Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 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, $0.001 par value per share | |
Trading Symbol | PING | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 82,088,438 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001679826 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 104,342 | $ 145,733 |
Accounts receivable, net of allowances of $652 and $828 at March 31, 2021 and December 31, 2020, respectively | 64,720 | 82,335 |
Contract assets, current (net of allowance) | 62,955 | 62,503 |
Deferred commissions, current | 7,711 | 6,604 |
Prepaid expenses | 14,061 | 17,608 |
Other current assets | 2,239 | 1,940 |
Total current assets | 256,028 | 316,723 |
Noncurrent assets: | ||
Property and equipment, net | 8,753 | 9,446 |
Goodwill | 473,697 | 441,150 |
Intangible assets, net | 179,324 | 180,422 |
Contract assets, noncurrent (net of allowance) | 5,159 | 11,288 |
Deferred commissions, noncurrent | 11,753 | 9,325 |
Deferred income taxes, net | 3,370 | 3,962 |
Operating lease right-of-use assets | 14,085 | 15,619 |
Other noncurrent assets | 2,944 | 2,516 |
Total noncurrent assets | 699,085 | 673,728 |
Total assets | 955,113 | 990,451 |
Current liabilities: | ||
Accounts payable | 2,944 | 2,795 |
Accrued expenses and other current liabilities | 7,730 | 7,339 |
Accrued compensation | 20,165 | 17,170 |
Deferred revenue, current | 43,431 | 49,203 |
Operating lease liabilities, current | 4,097 | 3,979 |
Total current liabilities | 78,367 | 80,486 |
Noncurrent liabilities: | ||
Deferred revenue, noncurrent | 4,288 | 3,195 |
Long-term debt | 119,138 | 149,014 |
Deferred income taxes, net | 9,603 | 17,867 |
Operating lease liabilities, noncurrent | 15,216 | 17,213 |
Other liabilities, noncurrent | 1,565 | 1,566 |
Total noncurrent liabilities | 149,810 | 188,855 |
Total liabilities | 228,177 | 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 | 82 | 81 |
Additional paid-in capital | 771,332 | 739,051 |
Accumulated other comprehensive income | 1,830 | 1,373 |
Accumulated deficit | (46,308) | (19,395) |
Total stockholders' equity | 726,936 | 721,110 |
Total liabilities and stockholders' equity | $ 955,113 | $ 990,451 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
Accounts receivable, allowances | $ 645 | $ 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) | 82,086,665 | 81,163,896 |
Common stock, outstanding (in shares) | 82,086,665 | 81,163,896 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue: | ||||
Total revenue | $ 78,904 | $ 58,981 | $ 147,848 | $ 120,393 |
Cost of revenue: | ||||
Amortization expense | 6,077 | 4,944 | 11,886 | 9,546 |
Total cost of revenue | 22,404 | 16,679 | 43,210 | 32,403 |
Gross profit | 56,500 | 42,302 | 104,638 | 87,990 |
Operating expenses: | ||||
Sales and marketing | 29,082 | 20,751 | 54,631 | 42,941 |
Research and development | 18,692 | 11,411 | 40,394 | 23,625 |
General and administrative | 19,545 | 12,082 | 34,000 | 23,597 |
Depreciation and amortization | 4,327 | 4,233 | 8,692 | 8,482 |
Total operating expenses | 71,646 | 48,477 | 137,717 | 98,645 |
Loss from operations | (15,146) | (6,175) | (33,079) | (10,655) |
Other income (expense): | ||||
Interest expense | (310) | (724) | (706) | (1,230) |
Other income (expense), net | 430 | 695 | (442) | (555) |
Total other income (expense) | 120 | (29) | (1,148) | (1,785) |
Loss before income taxes | (15,026) | (6,204) | (34,227) | (12,440) |
Benefit for income taxes | 4,047 | 2,932 | 7,314 | 4,876 |
Net loss | $ (10,979) | $ (3,272) | $ (26,913) | $ (7,564) |
Net loss per share: | ||||
Basic and diluted (in dollars per share) | $ (0.13) | $ (0.04) | $ (0.33) | $ (0.09) |
Weighted-average shares used in computing net income (loss) per share: | ||||
Basic and diluted (in shares) | 82,025 | 80,169 | 81,684 | 79,956 |
Subscription | ||||
Revenue: | ||||
Total revenue | $ 73,151 | $ 54,268 | $ 137,367 | $ 111,086 |
Cost of revenue: | ||||
Cost of revenue (exclusive of amortization shown below) | 10,185 | 7,509 | 19,599 | 14,618 |
Professional services and other | ||||
Revenue: | ||||
Total revenue | 5,753 | 4,713 | 10,481 | 9,307 |
Cost of revenue: | ||||
Cost of revenue (exclusive of amortization shown below) | $ 6,142 | $ 4,226 | $ 11,725 | $ 8,239 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||
Net loss | $ (10,979) | $ (3,272) | $ (26,913) | $ (7,564) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 207 | 351 | 457 | (664) |
Total other comprehensive income (loss) | 207 | 351 | 457 | (664) |
Comprehensive loss | $ (10,772) | $ (2,921) | $ (26,456) | $ (8,228) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated DeficitAdjustment | Accumulated Deficit | Adjustment | Total |
Balances at Dec. 31, 2019 | $ 80 | $ 718,446 | $ (399) | $ 152 | $ (7,656) | $ 152 | $ 710,471 |
Balances (in shares) at Dec. 31, 2019 | 79,632,500 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net loss | (7,564) | (7,564) | |||||
Stock-based compensation | 6,764 | 6,764 | |||||
Exercise of stock options, net of tax withholding | 4,392 | 4,392 | |||||
Exercise of stock options, net of tax withholding (in shares) | 785,663 | ||||||
Vesting of restricted stock, net of tax withholding (in shares) | 26,344 | ||||||
Foreign currency translation adjustments, net of tax | (664) | (664) | |||||
Balances at Jun. 30, 2020 | $ 80 | 729,602 | (1,063) | (15,068) | 713,551 | ||
Balances (in shares) at Jun. 30, 2020 | 80,444,507 | ||||||
Balances at Mar. 31, 2020 | $ 80 | 721,181 | (1,414) | (11,796) | 708,051 | ||
Balances (in shares) at Mar. 31, 2020 | 79,923,114 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net loss | (3,272) | (3,272) | |||||
Stock-based compensation | 4,164 | 4,164 | |||||
Exercise of stock options, net of tax withholding | 4,257 | 4,257 | |||||
Exercise of stock options, net of tax withholding (in shares) | 512,219 | ||||||
Vesting of restricted stock, net of tax withholding (in shares) | 9,174 | ||||||
Foreign currency translation adjustments, net of tax | 351 | 351 | |||||
Balances at Jun. 30, 2020 | $ 80 | 729,602 | (1,063) | (15,068) | 713,551 | ||
Balances (in shares) at Jun. 30, 2020 | 80,444,507 | ||||||
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 | (26,913) | (26,913) | |||||
Stock-based compensation | 33,467 | 33,467 | |||||
Reclassification of liability-classified awards upon settlement | 3,089 | 3,089 | |||||
Exercise of stock options, net of tax withholding | 1,801 | 1,801 | |||||
Exercise of stock options, net of tax withholding (in shares) | 220,482 | ||||||
Vesting of restricted stock, net of tax withholding | $ 1 | (6,076) | (6,075) | ||||
Vesting of restricted stock, net of tax withholding (in shares) | 702,287 | ||||||
Foreign currency translation adjustments, net of tax | 457 | 457 | |||||
Balances at Jun. 30, 2021 | $ 82 | 771,332 | 1,830 | (46,308) | 726,936 | ||
Balances (in shares) at Jun. 30, 2021 | 82,086,665 | ||||||
Balances at Mar. 31, 2021 | $ 81 | 759,645 | 1,623 | (35,329) | 726,020 | ||
Balances (in shares) at Mar. 31, 2021 | 81,475,176 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net loss | (10,979) | (10,979) | |||||
Stock-based compensation | 17,167 | 17,167 | |||||
Exercise of stock options, net of tax withholding | 30 | 30 | |||||
Exercise of stock options, net of tax withholding (in shares) | 22,377 | ||||||
Vesting of restricted stock, net of tax withholding | $ 1 | (5,510) | (5,509) | ||||
