dilutive securities have been excluded from the diluted per share calculations because they would have been antidilutive: Year Ended December 31, (in thousands) 2021 2020 2019 Stock options 6,731 9,441 12,939 RSUs 5,781 4,490 2,894 Shares to be issued under the 2018 ESPP 181 321 278 Restricted stock — 99 495 Total 12,693 14,351 16,606 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes U.S. and foreign components of the loss before income taxes were as follows: Year Ended December 31, (in thousands) 2021 2020 2019 U.S. loss $ (3,319) $ (6,719) $ (21,644) Foreign loss (47,310) (30,355) (64,005) Total loss before income taxes $ (50,629) $ (37,074) $ (85,649) The components of the provision for income taxes were as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Current Federal $ 3 $ 3 $ (224) State 100 17 100 Foreign 6,413 5,476 9,245 Total current tax expense 6,516 5,496 9,121 Deferred Federal (7,016) 102 — State (827) 59 — Foreign (2,625) — 4,243 Total deferred tax (benefit) expense (10,468) 161 4,243 Total (benefit) provision for income taxes $ (3,952) $ 5,657 $ 13,364 In connection with the 2021 acquisition of Accurics, we elected to first offset our existing deferred tax assets with acquired deferred tax liabilities. This resulted in releasing $7.9 million of the federal and state valuation allowance, which was recorded as a component of our deferred tax benefit. In December 2019, we sold acquired intellectual property through an intercompany transaction, which resulted in $6.3 million of current tax expense and $4.2 million of deferred tax expense in Israel. In January 2021, we restructured the research and development operations in Israel through an intercompany transaction, which resulted in $2.8 million of current tax expense. The items accounting for the difference between income taxes computed at the federal statutory rate and our effective tax rate were as follows: Year Ended December 31, 2021 2020 2019 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % State and local taxes 2.6 10.8 4.8 Research and development tax credit 4.5 11.1 3.1 Stock-based compensation 49.5 34.4 19.0 Uncertain tax positions (0.1) 0.1 (0.5) Foreign tax rate differential (1.2) (10.6) (7.9) Change in valuation allowance (55.7) (81.2) (40.8) Gain on intercompany sale (5.1) — (12.3) Foreign withholding tax (2.0) (3.3) (1.4) Transaction costs (1.6) — — Other (4.1) 2.4 (0.6) Effective tax rate 7.8 % (15.3) % (15.6) % We maintain a valuation allowance on U.S. federal, state and foreign net deferred tax assets as the realization of our deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. The components of the deferred tax assets and liabilities were as follows: December 31, (in thousands) 2021 2020 Deferred tax assets: Net operating losses $ 134,503 $ 89,053 Deferred revenue 13,598 13,454 Stock-based compensation 14,157 11,846 Tax credits 15,142 11,565 Leases 12,929 15,238 Accrued compensation 1,600 1,271 Interest expense 2,013 — Other 231 379 Total deferred tax assets 194,173 142,806 Valuation allowance (147,040) (112,363) Net deferred tax assets 47,133 30,443 Deferred tax liabilities: Deferred commissions (19,423) (15,987) Property and equipment (13,720) (13,257) Intangible assets (15,253) (962) Other (486) (398) Total deferred tax liabilities (48,882) (30,604) Net deferred tax liabilities $ (1,749) $ (161) At December 31, 2021, we had net operating loss (“NOL”) carryforwards for federal, state and foreign tax purposes of $398.5 million, $226.1 million, and $289.9 million, respectively, which will begin to expire in 2030, as well as $17.9 million of federal, state and foreign research and development tax credits, foreign tax credits, minimum tax credits and certain states’ job creation tax credits. The federal research and development and foreign tax credits will begin to expire in 2032 and the state job creation tax credits will begin to expire in 2022. We are currently subject to the annual limitation under Sections 382 and 383 of the Internal Revenue Code. We will not be precluded from realizing the NOL carryforward and tax credits but may be limited in the amount we could utilize in any given tax year in the event that the federal and state taxable income will exceed the limitation imposed by Section 382. The amount of the annual limitation is determined based on our value immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. At December 31, 2021 and 2020, the total amount of gross unrecognized tax benefits was $7.6 million and $7.1 million, respectively, which, if recognized, would impact our effective tax rate by less than $0.1 million in each year. Interest and penalties associated with uncertain tax positions recognized as a component of income tax expense were immaterial in 2021, 2020 and 2019. The change in gross unrecognized tax benefits, excluding accrued interest, were as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Unrecognized tax benefits at the beginning of the period $ 7,123 $ 7,163 $ 4,814 Additions for tax positions in the current year 194 232 2,306 Increase in prior year positions 64 62 90 Decrease in prior year positions (48) (334) (89) Acquisitions 242 — 42 Unrecognized tax benefits at the end of the period $ 7,575 $ 7,123 $ 7,163 We file income tax returns in the United States, including various state jurisdictions. Our subsidiaries file income tax returns in various foreign jurisdictions. Tax years after 2014 remain open to examination by the major taxing jurisdictions in which we are subject to tax. At December 31, 2021, we were not under examination for income tax audits by the Internal Revenue Service or any state or foreign tax jurisdiction. Depending on the jurisdiction, distributions of earnings could be subject to withholding taxes at rates applicable to the distributing jurisdiction. As we intend to continue to reinvest the earnings of foreign subsidiaries indefinitely, we have not provided for a U.S. income tax liability and foreign withholding taxes on undistributed foreign earnings of foreign subsidiaries. It is not practicable for us to determine the amount of unrecognized tax expense on these reinvested foreign earnings. |
Geographic Information
Geographic Information | 12 Months Ended |
Dec. 31, 2021 | |
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: Year Ended December 31, (in thousands) 2021 2020 2019 The Americas $ 347,724 $ 293,734 $ 243,616 Europe, Middle East and Africa 135,176 102,155 77,676 Asia Pacific 58,230 44,332 33,294 Revenue $ 541,130 $ 440,221 $ 354,586 Customers located in the United States accounted for 58%, 61% and 63% of revenue in 2021, 2020 and 2019, respectively. 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: December 31, (in thousands) 2021 2020 United States $ 33,579 $ 35,406 International 3,254 3,514 Property and equipment, net $ 36,833 $ 38,920 |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit PlansWe maintain a contributory defined contribution 401(k) plan for our U.S. employees, where company-matched contributions are fully vested. Additional contributory plans are in effect internationally, including in the U.K. and Ireland. Our contribution expense for such plans was $7.6 million, $6.5 million and $6.2 million in 2021, 2020 and 2019, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsIn February 2022, we acquired Cymptom, a platform that proactively measures, maps and prioritizes probable attack paths. When added to our products, this acquisition will enable security teams to preemptively focus response ahead of and during breaches. We acquired Cymptom for a total purchase price of approximately $23 million in cash. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II SUPPLEMENTARY CONSOLIDATED FINANCIAL STATEMENT SCHEDULE VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance at Beginning of Year Additions Charged to Costs and Expenses Deductions (1) Balance at End of Year Allowance for Doubtful Accounts Year Ended December 31, 2021 $ 261 $ 349 $ (86) $ 524 Year Ended December 31, 2020 764 336 (839) 261 Year Ended December 31, 2019 188 967 (391) 764 _______________ (1) Consists of write-offs of uncollectible accounts, net of recoveries. |
Business and Summary of Signi_2
Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Tenable Holdings, Inc. and our wholly owned subsidiaries and have been prepared in conformity with United States generally accepted accounting principles (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. |
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 and deferred revenue, 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. |
Foreign Currency | Foreign Currency The functional currency for all of our foreign subsidiaries is the U.S. dollar. Assets and liabilities denominated in other currencies are remeasured into U.S. dollars at current exchange rates for monetary assets and liabilities and at historical exchange rates for non-monetary assets and liabilities. We bill our customers in U.S. dollars. Expenses incurred in non U.S. dollar currencies are remeasured into U.S. dollars when incurred. Remeasurement losses in currencies other than the functional currency were $1.9 million, $1.7 million and $1.1 million in 2021, 2020 and 2019, respectively, and are included as a component of other expense, net in the consolidated statements of operations. |
