Ping Identity Holding (PING) 10-Q 3 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 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		83,579,621
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001679826
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 51,025	$ 145,733
Accounts receivable, net of allowances of $737 and $828 at September 30, 2021 and December 31, 2020, respectively	62,194	82,335
Contract assets, current (net of allowance)	68,480	62,503
Deferred commissions, current	8,037	6,604
Prepaid expenses	18,203	17,608
Other current assets	2,815	1,940
Total current assets	210,754	316,723
Noncurrent assets:
Property and equipment, net	8,337	9,446
Goodwill	529,636	441,150
Intangible assets, net	195,970	180,422
Contract assets, noncurrent (net of allowance)	4,218	11,288
Deferred commissions, noncurrent	13,658	9,325
Deferred income taxes, net	3,942	3,962
Operating lease right-of-use assets	13,208	15,619
Other noncurrent assets	4,700	2,516
Total noncurrent assets	773,669	673,728
Total assets	984,423	990,451
Current liabilities:
Accounts payable	1,715	2,795
Accrued expenses and other current liabilities	11,009	7,339
Accrued compensation	19,325	17,170
Deferred revenue, current	45,546	49,203
Operating lease liabilities, current	4,075	3,979
Total current liabilities	81,670	80,486
Noncurrent liabilities:
Deferred revenue, noncurrent	4,188	3,195
Long-term debt	119,201	149,014
Deferred income taxes, net	6,823	17,867
Operating lease liabilities, noncurrent	14,129	17,213
Other liabilities, noncurrent	1,569	1,566
Total noncurrent liabilities	145,910	188,855
Total liabilities	227,580	269,341
Commitments and contingencies (Note 14)
Stockholders' equity:
Preferred stock; $0.001 par value; 50,000,000 shares authorized at September 30, 2021 and December 31, 2020; no shares issued or outstanding at September 30, 2021 or December 31, 2020
Common stock; $0.001 par value; 500,000,000 shares authorized at September 30, 2021 and December 31, 2020; 83,550,499 and 81,163,896 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	84	81
Additional paid-in capital	813,856	739,051
Accumulated other comprehensive income	662	1,373
Accumulated deficit	(57,759)	(19,395)
Total stockholders' equity	756,843	721,110
Total liabilities and stockholders' equity	$ 984,423	$ 990,451

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowances	$ 737	$ 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)	83,550,499	81,163,896
Common stock, outstanding (in shares)	83,550,499	81,163,896

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue:
Total revenue	$ 76,184	$ 59,941	$ 224,032	$ 180,334
Cost of revenue:
Amortization expense	6,811	5,177	18,697	14,723
Total cost of revenue	24,491	17,351	67,701	49,754
Gross profit	51,693	42,590	156,331	130,580
Operating expenses:
Sales and marketing	30,379	21,164	85,010	64,105
Research and development	18,476	12,224	58,870	35,849
General and administrative	17,278	10,633	51,278	34,230
Depreciation and amortization	4,340	4,223	13,032	12,705
Total operating expenses	70,473	48,244	208,190	146,889
Loss from operations	(18,780)	(5,654)	(51,859)	(16,309)
Other income (expense):
Interest expense	(490)	(605)	(1,196)	(1,835)
Other income (expense), net	(805)	1,271	(1,247)	716
Total other income (expense)	(1,295)	666	(2,443)	(1,119)
Loss before income taxes	(20,075)	(4,988)	(54,302)	(17,428)
Benefit for income taxes	8,624	4,061	15,938	8,937
Net loss	$ (11,451)	$ (927)	$ (38,364)	$ (8,491)
Net loss per share:
Basic (in dollars per share)	$ (0.14)	$ (0.01)	$ (0.47)	$ (0.11)
Diluted (in dollars per share)	$ (0.14)	$ (0.01)	$ (0.47)	$ (0.11)
Weighted-average shares used in computing net income (loss) per share:
Basic (in shares)	82,174	80,692	81,849	80,203
Diluted (in shares)	82,174	80,692	81,849	80,203
Subscription
Revenue:
Total revenue	$ 71,531	$ 55,113	$ 208,898	$ 166,199
Cost of revenue:
Cost of revenue (exclusive of amortization shown below)	11,366	8,091	30,965	22,709
Professional services and other
Revenue:
Total revenue	4,653	4,828	15,134	14,135
Cost of revenue:
Cost of revenue (exclusive of amortization shown below)	$ 6,314	$ 4,083	$ 18,039	$ 12,322

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (11,451)	$ (927)	$ (38,364)	$ (8,491)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(1,168)	502	(711)	(162)
Total other comprehensive income (loss)	(1,168)	502	(711)	(162)
Comprehensive loss	$ (12,619)	$ (425)	$ (39,075)	$ (8,653)

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 (ASU 2016-13) at Dec. 31, 2019				$ 152		$ 152
Balances at Dec. 31, 2019	$ 80	$ 718,446	$ (399)		$ (7,656)		$ 710,471
Balances (in shares) at Dec. 31, 2019	79,632,500
Increase (Decrease) in Stockholders' Equity
Net loss					(8,491)		(8,491)
Stock-based compensation		10,720					10,720
Exercise of stock options, net of tax withholding	$ 1	7,372					7,373
Exercise of stock options, net of tax withholding (in shares)	1,104,481
Vesting of restricted stock, net of tax withholding		(2,769)					(2,769)
Vesting of restricted stock, net of tax withholding (in shares)	266,526
Foreign currency translation adjustments, net of tax			(162)				(162)
Balances at Sep. 30, 2020	$ 81	733,769	(561)		(15,995)		717,294
Balances (in shares) at Sep. 30, 2020	81,003,507
Balances at Jun. 30, 2020	$ 80	729,602	(1,063)		(15,068)		713,551
Balances (in shares) at Jun. 30, 2020	80,444,507
Increase (Decrease) in Stockholders' Equity
Net loss					(927)		(927)
Stock-based compensation		3,956					3,956
Exercise of stock options, net of tax withholding	$ 1	2,980					2,981
Exercise of stock options, net of tax withholding (in shares)	318,818
Vesting of restricted stock, net of tax withholding		(2,769)					(2,769)
Vesting of restricted stock, net of tax withholding (in shares)	240,182
Foreign currency translation adjustments, net of tax			502				502
Balances at Sep. 30, 2020	$ 81	733,769	(561)		(15,995)		717,294
Balances (in shares) at Sep. 30, 2020	81,003,507
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					(38,364)		(38,364)
Stock-based compensation		45,143					45,143
Reclassification of liability-classified awards upon settlement		3,089					3,089
Exercise of stock options, net of tax withholding	$ 1	1,836					1,837
Exercise of stock options, net of tax withholding (in shares)	223,482
Vesting of restricted stock, net of tax withholding	$ 1	(8,133)					(8,132)
Vesting of restricted stock, net of tax withholding (in shares)	902,236
Shares issued related to business combinations	$ 1	32,870					32,871
Shares issued related to business combinations (in shares)	1,260,885
Foreign currency translation adjustments, net of tax			(711)				(711)
Balances at Sep. 30, 2021	$ 84	813,856	662		(57,759)		756,843
Balances (in shares) at Sep. 30, 2021	83,550,499
Balances at Jun. 30, 2021	$ 82	771,332	1,830		(46,308)		726,936
Balances (in shares) at Jun. 30, 2021	82,086,665
Increase (Decrease) in Stockholders' Equity
Net loss					(11,451)		(11,451)
Stock-based compensation		11,676					11,676
Exercise of stock options, net of tax withholding		36					36
Exercise of stock options, net of tax withholding (in shares)	3,000
Vesting of restricted stock, net of tax withholding	$ 1	(2,058)					(2,057)
Vesting of restricted stock, net of tax withholding (in shares)	199,949
Shares issued related to business combinations	$ 1	32,870					32,871
Shares issued related to business combinations (in shares)	1,260,885
Foreign currency translation adjustments, net of tax			(1,168)				(1,168)
Balances at Sep. 30, 2021	$ 84	$ 813,856	$ 662		$ (57,759)		$ 756,843
Balances (in shares) at Sep. 30, 2021	83,550,499

