Talend (TLND) 10-Q8 May 202020 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 01, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2020
Entity File Number	001-37825
Entity Registrant Name	Talend S.A.
Entity Incorporation, State or Country Code	I0
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	9, rue Pages
Entity Address, City or Town	Suresnes
Entity Address, Country	FR
Entity Address, Postal Zip Code	92150
Country Region	+33
City Area Code	(0) 1 4
Local Phone Number	6 25 06 00
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,346,632
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001668105
Amendment Flag	false
American Depositary Shares [Member]
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares, each representing oneordinary share, nominal value €0.08 per share
Trading Symbol	TLND
Security Exchange Name	NASDAQ
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Ordinary shares, nominal value €0.08 per share
Trading Symbol	TLND
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 177,812	$ 177,075
Accounts receivable, net of allowance for doubtful accounts of $1,338 and $1,082, respectively	52,535	82,952
Contract acquisition costs	10,527	10,695
Other current assets	9,691	9,832
Total current assets	250,565	280,554
Non-current assets:
Contract acquisition costs	21,082	22,050
Operating lease right-of-use assets	26,375	27,821
Property and equipment, net	6,872	5,348
Goodwill	49,623	49,744
Intangible assets, net	12,619	14,018
Other non-current assets	4,403	4,382
Total non-current assets	120,974	123,363
Total assets	371,539	403,917
Current liabilities:
Accounts payable	1,766	4,439
Accrued expenses and other current liabilities	32,497	41,182
Contract liabilities - deferred revenue, current	130,347	142,616
Operating lease liabilities, current	4,941	5,047
Short-term debt	266	227
Total current liabilities	169,817	193,511
Non-current liabilities:
Deferred income taxes	591	768
Other non-current liabilities	1,210	1,137
Contract liabilities - deferred revenue, non-current	15,990	17,807
Operating lease liabilities, non-current	22,852	24,252
Long-term debt	128,960	130,490
Total non-current liabilities	169,603	174,454
Total liabilities	339,420	367,965
Commitments and contingencies (Note 8)
STOCKHOLDERS' EQUITY
Ordinary shares, par value 0.08 per share; 31,337,694 and 31,017,268 shares authorized, issued and outstanding, respectively	3,233	3,205
Additional paid-in capital	324,141	309,988
Accumulated other comprehensive income	1,196	1,107
Other reserves	246	207
Accumulated losses	(296,697)	(278,555)
Total stockholders' equity	32,119	35,952
Total liabilities and stockholders' equity	$ 371,539	$ 403,917

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts (in dollars)	$ 1,338	$ 1,082
Common stock, par value (per share)	$ 0.08	$ 0.08
Common stock, shares authorized (in shares)	31,337,694	31,017,268
Common stock, shares issued (in shares)		31,017,268
Common stock, shares outstanding (in shares)	31,337,694	31,017,268

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue
Total revenue	$ 68,119	$ 57,666
Cost of revenue
Total cost of revenue	14,765	15,200
Gross profit	53,354	42,466
Operating expenses
Sales and marketing	38,253	34,660
Research and development	15,934	14,858
General and administrative	15,655	10,412
Total operating expenses	69,842	59,930
Loss from operations	(16,488)	(17,464)
Interest income (expense), net	(1,805)	(2)
Other income (expense), net	198	(355)
Loss before benefit (provision) for income taxes	(18,095)	(17,821)
Benefit (provision) for income taxes	(47)	76
Net loss	$ (18,142)	$ (17,745)
Net loss per share attributable to ordinary shareholders, basic and diluted	$ (0.58)	$ (0.59)
Weighted-average shares outstanding used to compute net loss per share attributable to ordinary shareholders:	31,180	30,243
Subscriptions
Revenue
Total revenue	$ 60,909	$ 49,865
Cost of revenue
Total cost of revenue	8,024	7,322
Professional services
Revenue
Total revenue	7,210	7,801
Cost of revenue
Total cost of revenue	$ 6,741	$ 7,878

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (18,142)	$ (17,745)
Foreign currency translation adjustment	89	355
Total comprehensive loss	$ (18,053)	$ (17,390)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional paid-in capital	Accumulated other comprehensive income	Other reserves	Accumulated loss	Total
Increase (Decrease) in Stockholders' Equity
Adjustment on initial application					$ (85)	$ (85)
Adjusted balance	$ 3,128	$ 244,878	$ 404	$ 138	(217,086)	31,462
Adjusted balance (in shares)	30,158,374
Balance as of the beginning of the period at Dec. 31, 2018	$ 3,128	244,878	404	138	(217,001)	31,547
Balance as of the beginning of the period (in shares) at Dec. 31, 2018	30,158,374
Comprehensive loss:
Net loss for the period					(17,745)	(17,745)
Other comprehensive gain			355			355
Restricted stock units reserve		(44)		44
Shares issued from restricted stock unit vesting	$ 2	(2)
Shares issued from restricted stock unit vesting (in shares)	32,634
Exercise of stock awards	$ 11	1,618				1,629
Exercise of stock awards (in shares)	109,693
Issuance of ordinary shares in connection with employee stock purchase plan	$ 5	2,268				2,273
Issuance of ordinary shares in connection with employee stock purchase plan (in shares)	58,899
Share-based compensation		6,690				6,690
Balance as of the end of the period at Mar. 31, 2019	$ 3,146	255,408	759	182	(234,831)	24,664
Balance as of the end of the period (in shares) at Mar. 31, 2019	30,359,600
Balance as of the beginning of the period at Dec. 31, 2019	$ 3,205	309,988	1,107	207	(278,555)	35,952
Balance as of the beginning of the period (in shares) at Dec. 31, 2019	31,017,268
Comprehensive loss:
Net loss for the period					(18,142)	(18,142)
Other comprehensive gain			89			89
Restricted stock units reserve		(39)		39
Shares issued from restricted stock unit vesting	$ 9	(9)
Shares issued from restricted stock unit vesting (in shares)	101,523
Exercise of stock awards	$ 13	1,591				1,604
Exercise of stock awards (in shares)	145,928
Issuance of ordinary shares in connection with employee stock purchase plan	$ 6	2,281				2,287
Issuance of ordinary shares in connection with employee stock purchase plan (in shares)	72,975
Share-based compensation		10,329				10,329
Balance as of the end of the period at Mar. 31, 2020	$ 3,233	$ 324,141	$ 1,196	$ 246	$ (296,697)	$ 32,119
Balance as of the end of the period (in shares) at Mar. 31, 2020	31,337,694