Revenue Recognition | Revenue Recognition We recognize revenue in order to depict the transfer of promised goods or services to customers in an amount that reflects the consideration we expect to be entitled in exchange for those goods or services. To achieve this, we apply the following steps: • Identify the contract with a customer • Identify the performance obligations in the contract • Determine the transaction price • Allocate the transaction price to the performance obligations in the contract • Recognize revenue when or as performance obligations are satisfied In situations where we enter into a contractual arrangement that includes non-standard terms and conditions, such as acceptance provisions or options to purchase additional products and services, as well as contract modifications, we apply judgment in identifying and assessing the impact on revenue recognition. We generate revenue from subscription arrangements for software and cloud-based solutions, perpetual licenses, maintenance associated with perpetual licenses, and professional services and other revenue. We begin to recognize revenue when control of our software or services is transferred to the customer, which for sales made through distributors is concurrent with the transfer to the end user. Subscription Revenue Subscription arrangements generally have annual or multi-year contractual terms and allow customers to use our software or cloud solutions. For our software subscriptions that are dependent on ongoing software updates and the ability to identify the latest cybersecurity vulnerabilities, revenue is recognized ratably over the subscription term given the critical utility provided by the ongoing updates that are released throughout the contract period. When the critical utility of our software does not depend on ongoing updates, we recognize revenue attributable to the license at the time of delivery and the revenue attributable to the maintenance and support ratably over the contract period. Perpetual License and Maintenance Revenue Our perpetual licenses are generally sold with one or more years of maintenance, which include ongoing software updates and the ongoing ability to identify the latest cybersecurity vulnerabilities. Given the critical utility provided by the ongoing software updates and updated ability to identify network vulnerabilities included in maintenance, we combine the perpetual license and the maintenance into a single performance obligation. Perpetual license arrangements generally contain a material right related to the customer’s ability to renew maintenance at a price that is less than the initial license fee. We apply a practical alternative to allocating a portion of the transaction price to the material right performance obligation and estimate a hypothetical transaction price which includes fees for expected maintenance renewals based on the estimated economic life of the perpetual license contracts. We allocate the transaction price between the cybersecurity subscription provided in the initial contract and the material right related to expected contract renewals based on the hypothetical transaction price. We recognize the amount allocated to the combined license and maintenance performance obligation over the initial contractual period, which is generally one year. We recognize the amount allocated to the material right over the expected maintenance renewal period, which begins at the end of the initial contractual term and is generally four years. We have estimated the five-year economic life of perpetual license contracts based on historical contract attrition, expected renewal periods, the lifecycle of the our technology and other factors. While we believe that the estimates we have made are reasonable and appropriate, different assumptions and estimates could materially impact our reported financial results. Professional Services and Other Revenue Professional services and other revenue is primarily comprised of advisory services and training related to the deployment and optimization of our products. These services do not result in significant customization of our products. Professional services and other revenue is recognized as the services are performed. Contracts with Multiple Performance Obligations In cases where our contracts with customers contain multiple performance obligations, the contract transaction price is allocated on a relative standalone selling price basis. We typically determine standalone selling price based on observable selling prices of our products and services. Variable Consideration We record revenue from sales at the net sales price, which is the transaction price, including estimates of variable consideration when applicable. Certain of our customers may be entitled to receive credits and in limited circumstances, refunds, if service level commitments are not met. We have not historically experienced significant incidents affecting the ability to meet these service level commitments and any estimated refunds related to these agreements have not been material. Deferred Commissions Sales commissions, including related fringe benefit costs, are considered to be incremental costs of obtaining a contract. Sales commissions on initial sales are not commensurate with sales commissions on contract renewals and therefore are recognized over an estimated period of benefit, which ranges between three |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid financial instruments with an original maturity of three months or less when purchased to be cash equivalents. At December 31, 2021, cash and cash equivalents included $5.8 million of restricted cash primarily related to collateral for our outstanding letters of credit. At December 31, 2020, cash and cash equivalents included $0.4 million of restricted cash primarily related to collateral for a lease and credit card deposits. At December 31, 2021 and 2020, cash and cash equivalents excluded $0.3 million and $0.2 million, respectively, of restricted cash, which is related to an account established as collateral for a lease arrangement and is included in other assets on the consolidated balance sheets. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received from selling an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. We apply fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. We measure cash and cash equivalents and short-term investments at fair value using a fair value hierarchy of inputs. We approximate fair value by using the carrying amounts for accounts receivable, accounts payable and accrued expenses due to their short-term nature. |
Investments | Investments We currently invest in asset backed securities, certificates of deposit, commercial paper, corporate and supranational bonds, and U.S. treasury and agency obligations. Our investments are classified as available-for-sale and recorded at fair value, with unrealized gains and losses reported in accumulated other comprehensive (loss) income within stockholders’ equity. We classify investments with original maturities of less than 90 days as cash and cash equivalents. Investments with original maturities greater than 90 days, including those we do not currently intend on selling within the next twelve months, are classified as short-term investments as they are available for use in our operations. We evaluate potential impairments of available-for-sale debt securities due to credit-related and non-credit-related 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. Identified credit-related impairments would be recognized as a charge in the statement of operations. In November 2021, we entered into a simple agreement for future equity ("SAFE") agreement for $5.0 million in exchange for a right to participate in a future equity financing. Alternatively, upon a change in control or an initial public offering, we have the option to redeem the SAFE for $5.0 million, or convert the SAFE into shares of common stock. The number of shares of common stock would be determined by dividing the SAFE purchase amount by the liquidity price in the SAFE agreement. The $5.0 million value of the SAFE is included in other assets on our consolidated balance sheet at December 31, 2021. |
Accounts Receivable | Accounts Receivable Accounts receivable are recorded at the invoiced amount, less an allowance for doubtful accounts, and do not bear interest. We maintain an allowance for doubtful accounts at an amount estimated to be sufficient to cover the risk of collecting less than full payment of the receivables. At each balance sheet date, we evaluate our receivables and assess the allowance for doubtful accounts based on specific customer collection issues and historical write-off trends. |
Property and Equipment, net | Property and Equipment, net Property and equipment, net is stated at historical cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets: three years for computer software and equipment and five years for furniture and fixtures. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful lives of the assets or the terms of the respective leases. Property and equipment, net includes right-of-use assets acquired under finance leases. Amortization of assets acquired under finance leases is included in depreciation expense. Repairs and maintenance costs are expensed as incurred. |