Vesting of restricted stock, net of tax withholding (in shares) | 589,112 | ||||||
Foreign currency translation adjustments, net of tax | 207 | 207 | |||||
Balances at Jun. 30, 2021 | $ 82 | $ 771,332 | $ 1,830 | $ (46,308) | $ 726,936 | ||
Balances (in shares) at Jun. 30, 2021 | 82,086,665 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (26,913) | $ (7,564) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 20,578 | 18,028 |
Stock-based compensation expense | 34,415 | 7,402 |
Amortization of deferred commissions | 4,674 | 3,761 |
Amortization of deferred debt issuance costs | 124 | 124 |
Operating leases, net | (346) | (21) |
Deferred taxes | (7,624) | (5,280) |
Other | 63 | 668 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 17,621 | 8,727 |
Contract assets | 5,653 | 1,309 |
Deferred commissions | (8,209) | (3,186) |
Prepaid expenses and other current assets | 3,405 | 7,186 |
Other assets | (426) | 220 |
Accounts payable | 348 | 3,894 |
Accrued compensation | 4,280 | (8,724) |
Accrued expenses and other | 1,338 | 2,243 |
Deferred revenue | (5,016) | (7,543) |
Net cash provided by operating activities | 43,965 | 21,244 |
Cash flows from investing activities | ||
Purchases of property and equipment and other | (1,502) | (1,420) |
Capitalized software development costs | (8,582) | (6,749) |
Payments for business acquisitions, net of cash acquired | (39,875) | (4,703) |
Net cash used in investing activities | (49,959) | (12,872) |
Cash flows from financing activities | ||
Payment of consideration and holdbacks | (993) | (424) |
Payment of offering costs | (295) | |
Proceeds from stock option exercises | 1,900 | 6,046 |
Payment for tax withholding on equity awards | (6,174) | (1,653) |
Proceeds from long-term debt | 80,000 | 97,823 |
Payment of long-term debt | (110,000) | |
Net cash provided by (used in) financing activities | (35,267) | 101,497 |
Effect of exchange rates on cash and cash equivalents and restricted cash | (130) | (406) |
Net increase (decrease) in cash and cash equivalents and restricted cash | (41,391) | 109,463 |
Cash and cash equivalents and restricted cash | ||
Beginning of period | 146,499 | 68,386 |
End of period | 105,108 | 177,849 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 584 | 1,186 |
Cash paid for taxes | 283 | 423 |
Noncash activities: | ||
Purchases of property and equipment, accrued but not yet paid | 40 | 202 |
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 | Jun. 30, 2021 | Jun. 30, 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 | $ 104,342 | $ 177,102 |
Restricted cash included in other noncurrent assets | $ 766 | $ 747 |
Financial position | us-gaap:OtherNoncurrentAssetsMember | us-gaap:OtherNoncurrentAssetsMember |
Total cash and cash equivalents and restricted cash | $ 105,108 | $ 177,849 |
Overview and Basis of Presentat
Overview and Basis of Presentation | 6 Months Ended |
Jun. 30, 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. Certain amounts for the three and six months ended June 30, 2020 have been reclassified to conform with current period presentation. Unaudited Interim Condensed Consolidated Financial Information The accompanying interim condensed consolidated balance sheet as of June 30, 2021, the condensed consolidated statements of operations, of comprehensive income (loss) and of stockholders’ equity for the three and six months ended June 30, 2021 and 2020, the condensed consolidated statements of cash flows for the six months ended June 30, 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 June 30, 2021, the results of operations for the three and six months ended June 30, 2021 and 2020 and cash flows for the six months ended June 30, 2021 and 2020. The results for the three and six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 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 Six Months Ended 2021 2020 2021 2020 (in thousands) Subscription term-based licenses: Multi-year subscription term-based licenses $ 32,391 $ 21,141 $ 56,229 $ 45,129 1-year subscription term-based licenses 15,464 14,183 32,808 28,332 Total subscription term-based licenses 47,855 35,324 89,037 73,461 Subscription SaaS 13,425 8,890 25,411 17,416 Maintenance and support 11,871 10,054 22,919 20,209 Total subscription revenue 73,151 54,268 137,367 111,086 Professional services and other 5,753 4,713 10,481 9,307 Total revenue $ 78,904 $ 58,981 $ 147,848 $ 120,393 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) United States $ 56,934 $ 44,626 $ 110,805 $ 87,655 International 21,970 14,355 37,043 32,738 Total revenue $ 78,904 $ 58,981 $ 147,848 $ 120,393 Other than the United States, no other individual country exceeded 10% of total revenue for the three months ended June 30, 2021 and 2020 or the six months ended June 30, 2021 and 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) Beginning balance $ 69,681 $ 85,150 $ 73,791 $ 86,010 Ending balance 68,114 84,640 68,114 84,640 Change $ (1,567) $ (510) $ (5,677) $ (1,370) 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) Beginning balance $ 49,352 $ 38,343 $ 52,398 $ 47,507 Ending balance 47,719 39,964 47,719 39,964 Change $ (1,633) $ 1,621 $ (4,679) $ (7,543) 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 and six months ended June 30, 2021 and 2020 that was included in the deferred revenue balances at the beginning of the respective periods was as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands) Deferred revenue recognized as revenue $ 12,101 $ 12,247 $ 38,036 $ 35,215 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 June 30, 2021, the Company had $185.1 million of transaction price allocated to remaining performance obligations, of which 82% 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 and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) Beginning balance $ 16,534 $ 13,104 $ 15,929 $ 13,670 Additions to deferred commissions 5,275 1,650 8,209 3,186 Amortization of deferred commissions (2,345) (1,659) (4,674) (3,761) Ending balance $ 19,464 $ 13,095 $ 19,464 $ 13,095 Deferred commissions, current $ 7,711 $ 5,355 $ 7,711 $ 5,355 Deferred commissions, noncurrent 11,753 7,740 11,753 7,740 Total deferred commissions $ 19,464 $ 13,095 $ 19,464 $ 13,095 |
Allowances for Expected Credit
Allowances for Expected Credit Losses | 6 Months Ended |
Jun. 30, 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 Accounts Contract Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 (in thousands) Beginning balance $ 652 $ 80 $ 828 $ 87 Provision for credit losses, net of recoveries 28 45 7 38 Write-offs (35) (37) (190) (37) Ending balance $ 645 $ 88 $ 645 $ 88 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 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: June 30, 2021 Level 1 Level 2 Level 3 Total (in thousands) Cash and cash equivalents: Money market funds $ 45,001 $ — $ — $ 45,001 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 | 6 Months Ended |
Jun. 30, 2021 | |
Property and Equipment | |