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net loss for the period	$ (18,142)	$ (17,745)
Adjustments to reconcile net loss to net cash (used in) from operating activities:
Depreciation	816	707
Amortization of intangible assets	1,321	1,330
Amortization of debt discount and issuance costs	1,266
Amortization of contract acquisition costs	2,827	2,458
Non-cash operating lease cost	1,498	1,385
Unrealized (gain) loss foreign exchange	(615)	362
Accrued interest on convertible debt	677
Share-based compensation	10,329	6,690
Changes in operating assets and liabilities:
Accounts receivable	27,834	19,676
Contract acquisition costs	(2,338)	(2,409)
Other assets	1,103	(477)
Accounts payable	(2,599)	(3,122)
Accrued expenses and other current liabilities	(8,767)	(7,538)
Contract liabilities - deferred revenue	(10,878)	(7,750)
Operating lease liabilities	(1,484)	(1,353)
Net cash from (used in) operating activities	2,848	(7,786)
Cash flows from investing activities:
Acquisition of property and equipment	(2,449)	(587)
Net cash used in investing activities	(2,449)	(587)
Cash flows from financing activities:
Proceeds from issuance of ordinary shares related to exercise of stock awards	1,604	1,629
Proceeds from issuance of ordinary shares related to employee stock purchase plan	2,287	2,273
Repayment of borrowings	(5)	(7)
Net cash from financing activities	3,886	3,895
Net increase (decrease) in cash and cash equivalents	4,285	(4,478)
Cash and cash equivalents at beginning of the period	177,075	34,104
Effect of exchange rate changes on cash and cash equivalents	(3,548)	(192)
Cash and cash equivalents at end of the period	$ 177,812	$ 29,434

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	3 Months Ended
Organization and Summary of Significant Accounting Policies	Mar. 31, 2020
Organization and Summary of Significant Accounting Policies
Organization and Summary of Significant Accounting Policies	1. Organization and Summary of Significant Accounting Policies Business Talend S.A. (“the Company”) is a leader in data integration and data integrity. Talend’s software platform, Talend Data Fabric, integrates data and applications in real-time across modern big data and cloud environments, as well as traditional systems, allowing organizations to develop a unified view of their business and customers. The Company, organized under the laws of France in 2005, has its registered office located at 9, rue Pages, 92150 Suresnes, France. Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and reflect, in the opinion of management, all adjustments, consisting of normal recurring adjustments and accruals, necessary to present fairly the consolidated balance sheets as of March 31, 2020 and December 31, 2019, the consolidated statements of operations, the consolidated statements of comprehensive loss, the consolidate statements of stockholders’ equity and the consolidated statements of cash flows for the three months ended March 31, 2020 and March 31, 2019. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the audited Consolidated Financial Statements and accompanying Notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 17, 2020. Certain prior year financial information in the consolidated statement of cash flows has been reclassified to conform with current year presentation. In addition, an immaterial reclassification of unbilled revenue between other assets and accounts has 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 financial statements and accompanying notes. Significant items subject to such estimates include, but are not limited to, revenue recognition (including allocation of the transaction price to separate performance obligations), the amortization period for contract acquisition costs, contract period of leases, fair value of acquired intangible assets and goodwill, and share-based compensation expense. These estimates and assumptions are based on management’s best estimates and judgment. Management regularly evaluates its estimates and assumptions using historical experience and other factors; however, actual results could differ significantly from these estimates. Summary of significant accounting policies Except for the accounting policies described below, there have been no changes to the Company’s significant accounting polices disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 17, 2020, that have had a material impact on the Company’s condensed consolidated financial statements and related notes. Recently adopted accounting standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and in November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. ASU 2019-11 requires entities that did not adopt the amendments in ASU 2016-13 as of November 2019 to adopt ASU 2019-11, and contains the same effective dates and transition requirements as ASU 2016-13. ASU 2016-13 replaced the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 requires use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. Adoption of the standard requires using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the effective date to align existing credit loss methodology with the new standard. The Company adopted ASU 2016-13 effective January 1, 2020 and the adoption did not have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which modifies the goodwill impairment test and requires an entity to write down the carrying value of goodwill for the amount by which the carrying amount of a reporting unit exceeds its fair value. The Company adopted ASU 2017-04 effective January 1, 2020 and the adoption did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ASU 2018-15 aligns the requirements for capitalizing implementation costs in a cloud computing arrangement service contract with the requirements for capitalizing implementation costs incurred for an internal-use software license. The Company adopted ASU 2018-15 effective January 1, 2020 and the adoption did not have a material impact on our consolidated financial statements. Accounting standards issued not yet adopted There have been no other recent accounting pronouncements issued or not yet adopted or changes in accounting pronouncements that would be significant, or potentially significant, to the Company.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
Revenue from Contracts with Customers	Mar. 31, 2020
Revenue from Contracts with Customers
Revenue from Contracts with Customers	2. Revenue from Contracts with Customers Contract Liabilities Liabilities are recorded for amounts that are collected in advance of the satisfaction of performance obligations. These liabilities are classified as current and non-current contract liabilities – deferred revenue in the consolidated balance sheet. Deferred revenue, including current and non-current balances, was $146.3 million and $160.4 million as of March 31, 2020 and December 31, 2019, respectively. Revenue recognized from the deferred revenue balances at the beginning of each period was $55.4 million and $41.7 million for the three months ended March 31, 2020 and 2019, respectively. Remaining Performance Obligations The Company’s contracts with customers include amounts allocated to performance obligations of $193.2 million that will be satisfied at a later date. As of March 31, 2020, $145.6 million of deferred revenue and backlog is expected to be recognized from remaining performance obligations over the next 12 months, and approximately $47.6 million thereafter. Contract assets The Company may record assets for amounts related to performance obligations that are satisfied but not yet billed and/or collected. These assets, or unbilled revenue, are classified as accounts receivable, net in the consolidated balance sheet. Unbilled revenue was $1.8 million and $2.1 million as of March 31, 2020 and December 31, 2019, respectively. Contract acquisition costs The Company Disaggregation of Revenues The following table sets forth the Company’s total revenue by region for the periods indicated (in thousands). The revenues by geographic region were determined based on the country where the sale took place. Three Months Ended March 31, 2020 2019 Americas $ 31,167 $ 26,888 EMEA 29,886 26,534 Asia Pacific 7,066 4,244 Total revenue $ 68,119 $ 57,666 Revenues from the Company’s country of domicile, based on sales revenue recognized from customers in France, totaled $10.9 million and $9.0 million for the three months ended March 31, 2020 and 2019, respectively.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
Net Loss Per Share	Mar. 31, 2020
Net Loss Per Share
Net Loss Per Share	3. Net Loss Per Share Basic net income (loss) per share is computed by dividing net income (loss) for the period by the weighted-average number of shares outstanding during the period. In periods of net income, diluted net income per share is computed by dividing net income for the period by the basic weighted-average number of shares plus any dilutive potential ordinary shares outstanding during the period. As the Company was in a loss position for both of the three months ended March 31, 2020 and 2019, the diluted loss per share is equal to basic loss per share because the effects of potentially dilutive shares, which include shares from share-based awards and convertible senior notes, were anti-dilutive. During 2019, the Company issued 1.75% Convertible Senior Notes due September 1, 2024 (the “2024 Notes”) (see Note 6, Debt, The net loss and weighted average number of shares used in the calculation of basic and diluted earnings per share are as follows (in thousands, except per share data): Three Months Ended March 31, 2020 2019 Numerator (basic and diluted): Net loss $ (18,142) $ (17,745) Denominator (basic and diluted): Weighted-average ordinary shares outstanding 31,180 30,243 Basic and diluted net loss per share $ (0.58) $ (0.59)