Leases | Leases We determine if an arrangement contains a lease and the classification of that lease, if applicable, at inception. We have elected to not recognize a lease liability or right-of-use ("ROU") asset for short-term leases (leases with a term of twelve months or less). For contracts with lease and non-lease components, we have elected to not allocate the contract consideration, and account for the lease and non-lease components as a single lease component. Additionally, we enter into arrangements to use shared office spaces and other facilities, and have determined that these arrangements do not contain leases as we do not have the right to use an identified asset. Operating leases are included in operating lease ROU assets, operating lease liabilities and operating lease liabilities (net of current portion) in our consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities and other liabilities in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The implicit rate within our operating leases are generally not determinable and we use our incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment. We determine our incremental borrowing rate for each lease using our current borrowing rate, adjusted for various factors including level of collateralization, term and currency to align with the terms of the lease. The operating lease ROU asset also includes any lease prepayments, offset by lease incentives. Certain of our leases include options to extend or terminate the lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain we will exercise that option. An option to terminate is considered unless it is reasonably certain we will not exercise the option. Lease expense for lease payments is recognized on a straight-line basis over the term of the lease. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We evaluate our long-lived assets for impairment whenever events or changes in circumstance indicate that the |
Business Combinations | Business Combinations We account for business combinations by recognizing the fair value of acquired assets and liabilities. The excess purchase consideration over the fair value of acquired assets and liabilities is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, a non-recurring Level 3 fair value measurement, we make estimates and assumptions, especially with respect to intangible assets such as identified acquired technology and trade names. We determine the fair value of acquired technology using the multi-period excess earnings method, a form of the income approach. Estimates in valuing identifiable intangible assets include, but are not limited to, projected revenue growth rates, future expected operating expenses, obsolescence projections and an appropriate discount rate. Our estimate of fair value is based upon assumptions we believe to be reasonable, but which are inherently uncertain and, as a result, actual results may differ from estimates. During the measurement period, we may make adjustments to the fair value of assets acquired and liabilities assumed, with offsetting adjustments to goodwill. Any adjustments made after the measurement period will be reflected in the consolidated statements of operations. Acquisition-related transaction costs are expensed as incurred. |
Goodwill | Goodwill The excess of the purchase consideration over the fair value of acquired assets and liabilities is recorded as goodwill. We perform our annual impairment assessment on October 1, or more frequently, when events or circumstances indicate impairment may have occurred. We operate as one reporting unit and have elected to first assess qualitative factors to determine whether it is more likely than not that the fair value of the Company as a whole is less than its carrying amount, including goodwill. The qualitative assessment includes an evaluation of relevant events and circumstances, including macroeconomic, industry and market conditions, our overall financial performance, and trends in the value of our common stock. During the periods presented, there were no indications of impairment and it was not more likely than not that goodwill was impaired. |
Advertising | Advertising Advertising costs are expensed as they are incurred. We incurred advertising costs of $13.6 million, $8.2 million and $5.3 million in 2021, 2020 and 2019, respectively, which are included in sales and marketing expense in the consolidated statements of operations. |
Software Development Costs | Software Development Costs Research and development costs to develop software to be sold, leased or marketed are expensed as incurred up to the point of technological feasibility for the related software product. We have not capitalized development costs for software to be sold, leased or marketed to date, as the software development process is essentially completed concurrent with the establishment of technological feasibility. As such, these costs are expensed as incurred and recognized in research and development costs in the consolidated statements of operations. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation expense related to restricted stock units ("RSUs"), purchase rights issued under our 2018 Employee Stock Purchase Plan ("2018 ESPP"), stock options and restricted stock is calculated based on the fair value of the awards granted and is recognized on a straight-line basis over the requisite service period, which is generally two The fair value of RSUs is based on the market price of our common stock on the date of grant. The fair value of stock options and 2018 ESPP purchase rights is estimated on the grant date using the Black-Scholes option pricing model, which requires us to make assumptions and judgments, including the expected term, expected volatility, and risk-free interest rates. Following our IPO, we use the market price of our common stock at the date of grant. Prior to our IPO, we estimated the fair value of our common stock at the date of grant. |
Net Loss per Share | Net Loss per Share We calculate basic net loss per share by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by giving effect to all potentially dilutive common stock equivalents in the period, including unvested RSUs, stock options, unvested restricted shares and shares to be issued under our 2018 ESPP. As we have reported losses for all periods presented, all potentially dilutive securities have been excluded from the calculation of diluted net loss per share as their effect would be antidilutive. |
Segment Information | Segment Information We operate as one operating segment as 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. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. This method requires recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities, net operating loss carryforwards, and tax credit carryforwards. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax assets will not be realized. |
Recently Adopted/Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements We adopted Accounting Standards Update ("ASU") No. 2019-12 - Income Taxes (Topic 740) : Simplifying the Accounting for Income Taxes, effective January 1, 2021. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements. This ASU eliminated previously allowed exceptions and clarified existing guidance in the accounting for income taxes, including in the areas of franchise taxes, the tax basis of goodwill and interim period effects of changes in tax laws. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU No. 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This ASU provides optional expedients and exceptions to contract modification guidance to ease the financial reporting burden of the transition from the London Interbank Offered Rate ("LIBOR") to alternative reference rates. The ASU was effective beginning on March 12, 2020 and can be adopted prospectively through December 31, 2022. We are currently evaluating the impact of this accounting standard on our consolidated financial statements. In October 2021, the FASB issued ASU No. 2021-08 - Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . This ASU requires companies to measure contract assets and contract liabilities from contracts acquired in a business combination in accordance with Accounting Standards Codification Topic 606 on the acquisition date. We early adopted the ASU as of January 1, 2022 and will apply it prospectively to future acquisitions. The impact of this accounting standard will depend on the contract assets and liabilities acquired in future business combinations. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of revenue | The following table presents a summary of revenue: Year Ended December 31, (in thousands) 2021 2020 2019 Subscription revenue $ 476,023 $ 377,354 $ 290,549 Perpetual license and maintenance revenue 50,333 50,594 54,173 Professional services and other revenue 14,774 12,273 9,864 Revenue $ 541,130 $ 440,221 $ 354,586 |
Activity of deferred contract costs | The following summarizes the activity of deferred incremental costs of obtaining a contract: Year Ended December 31, (in thousands) 2021 2020 Beginning balance $ 78,876 $ 72,265 Capitalization of contract acquisition costs 58,196 38,756 Amortization of deferred contract acquisition costs (37,123) (32,145) Ending balance $ 99,949 $ 78,876 |
