Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 01, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | BL | |
Entity Registrant Name | BLACKLINE, INC. | |
Entity Central Index Key | 1,666,134 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 52,851,442 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 24,645 | $ 22,118 |
Marketable securities | 85,125 | 83,130 |
Accounts receivable, net | 45,233 | 42,294 |
Deferred sales commissions | 10,946 | 9,667 |
Prepaid expenses and other current assets | 6,794 | 6,614 |
Total current assets | 172,743 | 163,823 |
Capitalized software development costs, net | 6,129 | 4,591 |
Property and equipment, net | 12,126 | 11,318 |
Intangible assets, net | 44,130 | 54,118 |
Goodwill | 185,138 | 185,138 |
Other assets | 1,857 | 1,449 |
Total assets | 422,123 | 420,437 |
Current liabilities: | ||
Accounts payable | 2,934 | 7,165 |
Accrued expenses and other current liabilities | 18,354 | 18,931 |
Deferred revenue | 94,158 | 80,360 |
Short-term portion of contingent consideration | 2,008 | 2,008 |
Total current liabilities | 117,454 | 108,464 |
Common stock warrant liability | 11,380 | |
Contingent consideration | 3,597 | 3,230 |
Deferred tax liabilities, net | 993 | 1,262 |
Deferred revenue, noncurrent | 2,100 | 2,373 |
Other long-term liabilities | 2,190 | 2,318 |
Total liabilities | 126,334 | 129,027 |
Commitments and contingencies (Note 6) | ||
Stockholders' equity: | ||
Common stock | 528 | 513 |
Additional paid-in capital | 414,915 | 378,272 |
Accumulated other comprehensive loss | (32) | (41) |
Accumulated deficit | (119,622) | (87,334) |
Total stockholders' equity | 295,789 | 291,410 |
Total liabilities and stockholders' equity | $ 422,123 | $ 420,437 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | ||||
Subscription and support | $ 43,462 | $ 30,853 | $ 120,757 | $ 83,830 |
Professional services | 2,409 | 1,343 | 6,041 | 3,953 |
Total revenues | 45,871 | 32,196 | 126,798 | 87,783 |
Cost of revenues | ||||
Subscription and support | 8,707 | 6,440 | 24,729 | 18,515 |
Professional services | 2,191 | 1,101 | 5,776 | 3,029 |
Total cost of revenues | 10,898 | 7,541 | 30,505 | 21,544 |
Gross profit | 34,973 | 24,655 | 96,293 | 66,239 |
Operating expenses | ||||
Sales and marketing | 33,375 | 19,037 | 81,996 | 56,279 |
Research and development | 5,883 | 5,087 | 17,840 | 15,552 |
General and administrative | 8,920 | 7,698 | 25,809 | 19,633 |
Total operating expenses | 48,178 | 31,822 | 125,645 | 91,464 |
Loss from operations | (13,205) | (7,167) | (29,352) | (25,225) |
Other income (expense) | ||||
Interest income | 281 | 749 | 4 | |
Interest expense | (6) | (1,294) | (13) | (3,138) |
Change in fair value of the common stock warrant liability | (3,490) | 300 | ||
Other income (expense), net | 275 | (1,294) | (2,754) | (2,834) |
Loss before income taxes | (12,930) | (8,461) | (32,106) | (28,059) |
Provision for (benefit from) income taxes | 162 | (1,842) | 110 | (4,564) |
Net loss | $ (13,092) | $ (6,619) | $ (32,216) | $ (23,495) |
Net loss per share, basic and diluted | $ (0.25) | $ (0.16) | $ (0.62) | $ (0.58) |
Weighted average common shares outstanding, basic and diluted | 52,592 | 40,824 | 51,910 | 40,746 |
CONDENSED CONSOLIDATED STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (13,092) | $ (6,619) | $ (32,216) | $ (23,495) |
Other comprehensive income | ||||
Net change in unrealized gain on marketable securities, net of tax of $0 for the quarters and nine months ended September 30, 2017 and 2016 | 41 | 9 | ||
Other comprehensive income | 41 | 9 | ||
Comprehensive loss | $ (13,051) | $ (6,619) | $ (32,207) | $ (23,495) |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) (PARENTHETICAL) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net change in unrealized gain on marketable securities, tax | $ 0 | $ 0 | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Adjustment for change in accounting policy for stock option forfeitures | $ 72 | $ (72) | |||
Adjusted Balance | $ 291,410 | $ 513 | 378,344 | $ (41) | (87,406) |
Beginning Balance at Dec. 31, 2016 | 291,410 | $ 513 | 378,272 | (41) | (87,334) |
Beginning Balance, shares at Dec. 31, 2016 | 51,278,000 | ||||
Net exercise of stock warrants | 14,870 | $ 4 | 14,866 | ||
Net exercise of stock warrants, shares | 428,000 | ||||
Stock option exercises | 8,672 | $ 11 | 8,661 | ||
Stock option exercises. shares | 1,137,000 | ||||
Stock-based compensation | 13,044 | 13,044 | |||
Other comprehensive income | 9 | 9 | |||
Net loss | (32,216) | (32,216) | |||
Ending Balance at Sep. 30, 2017 | $ 295,789 | $ 528 | $ 414,915 | $ (32) | $ (119,622) |
Ending Balance, shares at Sep. 30, 2017 | 52,843,000 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities | ||
Net loss | $ (32,216) | $ (23,495) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 14,786 | 12,690 |
Accretion of debt discount and accrual of paid-in-kind interest | 2,083 | |
Change in fair value of common stock warrant liability | 3,490 | (300) |
Change in fair value of contingent consideration | 367 | 278 |
Stock-based compensation | 12,951 | 4,534 |
(Accretion) amortization of purchase discounts/premiums on marketable securities, net | 100 | |
Deferred income taxes | (269) | (4,820) |
Provision for doubtful accounts receivable | 602 | |
Changes in operating assets and liabilities, net of effects of the acquisition: | ||
Accounts receivable | (3,541) | (9,933) |
Deferred sales commissions | (1,279) | (983) |
Prepaid expenses and other current assets | (180) | (936) |
Other assets | (408) | (150) |
Accounts payable | (4,185) | 3,250 |
Accrued expenses and other current liabilities | 59 | 1,886 |
Deferred revenue | 13,525 | 17,535 |
Other long-term liabilities | (128) | (590) |
Net cash provided by operating activities | 3,674 | 1,049 |
Cash flows from investing activities | ||
Acquisition, net of cash acquired | (31,488) | |
Purchases of marketable securities | (51,647) | |
Proceeds from maturities of marketable securities | 49,561 | |
Capitalized software development costs | (3,345) | (2,326) |
Purchases of property and equipment | (3,729) | (1,308) |
Net cash used in investing activities | (9,160) | (35,122) |
Cash flows from financing activities | ||
Proceeds from term loan, net of issuance costs | 34,469 | |
Principal payments on capital lease obligations | (549) | (124) |
Proceeds from issuance of common stock | 3,075 | |
Proceeds from exercises of stock options | 8,672 | 2,196 |
Payments of initial public offering costs | (110) | (1,162) |