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net loss	$ (38,364)	$ (8,491)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	31,729	27,428
Stock-based compensation expense	46,381	11,983
Amortization of deferred commissions	7,407	5,432
Amortization of deferred debt issuance costs	187	187
Operating leases, net	(576)	(105)
Deferred taxes	(16,259)	(11,391)
Other	179	400
Changes in operating assets and liabilities:
Accounts receivable	20,084	18,029
Contract assets	1,082	2,005
Deferred commissions	(13,173)	(5,766)
Prepaid expenses and other current assets	(960)	(2,869)
Other assets	(3,055)	(700)
Accounts payable	(1,086)	(322)
Accrued compensation	2,876	(9,017)
Accrued expenses and other	4,676	2,682
Deferred revenue	(3,001)	(9,515)
Net cash provided by operating activities	38,127	19,970
Cash flows from investing activities
Payments for business acquisitions, net of cash acquired	(80,191)	(4,703)
Purchases of property and equipment and other	(2,056)	(1,716)
Capitalized software development costs	(13,732)	(9,824)
Net cash used in investing activities	(95,979)	(16,243)
Cash flows from financing activities
Payment of acquisition-related holdbacks	(993)	(424)
Payment of offering costs		(295)
Proceeds from stock option exercises	1,936	9,027
Payment for tax withholding on equity awards	(8,231)	(4,422)
Proceeds from long-term debt	80,000	97,823
Payment of long-term debt	(110,000)
Net cash provided by (used in) financing activities	(37,288)	101,709
Effect of exchange rates on cash and cash equivalents and restricted cash	437	132
Net increase (decrease) in cash and cash equivalents and restricted cash	(94,703)	105,568
Cash and cash equivalents and restricted cash
Beginning of period	146,499	68,386
End of period	51,796	173,954
Supplemental disclosures of cash flow information:
Cash paid for interest	1,011	1,728
Cash paid for taxes	290	931
Noncash activities:
Purchases of property and equipment, accrued but not yet paid	107
Reclassification of liability-classified awards upon settlement	3,089
Acquisition-related accruals		226
Acquisition-related receivables	413
Fair value of common stock issued as consideration for business combinations	$ 32,871
Lease liabilities arising from right-of-use assets		$ 2,717

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 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	$ 51,025	$ 173,206
Restricted cash included in other noncurrent assets	$ 771	$ 748
Financial position	us-gaap:OtherNoncurrentAssetsMember	us-gaap:OtherNoncurrentAssetsMember
Total cash and cash equivalents and restricted cash	$ 51,796	$ 173,954

Overview and Basis of Presentat

Overview and Basis of Presentation	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, 2021, the condensed consolidated statements of operations, of comprehensive loss and of stockholders’ equity for the three and nine months ended September 30, 2021 and 2020, the condensed consolidated statements of cash flows for the nine months ended September 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 September 30, 2021, the results of operations for the three and nine months ended September 30, 2021 and 2020 and cash flows for the nine months ended September 30, 2021 and 2020. The results for the three and nine months ended September 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	9 Months Ended
	Sep. 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 nine months ended September 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	9 Months Ended
	Sep. 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 September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ (in thousands) Subscription term-based licenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-year subscription term-based licenses ​ $ 30,456 ​ $ 22,974 ​ $ 86,685 ​ $ 68,103 1-year subscription term-based licenses ​ ​ 13,192 ​ ​ 11,944 ​ ​ 46,000 ​ ​ 40,276 Total subscription term-based licenses ​ ​ 43,648 ​ ​ 34,918 ​ ​ 132,685 ​ ​ 108,379 Subscription SaaS ​ ​ 15,343 ​ ​ 9,857 ​ ​ 40,754 ​ ​ 27,273 Maintenance and support ​ ​ 12,540 ​ ​ 10,338 ​ ​ 35,459 ​ ​ 30,547 Total subscription revenue ​ ​ 71,531 ​ ​ 55,113 ​ ​ 208,898 ​ ​ 166,199 Professional services and other ​ 4,653 ​ 4,828 ​ 15,134 ​ 14,135 Total revenue ​ $ 76,184 ​ $ 59,941 ​ $ 224,032 ​ $ 180,334 ​ 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 September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ (in thousands) United States ​ $ 54,654 ​ $ 41,818 ​ $ 165,459 ​ $ 129,473 International ​ 21,530 ​ 18,123 ​ 58,573 ​ 50,861 Total revenue ​ $ 76,184 ​ $ 59,941 ​ $ 224,032 ​ $ 180,334 ​ Other than the United States, no other individual country exceeded 10% of total revenue for the three months ended September 30, 2021 and 2020 or the nine months ended September 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 September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ (in thousands) Beginning balance ​ $ 68,114 ​ $ 84,640 ​ $ 73,791 ​ $ 86,010 Ending balance ​ ​ 72,698 ​ ​ 83,945 ​ ​ 72,698 ​ ​ 83,945 Change ​ $ 4,584 ​ $ (695) ​ $ (1,093) ​ $ (2,065) ​ ​ 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 September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ (in thousands) Beginning balance ​ $ 47,719 ​ $ 39,964 ​ $ 52,398 ​ $ 47,507 Ending balance ​ ​ 49,734 ​ ​ 37,992 ​ ​ 49,734 ​ ​ 37,992 Change ​ $ 2,015 ​ $ (1,972) ​ $ (2,664) ​ $ (9,515) ​ 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 nine months ended September 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 September 30, ​ Nine Months Ended September 30, ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ (in thousands) Deferred revenue recognized as revenue ​ $ 7,439 ​ $ 5,314 ​ $ 45,475 ​ $ 40,529 ​ 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 September 30, 2021, the Company had $192.1 million of transaction price allocated to remaining performance obligations, of which 83% is expected to be recognized as revenue over the next 24 months, with the remainder to be recognized thereafter. Deferred Commissions The following table summarizes the account activity of deferred commissions for the three and nine months ended September 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ (in thousands) Beginning balance ​ $ 19,464 ​ $ 13,095 ​ $ 15,929 ​ $ 13,670 Additions to deferred commissions ​ ​ 4,964 ​ ​ 2,580 ​ ​ 13,173 ​ ​ 5,766 Amortization of deferred commissions ​ (2,733) ​ (1,671) ​ (7,407) ​ (5,432) Ending balance ​ $ 21,695 ​ $ 14,004 ​ $ 21,695 ​ $ 14,004 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred commissions, current ​ $ 8,037 ​ $ 5,773 ​ $ 8,037 ​ $ 5,773 Deferred commissions, noncurrent ​ ​ 13,658 ​ ​ 8,231 ​ ​ 13,658 ​ ​ 8,231 Total deferred commissions ​ $ 21,695 ​ $ 14,004 ​ $ 21,695 ​ $ 14,004 ​