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2020
Fair Value Measurements
Fair Value Measurements	4 . Fair Value Measurements The Company reports assets and liabilities recorded at fair value on the Company’s consolidated balance sheets based upon the level of judgment associated with inputs used to measure their fair value. Hierarchical levels that are directly related to the amount of judgment associated with the inputs to the valuation of these assets or liabilities are as follows: ● Level 1: observable quoted prices (unadjusted) in active markets for identical financial assets or liabilities. ● Level 2: inputs other than quoted prices (other than level 1) in active markets, that are observable either directly (i.e. as prices) or indirectly (i.e. derived from prices). ● Level 3: unobservable inputs that are supported by little or no market data, and may require significant management judgment or estimation. The fair value measurement level within the fair value hierarchy for a particular asset or liability is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. Financial instruments not measured at fair value on the Company's consolidated balance sheet, but which require disclosure of their fair values include: cash and cash equivalents, accounts receivable and certain other receivables, deposits, accounts payable and certain other payables and the 2024 Notes. The fair values of these financial instruments, other than the 2024 Notes, are deemed to approximate their carrying amount. The fair values of cash and cash equivalents, accounts receivable and certain other receivables, deposits, accounts payable and certain other payables are categorized as Level 1. The fair value of the 2024 Notes was categorized as Level 2 and was estimated based on a discounted cash flow method using a market interest rate for similar debt. As of March 31, 2020, the fair value of the 2024 Notes was $132.0 million. There were no transfers between levels of the fair value hierarchy during the three month periods ended March 31, 2020 or 2019.

Balance Sheet Components

Balance Sheet Components	3 Months Ended
Balance Sheet Components	Mar. 31, 2020
Balance Sheet Components
Balance Sheet Components	5. Balance Sheet Components Accrued expenses and other liabilities consisted of the following (in thousands): March 31, 2020 December 31, 2019 Accrued compensation and benefits $ 19,469 $ 24,201 VAT payable 3,505 6,238 Other taxes 153 502 Contingent liabilities 441 578 Other current liabilities 8,929 9,663 Accrued expenses and other liabilities $ 32,497 $ 41,182 Property and equipment, net consisted of the following (in thousands): March 31, 2020 December 31, 2019 Computer equipment and software $ 10,525 $ 8,587 Fixtures and fittings 2,394 2,312 Leasehold improvements 4,406 3,858 Property and equipment, gross 17,325 14,757 Less: accumulated depreciation (10,453) (9,409) Property and equipment, net $ 6,872 $ 5,348 Depreciation expense related to property and equipment was $0.8 million and $0.7 million Intangible assets as of March 31, 2020 and December 31, 2019 included the following (in thousands): March 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Weighted Average Customer relationships $ 4,940 $ (3,978) $ 962 $ 4,975 $ (3,600) $ 1,375 1 years Acquired developed technology 19,384 (7,727) 11,657 19,555 (6,912) 12,643 4 years Total $ 24,324 $ (11,705) $ 12,619 $ 24,530 $ (10,512) $ 14,018 Amortization expense for intangible assets was $1.3 million for both of the three months periods ended March 31, 2020 and 2019, respectively. The following table presents the estimated future amortization expense related to intangible assets as of March 31, 2020 (in thousands): Amount Remainder of 2020 $ 3,677 2021 3,619 2022 3,423 2023 1,900 Thereafter — Total amortization expense $ 12,619