Net cash provided by financing activities | 8,013 | 38,454 |
Net increase in cash and cash equivalents | 2,527 | 4,381 |
Cash and cash equivalents, beginning of period | 22,118 | 15,205 |
Cash and cash equivalents, end of period | 24,645 | 19,586 |
Non-cash financing and investing activities | ||
Stock-based compensation capitalized for software development | 93 | 70 |
Net exercise of stock warrants | 14,870 | |
Capitalized software development costs included in accounts payable and accrued expenses and other current liabilities at end of period | 151 | 107 |
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities at end of period | $ 42 | 149 |
Deferred offering costs included in accounts payable and accrued expenses and other current liabilities at end of period | 2,186 | |
Term loan issuance costs included in accounts payable and accrued expenses and other current liabilities at end of period | $ 143 |
Company Overview
Company Overview | 9 Months Ended |
Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Company Overview | Note 1 – Company overview BlackLine, Inc. and its subsidiaries (the “Company” or “BlackLine”) provide financial accounting close solutions delivered primarily as Software as a Service (“SaaS”). The Company’s solutions enable its customers to address various aspects of their financial close process including account reconciliations, variance analysis of account balances, journal entry capabilities, and certain types of data matching capabilities. The Company is headquartered in Los Angeles, California and has offices in Chicago, Atlanta, New York, Vancouver, London, Paris, Frankfurt, Sydney, Melbourne, Kuala Lumpur, Netherlands, Poland, Singapore, and South Africa. |
Basis of Presentation, Signific
Basis of Presentation, Significant Accounting Policies and Recently-Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Significant Accounting Policies and Recently-Issued Accounting Pronouncements | Note 2 – Basis of presentation, significant accounting policies and recently-issued accounting pronouncements The accompanying condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2016 filed with the Securities and Exchange Commission (“SEC”) on March 10, 2017. The condensed consolidated financial statements are unaudited and have been prepared on a basis consistent with that used to prepare the audited annual consolidated financial statements and include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of the condensed consolidated financial statements. The condensed consolidated balance sheet as of December 31, 2016 was derived from audited financial statements, but does not include all disclosures required by GAAP. The operating results for the quarter and nine months ended September 30, 2017 are not necessarily indicative of the results expected for the full year ending December 31, 2017. Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates. Significant Accounting Policies There have been no material changes in the accounting policies from those disclosed in the audited consolidated financial statements and the related notes included in the Annual Report on Form 10-K. During the nine months ended September 30, 2017, the Company adopted the new stock compensation guidance and changed its policy to account for forfeitures when they occur and record income tax benefits related to stock awards in the statement of operations, subject to the need for a deferred tax asset valuation allowance – See Recently Issued Accounting Pronouncements. Recently-issued accounting standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance related to revenue from contracts with customers. Under this guidance, revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The updated standard will replace all existing revenue recognition guidance under GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. In July 2015, the FASB voted to defer the effective date to January 1, 2018, with early adoption beginning January 1, 2017. In March, April, May, and December 2016, the FASB issued amendments to the new guidance relating to reporting revenue on a gross versus net basis, identifying performance obligations and licensing arrangements and other narrow scope improvements. The Company will adopt the new revenue guidance in the first quarter of 2018 using the full retrospective method to restate each prior reporting period presented. While the Company is currently assessing the impact of the new revenue guidance on its arrangements, we anticipate this standard will have a material impact on our consolidated financial statements. The Company currently believes that the new guidance will impact the amount and timing of incremental costs of obtaining a contract, such as sales commissions. The Company generally does not pay sales commissions upon contract renewal. Accordingly, under the new revenue guidance, the sales commissions will be recognized over an estimated period of benefit rather than over the non-cancelable term under current guidance. The new guidance is also expected to impact the Company’s on-premise solutions subject to current software revenue recognition guidance, as the Company may be required to recognize as revenue a significant portion of the contract consideration upon delivery of the software compared to the current practice of recognizing the contract consideration ratably over time for certain arrangements. The new guidance will also require incremental disclosures of the Company’s revenue arrangements. The Company is in process of quantifying the impact of these changes. Adoption of this standard will also require changes to the Company’s business processes, systems and controls to support the new revenue recognition guidance. The Company is in the process of identifying and implementing such changes. In February 2016, the FASB issued new guidance which significantly changes the accounting for leases. The new guidance requires a lessee recognize in the balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. For income statement purposes, the new guidance retained a dual model, requiring leases to be classified as either operating or financing. Operating leases will result in straight-line expense while finance leases will result in a front-loaded expense pattern similar to existing capital lease guidance. For statement of cash flow purposes, the new guidance also retained the existing dual method, where cash payments for operating leases are reflected in cash flows from operating activities and principal and interest payments for finance leases