Property and Equipment | 6. Property and Equipment Property and equipment consisted of the following: June 30, December 31, 2021 2020 (in thousands) Computer equipment $ 7,639 $ 6,581 Furniture and fixtures 3,893 3,887 Purchased computer software 785 785 Leasehold improvements 7,899 7,818 Other 448 448 Property and equipment, gross 20,664 19,519 Less: Accumulated depreciation (11,911) (10,073) Property and equipment, net $ 8,753 $ 9,446 Depreciation expense was $0.9 million for each of the three months ended June 30, 2021 and 2020. Depreciation expense for the six months ended June 30, 2021 and 2020 was $1.8 million and $1.9 million, respectively. The Company’s long-lived assets are composed of property and equipment, net and operating lease right-of-use assets, and are summarized by geographic area as follows: June 30, December 31, 2021 2020 (in thousands) United States $ 16,642 $ 18,367 United Kingdom 2,319 2,410 International 3,877 4,288 Total long-lived assets $ 22,838 $ 25,065 |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations | |
Business Combinations | 7 . Business Combinations SecuredTouch, Inc. Acquisition On June 20, 2021 the Company acquired 100% of the voting equity interest in SecuredTouch, Inc. (“SecuredTouch”). SecuredTouch is a leader in fraud and bot detection and mitigation, which leverages behavioral biometrics, artificial intelligence, machine learning, and deep learning to provide identity, risk, and fraud teams early visibility into potential malicious activity happening across digital properties. The purpose of this acquisition was to accelerate the Company’s cloud-delivered intelligent-identity solutions that combat malicious behavior such as bots, emulators, and account takeover. The total purchase price was $39.9 million, net of cash acquired. 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: June 20, 2021 Useful Life (in thousands) Fair value of net assets acquired Developed technology $ 8,300 4 years Goodwill 32,257 Indefinite Other assets 167 Total assets acquired 40,724 Deferred revenue (337) Other liabilities (512) Total liabilities assumed (849) Net assets acquired, excluding cash $ 39,875 Goodwill is primarily attributable to the workforce acquired and the expected synergies arising from integrating SecuredTouch into the Ping Intelligent Identity Platform to provide customers a more comprehensive offering that extends past traditional workforce use case and accelerates Ping’s cloud-delivered intelligent identity solutions that combat malicious behavior. None of the goodwill is deductible for tax purposes. The Company incurred $0.4 million of acquisition-related expenses, which are included in general and administrative expenses on the condensed consolidated statement of operations for the three and six months ended June 30, 2021. Additional information relating to the SecuredTouch 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. 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 relating to 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 $0.1 million and $0.6 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 and six months ended June 30, 2020, respectively. Additional Acquisition Related Information The operating results of SecuredTouch, Symphonic and ShoCard are included in the Company’s condensed consolidated statements of operations from their respective dates of acquisition. Revenue and earnings of SecuredTouch, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2021 were as follows (in thousands): Beginning balance $ 441,150 Additions to goodwill related to SecuredTouch acquisition 32,257 Foreign currency translation adjustment 290 Ending balance $ 473,697 The Company’s intangible assets as of June 30, 2021 were as follows: June 30, 2021 Gross Accumulated Net Carrying Amount Amortization Value (in thousands) Developed technology $ 127,844 $ (63,248) $ 64,596 Customer relationships 95,138 (37,527) 57,611 Trade names 56,734 (28,260) 28,474 Product backlog 650 (168) 482 Capitalized internal-use software 44,932 (17,392) 27,540 Other intangible assets 1,347 (726) 621 Total intangible assets $ 326,645 $ (147,321) $ 179,324 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 $4.9 million and $3.8 million of internal-use software costs during the three months ended June 30, 2021 and 2020, respectively, which included $0.3 million and $0.4 million of stock-based compensation costs, respectively. The Company capitalized $9.1 million and $7.1 million of internal-use software costs during the six months ended June 30, 2021 and 2020, respectively, which included $0.5 million and $0.4 million of stock-based compensation costs, respectively. Amortization expense for the three months ended June 30, 2021 and 2020 was $9.5 million and $8.3 million, respectively. Amortization expense for the six months ended June 30, 2021 and 2020 was $18.8 million and $16.2 million, respectively. As of June 30, 2021, expected amortization expense for intangible assets subject to amortization for the next five years is as follows: Year Ending December 31, June 30, 2021 (in thousands) 2021 (remaining six months) $ 20,212 2022 38,971 2023 36,425 2024 32,906 2025 22,301 Thereafter 28,509 Total $ 179,324 |
Debt
Debt | 6 Months Ended |
Jun. 30, 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 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 June 30, 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) 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 June 30, 2021 was 1.34%. 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 re-borrowed. No mandatory prepayments will be required other than when borrowings and letter of credit usage exceed the aggregate commitment of all lenders. The Company recognized $0.3 million and $0.7 million in interest expense for the three months ended June 30, 2021 and 2020, respectively. For the six months ended June 30, 2021 and 2020, the Company recognized $0.6 million and $1.1 million in interest expense, respectively. As of June 30, 2021 and December 31, 2020, the Company’s outstanding long-term debt balance representing borrowings under the Credit Agreement was $119.1 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 and six months ended June 30, 2021 and 2020, the Company amortized $0.1 million of debt issuance costs. Future principal payments on outstanding borrowings as of June 30, 2021 are as follows: Year Ending December 31, June 30, 2021 (in thousands) 2021 (remaining six months) $ — 2022 — 2023 — 2024 120,000 2025 — Thereafter — Total $ 120,000 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Taxes | |
Income Taxes | 10. Income Taxes For the three months ended June 30, 2021 and 2020, the Company recorded $4.0 million and $2.9 million as its benefit for income taxes, respectively. For the six months ended June 30, 2021 and 2020, the Company recorded $7.3 million and $4.9 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 and six months ended June 30, 2021 as compared to the three and six months ended June 30, 2020 primarily relates to a larger expected pre-tax loss in 2021 as compared to 2020, the release of a foreign valuation allowance, and an increase in R&D and other credits recorded in the three and six months ended June 30, 2021. The increase in tax benefit for the six months ended June 30, 2021 as compared to the six months ended June 30, 2020 was partially offset by a valuation allowance recorded against our U.S. deferred tax assets during the first quarter of 2021 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 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 June 30, 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 | 6 Months Ended |
