Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 08, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-38034 | ||
Entity Registrant Name | Alteryx, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 90-0673106 | ||
Entity Address, Address Line One | 17200 Laguna Canyon Road, | ||
Entity Address, City or Town | Irvine, | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 92618 | ||
City Area Code | 888 | ||
Local Phone Number | 836-4274 | ||
Title of 12(b) Security | Class A Common Stock, $0.0001 par value per share | ||
Trading Symbol | AYX | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 5.1 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement for its 2022 Annual Meeting of Stockholders, or Proxy Statement, to be filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference in Parts II and III. Except with respect to information specifically incorporated by reference in this Annual Report, the Proxy Statement shall not be deemed to be filed as part hereof. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001689923 | ||
Class A Common Stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 59,873,242 | ||
Class B Common Stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 7,763,420 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Los Angeles, California |
Auditor Firm ID | 34 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue: | |||
Total revenue | $ 536,135 | $ 495,308 | $ 417,910 |
Cost of revenue: | |||
Total cost of revenue | 55,753 | 43,839 | 39,151 |
Gross profit | 480,382 | 451,469 | 378,759 |
Operating expenses: | |||
Research and development | 132,420 | 101,117 | 69,100 |
Sales and marketing | 334,480 | 252,820 | 191,735 |
General and administrative | 149,747 | 101,439 | 79,943 |
Total operating expenses | 616,647 | 455,376 | 340,778 |
Income (Loss) from operations | (136,265) | (3,907) | 37,981 |
Interest expense | (39,208) | (38,119) | (21,844) |
Other income (expense), net | (2,058) | 14,382 | 10,434 |
Loss on induced conversion and debt extinguishment | 0 | (1) | (20,507) |
Income (Loss) before provision for (benefit of) income taxes | (177,531) | (27,645) | 6,064 |
Provision for (benefit of) income taxes | 2,150 | (3,271) | (21,079) |
Net income (loss) | $ (179,681) | $ (24,374) | $ 27,143 |
Net Income (loss) per share attributable to common stockholders, basic (in dollars per share) | $ (2.67) | $ (0.37) | $ 0.43 |
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share) | $ (2.67) | $ (0.37) | $ 0.40 |
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, basic (in shares) | 67,191 | 66,058 | 63,424 |
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, diluted (in shares) | 67,191 | 66,058 | 68,661 |
Other comprehensive income (loss), net of tax: | |||
Net unrealized holding gain (loss) on investments, net of tax | $ (3,374) | $ 925 | $ 714 |
Foreign currency translation adjustments, net of tax | (667) | (892) | (1,669) |
Other comprehensive income (loss), net of tax | (4,041) | 33 | (955) |
Total comprehensive income (loss) | (183,722) | (24,341) | 26,188 |
Subscription-based software license | |||
Revenue: | |||
Total revenue | 203,960 | 237,035 | 229,194 |
Cost of revenue: | |||
Total cost of revenue | 4,967 | 5,125 | 3,923 |
PCS and services | |||
Revenue: | |||
Total revenue | 332,175 | 258,273 | 188,716 |
Cost of revenue: | |||
Total cost of revenue | $ 50,786 | $ 38,714 | $ 35,228 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 152,375 | $ 171,891 |
Short-term investments | 506,874 | 584,445 |
Accounts receivable, net | 192,318 | 136,985 |
Prepaid expenses and other current assets | 81,360 | 79,144 |
Total current assets | 932,927 | 972,465 |
Property and equipment, net | 71,270 | 40,645 |
Operating lease right-of use assets | 102,681 | 62,508 |
Long-term investments | 343,213 | 265,800 |
Goodwill | 57,415 | 37,070 |
Intangible assets, net | 21,737 | 16,191 |
Other assets | 70,445 | 70,616 |
Total assets | 1,599,688 | 1,465,295 |
Current liabilities: | ||
Accounts payable | 8,086 | 5,340 |
Accrued payroll and payroll related liabilities | 61,391 | 46,569 |
Accrued expenses and other current liabilities | 53,917 | 34,987 |
Deferred revenue | 208,154 | 108,664 |
Convertible senior notes, net | 77,400 | 72,619 |
Total current liabilities | 408,948 | 268,179 |
Convertible senior notes, net | 686,016 | 657,501 |
Operating lease liabilities | 78,784 | 53,860 |
Other liabilities | 23,186 | 8,964 |
Total liabilities | 1,196,934 | 988,504 |
Commitments and contingencies (Note 15) | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value: 10,000 shares authorized as of December 31, 2021 and December 31, 2020, respectively; no shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively | 0 | 0 |
Common stock, $0.0001 par value: 500,000 Class A shares authorized, 59,771 and 58,634 shares issued and outstanding, as of December 31, 2021 and December 31, 2020, respectively; 500,000 Class B shares authorized, 7,763 and 8,108 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively | 7 | 7 |
Additional paid-in capital | 598,710 | 489,025 |
Accumulated deficit | (190,429) | (10,748) |
Accumulated other comprehensive loss | (5,534) | (1,493) |
Total stockholders’ equity | 402,754 | 476,791 |
Total liabilities and stockholders’ equity | $ 1,599,688 | $ 1,465,295 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Class A Common Stock | ||
Common stock par value per share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common Stock shares issued (in shares) | 59,771,000 | 58,634,000 |
Common stock shares outstanding (in shares) | 59,771,000 | 58,634,000 |
Class B Common Stock | ||
Common stock par value per share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common Stock shares issued (in shares) | 7,763,000 | 8,108,000 |
Common stock shares outstanding (in shares) | 7,763,000 | 8,108,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Retained Earnings (Accumulated Deficit)Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2018 | 61,579 | ||||||
Beginning Balance at Dec. 31, 2018 | $ 301,818 | $ 6 | $ 315,291 | $ (12,908) | $ (571) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | ||||||
Receipt of Section 16(b) disgorgement, net of tax effect | $ 3,743 | 3,743 | |||||
Shares issued pursuant to stock awards, net of tax withholdings related to vesting of restricted stock units (in shares) | 221 | ||||||
Shares issued pursuant to stock awards, net of tax withholdings related to vesting of restricted stock units | (10,643) | (10,643) | |||||
Stock issued during period, shares, employee stock purchase plans (in shares) | 1,534 | ||||||
Exercise of stock options and issuance of shares in connection with employee stock purchase plan | 20,156 | 20,156 | |||||
Induced conversion on 2023 Notes, net of tax (in shares) | 2,190 | ||||||
Conversion on 2023 Notes, net of tax | (7,904) | $ 1 | (7,905) | ||||
Extinguishment of capped calls (in shares) | (285) | ||||||
Extinguishment of capped calls | 0 | ||||||
Stock-based compensation | 33,125 | 33,125 | |||||
Equity settled contingent consideration (in shares) | 21 | ||||||
Equity settled contingent consideration | 750 | 750 | |||||
Equity component of 2024 & 2026 Notes, net of issuance costs and tax | 124,173 | 124,173 | |||||
Purchase of capped calls, net of tax | (66,499) | (66,499) | |||||
Cumulative translation adjustment | (1,669) | (1,669) | |||||
Unrealized gain on investments | 714 | 714 | |||||
Net income (loss) | 27,143 | 27,143 | |||||
Ending balance (in shares) at Dec. 31, 2019 | 65,260 | ||||||
Ending Balance at Dec. 31, 2019 | 424,907 | $ (609) | $ 7 | 412,191 | 14,235 | $ (609) | (1,526) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Shares issued pursuant to stock awards, net of tax withholdings related to vesting of restricted stock units (in shares) | 340 | ||||||
Shares issued pursuant to stock awards, net of tax withholdings related to vesting of restricted stock units | (21,276) | (21,276) | |||||
Stock issued during period, shares, employee stock purchase plans (in shares) | 1,142 | ||||||
Exercise of stock options and issuance of shares in connection with employee stock purchase plan | 23,195 | 23,195 | |||||
Induced conversion on 2023 Notes, net of tax (in shares) | 0 | ||||||
Conversion on 2023 Notes, net of tax | (1) | $ 0 | (1) | ||||
Stock-based compensation | 74,916 | 74,916 | |||||
Cumulative translation adjustment | (892) | (892) | |||||
Unrealized gain on investments | 925 | 925 | |||||
Net income (loss) | (24,374) | (24,374) | |||||
Ending balance (in shares) at Dec. 31, 2020 | 66,742 | ||||||
Ending Balance at Dec. 31, 2020 | 476,791 | $ 7 | 489,025 | (10,748) | (1,493) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Shares issued pursuant to stock awards, net of tax withholdings related to vesting of restricted stock units (in shares) | 514 | ||||||
Shares issued pursuant to stock awards, net of tax withholdings related to vesting of restricted stock units | $ (24,474) | (24,474) | |||||
Stock issued during period, shares, employee stock purchase plans (in shares) | 189 | 278 | |||||
Exercise of stock options and issuance of shares in connection with employee stock purchase plan | $ 10,400 | 10,400 | |||||
Stock-based compensation | 123,759 | 123,759 | |||||
Cumulative translation adjustment | (667) | (667) | |||||
Unrealized gain on investments | (3,374) | (3,374) | |||||
Net income (loss) | (179,681) | (179,681) | |||||
Ending balance (in shares) at Dec. 31, 2021 | 67,534 | ||||||
Ending Balance at Dec. 31, 2021 | $ 402,754 | $ 7 | $ 598,710 | $ (190,429) | $ (5,534) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (179,681) | $ (24,374) | $ 27,143 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 16,380 | 12,101 | 8,292 |
Non-cash operating lease cost | 16,527 | 8,424 | 5,088 |
Stock-based compensation | 124,065 | 74,916 | 33,125 |
Amortization (accretion) of discounts and premiums on investments, net | 4,461 | 1,085 | (3,030) |
Amortization of debt discount and issuance costs | 32,772 | 31,654 | 18,625 |
Deferred income taxes | 634 | (4,945) | (22,844) |
Loss on induced conversion and debt extinguishment | 0 | 1 | 20,507 |
Other non-cash operating activities, net | 893 | 618 | (1,328) |
Changes in operating assets and liabilities, net of effect of business acquisitions: | |||
Accounts receivable | (56,917) | (7,368) | (35,325) |
Deferred commissions | (12,350) | (7,323) | (20,461) |
Prepaid expenses and other current assets and other assets | 11,622 | (16,502) | (34,971) |
Accounts payable | 2,584 | (2,746) | 2,319 |
Accrued payroll and payroll related liabilities | 13,931 | (7,547) | 28,651 |
Accrued expenses, other current liabilities, operating lease liabilities, and other liabilities | (11,305) | (9,406) | 8,091 |
Deferred revenue | 99,543 | 26,194 | 310 |
Net cash provided by operating activities | 63,159 | 74,782 | 34,192 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (32,768) | (26,358) | (11,453) |
Cash paid in business acquisitions, net of cash acquired | (27,177) | 0 | (40,949) |
Purchases of investments | (905,544) | (1,141,598) | (602,703) |
Sales and maturities of investments | 898,604 | 856,110 | 377,974 |
Net cash used in investing activities | (66,885) | (311,846) | (277,131) |
Cash flows from financing activities: | |||
Proceeds from issuance of Notes, net of issuance costs | 0 | 0 | 783,321 |
Principal payments on 2023 Notes | 0 | (11) | (145,241) |
Purchase of capped calls | 0 | 0 | (87,360) |
Proceeds from receipt of Section 16(b) disgorgement | 0 | 0 | 4,918 |
Proceeds from exercise of stock options | 10,400 | 23,125 | 20,156 |
Minimum tax withholding paid on behalf of employees for restricted stock units | (24,475) | (21,206) | (10,643) |
Other financing activity | 0 | (3,404) | (1,305) |
Net cash provided by (used in) financing activities | (14,075) | (1,496) | 563,846 |
Effect of exchange rate changes on cash and cash equivalents | (1,241) | 801 | (444) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (19,042) | (237,759) | 320,463 |
Cash, cash equivalents, and restricted cash—beginning of year | 173,665 | 411,424 | 90,961 |
Cash, cash equivalents, and restricted cash—end of year | 154,623 | 173,665 | 411,424 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 6,424 | 6,240 | 930 |
Cash paid for income taxes | 2,148 | 2,198 | 1,630 |
Cash paid for amounts included in the measurement of operating lease liabilities | 20,357 | 10,310 | 6,040 |
Supplemental disclosure of noncash investing and financing activities: | |||
Right-of-use assets obtained in exchange for new operating lease liabilities | 57,461 | 43,568 | 13,312 |
Property and equipment recorded in accounts payable | 7,996 | 3,983 | 2,002 |
Reduction of right-of-use assets due to remeasurement | (241) | (5,948) | 0 |
Consideration for business acquisition included in accrued expenses and other current liabilities and other liabilities | 4,684 | 0 | 3,000 |
Contingent consideration settled through issuance of common stock | $ 0 | $ 0 | $ 750 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | 1. Organization and Nature of Operations Alteryx, Inc. was initially organized in California in March 1997 as SRC, LLC, commenced principal operations in November 1997, changed its name to Alteryx, LLC in March 2010, and converted into a Delaware corporation in March 2011 under the name Alteryx, Inc. Alteryx, Inc. and its subsidiaries, or we, our, or us, are headquartered in Irvine, California. The Alteryx Analytic Process Automation, or Alteryx APA, software platform unifies analytics, data science and business process automation in one self-service platform to accelerate digital transformation, deliver high-impact business outcomes, accelerate the democratization of data and rapidly upskill modern workforces. Data workers, regardless of technical acumen, are empowered to be curious and solve problems. With the Alteryx APA software platform, users can automate the full range of analytics, data science and processes, embed intelligent decision-making and actions, and empower their organization to enable top and bottom line impact, efficiency gains, and rapid upskilling. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Principles of Consolidation and Basis of Presentation Our consolidated financial statements are presented in accordance with accounting standards generally accepted in the United States of America, or U.S. GAAP, and include the accounts of Alteryx, Inc. and its wholly owned subsidiaries after elimination of intercompany transactions and balances. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates and assumptions. On an ongoing basis, our management evaluates these estimates and assumptions, including those related to determination of standalone selling prices of our products and services, income tax valuations, stock-based compensation, and goodwill and intangible assets valuations and recoverability. We base our estimates on historical data and experience, as well as various other factors that our management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Concentration of Risk Financial instruments, which subject us to concentrations of credit risk, consist primarily of cash and cash equivalents, investments, and trade accounts receivable. We maintain our cash and cash equivalents and investments with three major financial institutions and a portion of such balances exceed or are not subject to Federal Deposit Insurance Corporation, or FDIC, insurance limits. We extend differing levels of credit to customers, do not require collateral deposits, and, when necessary, maintain reserves for potential credit losses based upon the expected collectability of accounts receivable. We manage credit risk related to our customers by following credit approval processes, establishing credit limits, performing periodic evaluations of credit worthiness and applying other credit risk monitoring procedures. Accounts receivable include amounts due from customers with principal operations primarily in the United States. No customers accounted for 10% or more of our accounts receivable balance or 10% or more of our revenue in any years presented. Fair Value of Financial Instruments We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We determine fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active near the measurement date; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair value of our money market funds was determined based on “Level 1” inputs. The fair values of our certificates of deposit, commercial paper, U.S. Treasury and agency bonds, and corporate bonds were determined based on “Level 2” inputs. The valuation techniques used to measure the fair values of certificates of deposit and commercial paper included observable market-based inputs for similar assets, which primarily include yield curves and time-to-maturity factors. The valuation techniques used to measure the fair values of U.S. Treasury and agency bonds and corporate bonds included standard observable inputs, including reported trades, quoted market prices, matrix pricing, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets or benchmark securities and data provided by third parties as many of the bonds are not actively traded. There were no marketable securities measured on a recurring basis in the “Level 3” category. We have not elected the fair value option as prescribed by ASC 825, The Fair Value Option for Financial Assets and Financial Liabilities , for our financial assets and liabilities that are not otherwise