Allowances for Expected Credit

Allowances for Expected Credit Losses	9 Months Ended
	Sep. 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 September 30, 2021 ​ Nine Months Ended September 30, 2021 ​ ​ (in thousands) Beginning balance ​ $ 645 ​ $ 88 ​ $ 828 ​ $ 87 Provision for credit losses, net of recoveries ​ 130 ​ (12) ​ 137 ​ 26 Write-offs ​ (38) ​ — ​ (228) ​ (37) Ending balance ​ $ 737 ​ $ 76 ​ $ 737 ​ $ 76 ​

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) Cash and cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 20,004 ​ $ — ​ $ — ​ $ 20,004 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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	9 Months Ended
	Sep. 30, 2021
Property and Equipment
Property and Equipment	​ ​ 6. Property and Equipment Property and equipment consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2021 2020 ​ (in thousands) Computer equipment ​ $ 7,389 ​ $ 6,581 Furniture and fixtures ​ ​ 3,890 ​ ​ 3,887 Purchased computer software ​ ​ 785 ​ ​ 785 Leasehold improvements ​ ​ 7,926 ​ ​ 7,818 Other ​ ​ 448 ​ ​ 448 Property and equipment, gross ​ ​ 20,438 ​ ​ 19,519 Less: Accumulated depreciation ​ ​ (12,101) ​ ​ (10,073) Property and equipment, net ​ $ 8,337 ​ $ 9,446 ​ Depreciation expense was $0.9 million for each of the three months ended September 30, 2021 and 2020. Depreciation expense for the nine months ended September 30, 2021 and 2020 was $2.7 million and $2.8 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2021 2020 ​ ​ (in thousands) United States ​ $ 15,744 ​ $ 18,367 United Kingdom ​ ​ 2,161 ​ ​ 2,410 International ​ 3,640 ​ 4,288 Total long-lived assets ​ $ 21,545 ​ $ 25,065 ​

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2021
Business Combinations
Business Combinations	7 . Business Combinations Singular Key, Inc. Acquisition On September 27, 2021, the Company acquired 100% of the voting equity interest in Singular Key, Inc. (“Singular Key”). Singular Key is a leader in no-code identity and security orchestration. Singular Key streamlines the integration of identity services, providing a no-code method of creating workflows across multiple identity platforms, including identity verification, fraud, risk, access management, privileged access and identity governance into a unified identity fabric. The purpose of this acquisition was to accelerate the Company’s entry into the identity orchestration arena. The total purchase price was $73.2 million, net of cash acquired, which consisted of the following: ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ (in thousands) Cash, net of cash acquired ​ $ 40,314 ​ Common stock issued ​ 32,871 ​ Total ​ $ 73,185 ​ ​ ​ ​ ​ ​ The fair market value of the 1,260,885 common shares issued as consideration was determined based on the lowest trading price of a Ping Identity common share on the New York Stock Exchange on the acquisition date of September 27, 2021. 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: ​ ​ ​ ​ ​ ​ ​ September 27, 2021 Useful Life ​ ​ (in thousands) ​ ​ Fair value of net assets acquired ​ Developed technology ​ $ 21,480 4 years Goodwill ​ 56,921 Indefinite Other assets ​ 58 Total assets acquired ​ 78,459 Other liabilities ​ (46) Deferred tax liability ​ ​ (5,228) ​ ​ Total liabilities assumed ​ (5,274) Net assets acquired, excluding cash ​ $ 73,185 ​ Goodwill is primarily attributable to the workforce acquired and the expected synergies arising from integrating Singular Key into the PingOne Cloud Platform. The integration of Singular Key capabilities is expected to enable customers to improve deployment speed, accelerate cloud migration, reduce costs and lower the risk associated with vendor lock-in. None of the goodwill is deductible for tax purposes. The Company incurred $0.7 million of acquisition-related expenses in conjunction with the Singular Key acquisition, which are included in general and administrative expenses on the condensed consolidated statement of operations for the three and nine months ended September 30, 2021. Additional information around the Singular Key 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. 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 $39.5 million, net of cash acquired and a $0.4 million post-closing purchase price adjustment. The purchase price required to be paid by Ping Identity was reduced by $0.4 million as a result of changes to SecuredTouch’s originally estimated working capital balances. The $0.4 million receivable representing the post-closing purchase price adjustment was recorded in the third quarter of 2021, and is included in other current assets on the condensed consolidated balance sheet as of September 30, 2021. ​ 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 ​ 31,900 Indefinite Other assets ​ 157 Total assets acquired ​ 40,357 Deferred revenue ​ ​ (337) ​ ​ Other liabilities ​ (556) Total liabilities assumed ​ (893) Net assets acquired, excluding cash ​ $ 39,464 ​ 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 $0.1 million and $0.5 million of acquisition-related expenses in conjunction with the SecuredTouch acquisition, which are included in general and administrative expenses on the condensed consolidated statement of operations for the three and nine months ended September 30, 2021, respectively. 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 $0.6 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 nine months ended September 30, 2020. ​ Additional Acquisition Related Information The operating results of Singular Key, 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 Singular Key, 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	9 Months Ended
	Sep. 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 September 30, 2021 were as follows (in thousands): ​ ​ ​ ​ ​ Beginning balance ​ $ 441,150 Additions to goodwill related to acquisitions ​ 88,821 Foreign currency translation adjustment ​ ​ (335) Ending balance ​ $ 529,636 ​ The Company’s intangible assets as of September 30, 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ ​ Gross ​ Accumulated ​ Net Carrying ​ Amount Amortization Value ​ ​ (in thousands) Developed technology $ 149,120 $ (67,435) $ 81,685 Customer relationships 95,131 (39,425) 55,706 Trade names 56,774 (29,680) 27,094 Product backlog ​ ​ 632 ​ ​ (225) ​ ​ 407 Capitalized internal-use software ​ 50,432 (19,986) 30,446 Other intangible assets 1,425 (793) 632 Total intangible assets $ 353,514 $ (157,544) $ 195,970 ​ ​ 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 $5.5 million and $3.2 million of internal-use software costs during the three months ended September 30, 2021 and 2020, respectively, which included $0.3 million and $0.2 million of stock-based compensation costs, respectively. The Company capitalized $14.6 million and $10.4 million of internal-use software costs during the nine months ended September 30, 2021 and 2020, respectively, which included $0.9 million and $0.5 million of stock-based compensation costs, respectively. ​ Amortization expense for the three months ended September 30, 2021 and 2020 was $10.2 million and $8.5 million, respectively. Amortization expense for the nine months ended September 30, 2021 and 2020 was $29.0 million and $24.7 million, respectively. ​ As of September 30, 2021, expected amortization expense for intangible assets subject to amortization for the next five years is as follows: ​ ​ ​ ​ ​ Year Ending December 31, September 30, 2021 ​ ​ (in thousands) 2021 (remaining three months) ​ $ 11,693 2022 ​ 45,691 2023 ​ 43,150 2024 ​ 39,637 2025 ​ 27,290 Thereafter ​ 28,509 Total ​ $ 195,970 ​