Jun. 30, 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 hold or 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 June 30, 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 and six months ended June 30, 2021 and 2020 was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) Subscription cost of revenue $ 513 $ 174 $ 1,048 $ 320 Professional services and other cost of revenue 429 99 1,020 183 Sales and marketing 4,843 1,243 9,041 2,040 Research and development 4,647 1,298 13,159 2,186 General and administrative 7,044 1,731 10,147 2,673 Total $ 17,476 $ 4,545 $ 34,415 $ 7,402 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. 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 $0.4 million and $12.8 million of stock-based compensation expense during the three and six months ended June 30, 2021, respectively. Expense recognized related to the RSUs subject to performance and market conditions is 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 accrued compensation to common stock and additional paid-in capital on the condensed consolidated balance sheets. During the three months ended June 30, 2021 and 2020, the Company recognized $0.7 million and $0.8 million of stock-based compensation expense, respectively, related to these awards. During the six months ended June 30, 2021, the Company recognized $1.5 million and $1.0 million of stock-based compensation expense, respectively, related to these awards. Restricted Stock Units The Company grants RSUs that generally vest over one using the straight-line method. A summary of the status of the Company’s unvested RSUs and activity for the six months ended June 30, 2021 is as follows: Weighted Average Grant Date Shares Fair Value Unvested as of December 31, 2020 2,504,148 $ 19.84 Granted 1,715,867 22.46 Converted from LTIP grant 474,095 27.06 Forfeited/canceled (186,423) 19.46 Vested (974,599) 24.49 Unvested as of June 30, 2021 3,533,088 $ 20.81 Performance Stock Units As previously discussed, during the six months ended June 30, 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. In the second quarter of 2021, these PSUs were determined to be probable of vesting, resulting in the recognition of $4.0 million in stock-based compensation during the three and six months ended June 30, 2021. As of June 30, 2021, there was $5.0 million of total unamortized compensation associated with these awards, which is expected to be recognized over the remaining estimated vesting period of 0.4 years. 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, depending on the Company’s achievement of internal performance targets. The grant-date fair value of these PSUs was $21.93. As of June 30, 2021, there was $2.9 million of total unamortized compensation associated with these awards, which is expected to be recognized over the remaining estimated weighted-average vesting period of 0.5 years. No PSUs vested during the six months ended June 30, 2021. A summary of the status of the Company’s unvested PSUs and activity for the six months ended June 30, 2021 is as follows: Weighted Average Grant Date Shares Fair Value Unvested as of December 31, 2020 — $ — Granted 682,961 20.55 Forfeited/canceled (29,983) 20.52 Unvested as of June 30, 2021 652,978 $ 20.55 Stock Options No stock options were granted during the three or six months ended June 30, 2021 or 2020. A summary of the Company’s stock option activity and related information for the six months ended June 30, 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 (218,420) 8.24 Exercised (232,833) 9.00 5,170 Outstanding as of June 30, 2021 3,593,363 $ 9.60 6.0 $ 47,800 As of June 30, 2021: Vested and expected to vest 3,593,363 $ 9.60 6.0 $ 47,800 Vested and exercisable 1,680,980 $ 8.94 5.7 $ 23,473 Time-based options vest over four years with 25% vesting one year after grant and the remainder vesting ratably on a quarterly basis thereafter. Vesting of the time-based options accelerates and the stock options become exercisable following both (i) an 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. In the second quarter of 2021, achievement of these conditions was determined to be probable. As of June 30, 2021, total unamortized compensation related to the time-based awards was $1.7 million. This expense will be recognized over the shorter of (i) the remaining explicit service term or (ii) the estimated period over which the performance condition is expected to be satisfied, with a remaining weighted-average vesting period of 0.4 years. The vesting conditions of the options subject to performance and market conditions 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. In the second quarter of 2021, these awards were determined to be probable of vesting, resulting in the recognition of $5.4 million in stock-based compensation expense during the three and six months ended June 30, 2021. The remaining $1.3 million of total unamortized compensation expense is expected to be recognized over the remaining estimated vesting period of approximately 0.4 years. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 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. There were no material transactions with Vista during the three and six months ended June 30, 2021 and 2020. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies | |
Commitments and Contingencies | 14. Commitments and Contingencies Letters of Credit As of June 30, 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 June 30, 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 June 30, 2021 were approximately $11.0 million for periods through 2025. 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 $1.0 million and $0.8 million during the three months ended June 30, 2021 and 2020, respectively. The Company made contributions to its employee benefit plans of $1.9 million and $1.6 million during the six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 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 Six Months Ended 2021 2020 2021 2020 (in thousands, except per share amounts) Numerator: Net loss $ (10,979) $ (3,272) $ (26,913) $ (7,564) Denominator: Weighted-average common stock outstanding - basic and diluted 82,025 80,169 81,684 79,956 Net loss per share: Basic and diluted $ (0.13) $ (0.04) $ (0.33) $ (0.09) 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) RSUs 3,533 2,773 3,533 2,773 Stock options 2,074 2,862 2,074 2,862 Other awards 123 168 123 168 Total antidilutive shares 5,730 5,803 5,730 5,803 |
Overview and Basis of Present_2
Overview and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 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. Certain amounts for the three and six months ended June 30, 2020 have been reclassified to conform with current period presentation. |
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) | 6 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue Recognition and Deferred Commissions | |
Schedule of revenue by category | Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands) Subscription term-based licenses: Multi-year subscription term-based licenses $ 32,391 $ 21,141 $ 56,229 $ 45,129 1-year subscription term-based licenses 15,464 14,183 32,808 28,332 Total subscription term-based licenses 47,855 35,324 89,037 73,461 Subscription SaaS 13,425 8,890 25,411 17,416 Maintenance and support 11,871 10,054 22,919 20,209 Total subscription revenue 73,151 54,268 137,367 111,086 Professional services and other 5,753 4,713 10,481 9,307 Total revenue $ 78,904 $ 58,981 $ 147,848 $ 120,393 |