required to be carried at fair value. Under ASC 820, Fair Value Measurements and Disclosures, or ASC 820, material financial assets and liabilities not carried at fair value, such as our Notes and accounts receivable and payable, are reported at their carrying values. Cash and Cash Equivalents and Restricted Cash We consider cash and cash equivalents to include short-term, highly liquid investments that are readily convertible to known amounts of cash and so near their maturity that they present an insignificant risk of changes in the value, including investments that mature within three months from the date of original purchase. We had restricted cash of $2.2 million and $1.8 million as of December 31, 2021 and 2020, respectively. This balance, presented in other assets on the consolidated balance sheet, relates to amounts required to be restricted as to use by our letters of credit associated with our leases and by our credit card processor. Investments in Marketable Securities Our investments consist of available-for-sale marketable securities, which are composed of fixed income securities, certificates of deposit, and money market funds. Our fixed income securities are predominantly high-grade corporate bonds, U.S. Treasury bonds, and U.S. Agency bonds. The classification of investments is determined at the time of purchase and reevaluated at each balance sheet date. Investments are stated at fair value and are classified as current or non-current based on the nature of the securities as well as their stated maturities. Unrealized gains and losses that are not associated with a credit loss are recognized in other comprehensive income in our consolidated balance sheets. At each balance sheet date, we assess available-for-sale securities in an unrealized loss position to assess whether a decline in the fair value below the amortized cost basis (i.e., impairment) of an available-for-sale debt security is due to credit-related factors or noncredit-related factors. If it is determined that the unrealized losses are credit-related, we record the credit-related impairment as an allowance on the balance sheet with a corresponding adjustment in our consolidated statement of operations and comprehensive income (loss). Credit losses are limited to the amount by which the security’s amortized cost basis exceeds its fair value and both the allowance and the adjustment to net income can be reversed if conditions change. If the unrealized loss is determined not to be credit-related, the corresponding adjustment is made in accumulated other comprehensive income (loss) in our consolidated balance sheets. Accounts Receivable, Allowance for Doubtful Accounts, and Sales Reserves Our accounts receivable consists of amounts due from customers and are typically unsecured. Accounts receivable are recorded at the invoiced amount and are non-interest bearing. The allowance for doubtful accounts is estimated and established by assessing individual accounts receivable over a specific age and dollar value, pooling all other receivables by similar risk characteristics, considering historical loss rates, adjusted for asset-specific characteristics, current conditions, or forecasts, and applying a loss rate to the amortized cost of the asset. Additions to the allowance are charged to general and administrative expenses or revenue in the consolidated statements of operations and comprehensive income (loss), or against deferred revenue in the consolidated balance sheets depending on the timing of the addition in relation to the contract term. Accounts receivable are written off against the allowance when an account balance is deemed uncollectible. We estimate a sales reserve based upon the historical adjustments made to customer billings. Such reserve is recorded as a reduction of revenue and deferred revenue in the consolidated statements of operations and comprehensive income (loss) and balance sheets, respectively. Assets Recognized from the Costs to Obtain a Contract with a Customer We record an asset for the incremental costs of obtaining a contract with a customer, which primarily consists of sales commissions and partner referral fees that are earned upon execution of contracts. We pay commissions for new product sales as well as for renewals of existing contracts, and partner referral fees only for new product sales. For customer contracts in which the commissions paid on new business and renewals are commensurate, we generally amortize these costs over the contractual term of the contract, consistent with the pattern of revenue recognition for each performance obligation. For customer contracts in which the commissions paid on new business and renewals are not commensurate and for partner referral fees, we amortize the costs on new business over an expected period of benefit, which we have determined to be approximately four years. The expected period of benefit was determined by taking into consideration our customer contracts, the duration of our relationships with our customers and the useful life of our technology. In capitalizing and amortizing deferred commissions and partner referral fees, we have elected to apply a portfolio approach. We include amortization of this asset in sales and marketing expense in our consolidated statements of operations and comprehensive income (loss). Royalties We pay royalties associated with licensed third-party syndicated data sold with our platform and we recognize royalty expense to cost of revenue in our consolidated statements of operations and comprehensive income (loss) when incurred. For the years ended December 31, 2021, 2020, and 2019, we recognized royalty expense of approximately $12.5 million, $12.4 million, and $12.2 million respectively. Property and Equipment Property and equipment are stated at historical cost, less accumulated depreciation and amortization. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or lease terms. Useful lives by asset category are as follows: Computer equipment and software 3 years Furniture and fixtures 3 to 7 years Leasehold improvement Shorter of useful life or lease term Repairs and maintenance costs are charged to expense as incurred. Upon the sale or retirement of property and equipment, the cost and the related accumulated depreciation or amortization are removed from the accounts, with any resulting gain or loss included in our consolidated statements of operations and comprehensive income (loss). Intangible Assets Intangible assets consist primarily of acquired developed technology. We determine the appropriate useful life of our intangible assets by performing an analysis of expected cash flows of the acquired assets. Intangible assets are amortized over their estimated useful lives of four Impairment of Long-Lived Assets We review our long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows attributable to such assets to their carrying value. If the carrying value of the assets exceeds the forecasted undiscounted cash flows, then the assets are written down to their fair value. Fair value is determined based on discounted cash flows or appraised values, depending upon the nature of the assets. Business Combinations The results of businesses acquired in a business combination are included in our consolidated financial statements from the date of the acquisition. We allocate the purchase price, including the fair value of any non-cash and contingent consideration, to the identifiable assets and liabilities of the relevant acquired business at their acquisition date fair values. Any excess consideration over the fair value of assets acquired and liabilities assumed is recognized as goodwill. Contingent consideration payable in cash or a fixed dollar amount settleable in a variable number of shares is classified as a liability and recorded at fair value, with changes in fair value recorded in general and administrative expenses each period. Transaction costs associated with business combinations are expensed as incurred, and are included in general and administrative expense in the consolidated statements of operations and comprehensive income (loss). We perform valuations of assets acquired, liabilities assumed, and contingent consideration and allocate the purchase price to its respective assets and liabilities. Determining the fair value of assets acquired, liabilities assumed, and contingent consideration requires us to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue, costs and cash flows, discount rates, the probability of achievement of specified milestones, and selection of comparable companies. We engage the assistance of valuation specialists in concluding on fair value measurements in connection with determining fair values of assets acquired, liabilities assumed, and contingent consideration in a business combination. Goodwill Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. We test goodwill for impairment in accordance with the provisions of ASC 350, Intangibles – Goodwill and Other, or ASC 350. Goodwill is tested for impairment at least annually at the reporting unit level or whenever events or changes in circumstances indicate that goodwill might be impaired. Events or changes in circumstances which could trigger an impairment review include a significant adverse change in legal factors or in the business climate, unanticipated competition, loss of key personnel, significant changes in the use of the acquired assets or our strategy, significant negative industry or economic trends, or significant underperformance relative to expected historical or projected future results of operations. ASC 350 provides that an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then additional impairment testing is not required. However, if an entity concludes otherwise, then it is required to perform an impairment test. The impairment test involves comparing the estimated fair value of a reporting unit with its book value, including goodwill. If the estimated fair value exceeds book value, goodwill is considered not to be impaired. If, however, the fair value of the reporting unit is less than book value, then an impairment loss is recognized in an amount equal to the amount that the book value of the reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. We have one reporting unit and we test for goodwill impairment annually during the fourth quarter of each calendar year using a quantitative assessment. At each of December 31, 2021 and 2020, we determined our goodwill was not impaired as our fair value significantly exceeded the carrying value of our net assets. Revenue Recognition Our revenue is derived from the licensing of subscription-based software, data subscription services, and professional services, including training and consulting services. The subscription-based license generally includes access to hosted services and software and post-contract support, or PCS, which provides the customer the right to receive when-and-if-available unspecified future updates, upgrades and enhancements, and technical product support. The core principle of ASC 606, Revenue from Contracts with Customers , or ASC 606, is to recognize revenue upon the transfer of goods or services to our customers in an amount that reflects the consideration to which we expect to be entitled. In order to adhere to this core principle, we apply the following five-step approach: • identify the contract with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to the performance obligations in the contract; and • recognize revenue when (or as) we satisfy a performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for goods or services we transfer to the customer. Revenue is measured based on consideration specified in a contract with a customer, and excludes any taxes we collect concurrent with revenue-producing activities. Most of our contracts contain a fixed transaction price. Our subscription agreements typically range from one to three years and are billed annually in advance with net payment terms of 60 days or less. The primary purpose of our payment and invoicing terms is to provide customers with predictable ways to purchase our software and services, and not to provide customers with financing. Our contracts with customers typically contain multiple performance obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. Substantially all of our licenses are sold as subscription-based, on-premise, licenses and are bundled with maintenance and support, or PCS, and cloud-based offerings. In addition to our on-premise licenses, we sell subscriptions to third-party syndicated data and provide professional service offerings primarily related to trainings for our customers. We allocate the transaction price of the contract to each performance obligation using the relative standalone selling price, or SSP, of each distinct good or service in the contract. We determine estimates of SSP based on sales of goods and services sold on a standalone basis, our overall pricing strategies, market conditions, including the geographic locations in which the products are sold, the useful life of our products, and market data. We review the SSP for each of our performance obligations at least annually and update it when appropriate to ensure that the practices employed reflect our recent pricing experience and maximize the use of observable data. We recognize revenue when we satisfy a performance obligation by transferring control of a good or service to a customer. Revenue related to our subscription-based licenses is recognized at a point in time when the platform is first made available to the customer, or the beginning of the subscription term, if later. Revenue related to PCS and data subscriptions is recognized ratably over the subscription terms. Professional services revenue is recognized when the services are provided to the customer, or when they expire. During 2021 we introduced, on a limited availability basis, Alteryx Designer Cloud and Alteryx Machine Learning. Revenue related to these cloud offerings was not material in 2021. Contract Assets and Contract Liabilities Timing may differ between the satisfaction of performance obligations and the invoicing and collection of amounts related to our contracts with customers. Contract assets primarily relate to unbilled amounts for contracts with customers for which the amount of revenue recognized exceeds the amount billed to the customer. Contract assets are transferred to accounts receivable when the right to invoice becomes unconditional. Contract assets are recorded as current if the invoice will be delivered to the customer within the succeeding 12-month period with the remaining recorded as long-term. Current contract assets are included in prepaid expenses and other current assets and long-term contract assets are included in other assets on our consolidated balance sheets. Contract liabilities, or deferred revenue, are recorded for amounts that are collected in advance of the satisfaction of performance obligations. These liabilities are classified as current if the performance obligation will be satisfied during the succeeding 12-month period and the remaining portion is recorded as non-current deferred revenue in our consolidated balance sheet. Cost of Revenue Cost of revenue is accounted for in accordance with ASC 705, Cost of Sales and Services , and consists of employee-related costs, including salaries and bonuses, stock-based compensation expense, and employee benefit costs associated with our customer support and professional services organizations, expenses related to hosting and operating our cloud infrastructure in a third-party data center, licenses of third-party syndicated data, amortization and impairment of acquired completed technology intangible assets, and related overhead expenses. Out-of-pocket travel costs related to the delivery of professional services are typically reimbursed by the customers and are accounted for as both revenue and cost of revenue in the period in which the cost is incurred. Research and Development Research and development expense consists primarily of employee-related costs, including salaries and bonuses, stock-based compensation expense, and employee benefits costs, depreciation of equipment used in research and development for our research and development employees, third-party contractor costs, and related allocated overhead costs. Product development expenses, other than software development costs qualifying for capitalization, are expensed as incurred. Software Development Costs Costs incurred in the development of new software products and enhancements to existing software products to be accounted for under software revenue recognition guidance are accounted for in accordance with ASC 985-20, Costs of Software to be Sold, Leased, or Marketed, or ASC 985-20. These costs, consisting primarily of salaries and related payroll costs, are expensed as incurred until technological feasibility has been established. After technological feasibility is established, costs are capitalized in accordance with ASC 985-20. Because our process for developing software is completed concurrently with the establishment of technological feasibility, no internally generated software development costs have been capitalized as of December 31, 2021 or December 31, 2020. We account for costs to develop or obtain internal-use software and implementation costs incurred in hosting arrangements in accordance with ASC 350-40, Internal-Use Software, or ASC 350-40. We also account for costs of significant upgrades and enhancements resulting in additional functionality under ASC 350-40. These costs are primarily software purchased for internal-use, purchased software licenses, implementation costs, and development costs related to our hosted product, which is accessed by customers on a subscription basis. Costs incurred for maintenance, training, and minor modifications or enhancements are expensed as incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life, which is generally three Convertible Senior Notes Our Notes (as defined in Note 9, Convertible Senior Notes , of these notes to our consolidated financial statements) are accounted for in accordance with ASC 470‑20, Debt with Conversion and Other Options , or ASC 470-20. Pursuant to ASC 470‑20, issuers of certain convertible debt instruments that have a net settlement feature and may be settled wholly or partially in cash upon conversion are required to separately account for the liability (debt) and equity (conversion option) components of the instrument. The carrying amount of the debt component for each series of our Notes was calculated by estimating the fair value of similar liabilities that do not have associated convertible features. The carrying amount of the equity component for each series of our Notes was determined by deducting the fair value of the debt component from their respective principal amounts. The difference between the principal amount of each series of our Notes and its respective fair value of debt component are amortized to interest expense over its respective terms using the effective interest method. The equity component, net of issuance costs and deferred tax effects, of each series of our Notes is presented within additional paid-in-capital in our consolidated balance sheet, and will not be remeasured as long as it continues to meet the requirements for equity classification. In accounting for the issuance costs related to our Notes, the allocation of issuance costs incurred between the debt and equity components was based on their relative values. Leases Under ASC 842, we determine if an arrangement is a lease at contract inception. Operating leases are included in operating lease right-of-use assets, accrued expenses and other current liabilities and operating lease liabilities in our consolidated balance sheets. Operating lease charges are recorded in cost of revenue and operating expenses in our consolidated statements of operations and comprehensive income (loss). Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. We do not separate lease and non-lease components for all underlying asset classes. As most of our leases do not provide a readily determinable implicit rate, we estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. We determine our incremental borrowing rate for each lease based primarily on the lease term and the economic environment of the applicable country or region. The operating lease right-of-use asset also includes any lease payments made and excludes lease incentives. The lease term includes options to extend or terminate when we are reasonably certain the option will be exercised. In general, we are not reasonably certain to exercise such options. We recognize lease expense for minimum lease payments on a straight-line basis over the lease term, while variable lease payments, such as common area maintenance, are recognized as incurred. We elected the practical expedient to not recognize operating lease right-of-use assets and operating lease liabilities that arise from short-term leases (i.e., leases with a term of 12 months or less). Advertising Costs Advertising costs are expensed as incurred. We incurred advertising costs of approximately $29.6 million, $16.3 million, and $17.8 million for the years ended December 31, 2021, 2020, and 2019, respectively. Such costs primarily relate to our annual user conferences, online, television, and print advertising, as well as sponsorship of public marketing and sporting events, and are reflected in sales and marketing expense in our consolidated statements of operations and comprehensive income (loss). Stock-Based Compensation We recognize stock-based compensation expense in accordance with the provisions of ASC 718, Compensation—Stock Compensation, or ASC 718. ASC 718 requires the measurement and recognition of compensation expense for all stock-based payment awards made to employees and directors based on the grant date fair values of the awards. We use the Black-Scholes option-pricing method for valuing stock options and shares granted under the employee stock purchase plan. Restricted stock units, or RSUs, are valued based on the fair value of our common stock on the date of grant, less our expected dividend yield. For awards that vest solely based on continued service, the fair value of an award is recognized as an expense over the requisite service period on a straight-line basis. For awards that contain performance conditions, the fair value of an award is recognized based on the probability of the performance condition being met using the graded vesting method. Stock-based compensation expense is included in cost of revenue and operating expenses within our consolidated statements of operations and comprehensive income (loss) based on the classification of the individual earning the award. The determination of the grant date fair value of stock-based awards is affected by the estimated fair value per share of our common stock as well as other highly subjective assumptions, including, but not limited to, the expected term of the stock-based awards, expected stock price volatility, risk-free interest rates, and expected dividends yields, which are estimated as follows: • Expected term . We determine the expected term of the awards using the simplified method, which estimates the expected term based on the average of the vesting period and contractual term of the stock option. • Expected volatility . We estimate the expected volatility based on our own historical volatility as well as the volatility of similar publicly held entities (referred to as “guideline companies”) over a period equivalent to the expected term of the awards. In evaluating the similarity of guideline companies to us, we considered factors such as industry, stage of life cycle, size, and financial leverage. We intend to continue to consistently apply this process using the same or similar guideline companies to estimate the expected volatility until sufficient historical information regarding the volatility of the share price of our common stock becomes available. • Risk-free interest rate . The risk-free interest rate used to value our stock-based awards is based on the U.S. Treasury yield in effect at the time of grant for a period consistent with the expected term of the award. • Estimated dividend yield . The expected dividend is assumed to be zero as we have never declared or paid any cash dividends and do not currently intend to declare dividends in the foreseeable future. The assumptions used in calculating the fair value of stock-based awards represent our best estimates, but these estimates involve inherent uncertainties and the application of judgment. As a result, if factors change or we use different assumptions, stock-based compensation expense could be materially different in the future. Foreign Currency Remeasurement, Translation, and Transactions The functional currency of our wholly owned subsidiaries is the currency of the primary economic environment in which the entity operates. Assets and liabilities denominated in currencies other than the functional currency are remeasured using the current exchange rate for monetary accounts and historical exchange rates for nonmonetary accounts, with exchange differences on remeasurement included in other income (expense), net in our consolidated statements of operations and comprehensive income (loss). Our foreign subsidiaries that utilize foreign currency as their functional currency translate such currency into U.S. dollars using (i) the exchange rate on the balance sheet dates for assets and liabilities, (ii) the average exchange rates prevailing during the period for revenues and expenses, and (iii) historical exchange rates for equity. Any translation adjustments resulting from this process are shown separately as a component of accumulated other comprehensive income (loss) within stockholder’s equity in the consolidated balance sheets. Transactions denominated in currencies other than the U.S. dollar may result in transaction gains or losses at the end of the period and when the related receivable or payable is settled. Gains (losses) associated with fluctuations in foreign exchange rates were $(5.2) million, $3.0 million, and $1.0 million |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 3. Revenue Disaggregation of Revenue The disaggregation of revenue by region was as follows (in thousands): Year Ended December 31, Revenue by region: 2021 2020 2019 United States $ 365,050 $ 338,190 $ 296,108 International 171,085 157,118 121,802 Total $ 536,135 $ 495,308 $ 417,910 Revenue attributable to the United Kingdom comprised 10.2% and 10.7% of the total revenue for the years ended December 31, 2021 and 2019, respectively. Other than the United Kingdom for the years ended December 31, 2021 and 2019, no other country outside the United States comprised more than 10% of revenue for any of the periods presented. Our operations outside the United States include sales offices in Australia, Canada, France, Germany, Japan, Singapore, the United Arab Emirates and the United Kingdom, and research and development centers in Australia, Ukraine and the Czech Republic. Revenue by location is determined by the billing address of the customer. Revenue related to our subscription-based software licenses is recognized at a point in time when the platform is first made available to the customer, or the beginning of the subscription term, if later. Revenue related to post contract support, or PCS, service, and hosted services is recognized ratably over the subscription term, with the exception of professional services related to training services. Revenue related to professional services is recognized at a point in time as the services are performed, and represents less than 5% of total revenue for all periods presented. Contract Assets and Contract Liabilities As of December 31, 2021 and 2020, our contract assets are expected to be transferred to receivables within the next 12 to 24 months and, with respect to these contract assets, $22.0 million and $25.4 million, respectively, is included in prepaid expenses and other current assets, and $20.5 million and $37.2 million, respectively, is included in other assets on our consolidated balance sheet. There were no impairments of contract assets during each of the years ended December 31, 2021 and 2020. As of December 31, 2021 and 2020, we had deferred revenue of $208.2 million and $108.7 million, respectively, included in current deferred revenue and $2.7 million and $3.8 million, respectively, included in other liabilities on our consolidated balance sheet. During the years ended December 31, 2021 and 2020, we recognized $108.7 million and $83.9 million, respectively, of revenue related to amounts that were included in deferred revenue as of January 1, 2021 and 2020, respectively. Assets Recognized from the Costs to Obtain our Contracts with Customers We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. This primarily consists of sales commissions and partner referral fees that are earned upon execution of the related contracts. We amortize these deferred commissions, which include partner referral fees, proportionate with related revenues over the benefit period. A summary of the activity impacting our deferred commissions during the years ended December 31, 2021 and 2020 is presented below (in thousands): Year Ended December 31, 2021 2020 Beginning balance $ 51,186 $ 43,035 Additional deferred commissions (1) 66,738 46,109 Amortization of deferred commissions (2) (47,604) (38,751) Effects of foreign currency translation (503) 793 Ending balance $ 69,817 $ 51,186 (1) Of the amount of additional commissions earned during the twelve months ended December 31, 2021, $9.0 million is anticipated to be paid in shares of the Company’s Class A common stock in the three months ended March 31, 2022. (2) Of the amount amortized from deferred commissions through December 31, 2021, $2.2 million is anticipated to be paid in shares of the Company’s Class A common stock in the three months ended March 31, 2022 and is included in stock-based compensation. As of December 31, 2021 and 2020, $31.3 million and $24.8 million, respectively, of our deferred commissions were expected to be amortized within the next 12 months, and therefore were included in prepaid expenses and other current assets. The remaining amount of our deferred commissions is included in other assets. There were no impairments of assets related to deferred commissions during each of the years ended December 31, 2021 and 2020. There were no assets recognized related to the costs to fulfill contracts during each of the years ended December 31, 2021 and 2020 as these costs were not material. Remaining Performance Obligations Transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue on our consolidated balance sheets and unbilled amounts that will be recognized as revenue in future periods. As of December 31, 2021 and 2020, we had an aggregate transaction price of $476.3 million and $484.3 million, respectively, allocated to unsatisfied performance obligations related primarily to PCS, cloud-based offerings, and subscriptions to third-party syndicated data. As of December 31, 2021 and 2020, we expect to recognize $443.6 million and $434.9 million, respectively, as revenue over the next 24 months with the remaining amount recognized thereafter. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combinations | 4. Business Combinations Goodwill represents the excess of the purchase price consideration over the fair value of the underlying intangible assets and net liabilities assumed. We believe the amount of goodwill resulting from acquisitions during the years ended December 31, 2021 and 2019 are primarily attributable to expected synergies from an assembled workforce, increased development capabilities, offerings to customers, and enhanced opportunities for growth and innovation. There were no acquisitions in 2020. Pro forma information and revenue and operating results of the companies acquired during the years ended December 31, 2021 and 2019 have not been presented as the impacts are not significant to our consolidated financial statements. The consolidated financial statements include the results of operations of each acquisition commencing as of the acquisition date of the respective acquisition. Acquisition-related costs associated with the below acquisitions were $5.5 million in 2021 and immaterial in 2020 and 2019, and are recorded in general and administrative expense in the consolidated statements of operations and comprehensive income (loss). 2021 Acquisitions Hyper Anna Pty. Ltd. On October 6, 2021, we acquired 100% of the outstanding equity of Hyper Anna Pty. Ltd., or Hyper Anna, pursuant to an Agreement for the Sale and Purchase of Shares, dated as of October 6, 2021, or the Hyper Anna Purchase Agreement. The acquisition was made to augment our research and development team and acquire certain developed technology. The aggregate consideration payable in exchange for all of the outstanding equity interests in Hyper Anna, net of customary adjustments set forth in the Hyper Anna Purchase Agreement, was $24.9 million in cash. This includes $3.0 million and $2.0 million of cash consideration held back for customary indemnification matters for a period of 24 months and 36 months, respectively, following the acquisition date. In connection with the acquisition, we entered into employment agreements with certain employees from Hyper Anna, which include up to $16.8 million in equity incentive awards based on continued employment over a period of 36 months. As the awards are subject to the continued employment of the employees, they were excluded from the purchase consideration, and will be recognized as post-acquisition compensation. The purchase consideration for the acquisition of $24.9 million consisted of $10.6 million in developed technology, which is tax deductible; $10.5 million of goodwill; and $3.8 million of net assets assumed. We determined the fair value of the developed technology acquired using the multi-period excess earnings model, which is a variation of the income approach that estimates the value of the assets based on the present value of the incremental after-tax cash flow attributable only to the intangible assets. This model utilizes certain unobservable inputs classified as Level 3 measurements as defined by ASC 820, Fair Value Measurements and Disclosures , or ASC 820. Key inputs utilized in the models include a discount rate of 29% and estimated revenue and expense forecasts. Based on the valuation model, we determined the fair value of the developed technology to be $10.6 million with an amortization period of 7 years. Lore IO, Inc. On October 21, 2021, we acquired 100% of the outstanding equity of Lore IO, Inc., or Lore IO, pursuant to an Agreement and Plan of Merger, dated as of October 18, 2021, or the Lore IO Merger Agreement. The acquisition was made to augment our research and development team. The aggregate consideration payable in exchange for all of the outstanding equity interests of Lore IO was $10.0 million in cash, subject to customary adjustments set forth in the Lore IO Merger Agreement. In connection with the acquisition, we entered into employment agreements with certain employees from Lore IO, which include up to $11.1 million in equity incentive awards based on continued employment over a period of 36 months. As the awards are subject to the continued employment of the employees, they were excluded from the purchase consideration, and will be recognized as post-acquisition compensation. The purchase consideration for the acquisition of $10.0 million consisted of $10.0 million of goodwill, which is not tax deductible, and immaterial net assets assumed. 