Cash Equivalents and Short-Te_2
Cash Equivalents and Short-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Summary of debt securities | The following tables summarize the amortized cost, unrealized gain and loss and estimated fair value of cash equivalents and short-term investments: December 31, 2021 (in thousands) Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: Money market funds $ 178,518 $ — $ — $ 178,518 Total cash equivalents $ 178,518 $ — $ — $ 178,518 Short-term investments: Commercial paper $ 134,165 $ — $ (47) $ 134,118 Corporate bonds 27,169 — (41) 27,128 Asset backed securities 27,464 — (53) 27,411 Certificates of deposit 10,000 — (8) 9,992 Supranational bonds 8,632 — (33) 8,599 U.S. Treasury and agency obligations 27,168 — (124) 27,044 Total short-term investments $ 234,598 $ — $ (306) $ 234,292 December 31, 2020 (in thousands) Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: Money market funds $ 44,153 $ — $ — $ 44,153 Commercial paper 4,500 — — 4,500 Total cash equivalents $ 48,653 $ — $ — $ 48,653 Short-term investments: Commercial paper $ 71,425 $ — $ — $ 71,425 Corporate bonds 4,502 3 — 4,505 U.S. Treasury and agency obligations 37,686 7 — 37,693 Total short-term investments $ 113,613 $ 10 $ — $ 113,623 |
Schedule of contractual maturities of short-term investments | The contractual maturities of our short-term investments are as follows: December 31, 2021 December 31, 2020 (in thousands) Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 195,579 $ 195,453 $ 113,613 $ 113,623 Due between one and four years 39,019 38,839 — — Total short-term investments $ 234,598 $ 234,292 $ 113,613 $ 113,623 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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: December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 178,518 $ — $ — $ 178,518 Total cash equivalents $ 178,518 $ — $ — $ 178,518 Short-term investments Commercial paper $ — $ 134,118 $ — $ 134,118 Corporate bonds — 27,128 — 27,128 Asset backed securities — 27,411 — 27,411 Certificates of deposit — 9,992 — 9,992 Supranational bonds — 8,599 — 8,599 U.S. Treasury and agency obligations — 27,044 — 27,044 Total short-term investments $ — $ 234,292 $ — $ 234,292 December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 44,153 $ — $ — $ 44,153 Commercial paper — 4,500 — 4,500 Total cash equivalents $ 44,153 $ 4,500 $ — $ 48,653 Short-term investments Commercial paper $ — $ 71,425 $ — $ 71,425 Corporate bonds — 4,505 — 4,505 U.S. Treasury and agency obligations — 37,693 — 37,693 Total short-term investments $ — $ 113,623 $ — $ 113,623 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | Property and equipment, net consisted of the following: December 31, (in thousands) 2021 2020 Computer software and equipment $ 29,203 $ 22,930 Furniture and fixtures 5,944 6,011 Leasehold improvements 26,713 26,210 Right-of-use assets under finance leases 1,343 1,571 Total 63,203 56,722 Less: accumulated depreciation and amortization (26,370) (17,802) Property and equipment, net $ 36,833 $ 38,920 |
Acquisitions, Goodwill and In_2
Acquisitions, Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Assets Acquired and Liabilities Assumed as Part of Business Combination | ash consideration, net of cash acquired, was preliminarily allocated as follows: (in thousands) Accurics Alsid Accounts receivable $ 180 $ 4,105 Prepaid expenses and other assets 341 2,304 Intangible assets 33,390 31,400 Goodwill 134,909 72,291 Accounts payable, accrued expenses and accrued compensation (719) (3,794) Deferred revenue (188) (3,699) Deferred tax liabilities, net (7,937) (4,118) Total purchase price allocation $ 159,976 $ 98,489 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | Acquired intangible assets and their estimated useful lives at the date of acquisition are as follows: Accurics Alsid (dollars in thousands) Cost Estimated Useful Life Cost Estimated Useful Life Acquired technology $ 33,300 10 years $ 31,300 7 years Trade name 90 2 years 100 1 year Acquired intangible assets $ 33,390 $ 31,400 |
Schedule of Goodwill | The changes in the carrying amount of goodwill are as follows: (in thousands) Balance at December 31, 2020 $ 54,414 Acquired goodwill 207,200 Balance at December 31, 2021 $ 261,614 |
Schedule of Finite-Lived Intangible Assets | Acquired intangible assets subject to amortization are as follows: December 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired technology $ 81,924 $ (10,499) $ 71,425 $ 17,325 $ (4,224) $ 13,101 Trade name 390 (279) 111 200 (108) 92 $ 82,314 $ (10,778) $ 71,536 $ 17,525 $ (4,332) $ 13,193 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | At December 31, 2021, estimated future amortization of intangible assets is as follows: (in thousands) Year ending December 31, 2022 $ 9,907 2023 10,049 2024 10,016 2025 10,016 2026 9,831 Thereafter 21,717 Total $ 71,536 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Components of Leases | The components of lease expense were as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Operating lease cost $ 7,634 $ 9,870 $ 6,045 Finance lease cost Amortization of ROU assets $ 7 $ 242 $ 607 Interest on lease liabilities 5 6 7 Total finance lease cost $ 12 $ 248 $ 614 Supplemental information related to leases was as follows: December 31, 2021 December 31, 2020 Operating leases Weighted average remaining lease term 9.2 years 10.0 years Weighted average discount rate 5.5% 5.6% Year Ended December 31, (in thousands) 2021 2020 2019 ROU assets obtained in exchange for lease obligations Operating leases $ 3,137 $ 3,188 $ 39,170 Finance leases — — 11 |
Schedule of Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities at December 31, 2021 were as follows: (in thousands) Year ending December 31, 2022 $ 5,446 2023 8,260 2024 8,396 2025 8,221 2026 7,421 Thereafter 37,423 Total lease payments 75,167 Less: Imputed interest (17,801) Total $ 57,366 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The table below summarizes the carrying value of the Term Loan: (in thousands) December 31, 2021 Term loan $ 375,000 Less: Unamortized debt discount and issuance costs (7,616) Term loan, net of issuance costs 367,384 Less: Term loan, net, current (1) (2,656) Term loan, net of issuance costs (net of current portion) $ 364,728 _______________ (1) Term loan, net, current is included in other current liabilities on our consolidated balance sheets. |
Schedule of Maturities of Long-term Debt | The maturities of the Term Loan at December 31, 2021 were as follows: (in thousands) Year ending December 31, 2022 $ 3,750 2023 3,750 2024 3,750 2025 3,750 2026 3,750 Thereafter 356,250 Total $ 375,000 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation Expense | Stock-based compensation expense included in the consolidated statements of operations was as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Cost of revenue $ 4,446 $ 3,158 $ 2,817 Sales and marketing 29,410 19,842 16,032 Research and development 20,593 14,794 8,911 General and administrative 24,956 21,779 15,683 Total stock-based compensation expense $ 79,405 $ 59,573 $ 43,443 |
Summary of Restricted Stock and Restricted Stock Units | A summary of our restricted stock and RSU activity is presented below: Restricted Stock RSUs (in thousands, except for per share data) Number of Shares Weighted Average Grant Date Fair Value Number Weighted Unvested balance at December 31, 2018 890 $ 4.25 1,129 $ 18.90 Granted — — 2,715 27.81 Vested (395) 4.25 (479) 18.28 Forfeited — — (471) 25.21 Unvested balance at December 31, 2019 495 4.25 2,894 26.34 Granted — — 3,570 28.23 Vested (396) 4.25 (1,504) 25.37 Forfeited — — (470) 26.68 Unvested balance at December 31, 2020 99 4.25 4,490 28.13 Granted — — 3,842 43.57 Vested (99) 4.25 (1,872) 28.14 Forfeited — — (679) 33.64 Unvested balance at December 31, 2021 — — 5,781 37.74 |
Stock Option Activity | A summary of our stock option activity is below: (in thousands, except for per share data and years) Number of Shares Weighted Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at December 31, 2018 19,219 $ 7.78 8.0 $ 277,114 Granted — — Exercised (4,205) 4.53 98,378 Forfeited/canceled (2,075) 10.63 Outstanding at December 31, 2019 12,939 8.38 7.1 201,608 Granted — — Exercised (2,956) 7.34 73,277 Forfeited/canceled (542) 10.80 Outstanding at December 31, 2020 9,441 8.56 6.4 412,547 Granted — — Exercised (2,671) 6.84 111,256 Forfeited/canceled (39) 14.96 Outstanding at December 31, 2021 6,731 9.21 5.5 308,677 Exercisable at December 31, 2021 5,851 8.30 5.4 273,642 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, 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: Year Ended December 31, 2021 2020 2019 Expected term (in years) 0.5 — 2.0 0.5 — 2.0 0.5 — 2.0 Expected volatility 37.2% — 59.4% 41.6% — 60.1% 34.4% — 44.6% Risk-free interest rate 0.1% — 0.2% 0.1% — 0.9% 1.5% — 2.5% Expected dividend yield — — — |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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: Year Ended December 31, (in thousands, except per share data) 2021 2020 2019 Net loss $ (46,677) $ (42,731) $ (99,013) Weighted-average shares used to compute net loss per share, basic and diluted 106,387 101,009 96,014 Net loss per share, basic and diluted $ (0.44) $ (0.42) $ (1.03) |