Schedule of revenue by geographic region | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) United States $ 56,934 $ 44,626 $ 110,805 $ 87,655 International 21,970 14,355 37,043 32,738 Total revenue $ 78,904 $ 58,981 $ 147,848 $ 120,393 |
Schedule of contract assets | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) Beginning balance $ 69,681 $ 85,150 $ 73,791 $ 86,010 Ending balance 68,114 84,640 68,114 84,640 Change $ (1,567) $ (510) $ (5,677) $ (1,370) |
Schedule of contract liabilities | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) Beginning balance $ 49,352 $ 38,343 $ 52,398 $ 47,507 Ending balance 47,719 39,964 47,719 39,964 Change $ (1,633) $ 1,621 $ (4,679) $ (7,543) |
Schedule of deferred revenue recognized as revenue | Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands) Deferred revenue recognized as revenue $ 12,101 $ 12,247 $ 38,036 $ 35,215 |
Schedule of deferred commission | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) Beginning balance $ 16,534 $ 13,104 $ 15,929 $ 13,670 Additions to deferred commissions 5,275 1,650 8,209 3,186 Amortization of deferred commissions (2,345) (1,659) (4,674) (3,761) Ending balance $ 19,464 $ 13,095 $ 19,464 $ 13,095 Deferred commissions, current $ 7,711 $ 5,355 $ 7,711 $ 5,355 Deferred commissions, noncurrent 11,753 7,740 11,753 7,740 Total deferred commissions $ 19,464 $ 13,095 $ 19,464 $ 13,095 |
Allowances for Expected Credi_2
Allowances for Expected Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Allowances for Expected Credit Losses | |
Allowances for Expected Credit Losses | Accounts Contract Accounts Contract Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 (in thousands) Beginning balance $ 652 $ 80 $ 828 $ 87 Provision for credit losses, net of recoveries 28 45 7 38 Write-offs (35) (37) (190) (37) Ending balance $ 645 $ 88 $ 645 $ 88 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value of Financial Instruments | |
Schedule of fair value of financial instruments | June 30, 2021 Level 1 Level 2 Level 3 Total (in thousands) Cash and cash equivalents: Money market funds $ 45,001 $ — $ — $ 45,001 December 31, 2020 Level 1 Level 2 Level 3 Total (in thousands) Cash and cash equivalents: Money market funds $ 113,083 $ — $ — $ 113,083 |
Schedule of property, plant and equipment summarized by geographical area | June 30, December 31, 2021 2020 (in thousands) United States $ 16,642 $ 18,367 United Kingdom 2,319 2,410 International 3,877 4,288 Total long-lived assets $ 22,838 $ 25,065 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property and Equipment | |
Schedule of property and equipment | June 30, December 31, 2021 2020 (in thousands) Computer equipment $ 7,639 $ 6,581 Furniture and fixtures 3,893 3,887 Purchased computer software 785 785 Leasehold improvements 7,899 7,818 Other 448 448 Property and equipment, gross 20,664 19,519 Less: Accumulated depreciation (11,911) (10,073) Property and equipment, net $ 8,753 $ 9,446 |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
SecuredTouch, 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 | June 20, 2021 Useful Life (in thousands) Fair value of net assets acquired Developed technology $ 8,300 4 years Goodwill 32,257 Indefinite Other assets 167 Total assets acquired 40,724 Deferred revenue (337) Other liabilities (512) Total liabilities assumed (849) Net assets acquired, excluding cash $ 39,875 |
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) | 6 Months Ended |
Jun. 30, 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 June 30, 2021 were as follows (in thousands): Beginning balance $ 441,150 Additions to goodwill related to SecuredTouch acquisition 32,257 Foreign currency translation adjustment 290 Ending balance $ 473,697 |
Summary of intangible assets | The Company’s intangible assets as of June 30, 2021 were as follows: June 30, 2021 Gross Accumulated Net Carrying Amount Amortization Value (in thousands) Developed technology $ 127,844 $ (63,248) $ 64,596 Customer relationships 95,138 (37,527) 57,611 Trade names 56,734 (28,260) 28,474 Product backlog 650 (168) 482 Capitalized internal-use software 44,932 (17,392) 27,540 Other intangible assets 1,347 (726) 621 Total intangible assets $ 326,645 $ (147,321) $ 179,324 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, June 30, 2021 (in thousands) 2021 (remaining six months) $ 20,212 2022 38,971 2023 36,425 2024 32,906 2025 22,301 Thereafter 28,509 Total $ 179,324 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt | |
Summary of future principal payments on outstanding borrowings | Future principal payments on outstanding borrowings as of June 30, 2021 are as follows: Year Ending December 31, June 30, 2021 (in thousands) 2021 (remaining six months) $ — 2022 — 2023 — 2024 120,000 2025 — Thereafter — Total $ 120,000 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stock-Based Compensation | |
Summary of stock-based compensation expense | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) Subscription cost of revenue $ 513 $ 174 $ 1,048 $ 320 Professional services and other cost of revenue 429 99 1,020 183 Sales and marketing 4,843 1,243 9,041 2,040 Research and development 4,647 1,298 13,159 2,186 General and administrative 7,044 1,731 10,147 2,673 Total $ 17,476 $ 4,545 $ 34,415 $ 7,402 |
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 1,715,867 22.46 Converted from LTIP grant 474,095 27.06 Forfeited/canceled (186,423) 19.46 Vested (974,599) 24.49 Unvested as of June 30, 2021 3,533,088 $ 20.81 |
Summary of the status of the Company's unvested PSUs and activity | Weighted Average Grant Date Shares Fair Value Unvested as of December 31, 2020 — $ — Granted 682,961 20.55 Forfeited/canceled (29,983) 20.52 Unvested as of June 30, 2021 652,978 $ 20.55 |
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 (218,420) 8.24 Exercised (232,833) 9.00 5,170 Outstanding as of June 30, 2021 3,593,363 $ 9.60 6.0 $ 47,800 As of June 30, 2021: Vested and expected to vest 3,593,363 $ 9.60 6.0 $ 47,800 Vested and exercisable 1,680,980 $ 8.94 5.7 $ 23,473 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 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 Six Months Ended 2021 2020 2021 2020 (in thousands, except per share amounts) Numerator: Net loss $ (10,979) $ (3,272) $ (26,913) $ (7,564) Denominator: Weighted-average common stock outstanding - basic and diluted 82,025 80,169 81,684 79,956 Net loss per share: Basic and diluted $ (0.13) $ (0.04) $ (0.33) $ (0.09) |
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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) RSUs 3,533 2,773 3,533 2,773 Stock options 2,074 2,862 2,074 2,862 Other awards 123 168 123 168 Total antidilutive shares 5,730 5,803 5,730 5,803 |
Revenue Recognition and Defer_3
Revenue Recognition and Deferred Commissions - Revenue by category (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue | ||||
Total revenue | $ 78,904 | $ 58,981 | $ 147,848 | $ 120,393 |
Subscription term-based licenses | ||||
Disaggregation of Revenue | ||||
Total revenue | 47,855 | 35,324 | 89,037 | 73,461 |
Multi-year subscription term-based licenses | ||||
Disaggregation of Revenue | ||||
Total revenue | 32,391 | 21,141 | 56,229 | 45,129 |
1-year subscription term-based licenses | ||||
Disaggregation of Revenue | ||||
Total revenue | 15,464 | 14,183 | 32,808 | 28,332 |
Subscription revenue | ||||
Disaggregation of Revenue | ||||
Total revenue | 73,151 | 54,268 | 137,367 | 111,086 |
Subscription SaaS | ||||