2019 Acquisitions Feature Labs, Inc. On October 3, 2019, we acquired 100% of the outstanding equity of Feature Labs, Inc., a Delaware corporation, or Feature Labs, pursuant to an Agreement and Plan of Merger, dated as of October 2, 2019, or the Feature Labs Merger Agreement. The acquisition was made to augment our machine learning capabilities and establish an engineering hub on the East Coast of the U.S. The aggregate consideration payable in exchange for all of the outstanding equity interests of Feature Labs was $25.2 million in cash, subject to customary adjustments set forth in the Feature Labs Merger Agreement. In connection with the acquisition, we entered into employment agreements with certain employees from Feature Labs, which include up to $12.5 million in equity incentive awards based on continued employment over a period of 48 months with respect to certain time-based equity incentive awards and continued employment and the achievement of certain milestones over a period of 36 months with respect to certain performance-based equity incentive awards. As the awards are subject to the continued employment of the employees, they were excluded from the purchase consideration, and will be recognized as post-acquisition compensation. The purchase consideration for the acquisition of $25.2 million consisted of $7.9 million in developed technology, $18.0 million of goodwill, which was not tax deductible, and $0.7 million of net liabilities assumed. We determined the fair value of the developed technology acquired using the multi-period excess earnings model, which is a variation of the income approach that estimates the value of the assets based on the present value of the incremental after-tax cash flow attributable only to the intangible assets. This model utilizes certain unobservable inputs classified as Level 3 measurements as defined by ASC 820, Fair Value Measurements and Disclosures , or ASC 820. Key inputs utilized in the models include a discount rate of 40% and estimated revenue and expense forecasts. Based on the valuation model, we determined the fair value of the developed technology to be $7.9 million with an amortization period of 7.0 years. ClearStory Data Inc. On April 4, 2019, we acquired 100% of the outstanding equity of ClearStory Data Inc., a Delaware corporation, or ClearStory Data, pursuant to an Agreement and Plan of Merger, dated as of March 28, 2019, or the ClearStory Merger Agreement. The acquisition was made to augment our research and development team and acquire certain developed technology. The aggregate consideration payable in exchange for all of the outstanding equity interests of ClearStory Data was $19.6 million in cash, subject to customary adjustments set forth in the ClearStory Merger Agreement. The acquisition of ClearStory Data included $3.0 million of cash consideration held back for customary indemnification matters for a period of 18 months following the acquisition date. As of December 31, 2020, cash held back for customary indemnification matters had been released. In connection with the acquisition, we entered into employment agreements with certain employees from ClearStory Data, which included up to $6.0 million in aggregate cash payments based on the achievement of certain milestones over a period of 24 months. As the awards were subject to the continued employment of the employees, they were excluded from the purchase consideration, and recognized as post-acquisition compensation. The purchase consideration for the acquisition of $19.6 million consisted of $10.7 million in developed technology, $9.5 million of goodwill, which is tax deductible, and $0.6 million of net liabilities assumed. We determined the fair value of the developed technology acquired using the replacement cost model which uses estimated costs to recreate the technology. This model utilizes certain unobservable inputs classified as Level 3 measurements as defined by ASC 820. Key inputs utilized in the models include a discount rate of 20% and estimated costs to recreate the technology. Based on the valuation model, we determined the fair value of the developed technology to be $10.7 million with an amortization period of 4.0 years. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements Instruments Measured at Fair Value on a Recurring Basis. The following tables present our cash and cash equivalents' and investments’ costs, gross unrealized gains (losses), and fair value by major security type recorded as cash and cash equivalents or short-term or long-term investments (in thousands): As of December 31, 2021 Cost Net Fair Value Cash and Short-term Long-term Cash $ 68,579 $ — $ 68,579 $ 68,579 $ — $ — Level 1: Money market funds 15,382 — 15,382 15,382 — — Subtotal 15,382 — 15,382 15,382 — — Level 2: Commercial paper 308,250 (97) 308,153 68,414 239,739 — Certificates of deposit 3,500 (3) 3,497 — — 3,497 U.S. Treasury and agency bonds 459,960 (1,264) 458,696 — 189,243 269,453 Corporate bonds 148,605 (450) 148,155 — 77,892 70,263 Subtotal 920,315 (1,814) 918,501 68,414 506,874 343,213 Level 3 — — — — — — Total $ 1,004,276 $ (1,814) $ 1,002,462 $ 152,375 $ 506,874 $ 343,213 As of December 31, 2020 Cost Net Fair Value Cash and Short-term Long-term Cash $ 88,991 $ — $ 88,991 $ 88,991 $ — $ — Level 1: Money market funds 35,010 — 35,010 35,010 — — Subtotal 35,010 — 35,010 35,010 — — Level 2: Commercial paper 161,124 (8) 161,116 46,491 114,625 — Certificates of deposit 2,800 — 2,800 — 2,800 — U.S. Treasury and agency bonds 554,860 1,220 556,080 1,399 358,822 195,859 Corporate bonds 177,790 349 178,139 — 108,198 69,941 Subtotal 896,574 1,561 898,135 47,890 584,445 265,800 Level 3 — — — — — — Total $ 1,020,575 $ 1,561 $ 1,022,136 $ 171,891 $ 584,445 $ 265,800 There were no transfers between Level 1, Level 2, or Level 3 securities during each of the years ended December 31, 2021 and 2020. All long-term investments had maturities between one We review our marketable securities on a regular basis to evaluate whether or not any security has experienced an impairment resulting from credit losses. We consider factors such as the financial condition and near-term prospects of the issuer and our intent to sell, as well as whether it is more likely than not we will be required to sell the investment before recovery of the investment’s amortized cost basis. We have determined that the gross unrealized losses of less than $1.9 million with respect to our available-for-sale securities as of both December 31, 2021 and 2020 were due to changes in market rates, and we have determined the losses were not related to credit losses. These gross unrealized losses were classified in accumulated other comprehensive income (loss) in our consolidated balance sheets as of December 31, 2021 and 2020. Interest income from our marketable securities was $2.4 million, $10.5 million, and $9.2 million for the years ended December 31, 2021, 2020, and 2019, respectively. Instruments Not Recorded at Fair Value on a Recurring Basis. We estimate the fair value of our Notes carried at face value less unamortized discount and issuance costs quarterly for disclosure purposes. The estimated fair value of our Notes is determined by Level 2 inputs and is based on observable market data including prices for similar instruments. As of December 31, 2021 and 2020, the fair value of our Notes was $857.3 million and $1.1 billion, respectively. The carrying amounts of our cash, accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued liabilities, approximate their current fair value because of their nature and relatively short maturity dates or durations. Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis. See Note 4, Business Combinations , and Note 8, Goodwill and Intangible Assets |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts and Sales Reserves | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Allowance for Doubtful Accounts and Sales Reserves | 6. Allowance for Doubtful Accounts and Sales Reserves The following table summarizes the changes in the allowance for doubtful accounts and sales reserve included in accounts receivable in our consolidated balance sheets (in thousands): Year Ended December 31, 2021 2020 2019 Beginning balance $ 3,114 $ 2,662 $ 2,297 Provision 2,198 2,544 1,513 Recoveries (709) (1,225) (600) Charge-offs (1,057) (867) (548) Ending balance $ 3,546 $ 3,114 $ 2,662 The following table summarizes the changes in the allowance applied to our contract assets in our consolidated balance sheets (in thousands): Year Ended December 31, 2021 2020 2019 Beginning balance $ 2,438 $ 205 $ 180 Adoption of new accounting standard - ASC 326 — 609 — Provision (817) 1,818 197 Recoveries (53) (110) (172) Charge-offs (89) (84) — Ending balance $ 1,479 $ 2,438 $ 205 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 7. Property and Equipment Property and equipment, net consisted of the following (in thousands): Year Ended December 31, 2021 2020 Computer equipment & software $ 23,127 $ 14,627 Furniture and fixtures 10,923 9,941 Leasehold improvements 25,353 22,006 Construction in process 37,289 8,618 $ 96,692 $ 55,192 Less: Accumulated depreciation and amortization (25,422) (14,547) Total property and equipment, net $ 71,270 $ 40,645 Depreciation and amortization expense for the years ended December 31, 2021, 2020, and 2019 was approximately $11.4 million, $8.1 million, and $4.3 million, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 8. Goodwill and Intangible Assets The change in carrying amount of goodwill was as follows (in thousands): Goodwill as of December 31, 2019 $ 36,910 Effects of foreign currency translation 160 Goodwill as of December 31, 2020 $ 37,070 Goodwill recorded in connection with acquisitions 20,452 Effects of foreign currency translation (107) Goodwill as of December 31, 2021 $ 57,415 Intangible assets consisted of the following (in thousands, except years): As of December 31, 2021 Remaining Weighted-Average Gross Carrying Accumulated Net Carrying Customer Relationships 3.1 $ 1,557 $ (862) $ 695 Completed Technology 5.1 32,337 (11,295) 21,042 $ 33,894 $ (12,157) $ 21,737 As of December 31, 2020 Remaining Weighted-Average Gross Carrying Accumulated Net Carrying Customer Relationships 4.1 $ 1,652 $ (678) $ 974 Completed Technology 4.2 21,780 (6,563) 15,217 $ 23,432 $ (7,241) $ 16,191 During the twelve months ended December 31, 2020, we recorded an impairment charge of $2.0 million related to certain developed technology assets due to our strategic decision to discontinue further investment and enhancements in the standalone existing technology. We classified intangible asset amortization expense in the accompanying consolidated statements of operations and comprehensive income (loss) as follows (in thousands): Year Ended December 31, 2021 2020 2019 Cost of revenue $ 4,742 $ 3,758 $ 3,801 Sales and marketing 229 212 221 Total $ 4,971 $ 3,970 $ 4,022 The following table presents our estimates of remaining amortization expense for each of the five succeeding fiscal years and thereafter for intangible assets at December 31, 2021 (in thousands): 2022 $ 6,115 2023 4,123 2024 3,451 2025 2,883 2026 2,496 Thereafter 2,669 Total amortization expense $ 21,737 |
Convertible Senior Notes
Convertible Senior Notes | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes | 9. Convertible Senior Notes The following table presents details of our convertible senior notes, which are further discussed below (original principal in thousands): Month Issued Maturity Date Original Principal (including over-allotment) Coupon Interest Rate Effective Interest Rate Conversion Rate Initial Conversion Price 2023 Notes May and June 2018 June 1, 2023 $ 230,000 0.5 % 7.00 % $ 22.5572 $ 44.33 2024 Notes August 2019 August 1, 2024 $ 400,000 0.5 % 4.96 % $ 5.2809 $ 189.36 2026 Notes August 2019 August 1, 2026 $ 400,000 1.0 % 5.41 % $ 5.2809 $ 189.36 As further defined and described below, the 2024 Notes and the 2026 Notes are together referred to as the 2024 & 2026 Notes, and the 2023 Notes and the 2024 & 2026 Notes are collectively referred to as the Notes. In May and June 2018, we sold $230.0 million aggregate principal amount of our 0.50% Convertible Senior Notes due 2023, or the 2023 Notes, including the initial purchasers’ exercise in full of their option to purchase an additional $30.0 million of the 2023 Notes, in a private offering to qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended, or the Act. The 2023 Notes are our senior, unsecured obligations, and interest is payable semi-annually in arrears on June 1 and December 1 of each year beginning December 1, 2018. In August 2019, we sold $400.0 million aggregate principal amount of our 0.50% Convertible Senior Notes due 2024, or the 2024 Notes, and $400.0 million aggregate principal amount of our 1.00% Convertible Senior Notes due 2026, or the 2026 Notes, including the initial purchasers’ exercise in full of their options to purchase an additional $50.0 million of the 2024 Notes and an additional $50.0 million of the 2026 Notes, in a private offering to qualified institutional buyers pursuant to Rule 144A promulgated under the Act. The 2024 & 2026 Notes are our senior, unsecured obligations, and interest is payable semi-annually in arrears on February 1 and August 1 of each year beginning February 1, 2020. Prior to the close of business on the business day immediately preceding March 1, 2023, or the 2023 Conversion Date, in the case of the 2023 Notes, or May 1, 2024, or the 2024 Conversion Date, in the case of the 2024 Notes, or May 1, 2026, or the 2026 Conversion Date, in the case of the 2026 Notes, the respective Notes are convertible at the option of holders only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the relevant maturity date. The applicable conversion rate is subject to customary adjustments for certain events as described in the applicable indenture between us and U.S. Bank National Association, as trustee, or, collectively, the Indentures. Upon conversion, the Notes may be settled in shares of our Class A common stock, cash or a combination of cash and shares of our Class A common stock, at our election. It is our current intent to settle the principal amount of the Notes with cash. During the year ended December 31, 2019, a portion of the 2023 Notes were exchanged, as further discussed below. Prior to the close of business on the business day immediately preceding the applicable Conversion Date, the applicable series of Notes is convertible at the option of the holders under the following circumstances: • during any calendar quarter commencing after the calendar quarter subsequent to the calendar quarter in which the applicable series of Notes was issued (and only during such calendar quarter), if the last reported sale price of our Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the applicable conversion price of the applicable series of Notes on each applicable trading day; • during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the applicable series of Notes for each day of that five day consecutive trading day period was less than 98% of the product of the last reported sale price of our Class A common stock and the applicable conversion rate of the applicable series of Notes on such applicable trading day; or • upon the occurrence of specified corporate events described in the applicable Indenture. For at least 20 trading days during the period of 30 consecutive trading days ending December 31, 2021, the last reported sale price of our Class A common stock was greater than or equal to 130% of the conversion price of the 2023 Notes on each applicable trading day. As a result, the 2023 Notes are convertible at the option of the holders during the quarter ending March 31, 2022 and were classified as current liabilities on the consolidated balance sheet as of December 31, 2021. As of December 31, 2021, the if-converted value of the 2023 Notes exceeded its principal amount by $30.9 million. As of December 31, 2021, the 2024 & 2026 Notes were not currently convertible. We may not redeem any series of Notes prior to the relevant maturity date. Holders of any series of Notes have the right to require us to repurchase for cash all or a portion of their applicable series of Notes at 100% of its respective principal amount, plus any accrued and unpaid interest, upon the occurrence of a fundamental change as defined in the applicable Indenture for such series of Notes. We are also required to increase the conversion rate for holders who convert their Notes in connection with certain corporate