Debt

Debt	9 Months Ended
	Sep. 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, as amended on August 11, 2020 and further amended on April 20, 2021 (as amended, 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 September 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 September 30, 2021 was 1.33%. 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 $0.4 million and $0.5 million in interest expense for the three months ended September 30, 2021 and 2020, respectively. For the nine months ended September 30, 2021 and 2020, the Company recognized $1.0 million and $1.6 million in interest expense, respectively. As of September 30, 2021 and December 31, 2020, the Company’s outstanding long-term debt balance representing borrowings under the Credit Agreement was $119.2 million and $149.0 million, respectively (net of debt issuance costs of $0.8 million and $1.0 million, respectively). Debt issuance costs are a direct deduction from the long-term debt liability and are amortized into interest expense over the contractual term of the borrowings using the effective interest method. During each of the three months ended September 30, 2021 and 2020, the Company amortized $0.1 million of debt issuance costs. During each of the nine months ended September 30, 2021 and 2020, the Company amortized $0.2 million of debt issuance costs. Future principal payments on outstanding borrowings as of September 30, 2021 are as follows: ​ ​ ​ ​ ​ Year Ending December 31, September 30, 2021 ​ ​ (in thousands) 2021 (remaining three months) ​ $ — 2022 ​ — 2023 ​ — 2024 ​ 120,000 2025 ​ — Thereafter ​ — Total ​ $ 120,000 ​

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Taxes
Income Taxes	10. Income Taxes For the three months ended September 30, 2021 and 2020, the Company recorded $8.6 million and $4.1 million as its benefit for income taxes, respectively. For the nine months ended September 30, 2021 and 2020, the Company recorded $15.9 million and $8.9 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 nine months ended September 30, 2021 as compared to the three and nine months ended September 30, 2020 primarily relates to a larger expected pre-tax loss in 2021 as compared to 2020, the release of a foreign valuation allowance, the partial release of a domestic valuation allowance, and an increase in R&D and other credits recorded in the three and nine months ended September 30, 2021. The increase in tax benefit for the nine months ended September 30, 2021 as compared to the nine months ended September 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	9 Months Ended
	Sep. 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 September 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	9 Months Ended
	Sep. 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 September 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 nine months ended September 30, 2021 and 2020 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ (in thousands) Subscription cost of revenue $ 418 $ 166 ​ $ 1,466 $ 486 Professional services and other cost of revenue ​ 398 ​ 98 ​ ​ 1,418 ​ 281 Sales and marketing ​ 3,645 ​ 1,169 ​ ​ 12,686 ​ 3,209 Research and development ​ 3,816 ​ 1,602 ​ ​ 16,975 ​ 3,788 General and administrative ​ 3,689 ​ 1,546 ​ ​ 13,836 ​ 4,219 Total ​ $ 11,966 ​ $ 4,581 ​ $ 46,381 ​ $ 11,983 ​ 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. In the first quarter of 2021, the Company offered employees with LTIP grants the opportunity to convert those awards into restricted stock units (“RSUs”) under the 2019 Omnibus Incentive Plan. Upon conversion, approximately half of the RSUs would solely be subject to time-based restrictions and would vest on April 1, 2021 and the remainder would be subject to performance and market conditions consistent with those of the LTIP grants outlined above. All employees elected to convert their outstanding LTIP grants to RSUs, resulting in grants totaling 948,250 shares. ​ The conversion of the previously outstanding LTIP grants into time-based vesting RSUs resulted in the recognition of $12.8 million of stock-based compensation expense during the nine months ended September 30, 2021. 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 September 30, 2021 and 2020, the Company recognized $0.6 million and $0.8 million of stock-based compensation expense, respectively, related to these awards. During the nine months ended September 30, 2021, the Company recognized $2.1 million and $1.8 million of stock-based compensation expense, respectively, related to these awards. ​ Restricted Stock Units The Company grants RSUs that generally vest over one $10.7 million, respectively. As of September 30, 2021, there was $66.0 million of total unamortized compensation, which will be recognized over the remaining weighted-average vesting period of 2.9 years using the straight-line method. A summary of the status of the Company’s unvested RSUs and activity for the nine months ended September 30, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant Date ​ Shares Fair Value Unvested as of December 31, 2020 2,504,148 ​ $ 19.84 Granted 2,031,295 ​ ​ 22.72 Converted from LTIP grant ​ 474,095 ​ ​ 27.06 Forfeited/canceled (234,504) ​ 19.47 Vested (1,256,812) ​ 22.72 Unvested as of September 30, 2021 3,518,222 ​ $ 21.47 ​ Performance Stock Units As previously discussed, during the nine months ended September 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. The Company recognized $2.9 million and $6.9 million in stock-based compensation during the three and nine months ended September 30, 2021, respectively, related to these PSUs. As of September 30, 2021, there was $2.1 million of total unamortized compensation associated with these awards, which is expected to be recognized over the remaining estimated vesting period of 0.2 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 September 30, 2021, there was $1.3 million of total unamortized compensation associated with these awards, which is expected to be recognized over the remaining estimated weighted-average vesting period of 0.9 years. No PSUs vested during the nine months ended September 30, 2021. A summary of the status of the Company’s unvested PSUs and activity for the nine months ended September 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 ​ (40,951) ​ ​ 20.86 Unvested as of September 30, 2021 642,010 ​ $ 20.53 ​ Stock Options No stock options were granted during the three or nine months ended September 30, 2021 or 2020. A summary of the Company’s stock option activity and related information for the nine months ended September 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 (221,563) ​ ​ 8.25 ​ ​ ​ Exercised (235,833) ​ 9.04 ​ ​ ​ 5,206 Outstanding as of September 30, 2021 3,587,220 ​ $ 9.60 5.7 ​ $ 53,713 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2021: ​ ​ ​ ​ Vested and expected to vest 3,587,220 ​ $ 9.60 ​ 5.7 ​ $ 53,713 Vested and exercisable 1,758,021 ​ $ 9.07 ​ 5.5 ​ $ 27,254 ​ 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 September 30, 2021, total unamortized compensation related to the time-based awards was $0.7 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 0.2 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. The Company recognized $0.7 million and $6.1 million in stock-based compensation expense during the three and nine months ended September 30, 2021, respectively, related to these options. The remaining $0.5 million of total unamortized compensation expense is expected to be recognized over the remaining estimated vesting period of approximately 0.2 years.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 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 nine months ended September 30, 2021 and 2020.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies
Commitments and Contingencies	14. Commitments and Contingencies Letters of Credit As of September 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 September 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 September 30, 2021 were approximately $9.3 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 $0.9 million and $0.8 million during the three months ended September 30, 2021 and 2020, respectively. The Company made contributions to its employee benefit plans of $2.8 million and $2.3 million during the nine months ended September 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. The Company has evaluated all pending litigation and determined that probability of loss is remote, therefore no liabilities have been accrued. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 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 September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ (in thousands, except per share amounts) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss $ (11,451) $ (927) ​ $ (38,364) $ (8,491) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common stock outstanding - basic and diluted ​ ​ 82,174 ​ ​ 80,692 ​ ​ 81,849 ​ ​ 80,203 Net loss per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted ​ $ (0.14) ​ $ (0.01) ​ $ (0.47) ​ $ (0.11) ​ 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 September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ (in thousands) RSUs ​ 3,518 ​ 2,411 ​ 3,518 ​ 2,411 Stock options ​ 2,068 ​ 2,544 ​ 2,068 ​ 2,544 Other awards ​ 112 ​ 173 ​ 112 ​ 173 Total antidilutive shares ​ 5,698 ​ 5,128 ​ 5,698 ​ 5,128 ​ ​

