Ping Identity Holding (PING) 10-Q 5 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Entity File Number	001-39056
Entity Registrant Name	PING IDENTITY HOLDING CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-2933383
Entity Address, Address Line One	1001 17th Street, Suite 100
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	468-2900
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	PING
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		82,031,979
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001679826
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 55,003	$ 145,733
Accounts receivable, net of allowances of $652 and $828 at March 31, 2021 and December 31, 2020, respectively	65,702	82,335
Contract assets, current (net of allowance)	61,562	62,503
Deferred commissions, current	6,819	6,604
Prepaid expenses	15,250	17,608
Other current assets	1,840	1,940
Total current assets	206,176	316,723
Noncurrent assets:
Property and equipment, net	9,134	9,446
Goodwill	441,352	441,150
Intangible assets, net	175,502	180,422
Contract assets, noncurrent (net of allowance)	8,119	11,288
Deferred commissions, noncurrent	9,715	9,325
Deferred income taxes, net	3,997	3,962
Operating lease right-of-use assets	14,808	15,619
Other noncurrent assets	3,327	2,516
Total noncurrent assets	665,954	673,728
Total assets	872,130	990,451
Current liabilities:
Accounts payable	571	2,795
Accrued expenses and other current liabilities	8,026	7,339
Accrued compensation	12,948	17,170
Deferred revenue, current	45,993	49,203
Operating lease liabilities, current	4,065	3,979
Total current liabilities	71,603	80,486
Noncurrent liabilities:
Deferred revenue, noncurrent	3,359	3,195
Long-term debt	39,076	149,014
Deferred income taxes, net	14,334	17,867
Operating lease liabilities, noncurrent	16,173	17,213
Other liabilities, noncurrent	1,565	1,566
Total noncurrent liabilities	74,507	188,855
Total liabilities	146,110	269,341
Commitments and contingencies (Note 14)
Stockholders' equity:
Preferred stock; $0.001 par value; 50,000,000 shares authorized at March 31, 2021 and December 31, 2020; no shares issued or outstanding at March 31, 2021 or December 31, 2020
Common stock; $0.001 par value; 500,000,000 shares authorized at March 31, 2021 and December 31, 2020; 81,475,176 and 81,163,896 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	81	81
Additional paid-in capital	759,645	739,051
Accumulated other comprehensive income	1,623	1,373
Accumulated deficit	(35,329)	(19,395)
Total stockholders' equity	726,020	721,110
Total liabilities and stockholders' equity	$ 872,130	$ 990,451

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowances	$ 652	$ 828
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	81,475,176	81,163,896
Common stock, outstanding (in shares)	81,475,176	81,163,896

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue:
Total revenue	$ 68,944	$ 61,412
Cost of revenue:
Amortization expense	5,809	4,602
Total cost of revenue	20,806	15,724
Gross profit	48,138	45,688
Operating expenses:
Sales and marketing	25,549	22,190
Research and development	21,702	12,214
General and administrative	14,455	11,515
Depreciation and amortization	4,365	4,249
Total operating expenses	66,071	50,168
Loss from operations	(17,933)	(4,480)
Other income (expense):
Interest expense	(396)	(506)
Other income (expense), net	(872)	(1,250)
Total other income (expense)	(1,268)	(1,756)
Loss before income taxes	(19,201)	(6,236)
Benefit for income taxes	3,267	1,944
Net loss	$ (15,934)	$ (4,292)
Net loss per share:
Basic and diluted (in dollars per share)	$ (0.20)	$ (0.05)
Weighted-average shares used in computing net income (loss) per share:
Basic and diluted (in shares)	81,339	79,743
Subscription
Revenue:
Total revenue	$ 64,216	$ 56,818
Cost of revenue:
Cost of revenue (exclusive of amortization shown below)	9,414	7,109
Professional services and other
Revenue:
Total revenue	4,728	4,594
Cost of revenue:
Cost of revenue (exclusive of amortization shown below)	$ 5,583	$ 4,013

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (15,934)	$ (4,292)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	250	(1,015)
Total other comprehensive income (loss)	250	(1,015)
Comprehensive loss	$ (15,684)	$ (5,307)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)Adjustment	Retained Earnings (Accumulated Deficit)	Adjustment	Total
Balances (ASU 2016-13) at Dec. 31, 2019				$ 152		$ 152
Balances at Dec. 31, 2019	$ 80	$ 718,446	$ (399)		$ (7,656)		$ 710,471
Balances (in shares) at Dec. 31, 2019	79,632,500
Increase (Decrease) in Stockholders' Equity
Net loss					(4,292)		(4,292)
Stock-based compensation		2,600					2,600
Exercise of stock options, net of tax withholding		135					135
Exercise of stock options, net of tax withholding (in shares)	273,444
Vesting of restricted stock, net of tax withholding (in shares)	17,170
Foreign currency translation adjustments, net of tax			(1,015)				(1,015)
Balances at Mar. 31, 2020	$ 80	721,181	(1,414)		(11,796)		708,051
Balances (in shares) at Mar. 31, 2020	79,923,114
Balances at Dec. 31, 2020	$ 81	739,051	1,373		(19,395)		721,110
Balances (in shares) at Dec. 31, 2020	81,163,896
Increase (Decrease) in Stockholders' Equity
Net loss					(15,934)		(15,934)
Stock-based compensation		16,300					16,300
Reclassification of liability-classified awards upon settlement		3,089					3,089
Exercise of stock options, net of tax withholding		1,770					1,770
Exercise of stock options, net of tax withholding (in shares)	198,105
Vesting of restricted stock, net of tax withholding		(565)					(565)
Vesting of restricted stock, net of tax withholding (in shares)	113,175
Foreign currency translation adjustments, net of tax			250				250
Balances at Mar. 31, 2021	$ 81	$ 759,645	$ 1,623		$ (35,329)		$ 726,020
Balances (in shares) at Mar. 31, 2021	81,475,176

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net loss	$ (15,934)	$ (4,292)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	10,174	8,851
Stock-based compensation expense	16,939	2,857
Amortization of deferred commissions	2,329	2,102
Amortization of deferred debt issuance costs	62	62
Operating leases, net	(142)	59
Deferred taxes	(3,546)	(2,050)
Other	(10)	282
Changes in operating assets and liabilities:
Accounts receivable	16,640	13,030
Contract assets	4,128	797
Deferred commissions	(2,934)	(1,536)
Prepaid expenses and other current assets	2,466	4,822
Other assets	(820)	49
Accounts payable	(2,013)	2,734
Accrued compensation	(1,865)	(6,222)
Accrued expenses and other	1,659	1,104
Deferred revenue	(3,046)	(9,164)
Net cash provided by operating activities	24,087	13,485
Cash flows from investing activities
Purchases of property and equipment and other	(953)	(1,094)
Capitalized software development costs	(3,974)	(3,299)
Payments for business acquisitions, net of cash acquired		(4,703)
Net cash used in investing activities	(4,927)	(9,096)
Cash flows from financing activities
Payment of Symphonic and ShoCard holdbacks	(993)
Payment of offering costs		(295)
Proceeds from stock option exercises	1,770	1,309
Payment for tax withholding on equity awards	(565)	(1,205)
Proceeds from long-term debt		97,823
Payment of long-term debt	(110,000)
Net cash provided by (used in) financing activities	(109,788)	97,632
Effect of exchange rates on cash and cash equivalents and restricted cash	(111)	(645)
Net increase (decrease) in cash and cash equivalents and restricted cash	(90,739)	101,376
Cash and cash equivalents and restricted cash
Beginning of period	146,499	68,386
End of period	55,760	169,762
Supplemental disclosures of cash flow information:
Cash paid for interest	339	514
Cash paid for taxes	215	157
Noncash activities:
Purchases of property and equipment, accrued but not yet paid	42	107
Reclassification of liability-classified awards upon settlement	$ 3,089
Acquisition-related accruals		226
Lease liabilities arising from right-of-use assets		$ 794

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Reconciliation of cash and cash equivalents and restricted cash within the consolidated balance sheets to the amounts shown in the statements of cash flows above:
Cash and cash equivalents	$ 55,003	$ 169,022
Restricted cash included in other noncurrent assets	757	740
Total cash and cash equivalents and restricted cash	$ 55,760	$ 169,762