events occurring prior to the relevant maturity date. The Notes are our senior unsecured obligations and rank senior in right of payment to any of our indebtedness and other liabilities that are expressly subordinated in right of payment to the Notes, equal in right of payment among all series of Notes and to any other existing and future indebtedness and other liabilities that are not subordinated, effectively junior in right of payment to any of our secured indebtedness and other liabilities to the extent of the value of the assets securing such indebtedness and other liabilities, and structurally junior in right of payment to all of our existing and future indebtedness and other liabilities (including trade payables) of our current or future subsidiaries. Capped Call Transactions In connection with the pricing of the 2023 Notes, we entered into privately negotiated capped call transactions with an affiliate of one of the initial purchasers of the 2023 Notes and other financial institutions. In connection with the pricing of the 2024 & 2026 Notes, we entered into privately negotiated capped call transactions with other financial institutions. The capped call transactions are expected generally to reduce or offset potential dilution to holders of our common stock and/or offset the potential cash payments that we could be required to make in excess of the principal amount upon any conversion of the applicable series of Notes under certain circumstances, with such reduction and/or offset subject to a cap based on the cap price. Under the capped call transactions, we purchased capped call options that in the aggregate relate to the total number of shares of our Class A common stock underlying the applicable series of Notes, with an initial strike price of approximately $44.33 per share in the case of the 2023 Notes, which corresponds to the initial conversion price of the 2023 Notes, and approximately $189.36 per share in the case of the 2024 & 2026 Notes, which corresponds to the initial conversion price of each of the 2024 & 2026 Notes. Further, the capped call options are subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the applicable series of Notes, and have a cap price of $62.22 per share in the case of the 2023 Notes, and $315.60 per share in the case of the 2024 & 2026 Notes. The cost of the purchased capped calls of $19.1 million in the case of the 2023 Notes and $87.4 million in the case of the 2024 & 2026 Notes was recorded as a reduction to additional paid-in-capital. We elected to integrate the applicable capped call options with the applicable series of Notes for federal income tax purposes pursuant to applicable U.S. Treasury Regulations. Accordingly, the $19.1 million gross cost of the purchased capped calls in the case of the 2023 Notes and the $87.4 million gross cost of the purchased capped calls in the case of the 2024 & 2026 Notes will be deductible for income tax purposes as original discount interest over the term of the 2023 Notes and the applicable series of the 2024 & 2026 Notes, respectively. We recorded deferred tax assets of $4.6 million with respect to the 2023 Notes and $20.9 million with respect to the 2024 & 2026 Notes, which represent the tax benefit of these deductions with an offsetting entry to additional paid-in capital. In connection with the exchange agreements discussed below, we terminated a corresponding portion of the existing capped call transactions that we entered into in connection with the issuance of the 2023 Notes, which resulted in the net share settlement and our receipt and retirement of 285,466 shares of Class A common stock. Exchange and Conversion of 2023 Notes In connection with the issuance of the 2024 & 2026 Notes discussed above, we entered into exchange agreements with certain holders of our outstanding 2023 Notes and, using a portion of the net proceeds from the issuance of the 2024 & 2026 Notes, we exchanged $145.2 million principal amount, together with accrued and unpaid interest thereon, of the 2023 Notes for aggregate consideration of $145.4 million in cash, representing the principal and accrued interest of the exchanged 2023 Notes, and 2.2 million shares of Class A common stock. The exchange agreements were accounted for as an induced conversion, resulting from the issuance of shares of Class A common stock in excess of the shares that would have been issuable under the terms of the original 2023 Notes. This exchange resulted in a loss on induced conversion and debt extinguishment of $20.5 million, consisting of (i) a $8.2 million market premium representing the excess of the fair value of the total consideration delivered over the fair value of the Class A common stock issuable for the principal amount exchanged pursuant to the original conversion terms and (ii) $12.3 million representing the difference between the fair value and the carrying value, net of unamortized issuance costs, of the liability component of the exchanged 2023 Notes. In the twelve months ended December 31, 2020, we received immaterial requests for conversion with respect to the 2023 Notes, but did not receive additional requests for conversion during the twelve months ended December 31, 2021. As of the date of this filing, we have received no additional requests for conversion. The Notes consisted of the following (in thousands): As of December 31, 2021 As of December 31, 2020 2023 Notes 2024 Notes 2026 Notes 2023 Notes 2024 Notes 2026 Notes Liability: Principal $ 84,748 $ 400,000 $ 400,000 $ 84,748 $ 400,000 $ 400,000 Less: debt discount and issuance costs, net of amortization (7,348) (42,941) (71,043) (12,129) (58,148) (84,351) Net carrying amount $ 77,400 $ 357,059 $ 328,957 $ 72,619 $ 341,852 $ 315,649 Equity, net of issuance costs $ 46,473 $ 69,749 $ 93,380 $ 46,473 $ 69,749 $ 93,380 The following table sets forth interest expense recognized related to the Notes (in thousands): Year Ended December 31, 2021 2020 Contractual interest expense $ 6,424 $ 6,424 Amortization of debt issuance costs and discount 32,772 31,654 Total $ 39,196 $ 38,078 The following table sets forth future contractual obligations of contractual interest and principal related to the Notes (in thousands): Payments Due by Period Total Less Than 1 Year 1 to 3 Years 3 to 5 Years More Than 5 Years Notes and related interest $ 911,384 $ 6,424 $ 496,960 $ 408,000 $ — |
Accrued Payroll and Payroll-Rel
Accrued Payroll and Payroll-Related Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Payroll and Payroll-Related Liabilities | 10. Accrued Payroll and Payroll-Related Liabilities Accrued payroll and payroll-related liabilities included accrued commissions and bonuses as follows (in thousands): As of December 31, 2021 2020 Accrued commissions $ 16,827 $ 11,793 Accrued bonuses $ 20,729 $ 15,046 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | 11. Stockholders’ Equity Dual Class Common Stock Structure In February 2017, we implemented a dual class common stock structure in which each then existing share of common stock converted into a share of Class B common stock and we also authorized a new class of common stock, the Class A common stock. The Class A common stock is entitled to one vote per share and the Class B common stock is entitled to ten votes per share. The Class A common stock and Class B common stock have the same dividend and liquidation rights, and the Class B common stock converts to Class A common stock at any time at the option of the holder, or automatically upon the date that is the earliest of (i) the date specified by a vote of the holders of at least 66 2/3% of the outstanding shares of Class B common stock, (ii) March 29, 2027, and (iii) the date that the total number of shares of Class B common stock outstanding cease to represent at least 10% of the aggregate number of shares of Class A common stock and Class B common stock then outstanding. In addition, each share of Class B common stock will convert automatically into one share of Class A common stock upon any transfer, except for certain permitted transfers described in our restated certificate of incorporation, or the Restated Certificate. Upon the creation of the dual class common stock structure all outstanding options to purchase common stock became options to purchase an equivalent number of shares of Class B common stock, and all RSUs became RSUs for an equivalent number of shares of Class B common stock. Upon the effectiveness of the Restated Certificate in March 2017, the number of shares of capital stock that were authorized to be issued consisted of 500,000,000 shares of Class A common stock, $0.0001 par value per share, 500,000,000 shares of Class B common stock, $0.0001 par value per share, and 10,000,000 shares of undesignated preferred stock, $0.0001 par value per share. Preferred Stock Our board of directors is authorized, subject to limitations prescribed by Delaware law, to issue preferred stock in one or more series, to establish from time to time the number of shares to be included in each series, and to fix the designation, powers, preferences, and rights of the shares of each series and any of its qualifications, limitations, or restrictions, in each case without further vote or action by our stockholders. As of December 31, 2021, no shares of preferred stock were outstanding. |
Equity Awards
Equity Awards | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity Awards | 12. Equity Awards Amended and Restated 2013 Stock Plan We granted options and RSUs under our Amended and Restated 2013 Stock Plan, or 2013 Plan, until March 22, 2017, when the plan was terminated in connection with our IPO. Accordingly, no shares are available for future issuance under the 2013 Plan following the IPO. The 2013 Plan continues to govern outstanding equity awards granted thereunder. 2017 Equity Incentive Plan In February 2017, our board of directors adopted, and our stockholders approved, the 2017 Equity Incentive Plan, or 2017 Plan. The 2017 Plan became effective on March 22, 2017 and is the successor plan to the 2013 Plan. Under the 2017 Plan, we initially reserved (i) 5.1 million shares of Class A common stock for future issuance and (ii) 0.5 million shares of Class A common stock equal to the number of Class B shares reserved but not issued under the 2013 Plan as of the effective date of the 2017 Plan. The number of shares of Class A common stock reserved for issuance under our 2017 Plan will increase automatically on the first day of January of each of 2018 through 2027 by the lesser of (a) 5% of the total outstanding shares of our Class A and Class B common stock as of the immediately preceding December 31 and (b) the number of shares determined by our board of directors. The share reserve may also increase to the extent that outstanding awards under our 2013 Plan expire or terminate. As of December 31, 2021, an aggregate of 12.4 million shares of Class A common stock were reserved for issuance under the 2017 Plan. 2017 Employee Stock Purchase Plan In February 2017, our board of directors adopted, and our stockholders approved, the 2017 Employee Stock Purchase Plan, or 2017 ESPP. The 2017 ESPP became effective on March 23, 2017. Under the 2017 ESPP, we reserved 1.1 million shares of Class A common stock for future issuance. The number of shares of Class A common stock reserved for issuance under our 2017 ESPP will increase automatically on the first day of January of each of 2018 through 2027 by the lesser of (a) 1% of the total outstanding shares of our Class A and Class B common stock as of the immediately preceding December 31 and (b) the number of shares determined by our board of directors. The aggregate number of shares issued over the term of the 2017 ESPP may not exceed 11,000,000 shares of Class A common stock. Under the 2017 ESPP, eligible employees are allowed to purchase shares of our Class A common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to plan limitations. Except for the first offering period, which began on the date our Registration Statement on Form S-1 covering the initial public offering of our shares of Class A common stock was declared effective by the SEC, purchase periods are approximately six months in duration starting on the first trading date on or after February 15th and August 15 th of each year. Participants are able to purchase shares of our Class A common stock at 85% of the lower of its fair market value on (i) the first day of the purchase period or on (ii) the purchase date, which is the last day of the purchase period. In 2021, employees purchased 0.1 million shares of Class A common stock at an average price per share of $76.65. As of December 31, 2021, 3.2 million shares of Class A common stock were available for future issuance under the 2017 ESPP. Stock Options Stock options generally vest over a period of three Stock option activity, excluding activity related to the ESPP, during the year ended December 31, 2021 consisted of the following (in thousands, except weighted-average information): Options Weighted- Aggregate Intrinsic Value Weighted-Average Remaining Contractual Term (Years) Options outstanding at December 31, 2020 2,071 $ 60.22 $ 138,942 7.0 Granted 303 87.52 Exercised (189) 19.02 $ 14,027 Cancelled/forfeited (177) 96.05 Options outstanding at December 31, 2021 2,008 $ 65.05 $ 45,785 6.5 Exercisable 1,405 $ 43.88 $ 45,556 5.5 Vested and expected to vest December 31, 2021 2,008 $ 65.05 $ 45,785 6.5 The total intrinsic value of options exercised in the years ended December 31, 2020 and 2019 was $118.6 million and $115.4 million, respectively. The weighted-average exercise price of options granted in the years ended December 31, 2020 and 2019 was $139.88 and $80.88, respectively. As of December 31, 2021, there was $26.3 million of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of 1.8 years. Valuation Assumptions The following table presents the weighted-average assumptions used for stock options granted under our 2017 Equity Incentive Plan and for shares of our Class A common stock issued under our ESPP for each of the years indicated: Stock Options Employee Stock Purchase Plan 2021 2020 2019 2021 2020 2019 Expected term (in years) 5.8 5.8 5.8 0.5 0.5 0.5 Estimated volatility 56 % 48 % 38 % 55 % 78 % 56 % Risk-free interest rate 1 % 1 % 2 % — % 1 % 2 % Estimated dividend yield — — — — — — Weighted average fair value $ 45.20 $ 62.37 $ 32.20 $ 27.42 $ 48.07 $ 30.02 Restricted Stock Units RSUs granted under the 2017 Plan generally vest over a period of three Awards Weighted- Aggregate Intrinsic Value RSUs outstanding at December 31, 2020 1,960 $ 105.04 $ 238,764 Granted 3,347 79.62 Vested (782) 96.13 $ 70,374 Cancelled/forfeited (832) 97.32 RSUs outstanding at December 31, 2021 3,693 $ 85.64 $ 223,448 RSUs expected to vest at December 31, 2021 3,693 $ 85.64 $ 223,448 The total intrinsic value of RSUs vested in the years ended December 31, 2020 and 2019 was $62.5 million and $30.2 million, respectively. The weighted-average grant date fair value of RSUs granted in the years ended December 31, 2020 and 2019 was $132.89 and $90.00, respectively. During the year ended December 31, 2021, in addition to our RSU grants to new hires and annual refresh grants to existing employees, we granted PRSUs, to certain executives with a grant date fair value of $17.0 million. These PRSUs will vest in two tranches upon the achievement of certain ARR targets or will otherwise be forfeited on December 31, 2022 if the targets are not met. As of December 31, 2021, the PRSU performance criteria had not yet been met, but the expense is being recognized over the implicit service period. As of December 31, 2021, total unrecognized compensation expense related to unvested RSUs was approximately $241.1 million, which is expected to be recognized over a weighted-average period of 2.2 years. We classified stock-based compensation expense in the accompanying consolidated statements of operations and comprehensive income (loss) as follows (in thousands): Year Ended December 31, 2021 2020 2019 Cost of revenue $ 6,421 $ 2,550 $ 1,634 Research and development 28,903 18,388 6,954 Sales and marketing 40,519 28,463 12,659 General and administrative 48,222 25,515 11,878 Total $ 124,065 $ 74,916 $ 33,125 |
Retirement Plan