Potentially Dilutive Securities | The following potentially dilutive securities have been excluded from the diluted per share calculations because they would have been antidilutive: Year Ended December 31, (in thousands) 2021 2020 2019 Stock options 6,731 9,441 12,939 RSUs 5,781 4,490 2,894 Shares to be issued under the 2018 ESPP 181 321 278 Restricted stock — 99 495 Total 12,693 14,351 16,606 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Loss Before Income Taxes | U.S. and foreign components of the loss before income taxes were as follows: Year Ended December 31, (in thousands) 2021 2020 2019 U.S. loss $ (3,319) $ (6,719) $ (21,644) Foreign loss (47,310) (30,355) (64,005) Total loss before income taxes $ (50,629) $ (37,074) $ (85,649) |
Schedule of Components of the Provision for Income Taxes | The components of the provision for income taxes were as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Current Federal $ 3 $ 3 $ (224) State 100 17 100 Foreign 6,413 5,476 9,245 Total current tax expense 6,516 5,496 9,121 Deferred Federal (7,016) 102 — State (827) 59 — Foreign (2,625) — 4,243 Total deferred tax (benefit) expense (10,468) 161 4,243 Total (benefit) provision for income taxes $ (3,952) $ 5,657 $ 13,364 |
Schedule of Effective Income Tax Rate Reconciliation | The items accounting for the difference between income taxes computed at the federal statutory rate and our effective tax rate were as follows: Year Ended December 31, 2021 2020 2019 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % State and local taxes 2.6 10.8 4.8 Research and development tax credit 4.5 11.1 3.1 Stock-based compensation 49.5 34.4 19.0 Uncertain tax positions (0.1) 0.1 (0.5) Foreign tax rate differential (1.2) (10.6) (7.9) Change in valuation allowance (55.7) (81.2) (40.8) Gain on intercompany sale (5.1) — (12.3) Foreign withholding tax (2.0) (3.3) (1.4) Transaction costs (1.6) — — Other (4.1) 2.4 (0.6) Effective tax rate 7.8 % (15.3) % (15.6) % |
Components of Deferred Tax Assets and Liabilities | The components of the deferred tax assets and liabilities were as follows: December 31, (in thousands) 2021 2020 Deferred tax assets: Net operating losses $ 134,503 $ 89,053 Deferred revenue 13,598 13,454 Stock-based compensation 14,157 11,846 Tax credits 15,142 11,565 Leases 12,929 15,238 Accrued compensation 1,600 1,271 Interest expense 2,013 — Other 231 379 Total deferred tax assets 194,173 142,806 Valuation allowance (147,040) (112,363) Net deferred tax assets 47,133 30,443 Deferred tax liabilities: Deferred commissions (19,423) (15,987) Property and equipment (13,720) (13,257) Intangible assets (15,253) (962) Other (486) (398) Total deferred tax liabilities (48,882) (30,604) Net deferred tax liabilities $ (1,749) $ (161) |
Schedule Change of Gross Unrealized Tax Benefits | The change in gross unrecognized tax benefits, excluding accrued interest, were as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Unrecognized tax benefits at the beginning of the period $ 7,123 $ 7,163 $ 4,814 Additions for tax positions in the current year 194 232 2,306 Increase in prior year positions 64 62 90 Decrease in prior year positions (48) (334) (89) Acquisitions 242 — 42 Unrecognized tax benefits at the end of the period $ 7,575 $ 7,123 $ 7,163 |
Geographic Information (Tables)
Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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: Year Ended December 31, (in thousands) 2021 2020 2019 The Americas $ 347,724 $ 293,734 $ 243,616 Europe, Middle East and Africa 135,176 102,155 77,676 Asia Pacific 58,230 44,332 33,294 Revenue $ 541,130 $ 440,221 $ 354,586 |
Property and Equipment, Net by Geographic Area | Our property and equipment, net by geographic area is summarized as follows: December 31, (in thousands) 2021 2020 United States $ 33,579 $ 35,406 International 3,254 3,514 Property and equipment, net $ 36,833 $ 38,920 |
Business and Summary of Signi_3
Business and Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Foreign currency transaction loss | $ (1.9) | $ (1.7) | $ (1.1) |
Business and Summary of Signi_4
Business and Summary of Significant Accounting Policies - Perpetual License and Maintenance Revenue (Details) - Perpetual license and maintenance revenue | 12 Months Ended |
Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |
License and maintenance period | 1 year |
Estimated maintenance renewal period | 4 years |
Economic life of perpetual license contracts | 5 years |
Business and Summary of Signi_5
Business and Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 5.8 | $ 0.4 |
Other Assets | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 0.3 | $ 0.2 |
Business and Summary of Signi_6
Business and Summary of Significant Accounting Policies - Investments (Details) - SAFE - USD ($) $ in Millions | Dec. 31, 2021 | Nov. 30, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Future equity financing | $ 5 | $ 5 |
Redemption value | $ 5 |
Business and Summary of Signi_7
Business and Summary of Significant Accounting Policies - Deferred Commissions (Details) | Dec. 31, 2021 |
Perpetual license and maintenance revenue | |
Capitalized Contract Cost [Line Items] | |
Estimated period of benefit | 5 years |
Minimum | Subscription revenue | |
Capitalized Contract Cost [Line Items] | |
Estimated period of benefit | 3 years |
Maximum | Subscription revenue | |
Capitalized Contract Cost [Line Items] | |
Estimated period of benefit | 4 years |
Business and Summary of Signi_8
Business and Summary of Significant Accounting Policies - Property and Equipment, net (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Computer software and equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 3 years |
Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 5 years |
Business and Summary of Signi_9
Business and Summary of Significant Accounting Policies - Goodwill (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reporting units | 1 |
Business and Summary of Sign_10
Business and Summary of Significant Accounting Policies - Common Stock (Details) - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Common stock, authorized (in shares) | 500,000,000 | 500,000,000 |
Preferred stock, authorized (in shares) | 10,000,000 | |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Business and Summary of Sign_11
Business and Summary of Significant Accounting Policies - Advertising (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Advertising costs incurred | $ 13.6 | $ 8.2 | $ 5.3 |
Business and Summary of Sign_12
Business and Summary of Significant Accounting Policies - Software Development Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Capitalized development costs | $ (2.9) | $ (1.6) | $ (4.2) |
Business and Summary of Sign_13
Business and Summary of Significant Accounting Policies - Stock-Based Compensation (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Requisite period | 2 years |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Requisite period | 4 years |
Business and Summary of Sign_14
Business and Summary of Significant Accounting Policies - Segment Information (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 1 |
Revenue - Summary of Revenue (D
Revenue - Summary of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 541,130 | $ 440,221 | $ 354,586 |
Subscription revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 476,023 | 377,354 | 290,549 |
Perpetual license and maintenance revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 50,333 | 50,594 | 54,173 |
Professional services and other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 14,774 | $ 12,273 | $ 9,864 |
Revenue - Concentrations (Detai
Revenue - Concentrations (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
One distributor | Revenue | Customer concentration risk | |||
Concentration Risk [Line Items] | |||
Concentration risk (in percent) | 39.00% | 43.00% | 43.00% |
One distributor | Accounts receivable | Customer concentration risk | |||
Concentration Risk [Line Items] | |||
Concentration risk (in percent) | 32.00% | 41.00% | |
Channel network | Revenue | Sales method risk | |||
Concentration Risk [Line Items] | |||
Concentration risk (in percent) | 92.00% | 91.00% | 90.00% |
Revenue - Contract Balances (De
Revenue - Contract Balances (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |||
Revenue recognized that was included in deferred revenue | $ 329 | $ 274.3 | $ 214 |
Revenue - Remaining Performance
Revenue - Remaining Performance Obligations (Details) $ in Millions | Dec. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 559 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected recognized percentage over succeeding 12 months | 76.00% |
Expected timing of satisfaction | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction | 4 years |
Revenue - Activity of Deferred
Revenue - Activity of Deferred Contract Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Capitalized Contract Cost [Roll Forward] | ||
Beginning balance | $ 78,876 | $ 72,265 |
Capitalization of contract acquisition costs | 58,196 | 38,756 |
Amortization of deferred contract acquisition costs | (37,123) | (32,145) |
Ending balance | $ 99,949 | $ 78,876 |
Cash Equivalents and Short-Te_3
Cash Equivalents and Short-Term Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Line Items] | ||