Overview and Basis of Presentat

Overview and Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Overview and Basis of Presentation
Overview and Basis of Presentation	1. Overview and Basis of Presentation Organization and Description of Business Ping Identity Holding Corp. and its wholly owned subsidiaries, referred to herein as the “Company,” is headquartered in Denver, Colorado with international locations principally in Canada, the United Kingdom, France, Australia, Israel and India. The Company, doing business as Ping Identity Corporation (“Ping Identity”), provides customers, employees and partners with secure access to any service, application or application programming interface (“API”), while also managing identity and profile data at scale. Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). All amounts are reported in U.S. dollars. Unaudited Interim Condensed Consolidated Financial Information The accompanying interim condensed consolidated balance sheet as of March 31, 2021, the condensed consolidated statements of operations, of comprehensive loss, of cash flows and of stockholders’ equity for the three months ended March 31, 2021 and 2020 and the related footnote disclosures are unaudited. The condensed consolidated balance sheet data as of December 31, 2020 was derived from audited financial statements, but does not include all disclosures required by GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in management’s opinion, include all adjustments necessary to state fairly the consolidated financial position of the Company as of March 31, 2021, the results of operations for the three months ended March 31, 2021 and 2020 and cash flows for the three months ended March 31, 2021 and 2020. The results for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future period. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, determining the fair values of assets acquired and liabilities assumed in business combinations, valuing stock option awards and assessing the probability of the awards meeting vesting conditions, recognizing revenue, establishing allowances for expected credit losses based on expected credit losses and the collectability of financial assets, determining useful lives for finite-lived assets, assessing the recoverability of long-lived assets, determining the value of right-of-use assets and lease liabilities, accounting for income taxes and related valuation allowances against deferred tax assets, determining the amortization period for deferred commissions and assessing the accounting treatment for commitments and contingencies. Management evaluates these estimates and assumptions on an ongoing basis and makes estimates based on historical experience and various other assumptions that are believed to be reasonable. Actual results may differ from these estimates due to risks and uncertainties, including the continued uncertainty surrounding rapidly changing market and economic conditions due to the novel Coronavirus Disease 2019 (“COVID-19”) pandemic.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in “Note 2 — Summary of Significant Accounting Policies” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. There have been no significant changes to these policies that have had a material impact on the Company’s condensed consolidated financial statements and related notes for the three months ended March 31, 2021. The following describes the impact of certain policies. Recent Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ​ In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848)

Revenue Recognition and Deferre

Revenue Recognition and Deferred Commissions	3 Months Ended
	Mar. 31, 2021
Revenue Recognition and Deferred Commissions
Revenue Recognition and Deferred Commissions	3. Revenue Recognition and Deferred Commissions ​ The Company recognizes revenue under Accounting Standards Codification Topic 606 (“ASC 606”), Revenue from Contracts with Customers Disaggregation of Revenue The following table presents revenue by category: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Subscription term-based licenses: ​ ​ ​ ​ ​ ​ Multi-year subscription term-based licenses ​ $ 23,838 ​ $ 23,988 1-year subscription term-based licenses ​ ​ 17,344 ​ ​ 14,149 Total subscription term-based licenses ​ ​ 41,182 ​ ​ 38,137 Subscription SaaS and support and maintenance ​ ​ 23,034 ​ ​ 18,681 Professional services and other ​ 4,728 ​ 4,594 Total revenue ​ $ 68,944 ​ $ 61,412 ​ ​ The following table presents revenue by geographic region, which is based on the delivery address of the customer, and is summarized by geographic area: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ United States ​ $ 53,871 ​ $ 43,029 International ​ 15,073 ​ 18,383 Total revenue ​ $ 68,944 ​ $ 61,412 ​ Other than the United States, no other individual country exceeded 10% of total revenue for the three months ended March 31, 2021 or 2020. Contract Balances Contract assets represent amounts for which the Company has recognized revenue, pursuant to its revenue recognition policy, for contracts that have not yet been invoiced to customers where there is a remaining performance obligation, typically for multi-year arrangements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 73,791 ​ $ 86,010 Ending balance ​ ​ 69,681 ​ ​ 85,150 Change ​ $ (4,110) ​ $ (860) ​ Contract liabilities consist of customer billings in advance of revenue being recognized. The Company primarily invoices its customers for subscription arrangements annually in advance, though certain contracts require invoicing for the entire subscription in advance. Amounts anticipated to be recognized within one year of the balance sheet date are recorded as deferred revenue, current; the remaining portion is recorded as deferred revenue, noncurrent in the condensed consolidated balance sheets. The opening and closing balances of contract liabilities included in deferred revenue were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 52,398 ​ $ 47,507 Ending balance ​ ​ 49,352 ​ ​ 38,343 Change ​ $ (3,046) ​ $ (9,164) ​ ​ The change in deferred revenue relates primarily to invoicing customers and recognizing revenue in conjunction with the satisfaction of performance obligations. Revenue recognized during the three months ended March 31, 2021 and 2020 that was included in the deferred revenue balances at the beginning of the respective periods was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Deferred revenue recognized as revenue ​ $ 25,935 ​ $ 22,968 ​ Remaining Performance Obligations Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and noncancelable amounts to be invoiced. As of March 31, 2021, the Company had $175.5 million of transaction price allocated to remaining performance obligations, of which 83% is expected to be recognized as revenue over the next 24 months, with the remainder to be recognized thereafter. Deferred Commissions The following table summarizes the account activity of deferred commissions for the three months ended March 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 15,929 ​ $ 13,670 Additions to deferred commissions ​ ​ 2,934 ​ ​ 1,536 Amortization of deferred commissions ​ (2,329) ​ (2,102) Ending balance ​ $ 16,534 ​ $ 13,104 ​ ​ ​ ​ ​ ​ ​ Deferred commissions, current ​ $ 6,819 ​ $ 5,303 Deferred commissions, noncurrent ​ ​ 9,715 ​ ​ 7,801 Total deferred commissions ​ $ 16,534 ​ $ 13,104 ​

Allowances for Expected Credit

Allowances for Expected Credit Losses	3 Months Ended
	Mar. 31, 2021
Allowances for Expected Credit Losses
Allowances for Expected Credit Losses	4. Allowances for Expected Credit Losses The following table presents the changes in allowance for expected credit losses for financial assets measured at amortized cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts Contract ​ ​ Three Months Ended March 31, 2021 ​ ​ (in thousands) Beginning balance ​ $ 828 ​ $ 87 Provision for credit losses, net of recoveries ​ (21) ​ (7) Write-offs ​ (155) ​ — Ending balance ​ $ 652 ​ $ 80 ​

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2021
Fair Value of Financial Instruments
Fair Value of Financial Instruments	5. Fair Value of Financial Instruments For financial assets and liabilities that are measured at fair value on a recurring basis at each reporting period, the Company uses a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs. A financial instrument’s classification within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company invests primarily in money market funds, which are measured and recorded at fair value on a recurring basis and are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The fair value of these financial instruments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) Cash and cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 5,000 ​ $ — ​ $ — ​ $ 5,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) Cash and cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 113,083 ​ $ — ​ $ — ​ $ 113,083 ​ The carrying amounts of the Company’s accounts receivable, accounts payable and other current liabilities approximate their fair values due to their short maturities. The carrying value of the Company’s long-term debt approximates its fair value based on Level 2 inputs as the principal amounts outstanding are subject to variable interest rates that are based on market rates (see Note 9).

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2021
Property and Equipment
Property and Equipment	6. Property and Equipment Property and equipment consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2021 2020 ​ (in thousands) Computer equipment ​ $ 7,163 ​ $ 6,581 Furniture and fixtures ​ ​ 3,885 ​ ​ 3,887 Purchased computer software ​ ​ 785 ​ ​ 785 Leasehold improvements ​ ​ 7,866 ​ ​ 7,818 Other ​ ​ 448 ​ ​ 448 Property and equipment, gross ​ ​ 20,147 ​ ​ 19,519 Less: Accumulated depreciation ​ ​ (11,013) ​ ​ (10,073) Property and equipment, net ​ $ 9,134 ​ $ 9,446 ​ Depreciation expense was $0.9 million for each of the three months ended March 31, 2021 and 2020.