Overview and Basis of Present_2

Overview and Basis of Presentation (Policies)	9 Months Ended
	Sep. 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 nine months ended September 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)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 30, 2021
Revenue Recognition and Deferred Commissions
Schedule of revenue by category	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ (in thousands) Subscription term-based licenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-year subscription term-based licenses ​ $ 30,456 ​ $ 22,974 ​ $ 86,685 ​ $ 68,103 1-year subscription term-based licenses ​ ​ 13,192 ​ ​ 11,944 ​ ​ 46,000 ​ ​ 40,276 Total subscription term-based licenses ​ ​ 43,648 ​ ​ 34,918 ​ ​ 132,685 ​ ​ 108,379 Subscription SaaS ​ ​ 15,343 ​ ​ 9,857 ​ ​ 40,754 ​ ​ 27,273 Maintenance and support ​ ​ 12,540 ​ ​ 10,338 ​ ​ 35,459 ​ ​ 30,547 Total subscription revenue ​ ​ 71,531 ​ ​ 55,113 ​ ​ 208,898 ​ ​ 166,199 Professional services and other ​ 4,653 ​ 4,828 ​ 15,134 ​ 14,135 Total revenue ​ $ 76,184 ​ $ 59,941 ​ $ 224,032 ​ $ 180,334
Schedule of revenue by geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ (in thousands) United States ​ $ 54,654 ​ $ 41,818 ​ $ 165,459 ​ $ 129,473 International ​ 21,530 ​ 18,123 ​ 58,573 ​ 50,861 Total revenue ​ $ 76,184 ​ $ 59,941 ​ $ 224,032 ​ $ 180,334
Schedule of contract assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ (in thousands) Beginning balance ​ $ 68,114 ​ $ 84,640 ​ $ 73,791 ​ $ 86,010 Ending balance ​ ​ 72,698 ​ ​ 83,945 ​ ​ 72,698 ​ ​ 83,945 Change ​ $ 4,584 ​ $ (695) ​ $ (1,093) ​ $ (2,065)
Schedule of contract liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ (in thousands) Beginning balance ​ $ 47,719 ​ $ 39,964 ​ $ 52,398 ​ $ 47,507 Ending balance ​ ​ 49,734 ​ ​ 37,992 ​ ​ 49,734 ​ ​ 37,992 Change ​ $ 2,015 ​ $ (1,972) ​ $ (2,664) ​ $ (9,515)
Schedule of deferred revenue recognized as revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ (in thousands) Deferred revenue recognized as revenue ​ $ 7,439 ​ $ 5,314 ​ $ 45,475 ​ $ 40,529
Schedule of deferred commission	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ (in thousands) Beginning balance ​ $ 19,464 ​ $ 13,095 ​ $ 15,929 ​ $ 13,670 Additions to deferred commissions ​ ​ 4,964 ​ ​ 2,580 ​ ​ 13,173 ​ ​ 5,766 Amortization of deferred commissions ​ (2,733) ​ (1,671) ​ (7,407) ​ (5,432) Ending balance ​ $ 21,695 ​ $ 14,004 ​ $ 21,695 ​ $ 14,004 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred commissions, current ​ $ 8,037 ​ $ 5,773 ​ $ 8,037 ​ $ 5,773 Deferred commissions, noncurrent ​ ​ 13,658 ​ ​ 8,231 ​ ​ 13,658 ​ ​ 8,231 Total deferred commissions ​ $ 21,695 ​ $ 14,004 ​ $ 21,695 ​ $ 14,004

Allowances for Expected Credi_2

Allowances for Expected Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2021
Allowances for Expected Credit Losses
Allowances for Expected Credit Losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts Contract Accounts Contract ​ ​ Three Months Ended September 30, 2021 ​ Nine Months Ended September 30, 2021 ​ ​ (in thousands) Beginning balance ​ $ 645 ​ $ 88 ​ $ 828 ​ $ 87 Provision for credit losses, net of recoveries ​ 130 ​ (12) ​ 137 ​ 26 Write-offs ​ (38) ​ — ​ (228) ​ (37) Ending balance ​ $ 737 ​ $ 76 ​ $ 737 ​ $ 76

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value of Financial Instruments
Schedule of fair value of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) Cash and cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 20,004 ​ $ — ​ $ — ​ $ 20,004 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) Cash and cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 113,083 ​ $ — ​ $ — ​ $ 113,083

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2021
Property and Equipment
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2021 2020 ​ (in thousands) Computer equipment ​ $ 7,389 ​ $ 6,581 Furniture and fixtures ​ ​ 3,890 ​ ​ 3,887 Purchased computer software ​ ​ 785 ​ ​ 785 Leasehold improvements ​ ​ 7,926 ​ ​ 7,818 Other ​ ​ 448 ​ ​ 448 Property and equipment, gross ​ ​ 20,438 ​ ​ 19,519 Less: Accumulated depreciation ​ ​ (12,101) ​ ​ (10,073) Property and equipment, net ​ $ 8,337 ​ $ 9,446
Schedule of property, plant and equipment summarized by geographical area	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2021 2020 ​ ​ (in thousands) United States ​ $ 15,744 ​ $ 18,367 United Kingdom ​ ​ 2,161 ​ ​ 2,410 International ​ 3,640 ​ 4,288 Total long-lived assets ​ $ 21,545 ​ $ 25,065

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Sep. 30, 2021
Singular Key, Inc. Acquisition
Business Combinations
Schedule of purchase consideration	​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ (in thousands) Cash, net of cash acquired ​ $ 40,314 ​ Common stock issued ​ 32,871 ​ Total ​ $ 73,185 ​ ​ ​ ​ ​ ​
Schedule of allocation of the purchase price, based on the estimated fair value of the assets acquired and liabilities assumed at the acquisition date	​ ​ ​ ​ ​ ​ ​ September 27, 2021 Useful Life ​ ​ (in thousands) ​ ​ Fair value of net assets acquired ​ Developed technology ​ $ 21,480 4 years Goodwill ​ 56,921 Indefinite Other assets ​ 58 Total assets acquired ​ 78,459 Other liabilities ​ (46) Deferred tax liability ​ ​ (5,228) ​ ​ Total liabilities assumed ​ (5,274) Net assets acquired, excluding cash ​ $ 73,185
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 ​ 31,900 Indefinite Other assets ​ 157 Total assets acquired ​ 40,357 Deferred revenue ​ ​ (337) ​ ​ Other liabilities ​ (556) Total liabilities assumed ​ (893) Net assets acquired, excluding cash ​ $ 39,464
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)	9 Months Ended
	Sep. 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 September 30, 2021 were as follows (in thousands): ​ ​ ​ ​ ​ Beginning balance ​ $ 441,150 Additions to goodwill related to acquisitions ​ 88,821 Foreign currency translation adjustment ​ ​ (335) Ending balance ​ $ 529,636
Summary of intangible assets	The Company’s intangible assets as of September 30, 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ ​ Gross ​ Accumulated ​ Net Carrying ​ Amount Amortization Value ​ ​ (in thousands) Developed technology $ 149,120 $ (67,435) $ 81,685 Customer relationships 95,131 (39,425) 55,706 Trade names 56,774 (29,680) 27,094 Product backlog ​ ​ 632 ​ ​ (225) ​ ​ 407 Capitalized internal-use software ​ 50,432 (19,986) 30,446 Other intangible assets 1,425 (793) 632 Total intangible assets $ 353,514 $ (157,544) $ 195,970 ​ ​ 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, September 30, 2021 ​ ​ (in thousands) 2021 (remaining three months) ​ $ 11,693 2022 ​ 45,691 2023 ​ 43,150 2024 ​ 39,637 2025 ​ 27,290 Thereafter ​ 28,509 Total ​ $ 195,970