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2020
Debt
Debt	6. Debt Convertible Senior Notes due September 1, 2024 In September 2019, the Company issued an aggregate principal amount of €125.0 million of the 2024 Notes and an additional €14.8 million pursuant to the partial exercise of the option to purchase additional 2024 Notes granted to the initial purchasers, in a private placement, pursuant to an exemption from the registration requirements afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), to qualified institutional buyers (as defined in Rule 144A promulgated under the Securities Act). The net proceeds from the issuance, after deducting initial purchaser discounts and debt issuance costs of €6.0 million, were €133.8 million. The 2024 Notes mature on September 1, 2024, unless earlier repurchased, redeemed or converted, and bear interest at a fixed rate of 1.75% per year payable semi-annually on March 1 and September 1 of each year, beginning on March 1, 2020. Each € 1,000 of principal amount of the 2024 Notes will initially be convertible, subject to adjustment upon the occurrence of specified events, into 19.3234 ADSs, corresponding to 19.3234 of the Company’s ordinary shares per €1,000 principal amount of the 2024 Notes as of the date hereof, which initial conversion rate is equivalent to an initial conversion price of approximately € 51.75 per ADS calculated on the basis of the closing price of the Company’s ADSs of $38.72 and a euro to U.S. Dollar exchange rate of €1 to $1.1036 on the pricing date of the 2024 Notes. Refer to Note 15, Debt , of the Company’s consolidated financial statements for the year ended December 31, 2019 for details of the issuance of the 2024 Notes. As of March 31, 2020, none of the conditions permitting the holders of the 2024 Notes to early convert had been met. Therefore, the 2024 Notes were classified as long-term debt for such period. The net carrying amount of the 2024 Notes was as follows as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Principal $ 153,432 $ 156,716 Unamortized debt discount (19,792) (21,227) Unamortized debt issuance costs (5,066) (5,443) Net carrying amount $ 128,574 $ 130,046 The net carrying amount of the equity component of the 2024 Notes was as follows as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Gross amount $ 21,866 $ 21,866 Allocated debt issuance costs (945) (945) Net carrying amount $ 20,921 $ 20,921 Interest expense related to the 2024 Notes was as follows during the three months ended March 31, 2020 (in thousands): Three Months Ended March 31, 2020 Contractual interest expense $ 677 Amortization of debt discount 998 Amortization of issuance costs 268 Total $ 1,943 There

Equity Incentive Plans

Equity Incentive Plans	3 Months Ended
Equity Incentive Plans	Mar. 31, 2020
Equity Incentive Plans
Equity Incentive Plans	7. Equity Incentive Plans In April 2017, the Company adopted the 2017 Stock Option Plan (the “2017 Plan”), primarily for the purpose of granting stock options to employees and employee warrants BSPCE ( bons de souscription de parts de créateur d'entreprise” “ In August 2019, the Company adopted the 2019 Free Share Plan (the “Free Share Plan”), primarily for the purpose of granting Restricted Stock Units (“RSUs”) to employees. In June 2019, the Company’s shareholders also delegated authority to the Company’s board of directors to grant warrants (“ bons de souscription d'actions The Company no longer grants employee warrants (BSPCE) as the Company no longer meets the eligibility criteria for granting BSPCEs. As of March 31, 2020, there were 1,259,480 ordinary shares available for future issuance under the 2017 Plan and 751,240 warrants (BSA) and RSUs available for grant under the Company’s share pool reserve. Stock options and warrants In general, vesting of stock options and employee warrants (BSPCE) occurs over four years, with 25% on the one year anniversary of the grant and 1/16th Employee warrants (BSPCE) are a specific type of option to acquire ordinary shares available to qualifying companies in France that meet certain criteria. Otherwise, employee warrants (BSPCE) function in the same manner as stock options. In general, warrants (BSA) vest quarterly over a one-year period. In addition to any exercise price payable by a holder upon the exercise of any warrants (BSA), pursuant to the relevant shareholders' delegation to the board, such warrants need to be subscribed for a price at least equal to 5% of the volume weighted average price of the last five trading sessions on the Nasdaq Global Market preceding the date of allocation of the BSA by the board of directors. Otherwise, warrants (BSA) function in the same manner as stock options. The following table summarizes the activity and related weighted-average exercise prices (“WAEP”) and weighted-average remaining contractual term (“WACT”) of the Company’s stock options and warrants for the three months ended March 31, 2020 (in thousands, except exercise price per option): Stock options outstanding BSPCE warrants outstanding BSA warrants outstanding WAEP per share WACT (in years) Aggregate intrinsic value Balance as of December 31, 2019 1,215 155 210 $ 14.61 5.1 $ 40,809 Granted — — — — Exercised (144) (2) — 10.94 Forfeited (11) (2) (11) 31.95 Balance as of March 31, 2020 1,060 151 199 $ 14.35 5.2 $ 15,215 Vested and expected to vest as of March 31, 2020 1,052 148 199 $ 14.39 5.2 $ 15,053 Exercisable as of March 31, 2020 993 136 186 $ 13.60 5.1 $ 14,896 The total intrinsic values of stock options and warrants exercised during the period ended March 31, 2020 was $4.0 million. Restricted Stock Units (RSUs) RSUs vest upon either performance-based or service-based criteria. Performance-based RSUs are typically granted such that they vest upon the achievement of certain software subscription sales targets, during a specified performance period, subject to the satisfaction of certain time-based service criteria. Compensation expense from these awards is equal to the fair market value of the Company’s ordinary shares on the date of grant and is recognized over the remaining service period based on the probable outcome of achievement of the financial metrics used in the specific grant’s performance criteria. Management’s estimate of the number of shares expected to vest is based on the anticipated achievement of the specified non-market performance criteria, which are assessed at each reporting period. In general, service-based RSUs vest over a four-year period, with 25% vesting on the one year anniversary of the grant and equal quarterly installments thereafter. A summary of RSU activity under all of the plans as of March 31, 2020 is presented in the following table (in thousands, except the weighted-average grant date fair value per RSU): Number of service- Number of performance- Weighted-average based RSUs based RSUs grant date fair value Balance as of December 31, 2019 1,924 384 $ 44.96 Granted 628 278 37.36 Vested and released (78) (24) 40.56 Forfeited (113) (201) 44.94 Balance as of March 31, 2020 2,361 437 $ 41.89 Expected to vest as of March 31, 2020 1,886 327 $ 42.18 Employee Stock Purchase Plan In the fourth quarter of 2017, the Company established the 2017 Employee Stock Purchase Plan (the “ESPP”), which was amended and restated in August 2019. The ESPP allows the Company’s employees to purchase ADSs, with each ADS representing one ordinary share of the Company, at a discount through payroll deductions up to 15% of their eligible compensation, subject to any plan limitations. The ESPP has two consecutive offering periods of approximately six months in length during the year and the purchase price of the ADSs is 85% of the lower of the fair value of the Company’s ADSs on the first trading day or on the last trading day of the offering period. A total of 425,547 ADSs are available for sale under the ESPP as of March 31, 2020. As of March 31, 2020, $0.7 million has been withheld on behalf of employees for a future purchase under the ESPP and is recorded in accrued compensation benefits. Compensation expense Cost of revenue and operating expenses include employee share-based compensation expense as follows (in thousands): Three Months Ended March 31, 2020 2019 Cost of revenue - subscriptions $ 248 $ 629 Cost of revenue - professional services 406 527 Sales and marketing 2,454 1,527 Research and development 2,957 2,232 General and administrative 4,264 1,775 Total share-based compensation expense $ 10,329 $ 6,690 During fiscal year 2019, the Company decreased the estimated forfeiture rate as part of the Company’s annual assessment of the assumptions used in the calculation of share-based compensation expense. The adjustment resulted in higher expense recognized in periods subsequent to March 31, 2019. As of March 31, 2020, the Company had $55.8 million of total unrecognized share-based compensation expense relating to unvested stock options, employee warrants (BSPCE), warrants (BSA) and RSUs, which are expected to be recognized over a weighted-average period of approximately 1.9 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2020
Commitments and Contingencies
Commitments and Contingencies	8 . Commitments and Contingencies Legal Proceedings In the ordinary course of business, the Company may be involved in various legal proceedings and claims related to intellectual property rights, commercial disputes, employment and wage and hour laws, alleged securities laws violations or other investor claims and other matters. For example, the Company has been, and may in the future be, put on notice and sued by third parties for alleged infringement of their proprietary rights, including patent infringement. The Company evaluates these claims and lawsuits with respect to their potential merits, the Company’s potential defenses and counterclaims, and the expected effect on it of defending the claims and a potential adverse result. The Company is not presently a party to any legal proceedings that in the opinion of its management, if determined adversely to it, would have a material adverse effect on its business, financial condition or results of operations. The Company accrues estimates for resolution of legal proceedings when losses are probable and estimable. Although the results of legal proceedings and claims are unpredictable, the Company believes that there was less than a reasonable possibility that the Company had incurred a material loss with respect to such legal proceedings and claims. As a result, the Company has not recorded an accrual for such contingencies as of March 31, 2020.