Retirement Plan | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Plan | 13. Retirement Plan We established a savings plan that qualifies as a defined contribution plan under Section 401(k) of the Internal Revenue Code of 1986, as amended, or the Code, for the benefit of our employees. Our contributions to the savings plan are discretionary and vest immediately. We contributed approximately $7.7 million, $6.2 million and $3.9 million to the savings plan for the years ended December 31, 2021, 2020, and 2019, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | 14. Leases We have various non-cancelable operating leases for our corporate offices in California, Colorado, Massachusetts, Michigan, New York, and Texas in the United States and Australia, Canada, the Czech Republic, France, Germany, Japan, Singapore, Ukraine, the United Arab Emirates and the United Kingdom. These leases expire at various times through 2029. Certain lease agreements contain renewal options, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. The table below presents lease-related assets and liabilities recorded on the consolidated balance sheet (in thousands): As of December 31, Classification 2021 2020 Assets Operating lease right-of-use assets Operating lease right-of-use assets $ 102,681 $ 62,508 Liabilities Operating lease liabilities (current) Accrued expenses and other current liabilities $ 19,954 $ 11,471 Operating lease liabilities (noncurrent) Operating lease liabilities 78,784 53,860 Total lease liabilities $ 98,738 $ 65,331 Lease Costs The following lease costs were included in our consolidated statements of operations and comprehensive income (loss) (in thousands): Year Ended December 31, 2021 2020 Operating lease cost $ 20,575 $ 11,150 Short-term lease cost 118 1,451 Variable lease cost 4,820 3,993 Total lease cost $ 25,513 $ 16,594 Supplemental Information The table below presents supplemental balance sheet information related to operating leases: Year Ended December 31, 2021 2020 Weighted-average remaining lease term (in years) 5.3 5.7 Weighted-average discount rate 4.57 % 5.03 % In October 2019, we entered into a new operating lease agreement for space located in Irvine, California that replaced our existing corporate headquarters in February 2022. We currently expect that we will cease use of our existing corporate headquarters by or in the second quarter of 2022. It is management’s current intent to sublease our existing headquarters. As of December 31, 2021, operating lease liabilities related to our existing corporate headquarters were approximately $10.1 million. Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years, and total of the remaining years, to the operating lease liabilities recorded on the consolidated balance sheet as of December 31, 2021 (in thousands): 2022 $ 24,008 2023 20,987 2024 19,567 2025 19,082 2026 15,898 Thereafter 11,918 Total minimum lease payments $ 111,460 Less imputed interest (12,722) Present value of future minimum lease payments $ 98,738 Less current obligations under leases (1) (19,954) Long-term lease obligations $ 78,784 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies In the ordinary course of business, we enter into purchase orders with vendors for the purchase of goods and services including non-cancelable agreements for software licenses, royalty agreements, advertising and other marketing activities. Our minimum purchase obligations as of December 31, 2021 were as follows (in thousands): 2022 $ 67,357 2023 16,445 2024 6,079 2025 1,509 2026 — Thereafter — Total minimum payments $ 91,390 Indemnification In the ordinary course of business, we enter into agreements in which we may agree to indemnify other parties with respect to certain matters, including losses resulting from claims of intellectual property infringement, damages to property or persons, business losses, or other liabilities. In addition, we have entered into indemnification agreements with our directors, executive officers, and certain other employees that will require us to indemnify them against liabilities that may arise by reason of their status or service as directors, officers, or employees. The term of these indemnification agreements with our directors, executive officers, and other employees, are generally perpetual after execution of the agreement. The maximum potential amount of future payments we could be required to make under these indemnification provisions is unlimited; however, we maintain insurance that reduces our exposure and enables us to recover a portion of any future amounts paid. As of each of December 31, 2021 and December 31, 2020, we have not accrued a liability for indemnification provisions we agree to in the ordinary course of business or with our directors, executive officers and certain other employees pursuant to indemnification agreements because the likelihood of incurring a payment obligation, if any, in connection with these arrangements is not probable or reasonably estimable. Litigation From time to time, we may be involved in lawsuits, claims, investigations, and proceedings, consisting of intellectual property, commercial, employment, and other matters, which arise in the ordinary course of business. We are not currently party to any material legal proceedings or claims, nor are we aware of any pending or threatened legal proceedings or claims that could have a material adverse effect on our business, operating results, cash flows, or financial condition should such legal proceedings or claims be resolved unfavorably. In 2020, three putative securities class action lawsuits were filed against us and certain of our executive officers in U.S. federal court relating to alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and Rule 10b-5 promulgated thereunder: (1) Smith v. Alteryx, Inc. , Case No. 8:20-cv-01540 (CD Cal.), filed on August 19, 2020; (2) Chau v. Alteryx, Inc. , Case No. 8:20-cv-01886 (CD Cal.), filed on September 30, 2020; and (3) Lalgudi v. Alteryx, Inc. , Case No. 8:20-cv-01910 (CD Cal.), filed on October 2, 2020. On November 13, 2020, lead plaintiffs were appointed, or the Lead Plaintiffs, and the three cases were consolidated into one action, In re Alteryx, Inc. Securities Litigation , Case No. 8:20-cv-01540 (C.D. Cal). On January 28, 2021, a first amended complaint was filed asserting claims on behalf of persons and entities that purchased or otherwise acquired our securities between February 13, 2020 and August 7, 2020. Lead Plaintiffs alleged that such persons and entities were harmed as a result of certain alleged false or misleading statements, or omissions, made by us and certain of our executive officers. On March 19, 2021, we filed a motion to dismiss the consolidated complaint, which the Court granted in its entirety on June 17, 2021. The Court entered final judgment in our favor on August 3, 2021. Warranty We provide an assurance-type warranty to customers that our platform will operate substantially in accordance with its specifications. Historically, no significant costs have been incurred related to product warranties and none are expected in the future and, as such, no accruals for product warranty costs have been made. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 16. Income Taxes The components of income (loss) before benefit of income taxes were as follows (in thousands): Year Ended December 31, 2021 2020 2019 Domestic $ (152,252) $ (32,569) $ 9,259 Foreign (25,279) 4,924 (3,195) Total $ (177,531) $ (27,645) $ 6,064 The components of the provision for (benefit of) income taxes were as follows (in thousands): Year Ended December 31, 2021 2020 2019 Current: Federal $ — $ — $ (375) State 348 248 158 Foreign 229 327 1,176 Total current income tax expense $ 577 $ 575 $ 959 Deferred: Federal $ 1,472 $ (2,617) $ (18,684) State — (958) (3,406) Foreign 101 (271) 52 Total deferred income tax benefit: $ 1,573 $ (3,846) $ (22,038) Total $ 2,150 $ (3,271) $ (21,079) The following table reconciles our provision for (benefit of) income taxes at the statutory rate to that at the effective tax rate, using a U.S. federal statutory tax rate of 21% for each of 2021, 2020, and 2019 (in thousands): Year Ended December 31, 2021 2020 2019 Income tax at federal statutory rate $ (37,281) $ (5,806) $ 1,273 Increase/(decrease) in tax resulting from: State income tax expense, net of federal (4,574) (3,105) (2,567) Foreign rate differential 847 47 789 Stock-based compensation 5,563 (16,852) (20,913) Change in valuation allowance 42,246 24,363 18,129 Meals and entertainment 464 764 658 Research credits (5,070) (4,677) (3,177) Tax basis step-up due to internal reorganization — — (15,321) Other (45) 1,995 50 Total benefit of income taxes $ 2,150 $ (3,271) $ (21,079) The following table shows the significant components of deferred income tax assets (liabilities) (in thousands): As of December 31, 2021 2020 Deferred tax assets: Deferred revenue $ — $ 923 Net operating losses 55,763 20,147 Accruals and reserves 5,070 5,513 Research & other credits 25,209 17,770 Intangibles 12,559 10,570 Operating lease liabilities 22,011 14,475 Effect of Section 163(j) on interest expense 11,550 6,696 Stock-based compensation 21,322 14,376 Other 167 — Total deferred tax assets 153,651 90,470 Less valuation allowance (89,298) (44,046) Net deferred tax assets 64,353 46,424 Deferred tax liabilities: Operating lease right-of-use assets (22,810) (13,831) Deferred commissions (12,789) (10,213) Convertible senior notes (14,121) (16,990) Effects of ASC 606 adoption — (4,343) Other — (776) Capitalized software development costs (2,176) — Deferred Revenue (11,211) — Total deferred tax liabilities (63,107) (46,153) Net deferred tax assets $ 1,246 $ 271 We record a valuation allowance against our deferred tax assets if and to the extent it is more likely than not that we will not recover our deferred tax assets. In evaluating the need for a valuation allowance, we weight all relevant positive and negative evidence, including among other factors, historical financial performance, forecasts of income over the applicable carryforward periods, and our market environment, with each piece weighted based on its reliability. As of December 31, 2021, we had insufficient objective positive evidence that we will generate sufficient future pre-tax income to overcome the negative evidence of cumulative losses. Accordingly, we continue to record a full valuation allowance against our net U.S. and U.K. deferred tax assets as of December 31, 2021. The following table shows the changes in our valuation allowance (in thousands): Year Ended December 31, 2021 2020 2019 Beginning balance $ 44,046 $ 19,683 $ 1,138 Increase in valuation allowance due to Lore IO acquisition 3,006 — — Increase in valuation allowance due to internal reorganization — — 15,321 Other increase in valuation allowance 42,246 24,363 3,224 Ending balance $ 89,298 $ 44,046 $ 19,683 In 2019, through an internal reorganization, our U.K. subsidiary acquired foreign exploitation rights to intellectual property from two other of our subsidiaries. The U.K. subsidiary acquired the rights for their fair market value and that amount became the U.K. tax basis in such rights, which exceeds their carrying amount under U.S. GAAP. Accordingly, we recorded a deferred tax asset for the excess of U.K. tax basis over the U.S. GAAP carrying amount. Based on cumulative U.K. losses, we have concluded it was more likely than not that we would not realize our U.K. deferred tax asset, and accordingly, we have recorded a full valuation allowance against it. On October 21, 2021, we acquired all of the outstanding shares of Lore IO, Inc., or Lore IO. At the time of acquisition, Lore IO had tax attributes related to net operating losses and research and development credits, which resulted in the increase in our valuation allowance as shown in the table above. On October 6, 2021, we acquired all of the outstanding shares of Hyper Anna Pty. Ltd., or Hyper Anna. We did not record a valuation allowance with respect to this acquisition as Hyper Anna consolidates into our Australian entity, Alteryx ANZ Holdings Pty. Ltd., which operates as a cost-plus entity whose future income will most likely absorb net operating losses, which do not expire in Australia. As of December 31, 2021, we had U.S. federal, U.S. state, U.K., and Australia income tax net operating loss carryforwards of approximately $120.4 million, $74.3 million, $153.9 million, and $4.0 million, respectively. The U.S. federal and state net operating losses will begin to expire in 2035 and 2024, respectively, unless previously utilized. The U.K. and Australia net operating losses can be carried forward indefinitely. Under Sections 382 and 383 of the Code, annual use of our net operating loss carryforwards and tax credits may be limited if a cumulative change in ownership of more than 50% occurs within a three-year period. We determined that ownership changes occurred in 2015 and 2019, which limit the future annual use of our net operating loss carryforwards and tax credits, but neither of which permanently disallows any of those tax attributes. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, was signed into law. The CARES Act includes tax provisions applicable to businesses, such as net operating losses, enhanced interest deductibility, optional deferral of deposits of payroll taxes and a refundable employee retention payroll tax credit. We have determined that these provisions did not have a material impact on our consolidated financial statements for 2020 or 2021. We have not accrued U.S. state income taxes or foreign withholding taxes on the earnings of our foreign subsidiaries, as these amounts are intended to be indefinitely reinvested in operations outside the United States. As of December 31, 2021, there were immaterial cumulative amounts of undistributed earnings at our foreign subsidiaries. We are subject to taxation in the United States and various states and international jurisdictions. Our U.S. federal tax returns are open for examination for tax years 2018 and forward, and our state tax returns are open for examination for tax years 2015 and forward. Our tax returns for international jurisdictions are open for examination for tax years 2017 and forward. However, net operating loss and other tax attribute carryforwards utilized in subsequent years continue to be subject to examination by the tax authorities until the year to which the net operating loss and/or other tax attributes are carried forward is no longer subject to examination. Neither we nor any of our subsidiaries are currently under examination from tax authorities in the jurisdictions in which we do business. At December 31, 2021, we had approximately $8.9 million of unrecognized tax benefits. If fully recognized, $5.3 million of the unrecognized tax benefits would reduce our net operating losses. In the next 12 months, we do not expect our unrecognized tax benefits to decrease. Accrued interest related to our uncertain tax positions was not material at December 31, 2021. The following table shows the activity in gross unrecognized tax benefits (in thousands): Year Ended December 31, 2021 2020 2019 Balance at beginning of year $ 8,520 $ 7,556 $ 6,234 Additions based on tax position related to the current year 344 652 1,322 Additions for tax positions of prior years — 312 — Balance at end of year $ 8,864 $ 8,520 $ 7,556 |
Basic and Diluted Net Income (L
Basic and Diluted Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income (Loss) Per Share | 17. Basic and Diluted Net Income (Loss) Per Share The following table presents the computation of net income (loss) per share (in thousand, except per share amounts): Year Ended December 31, 2021 2020 2019 Numerator: Net income (loss) attributable to common stockholders $ (179,681) $ (24,374) $ 27,143 Denominator: Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, basic 67,191 66,058 63,424 Effect of dilutive securities: Convertible senior notes — — 1,975 Employee stock awards — — 3,259 Contingently-issuable shares — — 3 Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, diluted 67,191 66,058 68,661 Net income (loss) per share attributable to common stockholders, basic $ (2.67) $ (0.37) $ 0.43 Net income (loss) per share attributable to common stockholders, diluted $ (2.67) $ (0.37) $ 0.40 The following weighted-average equivalent shares of common stock, excluding the impact of the treasury stock method, were excluded from the diluted net income (loss) per share calculation because their inclusion would have been anti-dilutive (in thousands): Year Ended December 31, 2021 2020 2019 Stock awards (1) 4,876 4,053 209 Convertible senior notes 6,137 6,137 1,644 Total shares excluded from net income (loss) per share 11,013 10,190 1,853 (1) The table above does not include 234,018 PRSUs because, as of December 31, 2021, the performance criteria had not yet been met for these contingently-issuable shares. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | 18. Segment and Geographic Information Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker, or CODM, who is our chief executive officer, in deciding how to allocate resources and assess our financial and operational performance. Our CODM evaluates our financial information and resources and assesses the performance of these resources on a consolidated and aggregated basis. As a result, we have determined that our business operates in a single operating segment. Long-lived assets classified by geographic location were as follows (in thousands): As of December 31, Long-lived assets: 2021 2020 United States $ 151,514 $ 84,055 Other countries 22,437 19,098 Total $ 173,951 $ 103,153 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | 19. Subsequent Events On February 7, 2022, we acquired 100% of the outstanding equity of Trifacta, Inc., or Trifacta, pursuant to an Agreement and Plan of Merger dated January 6, 2022, or the Trifacta Merger Agreement. The aggregate consideration payable in exchange for all of the outstanding equity interests of Trifacta was approximately $400.0 million in cash, subject to customary adjustments set forth in the Trifacta Merger Agreement. In addition to the purchase price, we entered into share-based compensation agreements with certain employees of Trifacta, with a value of approximately $75.0 million in the aggregate. Given the timing of the completion of the acquisition, we are currently in the process of valuing the assets acquired and liabilities assumed in the acquisition. As a result, we are unable to provide the amounts recognized as part of the acquisition date for the major classes of assets acquired and liabilities assumed and other disclosures. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Our consolidated financial statements are presented in accordance with accounting standards generally accepted in the United States of America, or U.S. GAAP, and include the accounts of Alteryx, Inc. and its wholly owned subsidiaries after elimination of intercompany transactions and balances. |