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt
Summary of future principal payments on outstanding borrowings	Future principal payments on outstanding borrowings as of September 30, 2021 are as follows: ​ ​ ​ ​ ​ Year Ending December 31, September 30, 2021 ​ ​ (in thousands) 2021 (remaining three months) ​ $ — 2022 ​ — 2023 ​ — 2024 ​ 120,000 2025 ​ — Thereafter ​ — Total ​ $ 120,000

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Stock-Based Compensation
Summary of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ (in thousands) Subscription cost of revenue $ 418 $ 166 ​ $ 1,466 $ 486 Professional services and other cost of revenue ​ 398 ​ 98 ​ ​ 1,418 ​ 281 Sales and marketing ​ 3,645 ​ 1,169 ​ ​ 12,686 ​ 3,209 Research and development ​ 3,816 ​ 1,602 ​ ​ 16,975 ​ 3,788 General and administrative ​ 3,689 ​ 1,546 ​ ​ 13,836 ​ 4,219 Total ​ $ 11,966 ​ $ 4,581 ​ $ 46,381 ​ $ 11,983
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 2,031,295 ​ ​ 22.72 Converted from LTIP grant ​ 474,095 ​ ​ 27.06 Forfeited/canceled (234,504) ​ 19.47 Vested (1,256,812) ​ 22.72 Unvested as of September 30, 2021 3,518,222 ​ $ 21.47
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 ​ (40,951) ​ ​ 20.86 Unvested as of September 30, 2021 642,010 ​ $ 20.53
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 (221,563) ​ ​ 8.25 ​ ​ ​ Exercised (235,833) ​ 9.04 ​ ​ ​ 5,206 Outstanding as of September 30, 2021 3,587,220 ​ $ 9.60 5.7 ​ $ 53,713 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2021: ​ ​ ​ ​ Vested and expected to vest 3,587,220 ​ $ 9.60 ​ 5.7 ​ $ 53,713 Vested and exercisable 1,758,021 ​ $ 9.07 ​ 5.5 ​ $ 27,254

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 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 September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ (in thousands, except per share amounts) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss $ (11,451) $ (927) ​ $ (38,364) $ (8,491) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common stock outstanding - basic and diluted ​ ​ 82,174 ​ ​ 80,692 ​ ​ 81,849 ​ ​ 80,203 Net loss per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted ​ $ (0.14) ​ $ (0.01) ​ $ (0.47) ​ $ (0.11)
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 September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ (in thousands) RSUs ​ 3,518 ​ 2,411 ​ 3,518 ​ 2,411 Stock options ​ 2,068 ​ 2,544 ​ 2,068 ​ 2,544 Other awards ​ 112 ​ 173 ​ 112 ​ 173 Total antidilutive shares ​ 5,698 ​ 5,128 ​ 5,698 ​ 5,128

Revenue Recognition and Defer_3

Revenue Recognition and Deferred Commissions - Revenue by category (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue
Total revenue	$ 76,184	$ 59,941	$ 224,032	$ 180,334
Subscription term-based licenses
Disaggregation of Revenue
Total revenue	43,648	34,918	132,685	108,379
Multi-year subscription term-based licenses
Disaggregation of Revenue
Total revenue	30,456	22,974	86,685	68,103
1-year subscription term-based licenses
Disaggregation of Revenue
Total revenue	13,192	11,944	46,000	40,276
Subscription revenue
Disaggregation of Revenue
Total revenue	71,531	55,113	208,898	166,199
Subscription SaaS
Disaggregation of Revenue
Total revenue	15,343	9,857	40,754	27,273
Maintenance and support
Disaggregation of Revenue
Total revenue	12,540	10,338	35,459	30,547
Professional services and other
Disaggregation of Revenue
Total revenue	$ 4,653	$ 4,828	$ 15,134	$ 14,135

Revenue Recognition and Defer_4

Revenue Recognition and Deferred Commissions - Revenue by geographic area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue
Total revenue	$ 76,184	$ 59,941	$ 224,032	$ 180,334
United States
Disaggregation of Revenue
Total revenue	54,654	41,818	165,459	129,473
International
Disaggregation of Revenue
Total revenue	$ 21,530	$ 18,123	$ 58,573	$ 50,861

Revenue Recognition and Defer_5

Revenue Recognition and Deferred Commissions - Contract assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Contract assets
Beginning balance	$ 68,114	$ 84,640	$ 73,791	$ 86,010
Ending balance	72,698	83,945	72,698	83,945
Change	$ 4,584	$ (695)	$ (1,093)	$ (2,065)

Revenue Recognition and Defer_6

Revenue Recognition and Deferred Commissions - Contract liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Contract liabilities
Beginning balance	$ 47,719	$ 39,964	$ 52,398	$ 47,507
Ending balance	49,734	37,992	49,734	37,992
Change	$ 2,015	$ (1,972)	$ (2,664)	$ (9,515)

Revenue Recognition and Defer_7

Revenue Recognition and Deferred Commissions - Deferred revenue recognized as revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Deferred revenue recognized as revenue
Deferred revenue recognized as revenue	$ 7,439	$ 5,314	$ 45,475	$ 40,529

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]: 2021-10-01 $ in Millions	Sep. 30, 2021USD ($)
Remaining Performance Obligations
Transaction price allocated to remaining performance obligations	$ 192.1
Percentage expected to be recognized as revenue	83.00%
Expected to be recognized as revenue, period	24 months

Revenue Recognition and Defer_9

Revenue Recognition and Deferred Commissions - Deferred commissions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Summary of Significant Accounting Policies
Beginning balance	$ 19,464	$ 13,095	$ 15,929	$ 13,670
Additions to deferred commissions	4,964	2,580	13,173	5,766
Amortization of deferred commissions	(2,733)	(1,671)	(7,407)	(5,432)
Ending balance	21,695	14,004	21,695	14,004
Deferred commissions, current	8,037	5,773	8,037	5,773	$ 6,604
Deferred commissions, noncurrent	13,658	8,231	13,658	8,231	9,325
Total deferred commissions	$ 21,695	$ 14,004	$ 21,695	$ 14,004	$ 15,929