Income Tax

Income Tax	3 Months Ended
Income Tax	Mar. 31, 2020
Income Tax
Income Tax	9. Income Tax The Company provides for income taxes in interim periods based on the estimated annual effective tax rate for the year, adjusting for discrete items in the quarter in which they arise. The annual effective tax rate after discrete items was (0.3%) and 1.0% for the three months ended March 31, 2020 and 2019, respectively. The 2020 and 2019 annual effective tax rates differed from the French statutory income tax rate of 28% for 2020 and 31% for 2019, primarily due to a valuation allowance on current year losses in most jurisdictions. The Company files income tax returns in France, the US federal jurisdiction, many US states, as well as many foreign jurisdictions. The tax years 2005 to 2019 remain open to examination by the various jurisdictions in which the Company is subject to tax. Fiscal years outside the normal statutes of limitation remain open to audit by tax authorities due to tax attributes generated in those early years which have been carried forward and may be audited in subsequent years when utilized.

Related Party Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2020
Related Party Transactions
Related Party Transactions	10. Related Party Transactions As part of the Restlet SAS acquisition, the Company assumed debt totaling $1.2 million related to advances for research and development projects from Bpifrance to Restlet SAS. As of March 31, 2020, the debt had a carrying value of $0.7 million. There are no other material related party transactions that require disclosures.

Organization and summary of s_2

Organization and summary of significant accounting policies (Policies)	3 Months Ended
	Mar. 31, 2020
Organization and Summary of Significant Accounting Policies
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and reflect, in the opinion of management, all adjustments, consisting of normal recurring adjustments and accruals, necessary to present fairly the consolidated balance sheets as of March 31, 2020 and December 31, 2019, the consolidated statements of operations, the consolidated statements of comprehensive loss, the consolidate statements of stockholders’ equity and the consolidated statements of cash flows for the three months ended March 31, 2020 and March 31, 2019. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the audited Consolidated Financial Statements and accompanying Notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 17, 2020. Certain prior year financial information in the consolidated statement of cash flows has been reclassified to conform with current year presentation. In addition, an immaterial reclassification of unbilled revenue between other assets and accounts has
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 financial statements and accompanying notes. Significant items subject to such estimates include, but are not limited to, revenue recognition (including allocation of the transaction price to separate performance obligations), the amortization period for contract acquisition costs, contract period of leases, fair value of acquired intangible assets and goodwill, and share-based compensation expense. These estimates and assumptions are based on management’s best estimates and judgment. Management regularly evaluates its estimates and assumptions using historical experience and other factors; however, actual results could differ significantly from these estimates.
Summary of significant accounting policies	Summary of significant accounting policies Except for the accounting policies described below, there have been no changes to the Company’s significant accounting polices disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 17, 2020, that have had a material impact on the Company’s condensed consolidated financial statements and related notes.
Recently adopted accounting standards	Recently adopted accounting standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and in November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. ASU 2019-11 requires entities that did not adopt the amendments in ASU 2016-13 as of November 2019 to adopt ASU 2019-11, and contains the same effective dates and transition requirements as ASU 2016-13. ASU 2016-13 replaced the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 requires use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. Adoption of the standard requires using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the effective date to align existing credit loss methodology with the new standard. The Company adopted ASU 2016-13 effective January 1, 2020 and the adoption did not have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which modifies the goodwill impairment test and requires an entity to write down the carrying value of goodwill for the amount by which the carrying amount of a reporting unit exceeds its fair value. The Company adopted ASU 2017-04 effective January 1, 2020 and the adoption did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ASU 2018-15 aligns the requirements for capitalizing implementation costs in a cloud computing arrangement service contract with the requirements for capitalizing implementation costs incurred for an internal-use software license. The Company adopted ASU 2018-15 effective January 1, 2020 and the adoption did not have a material impact on our consolidated financial statements.
Accounting standards issued not yet adopted	Accounting standards issued not yet adopted There have been no other recent accounting pronouncements issued or not yet adopted or changes in accounting pronouncements that would be significant, or potentially significant, to the Company.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
Revenue from Contracts with Customers (Tables)	Mar. 31, 2020
Revenue from Contracts with Customers
Disclosure of revenues by region	The following table sets forth the Company’s total revenue by region for the periods indicated (in thousands). The revenues by geographic region were determined based on the country where the sale took place. Three Months Ended March 31, 2020 2019 Americas $ 31,167 $ 26,888 EMEA 29,886 26,534 Asia Pacific 7,066 4,244 Total revenue $ 68,119 $ 57,666