Disaggregation of Revenue | ||||
Total revenue | 13,425 | 8,890 | 25,411 | 17,416 |
Maintenance and support | ||||
Disaggregation of Revenue | ||||
Total revenue | 11,871 | 10,054 | 22,919 | 20,209 |
Professional services and other | ||||
Disaggregation of Revenue | ||||
Total revenue | $ 5,753 | $ 4,713 | $ 10,481 | $ 9,307 |
Revenue Recognition and Defer_4
Revenue Recognition and Deferred Commissions - Revenue by geographic area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue | ||||
Total revenue | $ 78,904 | $ 58,981 | $ 147,848 | $ 120,393 |
United States | ||||
Disaggregation of Revenue | ||||
Total revenue | 56,934 | 44,626 | 110,805 | 87,655 |
International | ||||
Disaggregation of Revenue | ||||
Total revenue | $ 21,970 | $ 14,355 | $ 37,043 | $ 32,738 |
Revenue Recognition and Defer_5
Revenue Recognition and Deferred Commissions - Contract assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Contract assets | ||||
Beginning balance | $ 69,681 | $ 85,150 | $ 73,791 | $ 86,010 |
Ending balance | 68,114 | 84,640 | 68,114 | 84,640 |
Change | $ (1,567) | $ (510) | $ (5,677) | $ (1,370) |
Revenue Recognition and Defer_6
Revenue Recognition and Deferred Commissions - Contract liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Contract liabilities | ||||
Beginning balance | $ 49,352 | $ 38,343 | $ 52,398 | $ 47,507 |
Ending balance | 47,719 | 39,964 | 47,719 | 39,964 |
Change | $ (1,633) | $ 1,621 | $ (4,679) | $ (7,543) |
Revenue Recognition and Defer_7
Revenue Recognition and Deferred Commissions - Deferred revenue recognized as revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Deferred revenue recognized as revenue | ||||
Deferred revenue recognized as revenue | $ 12,101 | $ 12,247 | $ 38,036 | $ 35,215 |
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]: 2021-07-01 $ in Millions | Jun. 30, 2021USD ($) |
Remaining Performance Obligations | |
Transaction price allocated to remaining performance obligations | $ 185.1 |
Percentage expected to be recognized as revenue | 82.00% |
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 | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |||||
Beginning balance | $ 16,534 | $ 13,104 | $ 15,929 | $ 13,670 | |
Additions to deferred commissions | 5,275 | 1,650 | 8,209 | 3,186 | |
Amortization of deferred commissions | (2,345) | (1,659) | (4,674) | (3,761) | |
Ending balance | 19,464 | 13,095 | 19,464 | 13,095 | |
Deferred commissions, current | 7,711 | 5,355 | 7,711 | 5,355 | $ 6,604 |
Deferred commissions, noncurrent | 11,753 | 7,740 | 11,753 | 7,740 | 9,325 |
Total deferred commissions | $ 19,464 | $ 13,095 | $ 19,464 | $ 13,095 | $ 15,929 |
Allowances for Expected Credi_3
Allowances for Expected Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Accounts Receivable | ||
Beginning balance | $ 652 | $ 828 |
Provision for credit losses, net of recoveries | 28 | 7 |
Write-offs | (35) | (190) |
Ending balance | 645 | 645 |
Contract Assets | ||
Beginning balance | 80 | 87 |
Provision for credit losses, net of recoveries | 45 | 38 |
Write-offs | (37) | (37) |
Ending balance | $ 88 | $ 88 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - Recurring - Money market funds - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value of Financial Instruments | ||
Cash and cash equivalents | $ 45,001 | $ 113,083 |
Level 1 | ||
Fair Value of Financial Instruments | ||
Cash and cash equivalents | $ 45,001 | $ 113,083 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Property and Equipment | |||||
Property and equipment, gross | $ 20,664 | $ 20,664 | $ 19,519 | ||
Less: Accumulated depreciation | (11,911) | (11,911) | (10,073) | ||
Property and equipment, net | 8,753 | 8,753 | 9,446 | ||
Depreciation expense | 900 | $ 900 | 1,800 | $ 1,900 | |
Computer equipment | |||||
Property and Equipment | |||||
Property and equipment, gross | 7,639 | 7,639 | 6,581 | ||
Furniture and fixtures | |||||
Property and Equipment | |||||
Property and equipment, gross | 3,893 | 3,893 | 3,887 | ||
Purchased computer software | |||||
Property and Equipment | |||||
Property and equipment, gross | 785 | 785 | 785 | ||
Leasehold improvements | |||||
Property and Equipment | |||||
Property and equipment, gross | 7,899 | 7,899 | 7,818 | ||
Other | |||||
Property and Equipment | |||||
Property and equipment, gross | $ 448 | $ 448 | $ 448 |
Property and Equipment - Summar
Property and Equipment - Summarized by Geographic Area (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total long-lived assets | $ 22,838 | $ 25,065 |
United States | ||
Property, Plant and Equipment [Line Items] | ||
Total long-lived assets | 16,642 | 18,367 |
United Kingdom | ||
Property, Plant and Equipment [Line Items] | ||
Total long-lived assets | 2,319 | 2,410 |
International | ||
Property, Plant and Equipment [Line Items] | ||
Total long-lived assets | $ 3,877 | $ 4,288 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Millions | Jun. 20, 2021 | Oct. 31, 2020 | Mar. 02, 2020 |
SecuredTouch, Inc | |||
Business Combinations | |||
Percentage of voting equity interest acquired | 100.00% | ||
Total purchase price | $ 39.9 | ||
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 | Jun. 20, 2021 | Oct. 31, 2020 | Mar. 02, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Fair value of net assets acquired | ||||||||
Goodwill | $ 473,697 | $ 473,697 | $ 441,150 | |||||
Developed technology | ||||||||
Fair value of net assets acquired | ||||||||
Useful life | 6 years | |||||||
Product backlog | ||||||||
Fair value of net assets acquired | ||||||||
Useful life | 3 years | |||||||
Customer relationships | ||||||||
Fair value of net assets acquired | ||||||||
Useful life | 3 years | |||||||
SecuredTouch, Inc | ||||||||
Fair value of net assets acquired | ||||||||
Goodwill | $ 32,257 | |||||||
Other assets | 167 | |||||||
Total assets acquired | 40,724 | |||||||
Deferred revenue | (337) | |||||||
Deferred tax liability | (512) | |||||||
Total liabilities assumed | (849) | |||||||
Net assets acquired | 39,875 | |||||||
Goodwill deductible for tax purposes | 0 | |||||||
Acquisition related expenses | $ 400 | $ 400 | ||||||
SecuredTouch, Inc | Developed technology | ||||||||
Fair value of net assets acquired | ||||||||
Finite-lived intangible assets | $ 8,300 | |||||||
Useful life | 4 years | |||||||
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 | |||||||
Symphonic | Product backlog | ||||||||
Fair value of net assets acquired | ||||||||
Finite-lived intangible assets | 609 | |||||||
Symphonic | Customer relationships | ||||||||
Fair value of net assets acquired | ||||||||
Finite-lived intangible assets | $ 246 | |||||||
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 | |||||||
ShoCard, Inc | General and administrative | ||||||||
Fair value of net assets acquired | ||||||||
Acquisition related expenses | $ 100 | $ 600 | ||||||
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 | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Changes in the carrying amount of the Company's goodwill balance | |
Beginning balance | $ 441,150 |
Additions to goodwill related to acquisitions | 32,257 |
Foreign currency translation adjustment | 290 |
Ending balance | $ 473,697 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Total intangible assets subject to amortization | |||||
Gross Amount | $ 308,985 | ||||
Accumulated Amortization | $ (147,321) | $ (147,321) | (128,563) | ||