Cash equivalents | $ 178,518 | $ 48,653 |
Debt securities, available-for-sale, amortized cost | 234,598 | 113,613 |
Debt Securities, available-for-sale, accumulated gross unrealized gain, before tax | 0 | 10 |
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | (306) | 0 |
Short-term investments | 234,292 | 113,623 |
Commercial paper | ||
Cash and Cash Equivalents [Line Items] | ||
Cash equivalents | 4,500 | |
Debt securities, available-for-sale, amortized cost | 134,165 | 71,425 |
Debt Securities, available-for-sale, accumulated gross unrealized gain, before tax | 0 | 0 |
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | (47) | 0 |
Short-term investments | 134,118 | 71,425 |
Corporate bonds | ||
Cash and Cash Equivalents [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 27,169 | 4,502 |
Debt Securities, available-for-sale, accumulated gross unrealized gain, before tax | 0 | 3 |
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | (41) | 0 |
Short-term investments | 27,128 | 4,505 |
Asset backed securities | ||
Cash and Cash Equivalents [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 27,464 | |
Debt Securities, available-for-sale, accumulated gross unrealized gain, before tax | 0 | |
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | (53) | |
Short-term investments | 27,411 | |
Certificates of deposit | ||
Cash and Cash Equivalents [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 10,000 | |
Debt Securities, available-for-sale, accumulated gross unrealized gain, before tax | 0 | |
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | (8) | |
Short-term investments | 9,992 | |
Supranational bonds | ||
Cash and Cash Equivalents [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 8,632 | |
Debt Securities, available-for-sale, accumulated gross unrealized gain, before tax | 0 | |
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | (33) | |
Short-term investments | 8,599 | |
U.S. Treasury and agency obligations | ||
Cash and Cash Equivalents [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 27,168 | 37,686 |
Debt Securities, available-for-sale, accumulated gross unrealized gain, before tax | 0 | 7 |
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | (124) | 0 |
Short-term investments | 27,044 | 37,693 |
Money market funds | ||
Cash and Cash Equivalents [Line Items] | ||
Cash equivalents | 178,518 | 44,153 |
Debt Securities, available-for-sale, accumulated gross unrealized gain, before tax | 0 | 0 |
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | 0 | 0 |
Total cash equivalents | ||
Cash and Cash Equivalents [Line Items] | ||
Cash equivalents | 178,518 | 48,653 |
Debt Securities, available-for-sale, accumulated gross unrealized gain, before tax | 0 | 0 |
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | $ 0 | $ 0 |
Cash Equivalents and Short-Te_4
Cash Equivalents and Short-Term Investments - Short Term Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||
Amortized cost, due within one year | $ 195,579 | $ 113,613 |
Estimated fair value, due within one year | 195,453 | 113,623 |
Amortized cost, due between one and four years | 39,019 | 0 |
Estimated fair value, due between one and four years | 38,839 | 0 |
Amortized Cost | 234,598 | 113,613 |
Estimated Fair Value | $ 234,292 | $ 113,623 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 178,518 | $ 48,653 |
Short-term investments | 234,292 | 113,623 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 178,518 | 44,153 |
Short-term investments | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 4,500 |
Short-term investments | 234,292 | 113,623 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 4,500 | |
Short-term investments | 134,118 | 71,425 |
Commercial paper | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Commercial paper | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 134,118 | 71,425 |
Commercial paper | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 27,128 | 4,505 |
Corporate bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Corporate bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 27,128 | 4,505 |
Corporate bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Asset backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 27,411 | |
Asset backed securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Asset backed securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 27,411 | |
Asset backed securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 9,992 | |
Certificates of deposit | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Certificates of deposit | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 9,992 | |
Certificates of deposit | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Supranational bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 8,599 | |
Supranational bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Supranational bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 8,599 | |
Supranational bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
U.S. Treasury and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 27,044 | 37,693 |
U.S. Treasury and agency obligations | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
U.S. Treasury and agency obligations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 27,044 | 37,693 |
U.S. Treasury and agency obligations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 178,518 | 44,153 |
Money market funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 178,518 | 44,153 |
Money market funds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Money market funds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 0 | 0 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 4,500 | |
Commercial paper | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Commercial paper | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 4,500 | |
Commercial paper | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 0 |
Property and Equipment, Net - P
Property and Equipment, Net - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Right-of-use assets under finance leases | $ 1,343 | $ 1,571 |
Total | 63,203 | 56,722 |
Less: accumulated depreciation and amortization | (26,370) | (17,802) |
Property and equipment, net | 36,833 | 38,920 |
Computer software and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 29,203 | 22,930 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,944 | 6,011 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 26,713 | $ 26,210 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization | $ 9.5 | $ 8.1 | $ 6.3 |
Acquisitions, Goodwill and In_3
Acquisitions, Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2021 | Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | |||||
Payments to acquire businesses, net cash acquired | $ 258,465 | $ 276 | $ 74,911 | ||
Acquisition-related transaction costs | 6,900 | 300 | 4,000 | ||
Expense related to the intercompany transfer of intellectual property | 2,100 | ||||
Amortization of intangible assets | $ 6,400 | $ 2,300 | $ 600 | ||
Weighted average period | 7 years 8 months 12 days | ||||
Accurics | |||||
Business Acquisition [Line Items] | |||||
Percentage acquired | 100.00% | ||||
Payments to acquire businesses, net cash acquired | $ 160,000 | ||||
Cash acquired | $ 9,600 | ||||
Alsid | |||||
Business Acquisition [Line Items] | |||||
Percentage acquired | 100.00% | ||||
Payments to acquire businesses, net cash acquired | $ 98,500 | ||||
Cash acquired | $ 3,300 |
Acquisitions, Goodwill and In_4
Acquisitions, Goodwill and Intangible Assets - Schedule of Assets Acquired (Accurics and Alsid) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Oct. 31, 2021 | Apr. 30, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 261,614 | $ 54,414 | ||
Accurics | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | $ 180 | |||
Prepaid expenses and other assets | 341 | |||
Intangible assets | 33,390 | |||
Goodwill | 134,909 | |||
Accounts payable, accrued expenses and accrued compensation | (719) | |||
Deferred revenue | (188) | |||
Deferred tax liabilities, net | (7,937) | |||
Total purchase price allocation | $ 159,976 | |||
Alsid | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | $ 4,105 | |||
Prepaid expenses and other assets | 2,304 | |||
Intangible assets | 31,400 | |||
Goodwill | 72,291 | |||
Accounts payable, accrued expenses and accrued compensation | (3,794) | |||
Deferred revenue | (3,699) | |||
Deferred tax liabilities, net | (4,118) | |||
Total purchase price allocation | $ 98,489 |
Acquisitions, Goodwill and In_5
Acquisitions, Goodwill and Intangible Assets - Schedule of Finite-lived Intangible Assets Acquired (Accurics and Alsid) (Details) - USD ($) $ in Thousands | 1 Months Ended | |
Oct. 31, 2021 | Apr. 30, 2021 | |
Accurics | ||
Business Acquisition [Line Items] | ||
Cost | $ 33,390 | |
Alsid | ||
Business Acquisition [Line Items] | ||
Cost | $ 31,400 | |
Acquired technology | Accurics | ||
Business Acquisition [Line Items] | ||
Cost | $ 33,300 | |
Estimated Useful Life | 10 years | |
Acquired technology | Alsid | ||
Business Acquisition [Line Items] | ||
Cost | $ 31,300 | |
Estimated Useful Life | 7 years | |
Trade name | Accurics | ||
Business Acquisition [Line Items] | ||
Cost | $ 90 | |
Estimated Useful Life | 2 years | |
Trade name | Alsid | ||