Use of Estimates | The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates and assumptions. On an ongoing basis, our management evaluates these estimates and assumptions, including those related to determination of standalone selling prices of our products and services, income tax valuations, stock-based compensation, and goodwill and intangible assets valuations and recoverability. We base our estimates on historical data and experience, as well as various other factors that our management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities. |
Concentration of Risk | Financial instruments, which subject us to concentrations of credit risk, consist primarily of cash and cash equivalents, investments, and trade accounts receivable. We maintain our cash and cash equivalents and investments with three major financial institutions and a portion of such balances exceed or are not subject to Federal Deposit Insurance Corporation, or FDIC, insurance limits. We extend differing levels of credit to customers, do not require collateral deposits, and, when necessary, maintain reserves for potential credit losses based upon the expected collectability of accounts receivable. We manage credit risk related to our customers by following credit approval processes, establishing credit limits, performing periodic evaluations of credit worthiness and applying other credit risk monitoring procedures. Accounts receivable include amounts due from customers with principal operations primarily in the United States. No customers accounted for 10% or more of our accounts receivable balance or 10% or more of our revenue in any years presented. |
Fair Value of Financial Instruments | We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We determine fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active near the measurement date; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair value of our money market funds was determined based on “Level 1” inputs. The fair values of our certificates of deposit, commercial paper, U.S. Treasury and agency bonds, and corporate bonds were determined based on “Level 2” inputs. The valuation techniques used to measure the fair values of certificates of deposit and commercial paper included observable market-based inputs for similar assets, which primarily include yield curves and time-to-maturity factors. The valuation techniques used to measure the fair values of U.S. Treasury and agency bonds and corporate bonds included standard observable inputs, including reported trades, quoted market prices, matrix pricing, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets or benchmark securities and data provided by third parties as many of the bonds are not actively traded. |
Cash and Cash Equivalents and Restricted Cash | We consider cash and cash equivalents to include short-term, highly liquid investments that are readily convertible to known amounts of cash and so near their maturity that they present an insignificant risk of changes in the value, including investments that mature within three months from the date of original purchase. |
Investments in Marketable Securities | Our investments consist of available-for-sale marketable securities, which are composed of fixed income securities, certificates of deposit, and money market funds. Our fixed income securities are predominantly high-grade corporate bonds, U.S. Treasury bonds, and U.S. Agency bonds. The classification of investments is determined at the time of purchase and reevaluated at each balance sheet date. Investments are stated at fair value and are classified as current or non-current based on the nature of the securities as well as their stated maturities. Unrealized gains and losses that are not associated with a credit loss are recognized in other comprehensive income in our consolidated balance sheets. At each balance sheet date, we assess available-for-sale securities in an unrealized loss position to assess whether a decline in the fair value below the amortized cost basis (i.e., impairment) of an available-for-sale debt security is due to credit-related factors or noncredit-related factors. If it is determined that the unrealized losses are credit-related, we record the credit-related impairment as an allowance on the balance sheet with a corresponding adjustment in our consolidated statement of operations and comprehensive income (loss). Credit losses are limited to the amount by which the security’s amortized cost basis exceeds its fair value and both the allowance and the adjustment to net income can be reversed if conditions change. If the unrealized loss is determined not to be credit-related, the corresponding adjustment is made in accumulated other comprehensive income (loss) in our consolidated balance sheets. |
Accounts Receivable, Allowance for Doubtful Accounts, and Sales Reserves | Our accounts receivable consists of amounts due from customers and are typically unsecured. Accounts receivable are recorded at the invoiced amount and are non-interest bearing. The allowance for doubtful accounts is estimated and established by assessing individual accounts receivable over a specific age and dollar value, pooling all other receivables by similar risk characteristics, considering historical loss rates, adjusted for asset-specific characteristics, current conditions, or forecasts, and applying a loss rate to the amortized cost of the asset. Additions to the allowance are charged to general and administrative expenses or revenue in the consolidated statements of operations and comprehensive income (loss), or against deferred revenue in the consolidated balance sheets depending on the timing of the addition in relation to the contract term. Accounts receivable are written off against the allowance when an account balance is deemed uncollectible. We estimate a sales reserve based upon the historical adjustments made to customer billings. Such reserve is recorded as a reduction of revenue and deferred revenue in the consolidated statements of operations and comprehensive income (loss) and balance sheets, respectively. |
Assets Recognized from the Costs to Obtain a Contract with Customer, Royalties, Revenue Recognition, Contract Assets and Contract Liabilities, Cost of Revenue | We record an asset for the incremental costs of obtaining a contract with a customer, which primarily consists of sales commissions and partner referral fees that are earned upon execution of contracts. We pay commissions for new product sales as well as for renewals of existing contracts, and partner referral fees only for new product sales. For customer contracts in which the commissions paid on new business and renewals are commensurate, we generally amortize these costs over the contractual term of the contract, consistent with the pattern of revenue recognition for each performance obligation. For customer contracts in which the commissions paid on new business and renewals are not commensurate and for partner referral fees, we amortize the costs on new business over an expected period of benefit, which we have determined to be approximately four years. The expected period of benefit was determined by taking into consideration our customer contracts, the duration of our relationships with our customers and the useful life of our technology. In capitalizing and amortizing deferred commissions and partner referral fees, we have elected to apply a portfolio approach. We include amortization of this asset in sales and marketing expense in our consolidated statements of operations and comprehensive income (loss).We pay royalties associated with licensed third-party syndicated data sold with our platform and we recognize royalty expense to cost of revenue in our consolidated statements of operations and comprehensive income (loss) when incurred. Our revenue is derived from the licensing of subscription-based software, data subscription services, and professional services, including training and consulting services. The subscription-based license generally includes access to hosted services and software and post-contract support, or PCS, which provides the customer the right to receive when-and-if-available unspecified future updates, upgrades and enhancements, and technical product support. The core principle of ASC 606, Revenue from Contracts with Customers , or ASC 606, is to recognize revenue upon the transfer of goods or services to our customers in an amount that reflects the consideration to which we expect to be entitled. In order to adhere to this core principle, we apply the following five-step approach: • identify the contract with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to the performance obligations in the contract; and • recognize revenue when (or as) we satisfy a performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for goods or services we transfer to the customer. Revenue is measured based on consideration specified in a contract with a customer, and excludes any taxes we collect concurrent with revenue-producing activities. Most of our contracts contain a fixed transaction price. Our subscription agreements typically range from one to three years and are billed annually in advance with net payment terms of 60 days or less. The primary purpose of our payment and invoicing terms is to provide customers with predictable ways to purchase our software and services, and not to provide customers with financing. Our contracts with customers typically contain multiple performance obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. Substantially all of our licenses are sold as subscription-based, on-premise, licenses and are bundled with maintenance and support, or PCS, and cloud-based offerings. In addition to our on-premise licenses, we sell subscriptions to third-party syndicated data and provide professional service offerings primarily related to trainings for our customers. We allocate the transaction price of the contract to each performance obligation using the relative standalone selling price, or SSP, of each distinct good or service in the contract. We determine estimates of SSP based on sales of goods and services sold on a standalone basis, our overall pricing strategies, market conditions, including the geographic locations in which the products are sold, the useful life of our products, and market data. We review the SSP for each of our performance obligations at least annually and update it when appropriate to ensure that the practices employed reflect our recent pricing experience and maximize the use of observable data. We recognize revenue when we satisfy a performance obligation by transferring control of a good or service to a customer. Revenue related to our subscription-based licenses is recognized at a point in time when the platform is first made available to the customer, or the beginning of the subscription term, if later. Revenue related to PCS and data subscriptions is recognized ratably over the subscription terms. Professional services revenue is recognized when the services are provided to the customer, or when they expire. During 2021 we introduced, on a limited availability basis, Alteryx Designer Cloud and Alteryx Machine Learning. Revenue related to these cloud offerings was not material in 2021. Contract Assets and Contract Liabilities Timing may differ between the satisfaction of performance obligations and the invoicing and collection of amounts related to our contracts with customers. Contract assets primarily relate to unbilled amounts for contracts with customers for which the amount of revenue recognized exceeds the amount billed to the customer. Contract assets are transferred to accounts receivable when the right to invoice becomes unconditional. Contract assets are recorded as current if the invoice will be delivered to the customer within the succeeding 12-month period with the remaining recorded as long-term. Current contract assets are included in prepaid expenses and other current assets and long-term contract assets are included in other assets on our consolidated balance sheets. Contract liabilities, or deferred revenue, are recorded for amounts that are collected in advance of the satisfaction of performance obligations. These liabilities are classified as current if the performance obligation will be satisfied during the succeeding 12-month period and the remaining portion is recorded as non-current deferred revenue in our consolidated balance sheet. Cost of Revenue Cost of revenue is accounted for in accordance with ASC 705, Cost of Sales and Services , and consists of employee-related costs, including salaries and bonuses, stock-based compensation expense, and employee benefit costs associated with our customer support and professional services organizations, expenses related to hosting and operating our cloud infrastructure in a third-party data center, licenses of third-party syndicated data, amortization and impairment of acquired completed technology intangible assets, and related overhead expenses. Out-of-pocket travel costs related to the delivery of professional services are typically reimbursed by the customers and are accounted for as both revenue and cost of revenue in the period in which the cost is incurred. |
Property and Equipment | Property and equipment are stated at historical cost, less accumulated depreciation and amortization. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or lease terms. Useful lives by asset category are as follows: Computer equipment and software 3 years Furniture and fixtures 3 to 7 years Leasehold improvement Shorter of useful life or lease term |
Intangible Assets | Intangible assets consist primarily of acquired developed technology. We determine the appropriate useful life of our intangible assets by performing an analysis of expected cash flows of the acquired assets. Intangible assets are amortized over their estimated useful lives of four |
Impairment of Long-Lived Assets | We review our long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows attributable to such assets to their carrying value. If the carrying value of the assets exceeds the forecasted undiscounted cash flows, then the assets are written down to their fair value. Fair value is determined based on discounted cash flows or appraised values, depending upon the nature of the assets. |
Business Combinations | The results of businesses acquired in a business combination are included in our consolidated financial statements from the date of the acquisition. We allocate the purchase price, including the fair value of any non-cash and contingent consideration, to the identifiable assets and liabilities of the relevant acquired business at their acquisition date fair values. Any excess consideration over the fair value of assets acquired and liabilities assumed is recognized as goodwill. Contingent consideration payable in cash or a fixed dollar amount settleable in a variable number of shares is classified as a liability and recorded at fair value, with changes in fair value recorded in general and administrative expenses each period. Transaction costs associated with business combinations are expensed as incurred, and are included in general and administrative expense in the consolidated statements of operations and comprehensive income (loss). We perform valuations of assets acquired, liabilities assumed, and contingent consideration and allocate the purchase price to its respective assets and liabilities. Determining the fair value of assets acquired, liabilities assumed, and contingent consideration requires us to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue, costs and cash flows, discount rates, the probability of achievement of specified milestones, and selection of comparable companies. We engage the assistance of valuation specialists in concluding on fair value measurements in connection with determining fair values of assets acquired, liabilities assumed, and contingent consideration in a business combination. |
Goodwill | Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. We test goodwill for impairment in accordance with the provisions of ASC 350, Intangibles – Goodwill and Other, or ASC 350. Goodwill is tested for impairment at least annually at the reporting unit level or whenever events or changes in circumstances indicate that goodwill might be impaired. Events or changes in circumstances which could trigger an impairment review include a significant adverse change in legal factors or in the business climate, unanticipated competition, loss of key personnel, significant changes in the use of the acquired assets or our strategy, significant negative industry or economic trends, or significant underperformance relative to expected historical or projected future results of operations. ASC 350 provides that an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then additional impairment testing is not required. However, if an entity concludes otherwise, then it is required to perform an impairment test. The impairment test involves comparing the estimated fair value of a reporting unit with its book value, including goodwill. If the estimated fair value exceeds book value, goodwill is considered not to be impaired. If, however, the fair value of the reporting unit is less than book value, then an impairment loss is recognized in an amount equal to the amount that the book value of the reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. |