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2021
Business Combinations
Business Combinations	7. Business Combinations Symphonic Software Limited Acquisition On October 31, 2020, the Company acquired 100% of the voting equity interest in Symphonic Software Limited (“Symphonic”). Symphonic is a leader in dynamic authorization for protecting APIs, data, apps and resources through identity. The purpose of this acquisition was to accelerate dynamic and intelligent authorization for enterprises pursuing Zero Trust identity-defined security. The total purchase price was $28.8 million, net of cash acquired. An additional $0.4 million and $0.6 million is payable in common stock of the Company on December 31, 2021 and December 31, 2022, respectively, contingent on individuals remaining employed as of those dates and meeting certain performance conditions. As these payments are subject to the continued employment of those individuals, they will be recognized through compensation expense as incurred. See Note 12 for additional details. ​ The following table summarizes the preliminary allocation of the purchase price, based on the estimated fair value of the assets acquired and liabilities assumed at the acquisition date: ​ ​ ​ ​ ​ ​ ​ October 31, 2020 Useful Life ​ ​ (in thousands) ​ ​ Fair value of net assets acquired ​ Developed technology ​ $ 6,999 6 years Product backlog ​ ​ 609 ​ 3 years Customer relationships ​ ​ 246 ​ 3 years Goodwill ​ 21,341 Indefinite Contract asset ​ ​ 1,387 ​ ​ Other assets ​ 373 Total assets acquired ​ 30,955 Deferred tax liability ​ ​ (1,881) ​ ​ Other liabilities ​ (253) Total liabilities assumed ​ (2,134) Net assets acquired, excluding cash ​ $ 28,821 ​ Goodwill is primarily attributable to the workforce acquired and the expected synergies arising from integrating Symphonic into the Ping Intelligent Identity Platform so enterprise customers can cover advanced authorization scenarios that go beyond typical user roles and entitlements. None of the goodwill is deductible for tax purposes. Additional information around the Symphonic acquisition, such as that related to income tax and other contingencies existing as of the acquisition date but unknown to the Company, may become known during the remainder of the measurement period, not to exceed one year from the acquisition date, which may result in changes to the amounts and allocations recorded. ShoCard, Inc. Acquisition On March 2, 2020, the Company acquired 100% of the voting equity interest in ShoCard, Inc., a Delaware Corporation (“ShoCard”). ShoCard is a cloud-based mobile identity solution that offers identity services for verified claims. The purpose of this acquisition was to expand the Company’s identity proofing solutions. The total purchase price was $5.5 million. An additional $3.1 million and $2.3 million of contingent compensation was payable in common stock of the Company on the first and second anniversary of the acquisition, respectively, contingent on certain individuals remaining employed as of those dates and other service conditions. As these payments are subject to the continued employment of those individuals, they will be recognized through compensation expense as incurred. On March 2, 2021, the Company settled the first portion of contingent compensation payable. See Note 12 for additional details. The following table summarizes the allocation of the purchase price, based on the estimated fair value of the assets acquired and liabilities assumed at the acquisition date: ​ ​ ​ ​ ​ ​ ​ March 2, 2020 Useful Life ​ ​ (in thousands) ​ ​ Fair value of net assets acquired ​ Developed technology ​ $ 3,550 7 years Goodwill ​ 964 Indefinite Deferred tax asset ​ ​ 1,005 ​ ​ Other assets ​ 11 Total assets acquired ​ 5,530 Other liabilities ​ (2) Total liabilities assumed ​ (2) Net assets acquired ​ $ 5,528 ​ Goodwill is primarily attributable to the workforce acquired and the expected synergies arising from integrating ShoCard’s identity solution with the Company’s existing identity solutions. None of the goodwill is deductible for tax purposes. The Company incurred $0.5 million of acquisition-related expenses in conjunction with the ShoCard acquisition, which are included in general and administrative expenses on the condensed consolidated statement of operations for the three months ended March 31, 2020. Additional Acquisition Related Information The operating results of Symphonic and ShoCard are included in the Company’s condensed consolidated statements of operations from their respective dates of acquisition. Revenue and earnings of Symphonic and ShoCard since their respective dates of acquisition and pro forma results of operations have not been prepared because the effect of the acquisitions were not material to the condensed consolidated statements of operations.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets
Goodwill and Intangible Assets	8. Goodwill and Intangible Assets The changes in the carrying amount of the Company’s goodwill balance from December 31, 2020 to March 31, 2021 were as follows (in thousands): ​ ​ ​ ​ ​ Beginning balance ​ $ 441,150 Foreign currency translation adjustment ​ ​ 202 Ending balance ​ $ 441,352 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ Gross ​ Accumulated ​ Net Carrying ​ Amount Amortization Value ​ ​ (in thousands) Developed technology $ 119,516 $ (59,508) $ 60,008 Customer relationships 95,137 (35,625) 59,512 Trade names 56,734 (26,842) 29,892 Product backlog ​ ​ 648 ​ ​ (105) ​ ​ 543 Capitalized internal-use software ​ 39,974 (15,056) 24,918 Other intangible assets 1,290 (661) 629 Total intangible assets $ 313,299 $ (137,797) $ 175,502 ​ ​ The Company’s intangible assets as of December 31, 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Gross Accumulated Net Carrying ​ Amount Amortization Value ​ ​ (in thousands) Developed technology ​ $ 119,450 $ (55,826) $ 63,624 Customer relationships ​ 95,135 (33,724) 61,411 Trade names ​ 56,718 (25,424) 31,294 Product backlog ​ 642 ​ ​ (42) ​ ​ 600 Capitalized internal-use software ​ 35,841 (12,949) 22,892 Other intangible assets ​ 1,199 (598) 601 Total intangible assets ​ $ 308,985 $ (128,563) $ 180,422 ​ The Company capitalized $4.2 million and $3.3 million of internal-use software costs during the three months ended March 31, 2021 and 2020, respectively, which included $0.2 million and $0.0 million of stock-based compensation costs, respectively. ​ Amortization expense for the three months ended March 31, 2021 and 2020 was $9.3 million and $7.9 million, respectively. ​ As of March 31, 2021, expected amortization expense for intangible assets subject to amortization for the next five years is as follows: ​ ​ ​ ​ ​ Year Ending December 31, March 31, 2021 ​ ​ (in thousands) 2021 (remaining nine months) ​ $ 37,104 2022 ​ 35,080 2023 ​ 32,297 2024 ​ 28,664 2025 ​ 17,423 Thereafter ​ 24,934 Total ​ $ 175,502 ​

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt
Debt	9. Debt In December 2019, Roaring Fork Intermediate, LLC and Ping Identity Corporation, each a wholly-owned subsidiary of Ping Identity Holding Corp., and certain of their subsidiaries, entered into a credit agreement (the “Credit Agreement”) with the financial institutions identified therein as lenders, including Bank of America, N.A., as administrative agent, and BofA Securities, Inc. and RBC Capital Markets as joint lead arrangers. The Credit Agreement provides for a senior revolving line of credit in a principal committed amount of $150.0 million (the “Revolving Credit Facility”), with the option to request incremental term loan facilities in a minimum amount of $10 million for each facility if certain conditions are met. The Company’s obligations under the Credit Agreement are secured by substantially all of the assets of the Company, and borrowings under the Revolving Credit Facility may be used for working capital and other general corporate purposes, including for acquisitions permitted under the Credit Agreement. The Credit Agreement contains certain customary events of default and customary representations and warranties and affirmative and negative covenants, including certain restrictions on the ability of the Company to incur additional indebtedness or guarantee indebtedness of others, to create liens on properties or assets, and to enter into certain asset and stock-based transactions. In addition, under the terms of the Credit Agreement, the Company must adhere to certain financial covenants, including (i) a senior secured net leverage ratio, which shall not be more than 3.50 to 1.00, provided that the maximum ratio shall be increased to 4.00 to 1.00 during a fiscal year in which a Material Acquisition (as defined in the Credit Agreement) has been consummated, and (ii) a consolidated interest coverage ratio, which shall not be less than 3.50 to 1.00. As of March 31, 2021, the Company was in compliance with all financial covenants. The wholly owned indirect subsidiary, Ping Identity Corporation, as borrower under the Credit Agreement, is limited in its ability to declare dividends or make any payment on account of its capital stock to, directly or indirectly, fund a dividend or other distribution to Ping Identity Holding Corp. (as the Parent), subject to limited exceptions, including (1) stock repurchases from current or former employees, officers or directors in an amount not to exceed $5 million, (2) unlimited amounts subject to compliance with its financial covenants for the most recently ended four quarters as well as a 6.00 to 1.00 total net leverage ratio for the most recently ended four quarters, both after giving pro forma effect to any distribution, (3) unlimited amounts up to the greater of $19.5 million in the aggregate or 15% of EBITDA for the most recently ended four quarters and (4) payment of certain of the Parent's overhead expenses. The Revolving Credit Facility matures on December 12, 2024 and bears interest at the option of the Company at a rate per annum equal to either (i) a base rate, which is equal to the greater of (a) the prime rate, (b) the federal funds effective rate plus 0.5% and (c) the adjusted LIBO rate for a one month interest period plus 1%, or (ii) the adjusted LIBO rate equal to the LIBO rate for the interest period multiplied by the statutory reserve rate, plus in the case of each of clauses (i) and (ii), the Applicable Rate (as defined in the Credit Agreement), which ranges from (i) 0.25% to 1.0% per annum for base rate loans and (ii) 1.25% to 2.0% per annum for LIBO rate loans, in each case, depending on the senior secured net leverage ratio. The interest rate as of March 31, 2021 was 1.4%. The Company will also pay a commitment fee during the term of the Credit Agreement ranging from 0.20% to 0.35% of the average daily amount of the available amount to be borrowed under the Credit Agreement per annum, based on the senior secured net leverage ratio. Any borrowing under the Credit Agreement may be repaid, in whole or in part, at any time and from time to time without premium or penalty other than customary breakage costs, and any amounts repaid may be reborrowed. No mandatory prepayments will be required other than when borrowings and letter of credit usage exceed the aggregate commitment of all lenders. For the three months ended March 31, 2021 and 2020, the Company recognized $0.3 million and $0.4 million in interest expense, respectively. As of March 31, 2021 and December 31, 2020, the Company’s outstanding long-term debt balance representing borrowings under the Credit Agreement was $39.1 million and $149.0 million, respectively, net of debt issuance costs of $0.9 million and $1.0 million, respectively. Debt issuance costs are a direct deduction from the long-term debt liability and are amortized into interest expense over the contractual term of the borrowings using the effective interest method. During each of the three months ended March 31, 2021 and 2020, the Company amortized $0.1 million of debt issuance costs. Future principal payments on outstanding borrowings as of March 31, 2021 are as follows: ​ ​ ​ ​ ​ Year Ending December 31, March 31, 2021 ​ ​ (in thousands) 2021 (remaining nine months) ​ $ — 2022 ​ — 2023 ​ — 2024 ​ 40,000 2025 ​ — Thereafter ​ — Total ​ $ 40,000 ​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Taxes
Income Taxes	10 . Income Taxes For the three months ended March 31, 2021 and 2020, the Company recorded $3.3 million and $1.9 million as its benefit for income taxes, respectively. The Company’s calculation of its benefit for income taxes is dependent in part on forecasts of full-year results and key components of the Company’s benefit for income taxes primarily consist of state and federal income taxes, foreign income taxes and research and development (“R&D”) credits. The Company’s quarterly tax benefit calculation is also subject to variation due to several factors, including variability in loss before income taxes, the mix of jurisdictions to which such loss relates, changes in how the Company conducts business and tax law developments. The increase in the tax benefit for the three months ended March 31, 2021 as compared to the three months ended March 31, 2020 primarily relates to a larger expected pre-tax loss in 2021 as compared to 2020, along with an increase in R&D and other credits recorded in the three months ended March 31, 2021. These increases were partially offset by a valuation allowance recorded against our deferred tax assets in the three months ended March 31, 2021. ​