Allowances for Expected Credi_3

Allowances for Expected Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Accounts Receivable
Beginning balance	$ 645	$ 828
Provision for credit losses, net of recoveries	130	137
Write-offs	(38)	(228)
Ending balance	737	737
Contract Assets
Beginning balance	88	87
Provision for credit losses, net of recoveries	(12)	26
Write-offs		(37)
Ending balance	$ 76	$ 76

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - Recurring - Money market funds - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value of Financial Instruments
Cash and cash equivalents	$ 20,004	$ 113,083
Level 1
Fair Value of Financial Instruments
Cash and cash equivalents	$ 20,004	$ 113,083

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property and Equipment
Property and equipment, gross	$ 20,438		$ 20,438		$ 19,519
Less: Accumulated depreciation	(12,101)		(12,101)		(10,073)
Property and equipment, net	8,337		8,337		9,446
Depreciation expense	900	$ 900	2,700	$ 2,800
Computer equipment
Property and Equipment
Property and equipment, gross	7,389		7,389		6,581
Furniture and fixtures
Property and Equipment
Property and equipment, gross	3,890		3,890		3,887
Purchased computer software
Property and Equipment
Property and equipment, gross	785		785		785
Leasehold improvements
Property and Equipment
Property and equipment, gross	7,926		7,926		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	Sep. 30, 2021	Dec. 31, 2020
Property and Equipment
Total long-lived assets	$ 21,545	$ 25,065
United States
Property and Equipment
Total long-lived assets	15,744	18,367
United Kingdom
Property and Equipment
Total long-lived assets	2,161	2,410
International
Property and Equipment
Total long-lived assets	$ 3,640	$ 4,288

Business Combinations - Purchas

Business Combinations - Purchase Consideration (Details) - USD ($) $ in Thousands	Sep. 27, 2021	Sep. 30, 2021
Business Combinations
Common stock issued		$ 32,871
Singular Key, Inc. Acquisition
Business Combinations
Cash, net of cash acquired	$ 40,314
Common stock issued	32,871
Total purchase price	$ 73,185

Business Combinations (Details)

Business Combinations (Details) - USD ($) $ in Thousands	Sep. 27, 2021	Jun. 20, 2021	Oct. 31, 2020	Mar. 02, 2020	Sep. 30, 2021	Sep. 30, 2021
Business Combinations
Receivable from post-closing purchase price adjustment						$ 413
Singular Key, Inc. Acquisition
Business Combinations
Percentage of voting equity interest acquired	100.00%
Total purchase price	$ 73,185
Common shares issued	1,260,885
SecuredTouch, Inc
Business Combinations
Percentage of voting equity interest acquired		100.00%
Total purchase price		$ 39,500
Purchase price adjustment					$ (400)
Receivable from post-closing purchase price adjustment					$ 400
Symphonic
Business Combinations
Percentage of voting equity interest acquired			100.00%
Total purchase price			$ 28,800
Contingent consideration payable in common stock in year one			400
Contingent consideration payable in common stock in year two			$ 600
ShoCard, Inc
Business Combinations
Percentage of voting equity interest acquired				100.00%
Total purchase price				$ 5,500
Contingent compensation payable on the first anniversary of acquisition				3,100
Contingent compensation payable on the second anniversary of acquisition				$ 2,300

Business Combinations - Fair va

Business Combinations - Fair value of assets acquired and liabilities (Details) - USD ($) $ in Thousands	Sep. 27, 2021	Jun. 20, 2021	Oct. 31, 2020	Mar. 02, 2020	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Fair value of net assets acquired
Goodwill					$ 529,636	$ 529,636		$ 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
Singular Key, Inc. Acquisition
Fair value of net assets acquired
Goodwill	$ 56,921
Other assets	58
Total assets acquired	78,459
Deferred tax liability	(5,228)
Other liabilities	(46)
Total liabilities assumed	(5,274)
Net assets acquired	73,185
Goodwill deductible for tax purposes	0
Singular Key, Inc. Acquisition | General and administrative
Fair value of net assets acquired
Acquisition related expenses					700	700
Singular Key, Inc. Acquisition | Developed technology
Fair value of net assets acquired
Finite-lived intangible assets	$ 21,480
Useful life	4 years
SecuredTouch, Inc
Fair value of net assets acquired
Goodwill		$ 31,900
Other assets		157
Total assets acquired		40,357
Deferred revenue		(337)
Deferred tax liability		(556)
Total liabilities assumed		(893)
Net assets acquired		39,464
Goodwill deductible for tax purposes		0
SecuredTouch, Inc | General and administrative
Fair value of net assets acquired
Acquisition related expenses					$ 100	$ 500
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							$ 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	9 Months Ended
	Sep. 30, 2021USD ($)
Changes in the carrying amount of the Company's goodwill balance
Beginning balance	$ 441,150
Additions to goodwill related to acquisitions	88,821
Foreign currency translation adjustment	(335)
Ending balance	$ 529,636

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Total intangible assets subject to amortization
Gross Amount					$ 308,985
Accumulated Amortization	$ (157,544)		$ (157,544)		(128,563)
Net Carrying Value	195,970		195,970		180,422
Total intangible assets not subject to amortization
Total intangible assets	353,514		353,514
Total intangible assets, net	195,970		195,970		180,422
Amortization expense	10,200	$ 8,500	29,000	$ 24,700
Stock-based compensation expense			46,381	11,983
Developed technology
Total intangible assets subject to amortization
Gross Amount	149,120		149,120		119,450
Accumulated Amortization	(67,435)		(67,435)		(55,826)
Net Carrying Value	81,685		81,685		63,624
Customer relationships
Total intangible assets subject to amortization
Gross Amount	95,131		95,131		95,135
Accumulated Amortization	(39,425)		(39,425)		(33,724)
Net Carrying Value	55,706		55,706		61,411
Trade names
Total intangible assets subject to amortization
Gross Amount	56,774		56,774		56,718
Accumulated Amortization	(29,680)		(29,680)		(25,424)
Net Carrying Value	27,094		27,094		31,294
Product backlog
Total intangible assets subject to amortization
Gross Amount	632		632		642
Accumulated Amortization	(225)		(225)		(42)
Net Carrying Value	407		407		600
Capitalized internal-use software
Total intangible assets subject to amortization
Gross Amount	50,432		50,432		35,841
Accumulated Amortization	(19,986)		(19,986)		(12,949)
Net Carrying Value	30,446		30,446		22,892
Total intangible assets not subject to amortization
Amount capitalized	5,500	3,200	14,600	10,400
Stock-based compensation expense	300	$ 200	900	$ 500
Other intangible assets
Total intangible assets subject to amortization
Gross Amount	1,425		1,425		1,199
Accumulated Amortization	(793)		(793)		(598)
Net Carrying Value	$ 632		$ 632		$ 601

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Amortization expense for intangible assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Expected amortization expense for intangible assets subject to amortization
2021 (remaining three months)	$ 11,693
2022	45,691
2023	43,150
2024	39,637
2025	27,290
Thereafter	28,509
Total	$ 195,970	$ 180,422

Debt (Details)

Debt (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 31, 2019USD ($)item	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Debt
Interest expense		$ 400	$ 500	$ 1,000	$ 1,600
Long-term debt		119,201		119,201		$ 149,014
Deferred debt issuance costs		800		800		$ 1,000
Amortization of debt issuance costs		$ 100	$ 100	$ 187	$ 187
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)		1.33%		1.33%
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	Sep. 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Taxes
Benefit for income taxes	$ 8,624	$ 4,061	$ 15,938	$ 8,937