Business Acquisition [Line Items] | ||
Cost | $ 100 | |
Estimated Useful Life | 1 year |
Acquisitions, Goodwill and In_6
Acquisitions, Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Business Combination and Asset Acquisition [Abstract] | |
Balance at December 31, 2020 | $ 54,414 |
Acquired goodwill | 207,200 |
Balance at December 31, 2021 | $ 261,614 |
Acquisitions, Goodwill and In_7
Acquisitions, Goodwill and Intangible Assets - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 82,314 | $ 17,525 |
Accumulated Amortization | (10,778) | (4,332) |
Net Carrying Amount | 71,536 | 13,193 |
Acquired technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 81,924 | 17,325 |
Accumulated Amortization | (10,499) | (4,224) |
Net Carrying Amount | 71,425 | 13,101 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 390 | 200 |
Accumulated Amortization | (279) | (108) |
Net Carrying Amount | $ 111 | $ 92 |
Acquisitions, Goodwill and In_8
Acquisitions, Goodwill and Intangible Assets - Schedule of Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Business Combination and Asset Acquisition [Abstract] | ||
2022 | $ 9,907 | |
2023 | 10,049 | |
2024 | 10,016 | |
2025 | 10,016 | |
2026 | 9,831 | |
Thereafter | 21,717 | |
Net Carrying Amount | $ 71,536 | $ 13,193 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Leased Assets [Line Items] | ||
Renewal term on lease | 5 years | |
Proceeds from tenant incentives | $ 14.2 | |
Minimum | ||
Operating Leased Assets [Line Items] | ||
Remaining terms of leases | 1 year | |
Option to terminate lease | 1 year | |
Maximum | ||
Operating Leased Assets [Line Items] | ||
Remaining terms of leases | 10 years | |
Option to terminate lease | 4 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease cost | $ 7,634 | $ 9,870 | $ 6,045 |
Finance lease cost | |||
Amortization of ROU assets | 7 | 242 | 607 |
Interest on lease liabilities | 5 | 6 | 7 |
Total finance lease cost | $ 12 | $ 248 | $ 614 |
Leases - Supplemental Informati
Leases - Supplemental Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating leases | |||
Weighted average remaining lease term | 9 years 2 months 12 days | 10 years | |
Weighted average discount rate | 5.50% | 5.60% | |
ROU assets obtained in exchange for lease obligations | |||
Operating leases | $ 3,137 | $ 3,188 | $ 39,170 |
Finance leases | $ 0 | $ 0 | $ 11 |
Leases - Operating Lease Liabil
Leases - Operating Lease Liability Maturities (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 5,446 |
2023 | 8,260 |
2024 | 8,396 |
2025 | 8,221 |
2026 | 7,421 |
Thereafter | 37,423 |
Total lease payments | 75,167 |
Less: Imputed interest | (17,801) |
Total | $ 57,366 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2021 | Dec. 31, 2021 | Jul. 31, 2020 | |
Line of Credit Facility [Line Items] | |||
Debt Instrument, covenant, leverage ratio, minimum | 35.00% | ||
Debt Instrument, covenant, leverage ratio, maximum | 5.50 | ||
Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, maximum borrowing capacity | $ 50,000,000 | ||
Revolving Credit Facility | 2020 Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, maximum borrowing capacity | $ 45,000,000 | ||
Line of credit, amount outstanding | $ 0 | ||
Revolving Credit Facility | Credit Agreement | |||
Line of Credit Facility [Line Items] | |||
Line of credit | $ 0 | ||
Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, maximum borrowing capacity | 15,000,000 | ||
Secured Debt | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, maximum borrowing capacity | $ 375,000,000 | ||
Annual amortization amount, percent | 1.00% | ||
Line of Credit | Credit Agreement | Minimum | |||
Line of Credit Facility [Line Items] | |||
Unused capacity, commitment fee percentage | 0.25% | ||
Line of Credit | Credit Agreement | Maximum | |||
Line of Credit Facility [Line Items] | |||
Unused capacity, commitment fee percentage | 0.375% | ||
LIBOR | Revolving Credit Facility | Minimum | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 2.00% | ||
LIBOR | Revolving Credit Facility | Maximum | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 2.50% | ||
LIBOR | Secured Debt | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 2.75% | ||
Debt instrument, basis spread on variable rate, variable rate floor | 0.50% |
Debt - Carrying Value of Senior
Debt - Carrying Value of Senior Notes (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Debt Instrument [Line Items] | |
Term loan | $ 375,000 |
Secured Debt | |
Debt Instrument [Line Items] | |
Term loan | 375,000 |
Less: Unamortized debt discount and issuance costs | (7,616) |
Term loan, net of issuance costs | 367,384 |
Less: Term loan, net, current | (2,656) |
Term loan, net of issuance costs (net of current portion) | $ 364,728 |
Debt - Maturities of Senior Not
Debt - Maturities of Senior Notes (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 3,750 |
2023 | 3,750 |
2024 | 3,750 |
2025 | 3,750 |
2026 | 3,750 |
Thereafter | 356,250 |
Total | $ 375,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Jul. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Purchase obligation, year 1 | $ 43.7 | |
Purchase obligation, year 2 | 46.8 | |
Purchase obligation, year 3 | 50.1 | |
Purchase obligation | $ 140.6 | |
Total paid under contract | $ 37.8 | |
Standby letters of credit | $ 5.7 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation expense, outstanding stock options | $ 2,500 | |||
Stock options vested and expected to vest (in shares) | 6,700,000 | |||
Proceeds from stock issued in connection with the employee stock purchase plan | $ 13,736 | $ 13,040 | $ 15,129 | |
2018 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant (in shares) | 19,828,070 | |||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Estimated remaining weighted average period | 6 months | |||
Stock options, stock incentive plans, maximum term (in years) | 10 years | |||
Stock options | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options, stock incentive plan, vesting period (in years) | 3 years | |||
Stock options | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options, stock incentive plan, vesting period (in years) | 4 years | |||
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation expense, unvested restricted stock or RSUs | $ 186,300 | |||
Estimated remaining weighted average period | 2 years 9 months 18 days | |||
RSUs | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options, stock incentive plan, vesting period (in years) | 2 years | |||
RSUs | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options, stock incentive plan, vesting period (in years) | 4 years | |||
Stock-based awards | 2018 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for issuance (in shares) | 5,185,762 | |||
Employee stock purchase plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for issuance (in shares) | 1,555,728 | |||
Shares available for grant (in shares) | 6,316,370 | |||
Estimated remaining weighted average period | 10 months 24 days | |||
Percentage of employee earnings allowed | 15.00% | |||
Discount price percentage | 85.00% | |||
Offering period (up to) | 27 months | |||
Common stock purchased (in shares) | 670,534 | 667,719 | 776,809 | |
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ 20.48 | $ 19.53 | $ 19.48 | |
Employee contributions | $ 6,000 | $ 6,500 | ||
Unrecognized stock-based compensation expense | $ 8,100 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | $ 79,405 | $ 59,573 | $ 43,443 |
Cost of revenue | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 4,446 | 3,158 | 2,817 |
Sales and marketing | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 29,410 | 19,842 | 16,032 |
Research and development | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 20,593 | 14,794 | 8,911 |
General and administrative | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | $ 24,956 | $ 21,779 | $ 15,683 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock and Restricted Stock Units (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Stock | |||
Number of Shares | |||
Number of shares unvested, beginning of period (in shares) | 99 | 495 | 890 |
Number of shares, granted (in shares) | 0 | 0 | 0 |
Number of shares, vested (in shares) | (99) | (396) | (395) |
Number of shares, forfeited (in shares) | 0 | 0 | 0 |
Number of shares unvested, end of period (in shares) | 0 | 99 | 495 |
Weighted Average Grant Date Fair Value | |||
Weighted average grant date fair value, beginning of period (in USD per share) | $ 4.25 | $ 4.25 | $ 4.25 |
Weighted average grant date fair value, granted (in USD per share) | 0 | 0 | 0 |
Weighted average grant date fair value, vested (in USD per share) | 4.25 | 4.25 | 4.25 |
Weighted average grant date fair value, forfeited (in USD per share) | 0 | 0 | 0 |
Weighted average grant date fair value, end of period (in USD per share) | $ 0 | $ 4.25 | $ 4.25 |
RSUs | |||
Number of Shares | |||
Number of shares unvested, beginning of period (in shares) | 4,490 | 2,894 | 1,129 |
Number of shares, granted (in shares) | 3,842 | 3,570 | 2,715 |
Number of shares, vested (in shares) | (1,872) | (1,504) | (479) |
Number of shares, forfeited (in shares) | (679) | (470) | (471) |
Number of shares unvested, end of period (in shares) | 5,781 | 4,490 | 2,894 |
Weighted Average Grant Date Fair Value | |||