are reflected in cash flows from financing activities and cash flows from operating activities, respectively. The new guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. The new guidance requires the recognition and measurement of leases at the beginning of the earliest period presented using a modified retrospective approach. The use of the modified retrospective approach allows an entity to use a number of practical expedients in the application of this new guidance. Although the Company is evaluating the impact of adopting this guidance on its consolidated financial statements, the Company expects that most of its operating lease commitments will be recognized as operating lease liabilities and right-of-use assets upon adoption of the new guidance. In March 2016, the FASB issued new guidance to simplify various aspects relating to accounting for stock-based compensation and related tax impacts, the classification of excess tax benefits on the statement of cash flows, statutory tax withholding requirements, and other stock-based compensation classification matters. The guidance was effective for annual reporting periods beginning after December 15, 2016 and interim periods within those annual periods. The Company adopted this guidance during the first quarter ended March 31, 2017. Upon adoption, the Company changed an accounting policy to account for forfeitures when they occur rather than estimate a forfeiture rate. The impact of this change in policy increased the Company’s accumulated deficit and additional paid-in capital by $0.1 million as of January 1, 2017. The new guidance also requires the Company to record, on a prospective basis, the income tax effects of stock-based compensation awards in the income statement as discrete items, subject to deferred tax asset valuation allowance considerations, in the reporting period in which they occur, which will increase volatility in the Company’s income tax provision in the future to the extent that the Company is able to realize the tax benefits. In addition, upon adoption previously unrecognized tax benefits were recorded as an adjustment to accumulated deficit, subject to assessment for the need for a deferred tax asset valuation allowance, as of January 1, 2017. The Company had $36.7 million of net operating losses related to tax benefits for stock-based compensation awards as of December 31, 2016 which were not recorded as deferred tax assets. As the Company has a full valuation allowance against its deferred tax assets, the adoption of this guidance did not have a material impact on the Company’s financial statements. In June 2016, the FASB issued guidance which requires that financial assets measured at amortized costs be presented at the net amount expected to be collected. This guidance amends the accounting for credit losses for available-for-sale securities and purchased financial assets with credit deterioration. This guidance is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. Early adoption is permitted for any interim or annual period after December 15, 2018. The Company has not determined the impact of this guidance on its consolidated financial statements. In November 2016, the which requires that restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning and ending total amounts shown on the statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years, and should be applied using a retrospective transition method to each period presented. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company’s restricted cash as of September 30, 2017 and December 31, 2016 was $0.4 million and therefore, the adoption of this guidance is not expected to have a material impact on the Company’s consolidated statements of cash flows. In February 2017, the FASB issued guidance which simplifies the subsequent measurement of goodwill by no longer requiring an entity to determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Under this new guidance, an entity would perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized would not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity would consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. Under the new guidance, an entity continues to have the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. This guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those years. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued guidance which shortens the amortization period for certain purchased callable debt securities held at a premium. Under this new guidance, an entity would shorten the amortization period of the premium to the earliest call date. This guidance is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Early adoption is permitted, including adoption in an interim period. The Company has not determined the impact of this guidance on its consolidated financial statements. In May 2017, the FASB issued guidance to clarify which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Under this guidance an entity should account for the effects of a modification unless all the following are met: 1) The fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified. If the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification; 2) The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and 3) The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The amendments in this guidance are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 and should be applied prospectively to an award modified on or after the adoption date. Early adoption is permitted, including adoption in any interim period. The Company is assessing the impact of this guidance but does not regularly or frequently modify the terms of equity awards so the adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In July 2017, the FASB issued guidance which changes the classification analysis of certain equity-linked financial instruments or embedded features, for example warrants and convertible debt, with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments. As a result, a freestanding equity-linked financial instrument or embedded conversion option no longer would be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. This new guidance also amends existing earnings per share guidance to recognize the effect of the down round feature when it is triggered. This guidance is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods . |
Investments in Marketable Secur
Investments in Marketable Securities | 9 Months Ended |