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity
Stockholders' Equity	11. Stockholders’ Equity Common stock The Company’s Third Amended and Restated Certificate of Incorporation, which the Board of Directors approved on September 18, 2019 and the stockholders approved on September 23, 2019, authorizes issuance of up to 500,000,000 shares of common stock with a par value of $0.001 per share. The common stock confers upon its holders the right to vote on all matters to be voted on by the stockholders of the Company (with each share representing one vote) and to ratably participate in any distribution of dividends or payments in the event of liquidation or dissolution on a per share basis. The rights of the holders of common stock are subject to, and may be adversely affected by, the rights of holders of any preferred stock that may be issued in the future. Preferred stock The Company’s Third Amended and Restated Certificate of Incorporation authorizes, without stockholder approval but subject to any limitations prescribed by law, the issuance of up to an aggregate of 50,000,000 shares of preferred stock (in one or more series or classes), to create additional series or classes of preferred stock and to establish the number of shares to be included in such series or class. The Board of Directors is also authorized to increase or decrease the number of shares of any series or class subsequent to the issuance of shares of that series or class. Each series will have such rights, preferences and limitations, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences as determined by the Board of Directors. As of March 31, 2021 and December 31, 2020, the Company did not have any shares of preferred stock outstanding and currently has no plans to issue shares of preferred stock.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2021
Stock-Based Compensation
Stock-Based Compensation	12. Stock-Based Compensation On June 30, 2016, the Company established the 2016 Stock Option Plan (the ‘‘2016 Plan’’). The 2016 Plan provides for grants of restricted stock units and stock options to executives, directors, consultants, advisors and key employees which allow option holders to purchase stock in Ping Identity Holding Corp. The Company has 6,800,000 shares of common stock reserved for issuance under the 2016 Plan. Following the Company’s initial public offering (“IPO”), no additional awards are granted under the 2016 Plan. On September 23, 2019, the Company adopted the Ping Identity Holding Corp. Omnibus Incentive Plan (the “2019 Omnibus Incentive Plan”). The 2019 Omnibus Incentive Plan provides for grants of (i) stock options, (ii) stock appreciation rights, (iii) restricted shares, (iv) performance awards, (v) other share- based awards and (vi) other cash-based awards to eligible employees, non-employee directors and consultants of the Company. At March 31, 2021, the maximum number of shares of common stock available for issuance under the 2019 Omnibus Incentive Plan was 14,131,549 shares. Stock-based compensation expense for all equity arrangements for the three months ended March 31, 2021 and 2020 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Subscription cost of revenue $ 535 $ 146 Professional services and other cost of revenue ​ 591 ​ 84 Sales and marketing ​ 4,198 ​ 797 Research and development ​ 8,512 ​ 888 General and administrative ​ 3,103 ​ 942 Total ​ $ 16,939 ​ $ 2,857 ​ Stock-based compensation expense recorded to research and development in the condensed consolidated statements of operations excludes amounts that were capitalized in relation to internal-use software. Refer to Note 8 for additional details. Long-Term Incentive Plan In conjunction with the Company’s IPO, the Company amended its long-term incentive plan (“LTIP”) which provided for cash compensation to certain employees upon vesting of the related awards, and thus, these awards were liability-classified. Grants under the plan were expected to vest following both (i) the IPO and registration of shares of common stock of Ping Identity Holding Corp. and (ii) Vista Equity Partner’s (“Vista”) realized cash return on its investment in the Company equaling or exceeding $1.491 billion. In the first quarter of 2021, the Company offered employees with LTIP grants the opportunity to convert those awards into restricted stock units (“RSUs”) under the 2019 Omnibus Incentive Plan. Upon conversion, approximately half of the RSUs would solely be subject to time-based restrictions and would vest on April 1, 2021 and the remainder would be subject to performance and market conditions consistent with those of the LTIP grants outlined above. All employees elected to convert their outstanding LTIP grants to RSUs, resulting in grants totaling 948,250 shares. ​ The conversion of the previously outstanding LTIP grants into time-based vesting RSUs resulted in the recognition of $12.4 million of stock-based compensation expense during the three months ended March 31, 2021. As of March 31, 2021, the RSUs subject to performance and market conditions were not considered probable of meeting vesting requirements and accordingly, no expense was recorded. These awards are discussed in more detail below. ​ Other Liability-Classified Awards In conjunction with the Symphonic acquisition (Note 7), the Company issued liability-classified awards to certain individuals with a stated value of $0.4 million and $0.6 million that vest on December 31, 2021 and December 31, 2022, respectively, and are subject to continuous service and other performance conditions. The liability-classified awards will be settled with a variable number of shares of the Company’s common stock at each vesting date based on the satisfaction of such conditions. ​ Additionally, in conjunction with the ShoCard acquisition (Note 7), the Company issued liability-classified awards to certain individuals with a stated value of $3.1 million and $2.3 million that vest on the first and second anniversary of the acquisition, respectively, and are subject to continuous service and other conditions. The liability-classified awards will be settled with a variable number of shares of the Company’s common stock at each anniversary date based on the satisfaction of such conditions. On March 2, 2021, the Company settled the first $3.1 million of these liability-classified awards, resulting in the issuance of 123,192 shares. Upon issuance, the associated $3.1 million liability was reclassified from During the three months ended March 31, 2021 and 2020, the Company recognized $0.8 million and $0.3 million of stock-based compensation expense, respectively, related to these awards. Restricted Stock Units The Company grants RSUs that generally vest over one ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant Date ​ Shares Fair Value Unvested as of December 31, 2020 2,504,148 ​ $ 19.84 Granted 127,767 ​ ​ 25.19 Converted from LTIP grant ​ 474,095 ​ ​ 27.06 Forfeited/canceled (59,342) ​ 18.26 Vested (134,621) ​ 25.03 Unvested as of March 31, 2021 2,912,047 ​ $ 21.04 ​ Performance Stock Units As previously discussed, during the three months ended March 31, 2021, the Company granted 948,250 restricted stock units in connection with the conversion of previously outstanding LTIP grants, with 474,155 of these restricted stock units subject to performance and market conditions (“PSUs”). These PSUs are expected to vest following both (i) registration of shares of common stock of Ping Identity Holding Corp. and (ii) Vista’s realized cash return on its investment in the Company equaling or exceeding $1.491 billion. These awards were valued at the date of grant at $19.94 per share using a Monte Carlo simulation. As of March 31, 2021, 474,155 PSUs remain unvested and unrecognized stock-based compensation expense for these PSUs was $9.5 million. As of March 31, 2021, these awards were not considered probable of meeting vesting requirements and accordingly, no expense was recorded. During future reporting periods, if the awards are considered probable of meeting vesting requirements, the Company will begin recognizing the associated stock-based compensation expense over the expected vesting period. ​ Stock Options No stock options were granted during the three months ended March 31, 2021 or 2020. A summary of the Company’s stock option activity and related information for the three months ended March 31, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ ​ ​ Exercise ​ Contractual ​ Intrinsic ​ Options Price Term ​ Value ​ ​ ​ ​ ​ ​ ​ (in years) ​ (in thousands) Outstanding as of December 31, 2020 4,044,616 ​ $ 9.49 6.5 ​ $ 77,454 Granted — ​ ​ — ​ ​ ​ ​ ​ Forfeited/canceled — ​ ​ — ​ ​ ​ Exercised (198,105) ​ 8.93 ​ ​ ​ 4,666 Outstanding as of March 31, 2021 3,846,511 ​ $ 9.52 6.2 ​ $ 47,740 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2021: ​ ​ ​ ​ Vested and expected to vest 2,123,496 ​ $ 9.61 ​ 6.3 ​ $ 26,158 Vested and exercisable 1,632,524 ​ $ 8.80 ​ 5.9 ​ $ 21,435 ​ As of March 31, 2021, unamortized stock-based compensation expense related to the time-based awards was $2.3 million, which will be recognized over the remaining weighted-average vesting term of 1.6 years. The vesting of these time-based awards may accelerate and the stock options will become exercisable following both (i) the IPO and registration of shares of common stock of Ping Identity Holding Corp. and (ii) Vista realizing a cash return on its investment in the Company equaling or exceeding $1.491 billion. Though the recognition of the remaining unamortized stock-based compensation expense may be accelerated, acceleration was not probable as of March 31, 2021. For the options subject to performance and market conditions, unrecognized stock-based compensation expense as of March 31, 2021 was $7.6 million. The vesting conditions of these awards provide for the options to vest and become exercisable following both (i) an IPO and registration of shares of common stock of Ping Identity Holding Corp. and (ii) Vista’s realized cash return on its investment in the Company equaling or exceeding $1.491 billion. As of March 31, 2021, these awards were not considered probable of meeting vesting requirements and accordingly, no expense was recorded. During future reporting periods, if the awards are considered probable of meeting vesting requirements, the Company will begin recognizing the associated stock-based compensation expense of $7.6 million over the expected vesting period.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions
Related Party Transactions	13. Related Party Transactions Vista is a U.S.-based investment firm that controlled the funds which previously owned a majority of the Company. During the year ended December 31, 2020, Vista sold a portion of its investment in the Company such that its funds no longer owned a majority of the Company as of December 31, 2020. However, Vista is deemed a related party in accordance with ASC 850 as it continues to be a principal owner of the Company. During the three months ended March 31, 2021 and 2020, the Company paid for consulting services and other expenses related to services provided by Vista and Vista affiliates. The total expenses incurred by the Company for Vista were $0.1 million and $0.2 million for the three months ended March 31, 2021 and 2020, respectively. The Company also has revenue arrangements with Vista affiliates. The Company recognized revenue of $0.9 million and $0.1 million during the three months ended March 31, 2021 and 2020, respectively. The Company had $0.1 million and $0.9 million in accounts receivable related to these agreements at March 31, 2021 and December 31, 2020, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies
Commitments and Contingencies	14. Commitments and Contingencies Letters of Credit As of March 31, 2021 and December 31, 2020, the Company had outstanding letters of credit under an office lease agreement that totaled $0.8 million, which primarily guaranteed early termination fees in the event of default. The Company collateralizes the letters of credit with restricted cash balances which were classified in other noncurrent assets at March 31, 2021 and December 31, 2020. ​ Purchase Commitments In the ordinary course of business, the Company enters into various purchase commitments primarily related to third-party cloud hosting and data services, IT operations and marketing events. Total noncancelable purchase commitments as of March 31, 2021 were approximately $14.4 million for periods through 2024. ​ Employee Benefit Plans The Company established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”) in which full-time U.S. employees are eligible to participate on the first day of the subsequent month of his or her date of employment. The 401(k) Plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a percentage of their annual compensation as defined in the 401(k) Plan. Employees in the United Kingdom and Canada are covered by defined contribution savings arrangements that are administered based upon the legislative and tax requirements of the respective countries. The Company made contributions to its employee benefit plans of $0.9 million and $0.8 million during the three months ended March 31, 2021 and 2020, respectively. ​ Litigation From time to time, the Company may be subject to various claims, charges and litigation. The Company records a liability when it is both probable that a liability will be incurred and the amount of the loss can be reasonably estimated. The Company maintains insurance to cover certain actions and believes that resolution of such claims, charges, or litigation will not have a material impact on the Company’s financial position, results of operations, or liquidity. ​