Net Carrying Value | 179,324 | 179,324 | 180,422 | ||
Total intangible assets not subject to amortization | |||||
Total intangible assets | 326,645 | 326,645 | |||
Total intangible assets, net | 179,324 | 179,324 | 180,422 | ||
Amortization expense | 9,500 | $ 8,300 | 18,800 | $ 16,200 | |
Stock-based compensation expense | 34,415 | 7,402 | |||
Developed technology | |||||
Total intangible assets subject to amortization | |||||
Gross Amount | 127,844 | 127,844 | 119,450 | ||
Accumulated Amortization | (63,248) | (63,248) | (55,826) | ||
Net Carrying Value | 64,596 | 64,596 | 63,624 | ||
Customer relationships | |||||
Total intangible assets subject to amortization | |||||
Gross Amount | 95,138 | 95,138 | 95,135 | ||
Accumulated Amortization | (37,527) | (37,527) | (33,724) | ||
Net Carrying Value | 57,611 | 57,611 | 61,411 | ||
Trade names | |||||
Total intangible assets subject to amortization | |||||
Gross Amount | 56,734 | 56,734 | 56,718 | ||
Accumulated Amortization | (28,260) | (28,260) | (25,424) | ||
Net Carrying Value | 28,474 | 28,474 | 31,294 | ||
Product backlog | |||||
Total intangible assets subject to amortization | |||||
Gross Amount | 650 | 650 | 642 | ||
Accumulated Amortization | (168) | (168) | (42) | ||
Net Carrying Value | 482 | 482 | 600 | ||
Capitalized internal-use software | |||||
Total intangible assets subject to amortization | |||||
Gross Amount | 44,932 | 44,932 | 35,841 | ||
Accumulated Amortization | (17,392) | (17,392) | (12,949) | ||
Net Carrying Value | 27,540 | 27,540 | 22,892 | ||
Total intangible assets not subject to amortization | |||||
Amount capitalized | 4,900 | 3,800 | 9,100 | 7,100 | |
Stock-based compensation expense | 300 | $ 400 | 500 | $ 400 | |
Other intangible assets | |||||
Total intangible assets subject to amortization | |||||
Gross Amount | 1,347 | 1,347 | 1,199 | ||
Accumulated Amortization | (726) | (726) | (598) | ||
Net Carrying Value | $ 621 | $ 621 | $ 601 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Amortization expense for intangible assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Expected amortization expense for intangible assets subject to amortization | ||
2021 (remaining nine months) | $ 20,212 | |
2022 | 38,971 | |
2023 | 36,425 | |
2024 | 32,906 | |
2025 | 22,301 | |
Thereafter | 28,509 | |
Total | $ 179,324 | $ 180,422 |
Debt (Details)
Debt (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2019USD ($)item | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Debt | ||||||
Interest expense | $ 300 | $ 700 | $ 600 | $ 1,100 | ||
Long-term debt | 119,138 | 119,138 | $ 149,014 | |||
Deferred debt issuance costs | 900 | 900 | $ 1,000 | |||
Amortization of debt issuance costs | $ 100 | $ 100 | $ 124 | $ 124 | ||
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) | 1.34% | 1.34% | ||||
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 | Jun. 30, 2021USD ($) |
Future principal payments on outstanding borrowings | |
2024 | $ 120,000 |
Total | $ 120,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Taxes | ||||
Benefit for income taxes | $ 4,047 | $ 2,932 | $ 7,314 | $ 4,876 |
Stockholders' Equity - Common s
Stockholders' Equity - Common stock and Preferred stock (Details) | 6 Months Ended | |
Jun. 30, 2021Vote$ / sharesshares | Dec. 31, 2020$ / sharesshares | |
Common stock | ||
Common stock, authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 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 | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2016 | |
Stock-Based Compensation | |||||
Stock-based compensation expense | $ 17,476 | $ 4,545 | $ 34,415 | $ 7,402 | |
2016 Plan | |||||
Stock-Based Compensation | |||||
Common stock reserved for future issuance | 6,800,000 | ||||
2019 Omnibus Incentive Plan | |||||
Stock-Based Compensation | |||||
Maximum number of shares available for issuance | 14,131,549 | 14,131,549 | |||
Subscription cost of revenue | |||||
Stock-Based Compensation | |||||
Stock-based compensation expense | $ 513 | 174 | $ 1,048 | 320 | |
Professional services and other cost of revenue | |||||
Stock-Based Compensation | |||||
Stock-based compensation expense | 429 | 99 | 1,020 | 183 | |
Sales and marketing | |||||
Stock-Based Compensation | |||||
Stock-based compensation expense | 4,843 | 1,243 | 9,041 | 2,040 | |
Research and development | |||||
Stock-Based Compensation | |||||
Stock-based compensation expense | 4,647 | 1,298 | 13,159 | 2,186 | |
General and administrative | |||||
Stock-Based Compensation | |||||
Stock-based compensation expense | $ 7,044 | $ 1,731 | $ 10,147 | $ 2,673 |
Stock-Based Compensation - Long
Stock-Based Compensation - Long-term Incentive plan (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Stock Based Compensation | ||||
Stock-based compensation expense | $ 17,476 | $ 4,545 | $ 34,415 | $ 7,402 |
Long-term incentive plan | IPO | ||||
Stock Based Compensation | ||||
Sharebased Arrangement Adjustments To Realize Minimum Cash Return On Investment | 1,491,000 | $ 1,491,000 | ||
RSUs | ||||
Stock Based Compensation | ||||
RSUs granted | 1,715,867 | |||
RSUs | 2019 Omnibus Incentive Plan | ||||
Stock Based Compensation | ||||
RSUs granted | 948,250 | |||
RSUs subject to performance and market conditions | ||||
Stock Based Compensation | ||||
Stock-based compensation expense from conversion | $ 400 | $ 12,800 |
Stock-Based Compensation - Othe
Stock-Based Compensation - Other Liability-Classified Awards (Details) - USD ($) $ in Thousands | Mar. 02, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Oct. 31, 2020 | Mar. 02, 2020 |
Stock Based Compensation | |||||||
Stock-based compensation expense | $ 17,476 | $ 4,545 | $ 34,415 | $ 7,402 | |||
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 | |||||||
Contingent compensation payable on the first anniversary of acquisition | 3,100 | ||||||
Contingent compensation payable on the second anniversary of acquisition | $ 2,300 | ||||||
Liability classified awards settled | $ 3,100 | ||||||
Shares issued | 123,192 | ||||||
Stock-based compensation expense | $ 700 | $ 800 | $ 1,500 | $ 1,000 | |||
Symphonic | |||||||
Stock Based Compensation | |||||||
Contingent consideration payable in common stock in year one | $ 400 | ||||||
Contingent consideration payable in common stock in year two | 600 | ||||||
Symphonic | Liability-Classified Awards | |||||||
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Stock Based Compensation | ||||
Weighted-average grant-date fair value | $ 22.24 | $ 20.50 | $ 23.45 | $ 20.63 |
Total intrinsic value | $ 18.5 | $ 0.2 | $ 22 | $ 0.6 |
Total unrecognized compensation | $ 65 | $ 65 | ||
Unrecognized compensation, recognition period | 3 years 3 months 18 days | |||
Shares | ||||
Unvested as of December 31, 2020 | 2,504,148 | |||
Granted | 1,715,867 | |||
Converted from LTIP grant | 474,095 | |||
Forfeited/canceled | (186,423) | |||
Vested | (974,599) | |||
Unvested as of June 30, 2021 | 3,533,088 | 3,533,088 | ||
Weighted Average Grant Date Fair Value | ||||
Unvested as of December 31, 2020 | $ 19.84 | |||
Granted | 22.46 | |||
Converted from LTIP grant | 27.06 | |||
Forfeited/canceled | 19.46 | |||
Vested | 24.49 | |||
Unvested as of June 30, 2021 | $ 20.81 | $ 20.81 | ||
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 | Apr. 01, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Stock Based Compensation | |||||
Stock-based compensation expense | $ 17,476 | $ 4,545 | $ 34,415 | $ 7,402 | |