Net loss per share (Tables)

Net loss per share (Tables)	3 Months Ended
Net loss per share (Tables)	Mar. 31, 2020
Net Loss Per Share
Schedule of net loss and weighted average number of shares used in the calculation of basic and diluted earnings per share	The net loss and weighted average number of shares used in the calculation of basic and diluted earnings per share are as follows (in thousands, except per share data): Three Months Ended March 31, 2020 2019 Numerator (basic and diluted): Net loss $ (18,142) $ (17,745) Denominator (basic and diluted): Weighted-average ordinary shares outstanding 31,180 30,243 Basic and diluted net loss per share $ (0.58) $ (0.59)

Balance sheet components (Table

Balance sheet components (Tables)	3 Months Ended
Balance sheet components (Tables)	Mar. 31, 2020
Balance Sheet Components
Schedule of accrued expenses and other liabilities	Accrued expenses and other liabilities consisted of the following (in thousands): March 31, 2020 December 31, 2019 Accrued compensation and benefits $ 19,469 $ 24,201 VAT payable 3,505 6,238 Other taxes 153 502 Contingent liabilities 441 578 Other current liabilities 8,929 9,663 Accrued expenses and other liabilities $ 32,497 $ 41,182
Schedule of property and equipment	Property and equipment, net consisted of the following (in thousands): March 31, 2020 December 31, 2019 Computer equipment and software $ 10,525 $ 8,587 Fixtures and fittings 2,394 2,312 Leasehold improvements 4,406 3,858 Property and equipment, gross 17,325 14,757 Less: accumulated depreciation (10,453) (9,409) Property and equipment, net $ 6,872 $ 5,348
Schedule of intangible assets	Intangible assets as of March 31, 2020 and December 31, 2019 included the following (in thousands): March 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Weighted Average Customer relationships $ 4,940 $ (3,978) $ 962 $ 4,975 $ (3,600) $ 1,375 1 years Acquired developed technology 19,384 (7,727) 11,657 19,555 (6,912) 12,643 4 years Total $ 24,324 $ (11,705) $ 12,619 $ 24,530 $ (10,512) $ 14,018
Schedule of estimated future amortization expense related to intangible assets	The following table presents the estimated future amortization expense related to intangible assets as of March 31, 2020 (in thousands): Amount Remainder of 2020 $ 3,677 2021 3,619 2022 3,423 2023 1,900 Thereafter — Total amortization expense $ 12,619

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2020
Debt
Schedule of carrying amount of notes and equity components of debt	The net carrying amount of the 2024 Notes was as follows as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Principal $ 153,432 $ 156,716 Unamortized debt discount (19,792) (21,227) Unamortized debt issuance costs (5,066) (5,443) Net carrying amount $ 128,574 $ 130,046 The net carrying amount of the equity component of the 2024 Notes was as follows as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Gross amount $ 21,866 $ 21,866 Allocated debt issuance costs (945) (945) Net carrying amount $ 20,921 $ 20,921
Schedule of interest expense related to 2024 Notes	March 31, 2020 December 31, 2019 Gross amount $ 21,866 $ 21,866 Allocated debt issuance costs (945) (945) Net carrying amount $ 20,921 $ 20,921

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	3 Months Ended
Equity Incentive Plans (Tables)	Mar. 31, 2020
Equity Incentive Plans
Schedule of number of options and warrants outstanding and weighted-average exercise prices ("WAEP") of share options and warrants	The following table summarizes the activity and related weighted-average exercise prices (“WAEP”) and weighted-average remaining contractual term (“WACT”) of the Company’s stock options and warrants for the three months ended March 31, 2020 (in thousands, except exercise price per option): Stock options outstanding BSPCE warrants outstanding BSA warrants outstanding WAEP per share WACT (in years) Aggregate intrinsic value Balance as of December 31, 2019 1,215 155 210 $ 14.61 5.1 $ 40,809 Granted — — — — Exercised (144) (2) — 10.94 Forfeited (11) (2) (11) 31.95 Balance as of March 31, 2020 1,060 151 199 $ 14.35 5.2 $ 15,215 Vested and expected to vest as of March 31, 2020 1,052 148 199 $ 14.39 5.2 $ 15,053 Exercisable as of March 31, 2020 993 136 186 $ 13.60 5.1 $ 14,896
Schedule of compensation costs and operating expenses	Cost of revenue and operating expenses include employee share-based compensation expense as follows (in thousands): Three Months Ended March 31, 2020 2019 Cost of revenue - subscriptions $ 248 $ 629 Cost of revenue - professional services 406 527 Sales and marketing 2,454 1,527 Research and development 2,957 2,232 General and administrative 4,264 1,775 Total share-based compensation expense $ 10,329 $ 6,690
RSUs
Equity Incentive Plans
Schedule of summary of RSUs activity under all of the plans	A summary of RSU activity under all of the plans as of March 31, 2020 is presented in the following table (in thousands, except the weighted-average grant date fair value per RSU): Number of service- Number of performance- Weighted-average based RSUs based RSUs grant date fair value Balance as of December 31, 2019 1,924 384 $ 44.96 Granted 628 278 37.36 Vested and released (78) (24) 40.56 Forfeited (113) (201) 44.94 Balance as of March 31, 2020 2,361 437 $ 41.89 Expected to vest as of March 31, 2020 1,886 327 $ 42.18