Stockholders' Equity - Common s

Stockholders' Equity - Common stock and Preferred stock (Details)	9 Months Ended
	Sep. 30, 2021Vote$ / sharesshares	Dec. 31, 2020$ / sharesshares	Sep. 23, 2019$ / shares
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	$ 0.001
Number of votes per share | Vote	1
Preferred stock
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Preferred stock, outstanding (in shares)	0	0

Stock-Based Compensation - Expe

Stock-Based Compensation - Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2016
Stock-Based Compensation
Stock-based compensation expense	$ 11,966	$ 4,581	$ 46,381	$ 11,983
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	$ 418	166	$ 1,466	486
Professional services and other cost of revenue
Stock-Based Compensation
Stock-based compensation expense	398	98	1,418	281
Sales and marketing
Stock-Based Compensation
Stock-based compensation expense	3,645	1,169	12,686	3,209
Research and development
Stock-Based Compensation
Stock-based compensation expense	3,816	1,602	16,975	3,788
General and administrative
Stock-Based Compensation
Stock-based compensation expense	$ 3,689	$ 1,546	$ 13,836	$ 4,219

Stock-Based Compensation - Long

Stock-Based Compensation - Long-term Incentive plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stock Based Compensation
Stock-based compensation expense	$ 11,966	$ 4,581	$ 46,381	$ 11,983
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		0	2,031,295
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			$ 12,800

Stock-Based Compensation - Othe

Stock-Based Compensation - Other Liability-Classified Awards (Details) - USD ($) $ in Thousands	Mar. 02, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Oct. 31, 2020	Mar. 02, 2020
Stock Based Compensation
Stock-based compensation expense		$ 11,966	$ 4,581	$ 46,381	$ 11,983
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		$ 600	$ 800	$ 2,100	$ 1,800
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stock Based Compensation
Weighted-average grant-date fair value	$ 24.18		$ 23.54	$ 20.63
Total intrinsic value	$ 7.1	$ 10.1	$ 29.1	$ 10.7
Total unrecognized compensation	$ 66		$ 66
Unrecognized compensation, recognition period			2 years 10 months 24 days
Shares
Unvested as of December 31, 2020			2,504,148
Granted		0	2,031,295
Converted from LTIP grant			474,095
Forfeited/canceled			(234,504)
Vested			(1,256,812)
Unvested as of September 30, 2021	3,518,222		3,518,222
Weighted Average Grant Date Fair Value
Unvested as of December 31, 2020			$ 19.84
Granted			22.72
Converted from LTIP grant			27.06
Forfeited/canceled			19.47
Vested			22.72
Unvested as of September 30, 2021	$ 21.47		$ 21.47
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	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stock Based Compensation
Stock-based compensation expense		$ 11,966	$ 4,581	$ 46,381	$ 11,983
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			0	2,031,295
Weighted-average grant-date fair value		$ 24.18		$ 23.54	$ 20.63
Vested				1,256,812
Total unrecognized compensation		$ 66,000		$ 66,000
Unrecognized compensation, recognition period				2 years 10 months 24 days
Shares
Unvested as of December 31, 2020				2,504,148
Granted			0	2,031,295
Converted from LTIP grant				474,095
Forfeited/canceled				(234,504)
Unvested as of September 30, 2021		3,518,222		3,518,222
Weighted Average Grant Date Fair Value
Unvested as of December 31, 2020				$ 19.84
Granted		$ 24.18		23.54	$ 20.63
Granted				22.72
Converted from LTIP grant				27.06
Forfeited/canceled				19.47
Unvested as of September 30, 2021		$ 21.47		$ 21.47
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				(40,951)
Unvested as of September 30, 2021		642,010		642,010
Weighted Average Grant Date Fair Value
Granted				$ 20.55
Forfeited/canceled				20.86
Unvested as of September 30, 2021		$ 20.53		$ 20.53
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		2,900		$ 6,900
Total unrecognized compensation		2,100		$ 2,100
Unrecognized compensation, recognition period				2 months 12 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		$ 1,300		$ 1,300
Unrecognized compensation, recognition period				10 months 24 days
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stock Based Compensation
Stock-based compensation expense	$ 11,966	$ 4,581	$ 46,381	$ 11,983
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	$ 700		$ 700
Unrecognized compensation, recognition period			2 months 12 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	700		6,100
Unamortized stock-based compensation expense	500		$ 500
Unrecognized compensation, recognition period			2 months 12 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		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Options
Outstanding as of December 31, 2020			4,044,616
Granted	0	0	0	0
Forfeited/canceled			(221,563)
Exercised			(235,833)
Outstanding as of September 30, 2021	3,587,220		3,587,220		4,044,616
Vested and expected to vest	3,587,220		3,587,220
Vested and exercisable	1,758,021		1,758,021
Weighted Average Exercise Price
Outstanding as of December 31, 2020			$ 9.49
Forfeited/cancelled			8.25
Exercised			9.04
Outstanding as of September 30, 2021	$ 9.60		9.60		$ 9.49
Vested and expected to vest	9.60		9.60
Vested and exercisable	$ 9.07		$ 9.07
Weighted Average Remaining Contractual Term (in years)
Outstanding			5 years 8 months 12 days		6 years 6 months
Vested and expected to vest			5 years 8 months 12 days
Vested and exercisable			5 years 6 months
Aggregate Intrinsic Value
Outstanding as of December 31, 2020 (in dollars)			$ 77,454
Exercised (in dollars)			5,206
Outstanding as of September 30, 2021 (in dollars)	$ 53,713		53,713		$ 77,454
Vested and expected to vest (in dollars)	53,713		53,713
Vested and exercisable (in dollars)	$ 27,254		$ 27,254

Commitments and Contingencies -

Commitments and Contingencies - Letter of Credit (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Letters of Credit
Letters of credit under an office lease agreement which primarily guaranteed early termination fees in the event of default	$ 0.8	$ 0.8

Commitments and Contingencies_2

Commitments and Contingencies - Purchase Commitments (Details) $ in Millions	Sep. 30, 2021USD ($)
Purchase Commitments
Noncancelable purchase commitments	$ 9.3

Commitments and Contingencies_3

Commitments and Contingencies - Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Employee Benefit Plans
Contributions to employee benefit plan	$ 0.9	$ 0.8	$ 2.8	$ 2.3

Net Loss Per Share - Reconcilia

Net Loss Per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator
Net loss	$ (11,451)	$ (927)	$ (38,364)	$ (8,491)
Denominator
Weighted-average common stock outstanding - basic and diluted	82,174	80,692	81,849	80,203
Net loss per share:
Basic and diluted (in dollars per share)	$ (0.14)	$ (0.01)	$ (0.47)	$ (0.11)

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of diluted net loss per share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Shares excluded from the computation of diluted net loss per share
Total antidilutive shares	5,698	5,128	5,698	5,128
RSUs
Shares excluded from the computation of diluted net loss per share
Total antidilutive shares	3,518	2,411	3,518	2,411
Stock Options
Shares excluded from the computation of diluted net loss per share
Total antidilutive shares	2,068	2,544	2,068	2,544
Other awards
Shares excluded from the computation of diluted net loss per share
Total antidilutive shares	112	173	112	173