Long-term incentive plan | IPO | |||||
Stock Based Compensation | |||||
Sharebased Arrangement Adjustments To Realize Minimum Cash Return On Investment | $ 1,491,000 | $ 1,491,000 | |||
RSUs | |||||
Stock Based Compensation | |||||
Granted | 1,715,867 | ||||
Weighted-average grant-date fair value | $ 22.24 | $ 20.50 | $ 23.45 | $ 20.63 | |
Vested | 974,599 | ||||
Total unrecognized compensation | $ 65,000 | $ 65,000 | |||
Unrecognized compensation, recognition period | 3 years 3 months 18 days | ||||
Shares | |||||
Unvested as of December 31, 2020 | 2,504,148 | ||||
Granted | 1,715,867 | ||||
Converted from LTIP grant | 474,095 | ||||
Forfeited/canceled | (186,423) | ||||
Unvested as of June 30, 2021 | 3,533,088 | 3,533,088 | |||
Weighted Average Grant Date Fair Value | |||||
Unvested as of December 31, 2020 | $ 19.84 | ||||
Granted | $ 22.24 | $ 20.50 | 23.45 | $ 20.63 | |
Granted | 22.46 | ||||
Converted from LTIP grant | 27.06 | ||||
Forfeited/canceled | 19.46 | ||||
Unvested as of June 30, 2021 | $ 20.81 | $ 20.81 | |||
RSUs | 2019 Omnibus Incentive Plan | |||||
Stock Based Compensation | |||||
Granted | 948,250 | ||||
Shares | |||||
Granted | 948,250 | ||||
PSUs | |||||
Stock Based Compensation | |||||
Granted | 682,961 | ||||
Weighted-average grant-date fair value | $ 20.55 | ||||
Vested | 0 | ||||
Shares | |||||
Granted | 682,961 | ||||
Forfeited/canceled | (29,983) | ||||
Unvested as of June 30, 2021 | 652,978 | 652,978 | |||
Weighted Average Grant Date Fair Value | |||||
Granted | $ 20.55 | ||||
Forfeited/canceled | 20.52 | ||||
Unvested as of June 30, 2021 | $ 20.55 | $ 20.55 | |||
Performance and market conditions PSUs | Long-term incentive plan | |||||
Stock Based Compensation | |||||
Granted | 474,155 | ||||
Sharebased Arrangement Adjustments To Realize Minimum Cash Return On Investment | $ 1,491,000 | $ 1,491,000 | |||
Weighted-average grant-date fair value | $ 19.94 | ||||
Stock-based compensation expense | 4,000 | $ 4,000 | |||
Total unrecognized compensation | 5,000 | $ 5,000 | |||
Unrecognized compensation, recognition period | 4 months 24 days | ||||
Shares | |||||
Granted | 474,155 | ||||
Weighted Average Grant Date Fair Value | |||||
Granted | $ 19.94 | ||||
Time based PSUs | 2019 Omnibus Incentive Plan | |||||
Stock Based Compensation | |||||
Granted | 208,806 | ||||
Vesting period | 2 years | ||||
Weighted-average grant-date fair value | $ 21.93 | ||||
Total unrecognized compensation | $ 2,900 | $ 2,900 | |||
Unrecognized compensation, recognition period | 6 months | ||||
Shares | |||||
Granted | 208,806 | ||||
Weighted Average Grant Date Fair Value | |||||
Granted | $ 21.93 | ||||
Time based PSUs | 2019 Omnibus Incentive Plan | Tranche one | |||||
Stock Based Compensation | |||||
Vesting percentage | 0.00% | ||||
Time based PSUs | 2019 Omnibus Incentive Plan | Tranche Two | |||||
Stock Based Compensation | |||||
Vesting percentage | 50.00% | ||||
Time based PSUs | 2019 Omnibus Incentive Plan | Tranche Three | |||||
Stock Based Compensation | |||||
Vesting percentage | 100.00% |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Stock Based Compensation | ||||
Stock-based compensation expense | $ 17,476 | $ 4,545 | $ 34,415 | $ 7,402 |
Stock Options | ||||
Stock Based Compensation | ||||
Granted | 0 | 0 | 0 | 0 |
Time-based options | ||||
Stock Based Compensation | ||||
Vesting period | 1 year | |||
Vesting percentage | 25.00% | |||
Contractual life | 4 years | |||
Unamortized stock-based compensation expense | $ 1,700 | $ 1,700 | ||
Unrecognized compensation, recognition period | 4 months 24 days | |||
Time-based options | IPO | ||||
Stock Based Compensation | ||||
Sharebased Arrangement Adjustments To Realize Minimum Cash Return On Investment | 1,491,000 | $ 1,491,000 | ||
Performance and market conditions options | ||||
Stock Based Compensation | ||||
Stock-based compensation expense | 5,400 | 5,400 | ||
Unamortized stock-based compensation expense | 1,300 | $ 1,300 | ||
Unrecognized compensation, recognition period | 4 months 24 days | |||
Performance and market conditions options | IPO | ||||
Stock Based Compensation | ||||
Sharebased Arrangement Adjustments To Realize Minimum Cash Return On Investment | $ 1,491,000 | $ 1,491,000 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Company's Stock Option Activity (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Options | |||||
Outstanding as of December 31, 2020 | 4,044,616 | ||||
Granted | 0 | 0 | 0 | 0 | |
Forfeited/canceled | (218,420) | ||||
Exercised | (232,833) | ||||
Outstanding as of June 30, 2021 | 3,593,363 | 3,593,363 | 4,044,616 | ||
Vested and expected to vest | 3,593,363 | 3,593,363 | |||
Vested and exercisable | 1,680,980 | 1,680,980 | |||
Weighted Average Exercise Price | |||||
Outstanding as of December 31, 2020 | $ 9.49 | ||||
Forfeited/cancelled | 8.24 | ||||
Exercised | 9 | ||||
Outstanding as of June 30, 2021 | $ 9.60 | 9.60 | $ 9.49 | ||
Vested and expected to vest | 9.60 | 9.60 | |||
Vested and exercisable | $ 8.94 | $ 8.94 | |||
Weighted Average Remaining Contractual Term (in years) | |||||
Outstanding | 6 years | 6 years 6 months | |||
Vested and expected to vest | 6 years | ||||
Vested and exercisable | 5 years 8 months 12 days | ||||
Aggregate Intrinsic Value | |||||
Outstanding as of December 31, 2020 (in dollars) | $ 77,454 | ||||
Exercised (in dollars) | 5,170 | ||||
Outstanding as of June 30, 2021 (in dollars) | $ 47,800 | 47,800 | $ 77,454 | ||
Vested and expected to vest (in dollars) | 47,800 | 47,800 | |||
Vested and exercisable (in dollars) | $ 23,473 | $ 23,473 |
Commitments and Contingencies -
Commitments and Contingencies - Letter of Credit (Details) $ in Millions | Jun. 30, 2021USD ($) |
Letters of Credit | |
Letters of credit under an office lease agreement which primarily guaranteed early termination fees in the event of default | $ 0.8 |
Commitments and Contingencies_2
Commitments and Contingencies - Purchase Commitments (Details) $ in Millions | Jun. 30, 2021USD ($) |
Purchase Commitments | |
Noncancelable purchase commitments | $ 11 |
Commitments and Contingencies_3
Commitments and Contingencies - Employee Benefit Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Employee Benefit Plans | ||||
Contributions to employee benefit plan | $ 1 | $ 0.8 | $ 1.9 | $ 1.6 |
Net Loss Per Share - Reconcilia
Net Loss Per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator | ||||
Net loss | $ (10,979) | $ (3,272) | $ (26,913) | $ (7,564) |
Denominator | ||||
Weighted-average common stock outstanding - basic and diluted | 82,025 | 80,169 | 81,684 | 79,956 |
Net loss per share: | ||||
Basic and diluted (in dollars per share) | $ (0.13) | $ (0.04) | $ (0.33) | $ (0.09) |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of diluted net loss per share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Shares excluded from the computation of diluted net loss per share | ||||
Total antidilutive shares | 5,730 | 5,803 | 5,730 | 5,803 |
RSUs | ||||
Shares excluded from the computation of diluted net loss per share | ||||
Total antidilutive shares | 3,533 | 2,773 | 3,533 | 2,773 |
Stock Options | ||||
Shares excluded from the computation of diluted net loss per share | ||||
Total antidilutive shares | 2,074 | 2,862 | 2,074 | 2,862 |
Other awards | ||||
Shares excluded from the computation of diluted net loss per share | ||||
Total antidilutive shares | 123 | 168 | 123 | 168 |