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Revenue from Contracts with Customers
Contract with Customer, Liability	$ 146,300		$ 160,400
Revenue recognized from contract with customer	55,400	$ 41,700
Unbilled revenue	1,800		2,100
Contract acquisition costs	31,600		$ 32,700
Amortization of contract acquisition costs	2,827	$ 2,458
Impairment of assets related to contract acquisition cost	$ 0

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Remaining Performance Obligations (Details) $ in Millions	Mar. 31, 2020USD ($)
Remaining performance obligations
Remaining performance obligations	$ 193.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Remaining performance obligations
Remaining performance obligations	$ 145.6
Remaining performance obligations period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Remaining performance obligations
Remaining performance obligations	$ 47.6
Remaining performance obligations period

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Disaggregation of revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues by geographic region
Revenue from Contract with Customer, Including Assessed Tax	$ 68,119	$ 57,666
Americas
Revenues by geographic region
Revenue from Contract with Customer, Including Assessed Tax	31,167	26,888
EMEA
Revenues by geographic region
Revenue from Contract with Customer, Including Assessed Tax	29,886	26,534
Asia Pacific
Revenues by geographic region
Revenue from Contract with Customer, Including Assessed Tax	7,066	4,244
France
Revenues by geographic region
Revenue from Contract with Customer, Including Assessed Tax	$ 10,900	$ 9,000

Net loss per share (Details)

Net loss per share (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares	Mar. 31, 2019USD ($)$ / sharesshares	Mar. 31, 2020€ / shares	Dec. 31, 2019€ / shares
Numerator (basic and diluted):
Net loss \| $	$ (18,142)	$ (17,745)
Denominator (basic and diluted):
Weighted-average ordinary shares outstanding \| shares	31,180	30,243
Basic and diluted net loss per share \| $ / shares	$ (0.58)	$ (0.59)
Convertible Senior Notes due in 2024
Interest rate on debt			1.75%	1.75%
Initial conversion price (in dollars per share) \| € / shares			€ 51.75	€ 51.75

Fair value measurements - Trans

Fair value measurements - Transfers between levels (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair value measurement
Transfers from Level 1 to Level 2, Assets	$ 0	$ 0
Transfers from Level 2 to Level 1, Assets	0	0
Transfers into Level 3, Assets	0	0
Transfers from Level 3, Assets	0	0
Transfers from Level 1 to Level 2, Liability	0	0
Transfers from Level 2 to Level 1, Liability	0	0
Transfers into Level 3, Liability	0	0
Transfers from Level 3, Liability	0	$ 0
Convertible Senior Notes due in 2024
Fair value measurement
Debt Instrument, Fair Value Disclosure	$ 132,000

Balance Sheet Components - Accr

Balance Sheet Components - Accrued expenses and other liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Balance Sheet Components
Accrued compensation and benefits	$ 19,469	$ 24,201
VAT payable	3,505	6,238
Other taxes	153	502
Contingent liabilities	441	578
Other current liabilities	8,929	9,663
Accrued expenses and other liabilities	$ 32,497	$ 41,182

Balance sheet components - Prop

Balance sheet components - Property and equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Property and equipment
Property and equipment, gross	$ 17,325		$ 14,757
Less: accumulated depreciation	(10,453)		(9,409)
Property and equipment, net	6,872		5,348
Depreciation	816	$ 707
Computer equipment and software
Property and equipment
Property and equipment, gross	10,525		8,587
Fixtures and fittings
Property and equipment
Property and equipment, gross	2,394		2,312
Leasehold improvements
Property and equipment
Property and equipment, gross	$ 4,406		$ 3,858

Balance sheet components - Inta

Balance sheet components - Intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 24,324		$ 24,530
Accumulated Amortization	(11,705)		(10,512)
Net	12,619		14,018
Amortization expense for intangible assets	1,321	$ 1,330
Estimated future amortization expense related to intangible assets
Remainder of 2020	3,677
2021	3,619
2022	3,423
2023	1,900
Net	12,619		14,018
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,940		4,975
Accumulated Amortization	(3,978)		(3,600)
Net	$ 962		1,375
Weighted Average Remaining Useful Life	1 year
Estimated future amortization expense related to intangible assets
Net	$ 962		1,375
Acquired developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	19,384		19,555
Accumulated Amortization	(7,727)		(6,912)
Net	$ 11,657		12,643
Weighted Average Remaining Useful Life	4 years
Estimated future amortization expense related to intangible assets
Net	$ 11,657		$ 12,643

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes due in 2024 (Details) - Convertible Senior Notes due in 2024 € / shares in Units, $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Sep. 30, 2019EUR (€)	Mar. 31, 2020USD ($)$ / shares	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2020€ / shares	Dec. 31, 2019€ / shares
Debt Instrument [Line Items]
Aggregate principal amount of notes issued \| €	€ 125,000,000
Additional Debt Issued \| €	14,800,000
Debt Issuance costs \| €	6,000,000
Net proceed received \| €	€ 133,800,000
Interest rate on debt		1.75%		1.75%
Frequency of payment	semi-annually
Principal amount of notes initially be convertible \| €	€ 1,000
Initial conversion rate, number of shares to be issued per 1000 of principal amount (in shares)	19.3234
Initial conversion price (in dollars per share) \| € / shares					€ 51.75	€ 51.75
Closing Price \| $ / shares		$ 38.72
Exchange rate		1.1036
Principal Balance		$ 153,432		$ 156,716
Unamortized debt discount		(19,792)		(21,227)
Unamortized debt issuance costs		(5,066)		(5,443)
Net Carrying Amount		128,574		130,046
Gross Amount		21,866		21,866
Allocated debt issuance costs		(945)		(945)
Net Carrying Amount		20,921		$ 20,921
Contractual interest expense		677
Amortization of debt discount		998
Amortization of issuance costs		268
Total		$ 1,943	$ 0
American Depositary Shares [Member]
Debt Instrument [Line Items]
Initial conversion rate, number of shares to be issued per 1000 of principal amount (in shares)	19.3234