Weighted average grant date fair value, beginning of period (in USD per share) | $ 28.13 | $ 26.34 | $ 18.90 |
Weighted average grant date fair value, granted (in USD per share) | 43.57 | 28.23 | 27.81 |
Weighted average grant date fair value, vested (in USD per share) | 28.14 | 25.37 | 18.28 |
Weighted average grant date fair value, forfeited (in USD per share) | 33.64 | 26.68 | 25.21 |
Weighted average grant date fair value, end of period (in USD per share) | $ 37.74 | $ 28.13 | $ 26.34 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Shares | ||||
Number of shares outstanding, beginning of period (in shares) | 9,441 | 12,939 | 19,219 | |
Number of shares, granted (in shares) | 0 | 0 | 0 | |
Number of shares, exercised (in shares) | (2,671) | (2,956) | (4,205) | |
Number of shares, forfeited/canceled (in shares) | (39) | (542) | (2,075) | |
Number of shares outstanding, end of period (in shares) | 6,731 | 9,441 | 12,939 | 19,219 |
Number of shares exercisable (in shares) | 5,851 | |||
Weighted Average Exercise Price | ||||
Weighted average exercise price, outstanding, beginning of period (in USD per share) | $ 8.56 | $ 8.38 | $ 7.78 | |
Weighted average exercise price, granted (in USD per share) | 0 | 0 | 0 | |
Weighted average exercise price, exercised (in USD per share) | 6.84 | 7.34 | 4.53 | |
Weighted average exercise price, forfeited/canceled (in USD per share) | 14.96 | 10.80 | 10.63 | |
Weighted average exercise price, outstanding, end of period (in USD per share) | 9.21 | $ 8.56 | $ 8.38 | $ 7.78 |
Weighted average exercise price, exercisable (in USD per share) | $ 8.30 | |||
Weighted Average Remaining Contractual Term/ Aggregate Intrinsic Value | ||||
Weighted average remaining contractual term (in years), outstanding | 5 years 6 months | 6 years 4 months 24 days | 7 years 1 month 6 days | 8 years |
Weighted average remaining contractual term (in years), exercisable | 5 years 4 months 24 days | |||
Aggregate intrinsic value, outstanding, beginning of period | $ 412,547 | $ 201,608 | $ 277,114 | |
Aggregate intrinsic value, exercised | 111,256 | 73,277 | 98,378 | |
Aggregate intrinsic value, outstanding, end of period | 308,677 | $ 412,547 | $ 201,608 | $ 277,114 |
Aggregate intrinsic value, exercisable | $ 273,642 |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value of ESPP Purchase Rights (Details) - Employee stock purchase plan | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility, minimum | 37.20% | 41.60% | 34.40% |
Expected volatility, maximum | 59.40% | 60.10% | 44.60% |
Risk - free interest rate, minimum | 0.10% | 0.10% | 1.50% |
Risk - free interest rate, maximum | 0.20% | 0.90% | 2.50% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 6 months | 6 months | 6 months |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 2 years | 2 years | 2 years |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Net Loss (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net loss | $ (46,677) | $ (42,731) | $ (99,013) |
Weighted-average shares used to compute net loss per share, basic (in shares) | 106,387 | 101,009 | 96,014 |
Weighted-average shares used to compute net loss per share, diluted (in shares) | 106,387 | 101,009 | 96,014 |
Net loss per share, basic (in usd per share) | $ (0.44) | $ (0.42) | $ (1.03) |
Net loss per share, diluted (in usd per share) | $ (0.44) | $ (0.42) | $ (1.03) |
Net Loss Per Share - Potentiall
Net Loss Per Share - Potentially Dilutive Securities (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 12,693 | 14,351 | 16,606 |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 6,731 | 9,441 | 12,939 |
RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 5,781 | 4,490 | 2,894 |
Shares to be issued under the 2018 ESPP | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 181 | 321 | 278 |
Restricted stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 99 | 495 |
Income Taxes - Components of Lo
Income Taxes - Components of Loss Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S. loss | $ (3,319) | $ (6,719) | $ (21,644) |
Foreign loss | (47,310) | (30,355) | (64,005) |
Loss before income taxes | $ (50,629) | $ (37,074) | $ (85,649) |
Income Taxes - Components of th
Income Taxes - Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current | |||
Federal | $ 3 | $ 3 | $ (224) |
State | 100 | 17 | 100 |
Foreign | 6,413 | 5,476 | 9,245 |
Total current tax expense | 6,516 | 5,496 | 9,121 |
Deferred | |||
Federal | (7,016) | 102 | 0 |
State | (827) | 59 | 0 |
Foreign | (2,625) | 0 | 4,243 |
Total deferred tax (benefit) expense | (10,468) | 161 | 4,243 |
Total (benefit) provision for income taxes | $ (3,952) | $ 5,657 | $ 13,364 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | |||||
Tax expense from intercompany transfer | $ 6,413 | $ 5,476 | $ 9,245 | ||
Deferred taxes from intercompany transfer | (2,625) | 0 | 4,243 | ||
Current tax expense | 6,516 | 5,496 | 9,121 | ||
Tax credits carryforwards | 17,900 | ||||
Unrecognized tax benefits | 7,575 | 7,123 | 7,163 | $ 4,814 | |
Effective tax rate impact | 100 | $ 100 | |||
Federal | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforwards | 398,500 | ||||
State | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforwards | 226,100 | ||||
Foreign | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforwards | 289,900 | ||||
Federal and State | Accurics | |||||
Operating Loss Carryforwards [Line Items] | |||||
Valuation allowance | $ 7,900 | ||||
ISRAEL | |||||
Operating Loss Carryforwards [Line Items] | |||||
Tax expense from intercompany transfer | 6,300 | ||||
Deferred taxes from intercompany transfer | $ 4,200 | ||||
Current tax expense | $ 2,800 |
Income Taxes - Differences Betw
Income Taxes - Differences Between Federal and Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory tax rate | 21.00% | 21.00% | 21.00% |
State and local taxes | 2.60% | 10.80% | 4.80% |
Research and development tax credit | 4.50% | 11.10% | 3.10% |
Stock-based compensation | 49.50% | 34.40% | 19.00% |
Uncertain tax positions | (0.10%) | 0.10% | (0.50%) |
Foreign tax rate differential | (1.20%) | (10.60%) | (7.90%) |
Change in valuation allowance | (55.70%) | (81.20%) | (40.80%) |
Gain on intercompany sale | (5.10%) | 0.00% | (12.30%) |
Foreign withholding tax | (2.00%) | (3.30%) | (1.40%) |
Transaction costs | (1.60%) | 0.00% | 0.00% |
Other | (4.10%) | 2.40% | (0.60%) |
Effective tax rate | 7.80% | (15.30%) | (15.60%) |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Net operating losses | $ 134,503 | $ 89,053 |
Deferred revenue | 13,598 | 13,454 |
Stock-based compensation | 14,157 | 11,846 |
Tax credits | 15,142 | 11,565 |
Leases | 12,929 | 15,238 |
Accrued compensation | 1,600 | 1,271 |
Interest expense | 2,013 | 0 |
Other | 231 | 379 |
Total deferred tax assets | 194,173 | 142,806 |
Valuation allowance | (147,040) | (112,363) |
Net deferred tax assets | 47,133 | 30,443 |
Deferred tax liabilities: | ||
Deferred commissions | (19,423) | (15,987) |
Property and equipment | (13,720) | (13,257) |
Intangible assets | (15,253) | (962) |
Other | (486) | (398) |
Total deferred tax liabilities | (48,882) | (30,604) |
Net deferred tax liabilities | $ (1,749) | $ (161) |
Income Taxes - Changes in Unrec
Income Taxes - Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits at the beginning of the period | $ 7,123 | $ 7,163 | $ 4,814 |
Additions for tax positions in the current year | 194 | 232 | 2,306 |
Increase in prior year positions | 64 | 62 | 90 |
Decrease in prior year positions | (48) | (334) | (89) |
Acquisitions | 242 | 0 | 42 |
Unrecognized tax benefits at the end of the period | $ 7,575 | $ 7,123 | $ 7,163 |
Geographic Information - Narrat
Geographic Information - Narrative (Details) - segment | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Concentration Risk [Line Items] | |||
Number of operating segments | 1 | ||
United States | Revenue | Geographic concentration risk | |||
Concentration Risk [Line Items] | |||
Concentration risk (in percent) | 58.00% | 61.00% | 63.00% |
Geographic Information - Revenu
Geographic Information - Revenue by Geographic Region (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 541,130 | $ 440,221 | $ 354,586 |
The Americas | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 347,724 | 293,734 | 243,616 |
Europe, Middle East and Africa | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 135,176 | 102,155 | 77,676 |
Asia Pacific | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 58,230 | $ 44,332 | $ 33,294 |
Geographic Information - Proper
Geographic Information - Property And Equipment, Net By Geographic Area (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | $ 36,833 | $ 38,920 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 33,579 | 35,406 |
International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | $ 3,254 | $ 3,514 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Contribution expense | $ 7.6 | $ 6.5 | $ 6.2 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | 1 Months Ended |
Feb. 25, 2022USD ($) | |
Subsequent event | Cymptom | |
Subsequent Event [Line Items] | |
Business combination, consideration transferred | $ 23 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 261 | $ 764 | $ 188 |
Additions Charged to Costs and Expenses | 349 | 336 | 967 |
Deductions | (86) | (839) | (391) |
Balance at End of Year | $ 524 | $ 261 | $ 764 |