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2021
Net Loss Per Share
Net Loss Per Share	15. Net Loss Per Share The following table provides a reconciliation of the numerator and denominator used in the Company’s calculation of basic and diluted net loss per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (15,934) $ (4,292) Denominator: ​ ​ ​ ​ ​ ​ ​ Weighted-average common stock outstanding - basic and diluted ​ ​ ​ 81,339 ​ ​ 79,743 Net loss per share: ​ ​ ​ ​ ​ ​ ​ Basic and diluted ​ ​ $ (0.20) ​ $ (0.05) ​ The following shares were excluded from the computation of diluted net loss per share for the periods presented, as their effect would have been antidilutive: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ RSUs ​ 2,912 ​ 1,386 Stock options ​ 2,123 ​ 3,419 Other awards ​ 128 ​ 270 Total antidilutive shares ​ 5,163 ​ 5,075 ​

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events
Subsequent Events	16. Subsequent Events 4.0 Additionally, on April 1, 2021, the Company granted 208,806 PSUs under the 2019 Omnibus Incentive Plan, which will be earned only if the Company meets specific internal performance targets within a two year period. The number of awards that ultimately vest could be 0% if the minimum hurdle is not achieved, or 50% or 100% of total shares granted. As of the date of issuance, these awards were considered probable of vesting, with the total grant date fair value of $4.6 million expected to be recognized over a weighted average estimated vesting period of 0.8 years.

Overview and Basis of Present_2

Overview and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2021
Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). All amounts are reported in U.S. dollars.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, determining the fair values of assets acquired and liabilities assumed in business combinations, valuing stock option awards and assessing the probability of the awards meeting vesting conditions, recognizing revenue, establishing allowances for expected credit losses based on expected credit losses and the collectability of financial assets, determining useful lives for finite-lived assets, assessing the recoverability of long-lived assets, determining the value of right-of-use assets and lease liabilities, accounting for income taxes and related valuation allowances against deferred tax assets, determining the amortization period for deferred commissions and assessing the accounting treatment for commitments and contingencies. Management evaluates these estimates and assumptions on an ongoing basis and makes estimates based on historical experience and various other assumptions that are believed to be reasonable. Actual results may differ from these estimates due to risks and uncertainties, including the continued uncertainty surrounding rapidly changing market and economic conditions due to the novel Coronavirus Disease 2019 (“COVID-19”) pandemic.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Summary of Significant Accounting Policies
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ​ In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848)

Revenue Recognition and Defer_2

Revenue Recognition and Deferred Commissions (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue Recognition and Deferred Commissions
Schedule of revenue by category	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Subscription term-based licenses: ​ ​ ​ ​ ​ ​ Multi-year subscription term-based licenses ​ $ 23,838 ​ $ 23,988 1-year subscription term-based licenses ​ ​ 17,344 ​ ​ 14,149 Total subscription term-based licenses ​ ​ 41,182 ​ ​ 38,137 Subscription SaaS and support and maintenance ​ ​ 23,034 ​ ​ 18,681 Professional services and other ​ 4,728 ​ 4,594 Total revenue ​ $ 68,944 ​ $ 61,412
Schedule of revenue by geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ United States ​ $ 53,871 ​ $ 43,029 International ​ 15,073 ​ 18,383 Total revenue ​ $ 68,944 ​ $ 61,412
Schedule of contract assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 73,791 ​ $ 86,010 Ending balance ​ ​ 69,681 ​ ​ 85,150 Change ​ $ (4,110) ​ $ (860)
Schedule of contract liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 52,398 ​ $ 47,507 Ending balance ​ ​ 49,352 ​ ​ 38,343 Change ​ $ (3,046) ​ $ (9,164)
Schedule of deferred revenue recognized as revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Deferred revenue recognized as revenue ​ $ 25,935 ​ $ 22,968
Schedule of deferred commission	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 15,929 ​ $ 13,670 Additions to deferred commissions ​ ​ 2,934 ​ ​ 1,536 Amortization of deferred commissions ​ (2,329) ​ (2,102) Ending balance ​ $ 16,534 ​ $ 13,104 ​ ​ ​ ​ ​ ​ ​ Deferred commissions, current ​ $ 6,819 ​ $ 5,303 Deferred commissions, noncurrent ​ ​ 9,715 ​ ​ 7,801 Total deferred commissions ​ $ 16,534 ​ $ 13,104