Equity Incentive Plans - Contra

Equity Incentive Plans - Contractual life and Authorized shares (Details)	3 Months Ended
	Mar. 31, 2020itemshares
Equity Incentive Plans
Number of ordinary shares available for future issuance	1,259,480
Number of stock options, warrants (BSA) and restricted stock units available for grant under the Company's share pool reserve	751,240
Vesting period	4 years
One year anniversary of grant
Equity Incentive Plans
Vesting percentage	25.00%
Quarterly after one year
Equity Incentive Plans
Vesting percentage	0.0625%
Stock options outstanding
Equity Incentive Plans
Vesting period	10 years
BSA warrants outstanding
Equity Incentive Plans
Vesting period	1 year
Percentage of volume weighted average price	5.00%
Number of trading sessions \| item	5

Equity Incentive Plans - Stock

Equity Incentive Plans - Stock options and warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
WAEP per share
Balance at beginning of period (in dollars per share)	$ 14.61
Exercised (in dollars per share)	10.94
Forfeited (in dollars per share)	31.95
Balance at end of period (in dollars per share)	14.35	$ 14.61
Vested and expected to vest at end of period (in dollars per share)	14.39
Exercisable at end of period (in dollars per share)	$ 13.60
WACT and Aggregate intrinsic value
Outstanding WACT (in years)	5 years 2 months 12 days	5 years 1 month 6 days
Vested and expected to vest at end of period (in years)	5 years 2 months 12 days
Exercisable at end of period (in years)	5 years 1 month 6 days
Outstanding Aggregate intrinsic value	$ 15,215	$ 40,809
Vested and expected to vest aggregate intrinsic value	15,053
Exercisable aggregate intrinsic value	14,896
Warrants
Total intrinsic value of stock options exercised	$ 4,000
Stock options outstanding
Stock Options
Number of stock options outstanding at beginning of period (in shares)	1,215
Exercised during the period (in shares)	(144)
Forfeited during the period (in shares)	(11)
Number of stock options outstanding at end of period (in shares)	1,060	1,215
Vested and expected to vest at end of period (in shares)	1,052
Exercisable at end of period (in shares)	993
BSPCE warrants outstanding
Warrants
Unvested balance at beginning of period (in shares)	155
Exercised during the year (in shares)	(2)
Forfeited during the year (in shares)	(2)
Unvested balance at end of period (in shares)	151	155
Vested and expected to vest at end of period (in shares)	148
Exercisable at end of period (in shares)	136
BSA warrants outstanding
Warrants
Unvested balance at beginning of period (in shares)	210
Forfeited during the year (in shares)	(11)
Unvested balance at end of period (in shares)	199	210
Vested and expected to vest at end of period (in shares)	199
Exercisable at end of period (in shares)	186

Equity Incentive Plans - Restri

Equity Incentive Plans - Restricted Stock Units (RSU) (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Equity Incentive Plans
Vesting period	4 years
Service-based RSUs
Equity Incentive Plans
Vesting period	4 years
Restricted Stock Units (RSU)
Unvested balance at beginning of period (in shares)	1,924
Granted during the period (in shares)	628
Vested and released during the period (in shares)	(78)
Forfeited during the year (in shares)	(113)
Unvested balance at end of period (in shares)	2,361
Expected to vest at end of period (in shares)	1,886
Performance-based RSUs
Restricted Stock Units (RSU)
Unvested balance at beginning of period (in shares)	384
Granted during the period (in shares)	278
Vested and released during the period (in shares)	(24)
Forfeited during the year (in shares)	(201)
Unvested balance at end of period (in shares)	437
Expected to vest at end of period (in shares)	327
Weighted-average grant date fair value
Unvested balance at beginning of period (in dollars per share) \| $ / shares	$ 44.96
Granted during the period (in dollars per share) \| $ / shares	37.36
Vested and released during the period (in dollars per share) \| $ / shares	40.56
Forfeited during the period (in dollars per share) \| $ / shares	44.94
Unvested balance at end of period (in dollars per share) \| $ / shares	41.89
Expected to vest at end of period (in dollars per share) \| $ / shares	42.18
Weighted-average grant date fair value during the period (in dollars per share) \| $ / shares	$ 37.36
One year anniversary of grant
Equity Incentive Plans
Vesting percentage	25.00%
One year anniversary of grant \| Service-based RSUs
Equity Incentive Plans
Vesting percentage	25.00%

Equity Incentive Plans - Employ

Equity Incentive Plans - Employee stock purchase plan (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)itemshares
Share-based payment plans
Vesting period	4 years
American Depositary Shares [Member] \| Employee Stock Purchase Plan
Share-based payment plans
Number of ordinary shares	1
Ordinary shares available for the sale of ESPP \| shares	425,547
Future Employee purchase under the ESPP \| $	$ 0.7
Payroll deduction percentage	15.00%
Number of consecutive offering periods	2
Vesting period	6 months
Fair value Of ADSs To calculate Purchase Price	85.00%

Equity Incentive Plans - Compen

Equity Incentive Plans - Compensation expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity Incentive Plans
Total stock-based compensation expense	$ 10,329	$ 6,690
Unrecognized compensation expenses	$ 55,800
Period of recognition for unrecognized compensation expense	1 year 10 months 24 days
Cost of revenue \| Subscriptions
Equity Incentive Plans
Total stock-based compensation expense	$ 248	629
Cost of revenue \| Professional services
Equity Incentive Plans
Total stock-based compensation expense	406	527
Sales and marketing
Equity Incentive Plans
Total stock-based compensation expense	2,454	1,527
Research and development
Equity Incentive Plans
Total stock-based compensation expense	2,957	2,232
General and administrative
Equity Incentive Plans
Total stock-based compensation expense	$ 4,264	$ 1,775

Income tax (Details)

Income tax (Details)	3 Months Ended		12 Months Ended
Income tax (Details)	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Income Tax
Annual effective tax rate after discrete items	(0.30%)	1.00%
Statutory income tax rate (as a percent)	28.00%		31.00%

Related party transactions (Det

Related party transactions (Details) - Bpifrance Financing - Restlet $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Related party transactions
Net debt assumed	$ 1.2
Debt carrying value	$ 0.7