Sep. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Investments in Marketable Securities | Note 3 – Investments in Marketable Securities Investments in marketable securities presented within current assets on the consolidated balance sheet consisted of the following: September 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Marketable securities U.S. treasury securities $ 21,473 $ 1 $ (19 ) $ 21,455 Corporate bonds 28,627 — (12 ) 28,615 Commercial paper 27,257 — — 27,257 Asset-backed securities 7,800 — (2 ) 7,798 $ 85,157 $ 1 $ (33 ) $ 85,125 December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Marketable securities U.S. treasury securities $ 29,742 $ — $ (17 ) $ 29,725 Corporate bonds 25,522 — (21 ) 25,501 Commercial paper 15,554 — — 15,554 Asset-backed securities 12,353 — (3 ) 12,350 $ 83,171 $ — $ (41 ) $ 83,130 Gross realized gains and losses on marketable securities and net gains and losses reclassified from accumulated other comprehensive loss to earnings were not material for the quarter and nine months ended September 30, 2017. As of September 30, 2017, the Company’s marketable securities have a contractual maturity within one year. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2017 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Note 4 – Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, 2017 2016 Accrued salaries and employee benefits $ 10,612 $ 11,589 Accrued commissions to third-party partners 2,726 2,081 Accrued income and other taxes payable 878 1,553 Accrued professional services costs 563 454 Short-term portion of capital lease 442 992 Short-term tenant improvement allowance 341 341 Accrued initial public offering costs — 110 Other accrued expenses and current liabilities 2,792 1,811 $ 18,354 $ 18,931 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 5 – Fair value measurements The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis September 30, 2017 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 15,983 $ — $ — $ 15,983 Marketable securities U.S. treasury securities 21,455 — — 21,455 Corporate bonds — 28,615 — 28,615 Commercial paper — 27,257 — 27,257 Asset-backed securities — 7,798 — 7,798 Total assets $ 37,438 $ 63,670 $ — $ 101,108 Liabilities Contingent consideration — — 5,605 5,605 Total liabilities $ — $ — $ 5,605 $ 5,605 December 31, 2016 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 18,936 $ — $ — $ 18,936 Marketable securities U.S. treasury securities 29,725 — — 29,725 Corporate bonds — 25,501 — 25,501 Commercial paper — 15,554 — 15,554 Asset-backed securities — 12,349 — 12,349 Total assets $ 48,661 $ 53,404 $ — $ 102,065 Liabilities Common stock warrant liability $ — $ — $ 11,380 $ 11,380 Contingent consideration — — 5,238 5,238 Total liabilities $ — $ — $ 16,618 $ 16,618 The following table summarizes the changes in the common stock warrant liability (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Beginning fair value $ — $ 5,200 $ 11,380 $ 5,500 Change in fair value — — 3,490 (300 ) Exercise of stock warrants — — (14,870 ) — Ending fair value $ — $ 5,200 $ — $ 5,200 In May 2017, warrants to purchase 499,999 shares of common stock were net exercised resulting in the issuance of 428,033 shares of common stock and, accordingly, there we be no future changes in the fair value. The following table summarizes the changes in the contingent consideration liability (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Beginning fair value $ 5,427 $ 5,010 $ 5,238 $ 4,867 Change in fair value 178 135 367 278 Ending fair value $ 5,605 $ 5,145 $ 5,605 $ 5,145 |
Commitment and Contingencies
Commitment and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Note 6 – Commitments and contingencies Operating Leases - The Company has various non-cancelable operating leases for its corporate and international offices. These leases expire at various times through 2024. Certain lease agreements contain renewal options, rent abatement, and escalation clauses and entitle the Company to receive a tenant allowance from the landlord. The Company records tenant allowances as a deferred rent credit, which the Company amortizes on a straight-line basis, as a reduction of rent expense, over the term of the underlying lease. Contingent Consideration - On September 3, 2013, BlackLine Systems, Inc. was acquired by BlackLine, Inc. (the “2013 Acquisition”). In conjunction with the 2013 Acquisition, option holders of BlackLine Systems, Inc. were allowed to cancel their stock option rights and receive a cash payment equal to the amount of calculated gain (less applicable expense and other items) had they exercised their stock options and then sold their common shares as part of the 2013 Acquisition. As a condition of the 2013 Acquisition, the Company is required to pay additional cash consideration to certain equity holders if the Company realizes a tax benefit from the use of net operating losses generated from the stock option exercises concurrent with the 2013 Acquisition. The maximum contingent cash consideration to be distributed is $8.0 million. The fair value of the contingent consideration was $5.6 million and $5.2 million as of September 30, 2017 and December 31, 2016, respectively. Litigation - From time to time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of business. The Company is not currently a party to any legal proceedings, nor is it aware of any pending or threatened litigation, that would have a material adverse effect on the Company’s business, results of operations, cash flows or financial condition should such litigation be resolved unfavorably. Indemnification - In the ordinary course of business, the Company may provide indemnification of varying scope and terms to customers, vendors, investors, directors and officers with respect to certain matters, including, but not limited to, losses arising out of our breach of such agreements, services to be provided by the Company, or from intellectual property infringement claims made by third parties. These indemnification provisions may survive termination of the underlying agreement and the maximum potential amount of future payments the Company could be required to make under these indemnification provisions may not be subject to maximum loss clauses. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is indeterminable. The Company has never paid a material claim, nor has it been sued in connection with these indemnification arrangements. As of September 30, 2017 and December 31, 2016, the Company has not accrued a liability for these indemnification arrangements because the likelihood of incurring a payment obligation, if any, in connection with these indemnification arrangements is not probable or reasonably estimable. |