Allowances for Expected Credi_2

Allowances for Expected Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2021
Allowances for Expected Credit Losses
Allowances for Expected Credit Losses	​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts Contract ​ ​ Three Months Ended March 31, 2021 ​ ​ (in thousands) Beginning balance ​ $ 828 ​ $ 87 Provision for credit losses, net of recoveries ​ (21) ​ (7) Write-offs ​ (155) ​ — Ending balance ​ $ 652 ​ $ 80

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value of Financial Instruments
Schedule of fair value of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) Cash and cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 5,000 ​ $ — ​ $ — ​ $ 5,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) Cash and cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 113,083 ​ $ — ​ $ — ​ $ 113,083

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2021
Property and Equipment
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2021 2020 ​ (in thousands) Computer equipment ​ $ 7,163 ​ $ 6,581 Furniture and fixtures ​ ​ 3,885 ​ ​ 3,887 Purchased computer software ​ ​ 785 ​ ​ 785 Leasehold improvements ​ ​ 7,866 ​ ​ 7,818 Other ​ ​ 448 ​ ​ 448 Property and equipment, gross ​ ​ 20,147 ​ ​ 19,519 Less: Accumulated depreciation ​ ​ (11,013) ​ ​ (10,073) Property and equipment, net ​ $ 9,134 ​ $ 9,446

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Mar. 31, 2021
Symphonic
Business Combinations
Schedule of allocation of the purchase price, based on the estimated fair value of the assets acquired and liabilities assumed at the acquisition date	​ ​ ​ ​ ​ ​ ​ October 31, 2020 Useful Life ​ ​ (in thousands) ​ ​ Fair value of net assets acquired ​ Developed technology ​ $ 6,999 6 years Product backlog ​ ​ 609 ​ 3 years Customer relationships ​ ​ 246 ​ 3 years Goodwill ​ 21,341 Indefinite Contract asset ​ ​ 1,387 ​ ​ Other assets ​ 373 Total assets acquired ​ 30,955 Deferred tax liability ​ ​ (1,881) ​ ​ Other liabilities ​ (253) Total liabilities assumed ​ (2,134) Net assets acquired, excluding cash ​ $ 28,821
ShoCard, Inc
Business Combinations
Schedule of allocation of the purchase price, based on the estimated fair value of the assets acquired and liabilities assumed at the acquisition date	​ ​ ​ ​ ​ ​ ​ March 2, 2020 Useful Life ​ ​ (in thousands) ​ ​ Fair value of net assets acquired ​ Developed technology ​ $ 3,550 7 years Goodwill ​ 964 Indefinite Deferred tax asset ​ ​ 1,005 ​ ​ Other assets ​ 11 Total assets acquired ​ 5,530 Other liabilities ​ (2) Total liabilities assumed ​ (2) Net assets acquired ​ $ 5,528

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets
Summary of changes in the carrying amount of goodwill balance	The changes in the carrying amount of the Company’s goodwill balance from December 31, 2020 to March 31, 2021 were as follows (in thousands): ​ ​ ​ ​ ​ Beginning balance ​ $ 441,150 Foreign currency translation adjustment ​ ​ 202 Ending balance ​ $ 441,352
Summary of intangible assets	The Company’s intangible assets as of March 31, 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ Gross ​ Accumulated ​ Net Carrying ​ Amount Amortization Value ​ ​ (in thousands) Developed technology $ 119,516 $ (59,508) $ 60,008 Customer relationships 95,137 (35,625) 59,512 Trade names 56,734 (26,842) 29,892 Product backlog ​ ​ 648 ​ ​ (105) ​ ​ 543 Capitalized internal-use software ​ 39,974 (15,056) 24,918 Other intangible assets 1,290 (661) 629 Total intangible assets $ 313,299 $ (137,797) $ 175,502 ​ ​ The Company’s intangible assets as of December 31, 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Gross Accumulated Net Carrying ​ Amount Amortization Value ​ ​ (in thousands) Developed technology ​ $ 119,450 $ (55,826) $ 63,624 Customer relationships ​ 95,135 (33,724) 61,411 Trade names ​ 56,718 (25,424) 31,294 Product backlog ​ 642 ​ ​ (42) ​ ​ 600 Capitalized internal-use software ​ 35,841 (12,949) 22,892 Other intangible assets ​ 1,199 (598) 601 Total intangible assets ​ $ 308,985 $ (128,563) $ 180,422
Summary of expected amortization expense for intangible assets subject to amortization for the next five years	​ ​ ​ ​ ​ Year Ending December 31, March 31, 2021 ​ ​ (in thousands) 2021 (remaining nine months) ​ $ 37,104 2022 ​ 35,080 2023 ​ 32,297 2024 ​ 28,664 2025 ​ 17,423 Thereafter ​ 24,934 Total ​ $ 175,502

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt
Summary of future principal payments on outstanding borrowings	Future principal payments on outstanding borrowings as of March 31, 2021 are as follows: ​ ​ ​ ​ ​ Year Ending December 31, March 31, 2021 ​ ​ (in thousands) 2021 (remaining nine months) ​ $ — 2022 ​ — 2023 ​ — 2024 ​ 40,000 2025 ​ — Thereafter ​ — Total ​ $ 40,000

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Stock-Based Compensation
Summary of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Subscription cost of revenue $ 535 $ 146 Professional services and other cost of revenue ​ 591 ​ 84 Sales and marketing ​ 4,198 ​ 797 Research and development ​ 8,512 ​ 888 General and administrative ​ 3,103 ​ 942 Total ​ $ 16,939 ​ $ 2,857
Summary of the status of the Company's unvested RSUs and activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant Date ​ Shares Fair Value Unvested as of December 31, 2020 2,504,148 ​ $ 19.84 Granted 127,767 ​ ​ 25.19 Converted from LTIP grant ​ 474,095 ​ ​ 27.06 Forfeited/canceled (59,342) ​ 18.26 Vested (134,621) ​ 25.03 Unvested as of March 31, 2021 2,912,047 ​ $ 21.04
Summary of stock option activity and related information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ ​ ​ Exercise ​ Contractual ​ Intrinsic ​ Options Price Term ​ Value ​ ​ ​ ​ ​ ​ ​ (in years) ​ (in thousands) Outstanding as of December 31, 2020 4,044,616 ​ $ 9.49 6.5 ​ $ 77,454 Granted — ​ ​ — ​ ​ ​ ​ ​ Forfeited/canceled — ​ ​ — ​ ​ ​ Exercised (198,105) ​ 8.93 ​ ​ ​ 4,666 Outstanding as of March 31, 2021 3,846,511 ​ $ 9.52 6.2 ​ $ 47,740 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2021: ​ ​ ​ ​ Vested and expected to vest 2,123,496 ​ $ 9.61 ​ 6.3 ​ $ 26,158 Vested and exercisable 1,632,524 ​ $ 8.80 ​ 5.9 ​ $ 21,435 ​

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Net Loss Per Share
Summary of reconciliation of the numerator and denominator used in the Company's calculation of basic and diluted net loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (15,934) $ (4,292) Denominator: ​ ​ ​ ​ ​ ​ ​ Weighted-average common stock outstanding - basic and diluted ​ ​ ​ 81,339 ​ ​ 79,743 Net loss per share: ​ ​ ​ ​ ​ ​ ​ Basic and diluted ​ ​ $ (0.20) ​ $ (0.05)
Summary of shares excluded from the computation of diluted net loss per share for the periods presented, as their effect would have been antidilutive	​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ RSUs ​ 2,912 ​ 1,386 Stock options ​ 2,123 ​ 3,419 Other awards ​ 128 ​ 270 Total antidilutive shares ​ 5,163 ​ 5,075

Revenue Recognition and Defer_3

Revenue Recognition and Deferred Commissions - Revenue by category (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue
Total revenue	$ 68,944	$ 61,412
Subscription term-based licenses
Disaggregation of Revenue
Total revenue	41,182	38,137
Multi-year subscription term-based licenses
Disaggregation of Revenue
Total revenue	23,838	23,988
1-year subscription term-based licenses
Disaggregation of Revenue
Total revenue	17,344	14,149
Subscription SaaS and support and maintenance
Disaggregation of Revenue
Total revenue	23,034	18,681
Professional services and other
Disaggregation of Revenue
Total revenue	$ 4,728	$ 4,594

Revenue Recognition and Defer_4

Revenue Recognition and Deferred Commissions - Revenue by geographic area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue
Total revenue	$ 68,944	$ 61,412
United States
Disaggregation of Revenue
Total revenue	53,871	43,029
International
Disaggregation of Revenue
Total revenue	$ 15,073	$ 18,383

Revenue Recognition and Defer_5

Revenue Recognition and Deferred Commissions - Contract assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Contract assets
Beginning balance	$ 73,791	$ 86,010
Ending balance	69,681	85,150
Change	$ (4,110)	$ (860)