Stock Based Compensation Plans
Stock Based Compensation Plans | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation Plans | Note 7 – Stock-based compensation plans Stock-based compensation The following table summarizes the stock-based compensation that has been included in the following line items within the unaudited condensed consolidated statements of operations (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Cost of revenues $ 334 $ 150 $ 855 $ 425 Sales and marketing 7,761 501 9,169 1,834 Research and development 236 198 534 532 General and administrative 784 511 2,393 1,743 $ 9,115 $ 1,360 $ 12,951 $ 4,534 On July 21, 2017, the Company modified the vesting terms of options for certain Australian employees to purchase 219,000 shares of common stock to a time-based vesting schedule. Prior to the modification, the options vested solely upon a change in control of the Company. The Company recorded $5.8 million of stock-based compensation in the quarter ended September 30, 2017 relating to this modification. In addition, the Company recorded an additional $1.1 million relating to the modification of an award in connection with the termination of an employee. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8 – Income taxes In determining quarterly provisions for income taxes, the Company uses the annual estimated effective tax rate applied to the actual year-to-date loss, adjusted for discrete items arising in that quarter. The Company’s annual estimated effective tax rate differs from the U.S. federal statutory rate of 34% primarily as a result of state taxes, foreign taxes, and changes in the Company’s valuation allowance for domestic income taxes. For the quarter ended September 30, 2017 and 2016, the Company recorded $0.2 million in income tax expense related to foreign taxes and $1.8 |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 9 – Net loss per share Basic and diluted loss per share is calculated by dividing net loss by the weighted average number of shares of common stock outstanding. As the Company has net losses for the periods presented all potentially dilutive common stock, which are comprised of stock options and warrants, are antidilutive. The following potentially dilutive shares have been excluded from the calculation of diluted net loss per share attributable to common stockholders because they are antidilutive (in thousands): September 30, 2017 2016 Options to purchase common stock 5,604 5,247 Common stock warrants — 500 Total shares excluded from net loss per share 5,604 5,747 |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Business Combinations | Note 10 - Business combinations On August 31, 2016, the Company acquired Runbook Company B.V., a Netherlands-based provider of licensed financial close automation software and integration for SAP customers, or Runbook, which the Company refers to as the “Runbook Acquisition.” The primary purpose of the Runbook Acquisition was to enhance our position as a leading provider of software solutions to automate the financial close process for SAP customers and secondarily it supports our European expansion strategy. The following table presents the Company’s unaudited pro forma information, as if the acquisition occurred on January 1, 2015 (in thousands): Quarter Ended Nine Months Ended September 30, 2016 September 30, 2016 Pro forma total revenues $ 33,808 $ 92,856 Pro forma net loss $ (5,535 ) $ (23,391 ) Pro forma net loss per share, basic and diluted $ (0.14 ) $ (0.57 ) The pro forma results reflect certain adjustments for the depreciation and amortization of the fair value of the intangible assets acquired and related tax adjustments. Such pro forma amounts are not necessarily indicative of the results that actually would have occurred had the acquisition been completed on the date indicated, nor is it indicative of the future operating results of the Company. |
Basis of Presentation, Signif18
Basis of Presentation, Significant Accounting Policies and Recently-Issued Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
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 reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates. |
Recently-Issued Accounting Standards | Recently-issued accounting standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance related to revenue from contracts with customers. Under this guidance, revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The updated standard will replace all existing revenue recognition guidance under GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. In July 2015, the FASB voted to defer the effective date to January 1, 2018, with early adoption beginning January 1, 2017. In March, April, May, and December 2016, the FASB issued amendments to the new guidance relating to reporting revenue on a gross versus net basis, identifying performance obligations and licensing arrangements and other narrow scope improvements. The Company will adopt the new revenue guidance in the first quarter of 2018 using the full retrospective method to restate each prior reporting period presented. While the Company is currently assessing the impact of the new revenue guidance on its arrangements, we anticipate this standard will have a material impact on our consolidated financial statements. The Company currently believes that the new guidance will impact the amount and timing of incremental costs of obtaining a contract, such as sales commissions. The Company generally does not pay sales commissions upon contract renewal. Accordingly, under the new revenue guidance, the sales commissions will be recognized over an estimated period of benefit rather than over the non-cancelable term under current guidance. The new guidance is also expected to impact the Company’s on-premise solutions subject to current software revenue recognition guidance, as the Company may be required to recognize as revenue a significant portion of the contract consideration upon delivery of the software compared to the current practice of recognizing the contract consideration ratably over time for certain arrangements. The new guidance will also require incremental disclosures of the Company’s revenue arrangements. The Company is in process of quantifying the impact of these changes. Adoption of this standard will also require changes to