Revenue Recognition and Defer_6

Revenue Recognition and Deferred Commissions - Contract liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Contract liabilities
Beginning balance	$ 52,398	$ 47,507
Ending balance	49,352	38,343
Change	$ (3,046)	$ (9,164)

Revenue Recognition and Defer_7

Revenue Recognition and Deferred Commissions - Deferred revenue recognized as revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Deferred revenue recognized as revenue
Deferred revenue recognized as revenue	$ 25,935	$ 22,968

Revenue Recognition and Defer_8

Revenue Recognition and Deferred Commissions - Remaining performance obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 $ in Millions	Mar. 31, 2021USD ($)
Remaining Performance Obligations
Transaction price allocated to remaining performance obligations	$ 175.5
Percentage expected to be recognized as revenue	83.00%
Expected to be recognized as revenue, period	24 months

Revenue Recognition and Defer_9

Revenue Recognition and Deferred Commissions - Deferred commissions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Summary of Significant Accounting Policies
Beginning balance	$ 15,929	$ 13,670
Additions to deferred commissions	2,934	1,536
Amortization of deferred commissions	(2,329)	(2,102)
Ending balance	16,534	13,104
Deferred commissions, current			$ 6,819	$ 6,604	$ 5,303
Deferred commissions, noncurrent			9,715	9,325	7,801
Total deferred commissions	$ 16,534	$ 13,104	$ 16,534	$ 15,929	$ 13,104

Allowances for Expected Credi_3

Allowances for Expected Credit Losses (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Accounts Receivable
Beginning balance	$ 828
Provision for credit losses, net of recoveries	(21)
Write-offs	(155)
Ending balance	652
Contract Assets
Beginning balance	87
Provision for credit losses, net of recoveries	(7)
Ending balance	$ 80

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - Recurring - Money market funds - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value of Financial Instruments
Cash and cash equivalents	$ 5,000	$ 113,083
Level 1
Fair Value of Financial Instruments
Cash and cash equivalents	$ 5,000	$ 113,083

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Property and Equipment
Property and equipment, gross	$ 20,147		$ 19,519
Less: Accumulated depreciation	(11,013)		(10,073)
Property and equipment, net	9,134		9,446
Depreciation expense	900	$ 900
Computer equipment
Property and Equipment
Property and equipment, gross	7,163		6,581
Furniture and fixtures
Property and Equipment
Property and equipment, gross	3,885		3,887
Purchased computer software
Property and Equipment
Property and equipment, gross	785		785
Leasehold improvements
Property and Equipment
Property and equipment, gross	7,866		7,818
Other
Property and Equipment
Property and equipment, gross	$ 448		$ 448

Business Combinations (Details)

Business Combinations (Details) - USD ($) $ in Millions	Oct. 31, 2020	Mar. 02, 2020
Symphonic
Business Combinations
Percentage of voting equity interest acquired	100.00%
Total purchase price	$ 28.8
Contingent consideration payable in common stock in year one	0.4
Contingent consideration payable in common stock in year two	$ 0.6
ShoCard, Inc
Business Combinations
Percentage of voting equity interest acquired		100.00%
Total purchase price		$ 5.5
Contingent compensation payable on the first anniversary of acquisition		3.1
Contingent compensation payable on the second anniversary of acquisition		$ 2.3

Business Combinations - Fair va

Business Combinations - Fair value of assets acquired and liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Mar. 02, 2020	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020
Fair value of net assets acquired
Goodwill				$ 441,352	$ 441,150
Symphonic
Fair value of net assets acquired
Goodwill	$ 21,341
Contract asset	1,387
Other assets	373
Total assets acquired	30,955
Deferred tax liability	(1,881)
Other liabilities	(253)
Total liabilities assumed	(2,134)
Net assets acquired	28,821
Goodwill deductible for tax purposes	0
Symphonic | Developed technology
Fair value of net assets acquired
Finite-lived intangible assets	$ 6,999
Useful life	6 years
Symphonic | Product backlog
Fair value of net assets acquired
Finite-lived intangible assets	$ 609
Useful life	3 years
Symphonic | Customer relationships
Fair value of net assets acquired
Finite-lived intangible assets	$ 246
Useful life	3 years
ShoCard, Inc
Fair value of net assets acquired
Goodwill		$ 964
Deferred tax asset		1,005
Other assets		11
Total assets acquired		5,530
Other liabilities		(2)
Total liabilities assumed		(2)
Net assets acquired		5,528
Goodwill deductible for tax purposes		0
Acquisition related expenses			$ 500
ShoCard, Inc | Developed technology
Fair value of net assets acquired
Finite-lived intangible assets		$ 3,550
Useful life		7 years

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Changes in the carrying amount of the Company's goodwill balance
Beginning balance	$ 441,150
Foreign currency translation adjustment	202
Ending balance	$ 441,352

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Total intangible assets subject to amortization
Gross Amount	$ 313,299		$ 308,985
Accumulated Amortization	(137,797)		(128,563)
Net Carrying Value	175,502		180,422
Total intangible assets not subject to amortization
Total intangible assets, net	175,502		180,422
Amortization expense	9,300	$ 7,900
Stock-based compensation expense	16,939	2,857
Developed technology
Total intangible assets subject to amortization
Gross Amount	119,516		119,450
Accumulated Amortization	(59,508)		(55,826)
Net Carrying Value	60,008		63,624
Customer relationships
Total intangible assets subject to amortization
Gross Amount	95,137		95,135
Accumulated Amortization	(35,625)		(33,724)
Net Carrying Value	59,512		61,411
Trade names
Total intangible assets subject to amortization
Gross Amount	56,734		56,718
Accumulated Amortization	(26,842)		(25,424)
Net Carrying Value	29,892		31,294
Product backlog
Total intangible assets subject to amortization
Gross Amount	648		642
Accumulated Amortization	(105)		(42)
Net Carrying Value	543		600
Capitalized internal-use software
Total intangible assets subject to amortization
Gross Amount	39,974		35,841
Accumulated Amortization	(15,056)		(12,949)
Net Carrying Value	24,918		22,892
Total intangible assets not subject to amortization
Amount capitalized	4,200	3,300
Stock-based compensation expense	200	$ 0
Other intangible assets
Total intangible assets subject to amortization
Gross Amount	1,290		1,199
Accumulated Amortization	(661)		(598)
Net Carrying Value	$ 629		$ 601

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Amortization expense for intangible assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Expected amortization expense for intangible assets subject to amortization
2021 (remaining nine months)	$ 37,104
2022	35,080
2023	32,297
2024	28,664
2025	17,423
Thereafter	24,934
Total	$ 175,502	$ 180,422

Debt (Details)

Debt (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2019USD ($)item	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Debt
Interest expense		$ 300	$ 400
Long-term debt		39,076		$ 149,014
Deferred debt issuance costs		900		$ 1,000
Amortization of debt issuance costs		$ 62	$ 62
2019 Credit Agreement
Debt
Principal amount of debt	$ 150,000
Consolidated interest coverage ratio	3.50
Threshold stock repurchases	$ 5,000
Number of quarters | item	4
Threshold unlimited amounts	$ 19,500
Threshold percentage of consolidated EBITDA	15.00%
Total leverage ratio as exceptions	6
Interest rate (as a percent)		1.40%
2019 Credit Agreement | Minimum
Debt
Principal amount of debt	$ 10,000
Senior secured net leverage ratio	3.50
Commitment fee percentage	0.20%
2019 Credit Agreement | Maximum
Debt
Senior secured net leverage ratio	4
Commitment fee percentage	0.35%
2019 Credit Agreement | Federal funds rate
Debt
Variable rate spread (as a percent)	0.50%
2019 Credit Agreement | LIBO rate | Minimum
Debt
Variable rate spread (as a percent)	1.25%
2019 Credit Agreement | LIBO rate | Maximum
Debt
Variable rate spread (as a percent)	2.00%
2019 Credit Agreement | Adjusted one month LIBOR
Debt
Variable rate spread (as a percent)	1.00%
2019 Credit Agreement | Base rate | Minimum
Debt
Variable rate spread (as a percent)	0.25%
2019 Credit Agreement | Base rate | Maximum
Debt
Variable rate spread (as a percent)	1.00%

Debt - Future principal payment

Debt - Future principal payments (Details) $ in Thousands	Mar. 31, 2021USD ($)
Future principal payments on outstanding borrowings
2024	$ 40,000
Total	$ 40,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Taxes
Benefit for income taxes	$ 3,267	$ 1,944

Stockholders' Equity - Common s

Stockholders' Equity - Common stock and Preferred stock (Details)	3 Months Ended
	Mar. 31, 2021Vote$ / sharesshares	Dec. 31, 2020$ / sharesshares	Sep. 23, 2019$ / sharesshares
Common stock
Common stock, authorized (in shares)	500,000,000	500,000,000	500,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.001	$ 0.001	$ 0.001
Number of votes per share | Vote	1
Preferred stock
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.001	$ 0.001
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0