the Company’s business processes, systems and controls to support the new revenue recognition guidance. The Company is in the process of identifying and implementing such changes. In February 2016, the FASB issued new guidance which significantly changes the accounting for leases. The new guidance requires a lessee recognize in the balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. For income statement purposes, the new guidance retained a dual model, requiring leases to be classified as either operating or financing. Operating leases will result in straight-line expense while finance leases will result in a front-loaded expense pattern similar to existing capital lease guidance. For statement of cash flow purposes, the new guidance also retained the existing dual method, where cash payments for operating leases are reflected in cash flows from operating activities and principal and interest payments for finance leases are reflected in cash flows from financing activities and cash flows from operating activities, respectively. The new guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. The new guidance requires the recognition and measurement of leases at the beginning of the earliest period presented using a modified retrospective approach. The use of the modified retrospective approach allows an entity to use a number of practical expedients in the application of this new guidance. Although the Company is evaluating the impact of adopting this guidance on its consolidated financial statements, the Company expects that most of its operating lease commitments will be recognized as operating lease liabilities and right-of-use assets upon adoption of the new guidance. In March 2016, the FASB issued new guidance to simplify various aspects relating to accounting for stock-based compensation and related tax impacts, the classification of excess tax benefits on the statement of cash flows, statutory tax withholding requirements, and other stock-based compensation classification matters. The guidance was effective for annual reporting periods beginning after December 15, 2016 and interim periods within those annual periods. The Company adopted this guidance during the first quarter ended March 31, 2017. Upon adoption, the Company changed an accounting policy to account for forfeitures when they occur rather than estimate a forfeiture rate. The impact of this change in policy increased the Company’s accumulated deficit and additional paid-in capital by $0.1 million as of January 1, 2017. The new guidance also requires the Company to record, on a prospective basis, the income tax effects of stock-based compensation awards in the income statement as discrete items, subject to deferred tax asset valuation allowance considerations, in the reporting period in which they occur, which will increase volatility in the Company’s income tax provision in the future to the extent that the Company is able to realize the tax benefits. In addition, upon adoption previously unrecognized tax benefits were recorded as an adjustment to accumulated deficit, subject to assessment for the need for a deferred tax asset valuation allowance, as of January 1, 2017. The Company had $36.7 million of net operating losses related to tax benefits for stock-based compensation awards as of December 31, 2016 which were not recorded as deferred tax assets. As the Company has a full valuation allowance against its deferred tax assets, the adoption of this guidance did not have a material impact on the Company’s financial statements. In June 2016, the FASB issued guidance which requires that financial assets measured at amortized costs be presented at the net amount expected to be collected. This guidance amends the accounting for credit losses for available-for-sale securities and purchased financial assets with credit deterioration. This guidance is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. Early adoption is permitted for any interim or annual period after December 15, 2018. The Company has not determined the impact of this guidance on its consolidated financial statements. In November 2016, the which requires that restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning and ending total amounts shown on the statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years, and should be applied using a retrospective transition method to each period presented. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company’s restricted cash as of September 30, 2017 and December 31, 2016 was $0.4 million and therefore, the adoption of this guidance is not expected to have a material impact on the Company’s consolidated statements of cash flows. In February 2017, the FASB issued guidance which simplifies the subsequent measurement of goodwill by no longer requiring an entity to determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Under this new guidance, an entity would perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized would not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity would consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. Under the new guidance, an entity continues to have the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. This guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those years. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued guidance which shortens the amortization period for certain purchased callable debt securities held at a premium. Under this new guidance, an entity would shorten the amortization period of the premium to the earliest call date. This guidance is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Early adoption is permitted, including adoption in an interim period. The Company has not determined the impact of this guidance on its consolidated financial statements. In May 2017, the FASB issued guidance to clarify which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Under this guidance an entity should account for the effects of a modification unless all the following are met: 1) The fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified. If the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification; 2) The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and 3) The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The amendments in this guidance are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 and should be applied prospectively to an award modified on or after the adoption date. Early adoption is permitted, including adoption in any interim period. The Company is assessing the impact of this guidance but does not regularly or frequently modify the terms of equity awards so the adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In July 2017, the FASB issued guidance which changes the classification analysis of certain equity-linked financial instruments or embedded features, for example warrants and convertible debt, with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments. As a result, a freestanding equity-linked financial instrument or embedded conversion option no longer would be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. This new guidance also amends existing earnings per share guidance to recognize the effect of the down round feature when it is triggered. This guidance is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods . |
Investments in Marketable Sec19
Investments in Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Investments in Marketable Securities | Investments in marketable securities presented within current assets on the consolidated balance sheet consisted of the following: September 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Marketable securities U.S. treasury securities $ 21,473 $ 1 $ (19 ) $ 21,455 Corporate bonds 28,627 — (12 ) 28,615 Commercial paper 27,257 — — 27,257 Asset-backed securities 7,800 — (2 ) 7,798 $ 85,157 $ 1 $ (33 ) $ 85,125 December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Marketable securities U.S. treasury securities $ 29,742 $ — $ (17 ) $ 29,725 Corporate bonds 25,522 — (21 ) 25,501 Commercial paper 15,554 — — 15,554 Asset-backed securities 12,353 — (3 ) 12,350 $ 83,171 $ — $ (41 ) $ 83,130 |
Accrued Expenses and Other Cu20
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, 2017 2016 Accrued salaries and employee benefits $ 10,612 $ 11,589 Accrued commissions to third-party partners 2,726 2,081 Accrued income and other taxes payable 878 1,553 Accrued professional services costs 563 454 Short-term portion of capital lease 442 992 Short-term tenant improvement allowance 341 341 Accrued initial public offering costs — 110 Other accrued expenses and current liabilities 2,792 1,811 $ 18,354 $ 18,931 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis September 30, 2017 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 15,983 $ — $ — $ 15,983 Marketable securities U.S. treasury securities 21,455 — — 21,455 Corporate bonds — 28,615 — 28,615 Commercial paper — 27,257 — 27,257 Asset-backed securities — 7,798 — 7,798 Total assets $ 37,438 $ 63,670 $ — $ 101,108 Liabilities Contingent consideration — — 5,605 5,605 Total liabilities $ — $ — $ 5,605 $ 5,605 December 31, 2016 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 18,936 $ — $ — $ 18,936 Marketable securities U.S. treasury securities 29,725 — — 29,725 Corporate bonds — 25,501 — 25,501 Commercial paper — 15,554 — 15,554 Asset-backed securities — 12,349 — 12,349 Total assets $ 48,661 $ 53,404 $ — $ 102,065 Liabilities Common stock warrant liability $ — $ — $ 11,380 $ 11,380 Contingent consideration — — 5,238 5,238 Total liabilities $ — $ — $ 16,618 $ 16,618 |
Common Stock Warrant Liability | |
Summary of Changes in Common Stock Warrant Liability and Contingent Consideration Liability | The following table summarizes the changes in the common stock warrant liability (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Beginning fair value $ — $ 5,200 $ 11,380 $ 5,500 Change in fair value — — 3,490 (300 ) Exercise of stock warrants — — (14,870 ) — Ending fair value $ — $ 5,200 $ — $ 5,200 |
Contingent Consideration | |
Summary of Changes in Common Stock Warrant Liability and Contingent Consideration Liability | The following table summarizes the changes in the contingent consideration liability (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Beginning fair value $ 5,427 $ 5,010 $ 5,238 $ 4,867 Change in fair value 178 135 367 278 Ending fair value $ 5,605 $ 5,145 $ 5,605 $ 5,145 |
Stock Based Compensation Plans
Stock Based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock-Based Compensation | The following table summarizes the stock-based compensation that has been included in the following line items within the unaudited condensed consolidated statements of operations (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Cost of revenues $ 334 $ 150 $ 855 $ 425 Sales and marketing 7,761 501 9,169 1,834 Research and development 236 198 534 532 General and administrative 784 511 2,393 1,743 $ 9,115 $ 1,360 $ 12,951 $ 4,534 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Potentially Dilutive Shares Excluded From Calculation of Diluted Net Loss Per Share Attributable to Common Stockholders | The following potentially dilutive shares have been excluded from the calculation of diluted net loss per share attributable to common stockholders because they are antidilutive (in thousands): September 30, 2017 2016 Options to purchase common stock 5,604 5,247 Common stock warrants — 500 Total shares excluded from net loss per share 5,604 5,747 |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Schedule of Unaudited Pro Forma Information | The following table presents the Company’s unaudited pro forma information, as if the acquisition occurred on January 1, 2015 (in thousands): Quarter Ended Nine Months Ended September 30, 2016 September 30, 2016 Pro forma total revenues $ 33,808 $ 92,856 Pro forma net loss $ (5,535 ) $ (23,391 ) Pro forma net loss per share, basic and diluted $ (0.14 ) $ (0.57 ) |
Basis of Presentation, Signif25
Basis of Presentation, Significant Accounting Policies and Recently-Issued Accounting Pronouncements - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Sep. 30, 2017 | Jan. 01, 2017 | |
Accumulated Deficit | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Adjustment for change in accounting policy for stock option forfeitures | $ (0.1) | ||
Additional Paid-in Capital | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Adjustment for change in accounting policy for stock option forfeitures | $ 0.1 | ||
New Accounting Pronouncement, Early Adoption, Effect | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Net operating losses related to tax benefits for stock-based compensation awards | $ 36.7 | ||
Restricted cash | $ 0.4 | $ 0.4 |
Investments in Marketable Sec26
Investments in Marketable Securities - Schedule of Investments in Marketable Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 85,157 | $ 83,171 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (33) | (41) |