Stock-Based Compensation - Expe

Stock-Based Compensation - Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2021	Mar. 31, 2020
Stock-Based Compensation
Stock-based compensation expense		$ 16,939	$ 2,857
2016 Plan
Stock-Based Compensation
Common stock reserved for future issuance	6,800,000
Additional awards granted	0
2019 Omnibus Incentive Plan
Stock-Based Compensation
Maximum number of shares available for issuance		14,131,549
Subscription cost of revenue
Stock-Based Compensation
Stock-based compensation expense		$ 535	146
Professional services and other cost of revenue
Stock-Based Compensation
Stock-based compensation expense		591	84
Sales and marketing
Stock-Based Compensation
Stock-based compensation expense		4,198	797
Research and development
Stock-Based Compensation
Stock-based compensation expense		8,512	888
General and administrative
Stock-Based Compensation
Stock-based compensation expense		$ 3,103	$ 942

Stock-Based Compensation - Long

Stock-Based Compensation - Long-term Incentive plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Sep. 23, 2019
Stock Based Compensation
Stock-based compensation expense	$ 16,939	$ 2,857
Long-term incentive plan
Stock Based Compensation
RSUs granted	948,250
Long-term incentive plan | Time-based options
Stock Based Compensation
Stock-based compensation expense from conversion	$ 12,400
Long-term incentive plan | Performance and market conditions
Stock Based Compensation
Stock-based compensation expense	$ 0
IPO | Long-term incentive plan
Stock Based Compensation
Minimum cash return on investments			$ 1,491,000

Stock-Based Compensation - Othe

Stock-Based Compensation - Other Liability-Classified Awards (Details) - USD ($) $ in Thousands	Mar. 02, 2021	Mar. 31, 2021	Mar. 31, 2020	Oct. 31, 2020	Mar. 02, 2020
Stock Based Compensation
Stock-based compensation expense		$ 16,939	$ 2,857
ShoCard, Inc
Stock Based Compensation
Contingent compensation payable on the first anniversary of acquisition					$ 3,100
Contingent compensation payable on the second anniversary of acquisition					$ 2,300
ShoCard, Inc | Liability-Classified Awards
Stock Based Compensation
Liability classified awards settled	$ 3,100
Shares issued	123,192
Reclassification of liability-classified awards upon settlement	$ 3,100
Stock-based compensation expense		$ 800	$ 300
Symphonic
Stock Based Compensation
Contingent consideration payable in common stock in year one				$ 400
Contingent consideration payable in common stock in year two				$ 600

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units (Details) - RSUs - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock Based Compensation
Weighted-average grant-date fair value	$ 26.66	$ 24.28
Total intrinsic value	$ 3.5	$ 0.4
Total unrecognized compensation	$ 38
Unrecognized compensation, recognition period	2 years 10 months 24 days
Shares
Unvested as of December 31, 2020	2,504,148
Granted	127,767
Converted from LTIP grant	474,095
Forfeited/canceled	(59,342)
Vested	(134,621)
Unvested as of March 31, 2021	2,912,047
Weighted Average Grant Date Fair Value
Unvested as of December 31, 2020	$ 19.84
Granted	25.19
Converted from LTIP grant	27.06
Forfeited/canceled	18.26
Vested	25.03
Unvested as of March 31, 2021	$ 21.04
Minimum
Stock Based Compensation
Vesting period	1 year
Maximum
Stock Based Compensation
Vesting period	4 years

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Sep. 23, 2019
Stock Based Compensation
Stock-based compensation expense	$ 16,939	$ 2,857
PSUs
Stock Based Compensation
Granted	474,155
Granted per share	$ 19.94
Unvested PSUs	474,155
Total unrecognized compensation	$ 9,500
Stock-based compensation expense	$ 0
Long-term incentive plan
Stock Based Compensation
Granted	948,250
Long-term incentive plan | IPO
Stock Based Compensation
Minimum cash return on investments			$ 1,491,000

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock Options
Stock Based Compensation
Granted	0	0

Stock-Based Compensation - Comp

Stock-Based Compensation - Company's Stock Option Activity (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Sep. 23, 2019
Aggregate Intrinsic Value
Stock-based compensation expense	$ 16,939,000	$ 2,857,000
Stock Options
Options
Outstanding as of December 31, 2020	4,044,616
Granted	0	0
Exercised	(198,105)
Outstanding as of March 31, 2021	3,846,511		4,044,616
Vested and expected to vest	2,123,496
Vested and exercisable	1,632,524
Weighted Average Exercise Price
Outstanding as of December 31, 2020	$ 9.49
Exercised	8.93
Outstanding as of March 31, 2021	9.52		$ 9.49
Vested and expected to vest	9.61
Vested and exercisable	$ 8.80
Weighted Average Remaining Contractual Term (in years)
Outstanding	6 years 2 months 12 days		6 years 6 months
Vested and expected to vest	6 years 3 months 18 days
Vested and exercisable	5 years 10 months 24 days
Aggregate Intrinsic Value
Outstanding as of December 31, 2020 (in dollars)	$ 77,454,000
Exercised (in dollars)	4,666,000
Outstanding as of March 31, 2021 (in dollars)	47,740,000		$ 77,454,000
Vested and expected to vest (in dollars)	26,158,000
Vested and exercisable (in dollars)	21,435,000
Stock-based compensation expense	$ 0
Stock Options | Time-based options
Aggregate Intrinsic Value
Recognition over the remaining weighted-average vesting term	1 year 7 months 6 days
Unamortized stock-based compensation expense	$ 2,300,000
Stock Options | Performance and market conditions
Aggregate Intrinsic Value
Stock-based compensation expense	7,600,000
IPO | Stock Options | Time-based options
Aggregate Intrinsic Value
Minimum cash return on investments	$ 1,491,000,000
IPO | Stock Options | Performance and market conditions
Aggregate Intrinsic Value
Minimum cash return on investments				$ 1,491,000,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Vista Equity Partners
Related Party Transactions
Total expenses incurred	$ 0.1	$ 0.2
Affiliates of Vista
Related Party Transactions
Recognized revenue	0.9	$ 0.1
Accounts receivable	$ 0.1		$ 0.9

Commitments and Contingencies -

Commitments and Contingencies - Letter of Credit (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Letters of Credit
Letters of credit under an office lease agreement which primarily guaranteed early termination fees in the event of default	$ 0.8	$ 0.8

Commitments and Contingencies_2

Commitments and Contingencies - Purchase Commitments (Details) $ in Millions	Mar. 31, 2021USD ($)
Purchase Commitments
Noncancelable purchase commitments	$ 14.4

Commitments and Contingencies_3

Commitments and Contingencies - Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Employee Benefit Plans
Contributions to employee benefit plan	$ 0.9	$ 0.8

Net Loss Per Share - Reconcilia

Net Loss Per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator
Net loss	$ (15,934)	$ (4,292)
Denominator
Weighted-average common stock outstanding - basic and diluted	81,339	79,743
Net loss per share:
Basic and diluted (in dollars per share)	$ (0.20)	$ (0.05)

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of diluted net loss per share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Shares excluded from the computation of diluted net loss per share
Total antidilutive shares	5,163	5,075
RSUs
Shares excluded from the computation of diluted net loss per share
Total antidilutive shares	2,912	1,386
Stock Options
Shares excluded from the computation of diluted net loss per share
Total antidilutive shares	2,123	3,419
Other awards
Shares excluded from the computation of diluted net loss per share
Total antidilutive shares	128	270

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	Apr. 01, 2021	Mar. 31, 2021
RSUs
Subsequent Events
Granted		127,767
PSUs
Subsequent Events
Granted		474,155
Subsequent Event | 2019 Omnibus Incentive Plan | RSUs
Subsequent Events
Granted	1,367,317
Total grant date fair value	$ 30
Subsequent Event | 2019 Omnibus Incentive Plan | RSUs | Weighted Average
Subsequent Events
Vesting period	4 years
Subsequent Event | 2019 Omnibus Incentive Plan | PSUs
Subsequent Events
Granted	208,806
Total grant date fair value	$ 4.6
Vesting period	2 years
Subsequent Event | 2019 Omnibus Incentive Plan | PSUs | If minimum hurdle is not achieved
Subsequent Events
Vesting percentage	0.00%
Subsequent Event | 2019 Omnibus Incentive Plan | PSUs | If minimum hurdle is achieved, year one
Subsequent Events
Vesting percentage	50.00%
Subsequent Event | 2019 Omnibus Incentive Plan | PSUs | If minimum hurdle is achieved, year two
Subsequent Events
Vesting percentage	100.00%
Subsequent Event | 2019 Omnibus Incentive Plan | PSUs | Weighted Average
Subsequent Events
Vesting period	9 months 18 days