Fair Value | 85,125 | 83,130 |
U.S. treasury securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 21,473 | 29,742 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (19) | (17) |
Fair Value | 21,455 | 29,725 |
Corporate bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 28,627 | 25,522 |
Gross Unrealized Losses | (12) | (21) |
Fair Value | 28,615 | 25,501 |
Commercial paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 27,257 | 15,554 |
Fair Value | 27,257 | 15,554 |
Asset-backed securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 7,800 | 12,353 |
Gross Unrealized Losses | (2) | (3) |
Fair Value | $ 7,798 | $ 12,350 |
Investments in Marketable Sec27
Investments in Marketable Securities - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2017 | |
Maximum | |
Schedule Of Available For Sale Securities [Line Items] | |
Marketable securities contractual maturity period | 1 year |
Accrued Expenses and Other Cu28
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Payables And Accruals [Abstract] | ||
Accrued salaries and employee benefits | $ 10,612 | $ 11,589 |
Accrued commissions to third-party partners | 2,726 | 2,081 |
Accrued income and other taxes payable | 878 | 1,553 |
Accrued professional services costs | 563 | 454 |
Short-term portion of capital lease | 442 | 992 |
Short-term tenant improvement allowance | 341 | 341 |
Accrued initial public offering costs | 110 | |
Other accrued expenses and current liabilities | 2,792 | 1,811 |
Accrued expenses and other current liabilities | $ 18,354 | $ 18,931 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | $ 101,108 | $ 102,065 |
Liabilities | ||
Common stock warrant liability | 11,380 | |
Contingent consideration | 5,605 | 5,238 |
Total liabilities | 5,605 | 16,618 |
Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 15,983 | 18,936 |
U.S. treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 21,455 | 29,725 |
Corporate bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 28,615 | 25,501 |
Commercial paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 27,257 | 15,554 |
Asset-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 7,798 | 12,349 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 37,438 | 48,661 |
Level 1 | Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 15,983 | 18,936 |
Level 1 | U.S. treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 21,455 | 29,725 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 63,670 | 53,404 |
Level 2 | Corporate bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 28,615 | 25,501 |
Level 2 | Commercial paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 27,257 | 15,554 |
Level 2 | Asset-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 7,798 | 12,349 |
Level 3 | ||
Liabilities | ||
Common stock warrant liability | 11,380 | |
Contingent consideration | 5,605 | 5,238 |
Total liabilities | $ 5,605 | $ 16,618 |
Fair Value Measurements - Sum30
Fair Value Measurements - Summary of Changes in Common Stock Warrant Liability (Details) - Common Stock Warrant Liability - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Beginning fair value | $ 5,200 | $ 11,380 | $ 5,500 |
Change in fair value | 3,490 | (300) | |
Exercise of stock warrants | $ (14,870) | ||
Ending fair value | $ 5,200 | $ 5,200 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - Common Stock - shares | 1 Months Ended | 9 Months Ended |
May 31, 2017 | Sep. 30, 2017 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Warrants to purchase of common stock | 499,999 | |
Issuance of common stock | 428,033 | 428,000 |
Fair Value Measurements - Sum32
Fair Value Measurements - Summary of Changes in Contingent Consideration Liability (Details) - Contingent Consideration - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Beginning fair value | $ 5,427 | $ 5,010 | $ 5,238 | $ 4,867 |
Change in fair value | 178 | 135 | 367 | 278 |
Ending fair value | $ 5,605 | $ 5,145 | $ 5,605 | $ 5,145 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | Sep. 03, 2013 | Sep. 30, 2017 | Dec. 31, 2016 |
Business Acquisition Contingent Consideration [Line Items] | |||
Lease expiration year | 2,024 | ||
BlackLine Systems, Inc. | |||
Business Acquisition Contingent Consideration [Line Items] | |||
Maximum contingent cash consideration to be distributed | $ 8 | ||
BlackLine Systems, Inc. | Contingent Consideration | |||
Business Acquisition Contingent Consideration [Line Items] | |||
Fair value of contingent consideration | $ 5.6 | $ 5.2 |
Stock Based Compensation Plan34
Stock Based Compensation Plans - Summary of Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 9,115 | $ 1,360 | $ 12,951 | $ 4,534 |
Cost of Revenues | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 334 | 150 | 855 | 425 |
Sales and Marketing | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 7,761 | 501 | 9,169 | 1,834 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 236 | 198 | 534 | 532 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 784 | $ 511 | $ 2,393 | $ 1,743 |
Stock Based Compensation Plan35
Stock Based Compensation Plans - Additional Information (Details) - USD ($) $ in Thousands | Jul. 21, 2017 | Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 5,800 | $ 12,951 | $ 4,534 | |
Australia | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock options granted to purchase shares of common stock for employee | 219,000 | |||
Termination of an Employee | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Additional stock-based compensation relating to the modification of an award | $ 1,100 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
U.S. Federal statutory rate | 34.00% | |||
Income tax expense (benefit) | $ 162 | $ (1,842) | $ 110 | $ (4,564) |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Potentially Dilutive Shares Excluded From Calculation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive shares excluded from net loss per share | 5,604 | 5,747 |
Options to purchase common stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive shares excluded from net loss per share | 5,604 | 5,247 |
Common stock warrants | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive shares excluded from net loss per share | 500 |
Business Combinations - Schedul
Business Combinations - Schedule of Unaudited Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
Business Combinations [Abstract] | ||
Pro forma total revenues | $ 33,808 | $ 92,856 |
Pro forma net loss | $ (5,535) | $ (23,391) |
Pro forma net loss per share, basic and diluted | $ (0.14) | $ (0.57) |