Research and Development | Research and development expense consists primarily of employee-related costs, including salaries and bonuses, stock-based compensation expense, and employee benefits costs, depreciation of equipment used in research and development for our research and development employees, third-party contractor costs, and related allocated overhead costs. Product development expenses, other than software development costs qualifying for capitalization, are expensed as incurred. |
Software Development Costs | Costs incurred in the development of new software products and enhancements to existing software products to be accounted for under software revenue recognition guidance are accounted for in accordance with ASC 985-20, Costs of Software to be Sold, Leased, or Marketed, or ASC 985-20. These costs, consisting primarily of salaries and related payroll costs, are expensed as incurred until technological feasibility has been established. After technological feasibility is established, costs are capitalized in accordance with ASC 985-20. We account for costs to develop or obtain internal-use software and implementation costs incurred in hosting arrangements in accordance with ASC 350-40, Internal-Use Software, three |
Convertible Senior Notes | Our Notes (as defined in Note 9, Convertible Senior Notes , of these notes to our consolidated financial statements) are accounted for in accordance with ASC 470‑20, Debt with Conversion and Other Options , or ASC 470-20. Pursuant to ASC 470‑20, issuers of certain convertible debt instruments that have a net settlement feature and may be settled wholly or partially in cash upon conversion are required to separately account for the liability (debt) and equity (conversion option) components of the instrument. The carrying amount of the debt component for each series of our Notes was calculated by estimating the fair value of similar liabilities that do not have associated convertible features. The carrying amount of the equity component for each series of our Notes was determined by deducting the fair value of the debt component from their respective principal amounts. The difference between the principal amount of each series of our Notes and its respective fair value of debt component are amortized to interest expense over its respective terms using the effective interest method. The equity component, net of issuance costs and deferred tax effects, of each series of our Notes is presented within additional paid-in-capital in our consolidated balance sheet, and will not be remeasured as long as it continues to meet the requirements for equity classification. In accounting for the issuance costs related to our Notes, the allocation of issuance costs incurred between the debt and equity components was based on their relative values. |
Leases | Under ASC 842, we determine if an arrangement is a lease at contract inception. Operating leases are included in operating lease right-of-use assets, accrued expenses and other current liabilities and operating lease liabilities in our consolidated balance sheets. Operating lease charges are recorded in cost of revenue and operating expenses in our consolidated statements of operations and comprehensive income (loss). Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. We do not separate lease and non-lease components for all underlying asset classes. As most of our leases do not provide a readily determinable implicit rate, we estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. We determine our incremental borrowing rate for each lease based primarily on the lease term and the economic environment of the applicable country or region. The operating lease right-of-use asset also includes any lease payments made and excludes lease incentives. The lease term includes options to extend or terminate when we are reasonably certain the option will be exercised. In general, we are not reasonably certain to exercise such options. We recognize lease expense for minimum lease payments on a straight-line basis over the lease term, while variable lease payments, such as common area maintenance, are recognized as incurred. We elected the practical expedient to not recognize operating lease right-of-use assets and operating lease liabilities that arise from short-term leases (i.e., leases with a term of 12 months or less). |
Advertising Costs | Advertising costs are expensed as incurred. We incurred advertising costs of approximately $29.6 million, $16.3 million, and $17.8 million for the years ended December 31, 2021, 2020, and 2019, respectively. Such costs primarily relate to our annual user conferences, online, television, and print advertising, as well as sponsorship of public marketing and sporting events, and are reflected in sales and marketing expense in our consolidated statements of operations and comprehensive income (loss). |
Stock-Based Compensation | We recognize stock-based compensation expense in accordance with the provisions of ASC 718, Compensation—Stock Compensation, or ASC 718. ASC 718 requires the measurement and recognition of compensation expense for all stock-based payment awards made to employees and directors based on the grant date fair values of the awards. We use the Black-Scholes option-pricing method for valuing stock options and shares granted under the employee stock purchase plan. Restricted stock units, or RSUs, are valued based on the fair value of our common stock on the date of grant, less our expected dividend yield. For awards that vest solely based on continued service, the fair value of an award is recognized as an expense over the requisite service period on a straight-line basis. For awards that contain performance conditions, the fair value of an award is recognized based on the probability of the performance condition being met using the graded vesting method. Stock-based compensation expense is included in cost of revenue and operating expenses within our consolidated statements of operations and comprehensive income (loss) based on the classification of the individual earning the award. The determination of the grant date fair value of stock-based awards is affected by the estimated fair value per share of our common stock as well as other highly subjective assumptions, including, but not limited to, the expected term of the stock-based awards, expected stock price volatility, risk-free interest rates, and expected dividends yields, which are estimated as follows: • Expected term . We determine the expected term of the awards using the simplified method, which estimates the expected term based on the average of the vesting period and contractual term of the stock option. • Expected volatility . We estimate the expected volatility based on our own historical volatility as well as the volatility of similar publicly held entities (referred to as “guideline companies”) over a period equivalent to the expected term of the awards. In evaluating the similarity of guideline companies to us, we considered factors such as industry, stage of life cycle, size, and financial leverage. We intend to continue to consistently apply this process using the same or similar guideline companies to estimate the expected volatility until sufficient historical information regarding the volatility of the share price of our common stock becomes available. • Risk-free interest rate . The risk-free interest rate used to value our stock-based awards is based on the U.S. Treasury yield in effect at the time of grant for a period consistent with the expected term of the award. • Estimated dividend yield . The expected dividend is assumed to be zero as we have never declared or paid any cash dividends and do not currently intend to declare dividends in the foreseeable future. The assumptions used in calculating the fair value of stock-based awards represent our best estimates, but these estimates involve inherent uncertainties and the application of judgment. As a result, if factors change or we use different assumptions, stock-based compensation expense could be materially different in the future. |
Foreign Currency Remeasurement and Transactions | The functional currency of our wholly owned subsidiaries is the currency of the primary economic environment in which the entity operates. Assets and liabilities denominated in currencies other than the functional currency are remeasured using the current exchange rate for monetary accounts and historical exchange rates for nonmonetary accounts, with exchange differences on remeasurement included in other income (expense), net in our consolidated statements of operations and comprehensive income (loss). Our foreign subsidiaries that utilize foreign currency as their functional currency translate such currency into U.S. dollars using (i) the exchange rate on the balance sheet dates for assets and liabilities, (ii) the average exchange rates prevailing during the period for revenues and expenses, and (iii) historical exchange rates for equity. Any translation adjustments resulting from this process are shown separately as a component of accumulated other comprehensive income (loss) within stockholder’s equity in the consolidated balance sheets.Transactions denominated in currencies other than the U.S. dollar may result in transaction gains or losses at the end of the period and when the related receivable or payable is settled. |
Income Taxes | We apply the provisions of ASC 740, Income Taxes, or ASC 740. Under ASC 740, we account for our income taxes using the asset and liability method whereby deferred tax assets and liabilities are determined based on temporary differences between the bases used for financial reporting and income tax reporting purposes. Deferred income taxes are provided based on the enacted tax rates and laws that will be in effect at the time such temporary differences are expected to reverse. A valuation allowance is provided for deferred tax assets if it is more likely than not that we will not realize those tax assets through future operations. We also utilize the guidance in ASC 740 to account for uncertain tax positions. ASC 740 contains a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more likely than not to be realized and effectively settled. We consider many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments and which may not accurately reflect actual outcomes. We recognize interest and penalties on unrecognized tax benefits as a component of benefit of income taxes in our consolidated statements of operations and comprehensive income (loss). |
Net Income (Loss) Per Share Attributable to Common Stockholders | In periods in which we have net income, and a contingent event has been met, we apply the two-class method for calculating earnings per share. Under the two-class method, net income is attributed to common stockholders and participating securities based on their participation rights. Participating securities include our Notes. In periods in which we have net losses, we do not attribute losses to participating securities as they are not contractually obligated to share our losses. Under the two-class method, basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Net income (loss) attributable to common stockholders is calculated as net income (loss) including current period convertible preferred stock accretion. Diluted earnings per share attributable to common stockholders adjusts basic earnings per share for the potentially dilutive impact of stock options, restricted stock units and convertible notes as computed under the treasury stock method. In periods in which we incurred a net loss, all potentially dilutive securities are antidilutive and accordingly, basic net loss per share equals diluted net loss per share. |
Recent Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | In December 2019, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxe s. ASU 2019-12 removes certain exceptions for recognizing deferred taxes for investments, performing intra-period allocations, and calculating income taxes in interim periods. The standard also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill, allocating taxes to members of a consolidated group, and the recognition of deferred tax liabilities for outside basis differences. We adopted ASU 2019-12 prospectively as of the reporting period beginning January 1, 2021. Adoption of this update did not have a material impact on our consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , or ASU 2020-06, which simplifies the accounting for convertible instruments by removing certain separation models required under current U.S. GAAP, including the beneficial conversion feature and cash conversion models. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. This guidance will be effective for us for annual reporting periods beginning after December 15, 2021 and for interim periods within those annual periods, and can be applied utilizing either a modified or full retrospective transition method. We currently account for our Notes (as defined and described in Note 9 , Convertible Senior Notes) utilizing the cash conversion model. We intend to adopt this standard in the first quarter of 2022 under the modified transition method and expect that the adoption will have a material impact on our consolidated financial statements and related disclosures. For example, we currently anticipate that the guidance will result in the removal of the equity component related to our Notes of $209.6 million; decrease our interest expense due to the removal of amortization component of the debt discount related to the equity component, which was $29.6 million for the year ended December 31, 2021; and increase our weighted-average shares used to compute diluted net income (loss) per share due to the elimination of the treasury stock method. We are still evaluating the cumulative effect of the change on retained earnings and other components of equity for our opening balance adjustment. See Note 17, Basic and Diluted Net Income (Loss) Per Share, for discussion on the dilutive impact of contingent shares associated with our Notes. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification Topic 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. The Company is continuing to assess the timing of adoption and the potential impacts of ASU 2021-08, as it could have a material effect on our consolidated financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Useful Lives of Assets | Useful lives by asset category are as follows: Computer equipment and software 3 years Furniture and fixtures 3 to 7 years Leasehold improvement Shorter of useful life or lease term Property and equipment, net consisted of the following (in thousands): Year Ended December 31, 2021 2020 Computer equipment & software $ 23,127 $ 14,627 Furniture and fixtures 10,923 9,941 Leasehold improvements 25,353 22,006 Construction in process 37,289 8,618 $ 96,692 $ 55,192 Less: Accumulated depreciation and amortization (25,422) (14,547) Total property and equipment, net $ 71,270 $ 40,645 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The disaggregation of revenue by region was as follows (in thousands): Year Ended December 31, Revenue by region: 2021 2020 2019 United States $ 365,050 $ 338,190 $ 296,108 International 171,085 157,118 121,802 Total $ 536,135 $ 495,308 $ 417,910 |
Contract Assets and Contract Liabilities | A summary of the activity impacting our deferred commissions during the years ended December 31, 2021 and 2020 is presented below (in thousands): Year Ended December 31, 2021 2020 Beginning balance $ 51,186 $ 43,035 Additional deferred commissions (1) 66,738 46,109 Amortization of deferred commissions (2) (47,604) (38,751) Effects of foreign currency translation (503) 793 Ending balance $ 69,817 $ 51,186 (1) Of the amount of additional commissions earned during the twelve months ended December 31, 2021, $9.0 million is anticipated to be paid in shares of the Company’s Class A common stock in the three months ended March 31, 2022. (2) Of the amount amortized from deferred commissions through December 31, 2021, $2.2 million is anticipated to be paid in shares of the Company’s Class A common stock in the three months ended March 31, 2022 and is included in stock-based compensation. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Cash and Cash Equivalents and Investments' Costs, Gross Unrealized Gains (Losses), and Fair Value by Major Security Type Recorded as Cash and Cash Equivalents or Short-Term or Long-Term Investments | The following tables present our cash and cash equivalents' and investments’ costs, gross unrealized gains (losses), and fair value by major security type recorded as cash and cash equivalents or short-term or long-term investments (in thousands): As of December 31, 2021 Cost Net Fair Value Cash and Short-term Long-term Cash $ 68,579 $ — $ 68,579 $ 68,579 $ — $ — Level 1: Money market funds 15,382 — 15,382 15,382 — — Subtotal 15,382 — 15,382 15,382 — — Level 2: Commercial paper 308,250 (97) 308,153 68,414 239,739 — Certificates of deposit 3,500 (3) 3,497 — — 3,497 U.S. Treasury and agency bonds 459,960 (1,264) 458,696 — 189,243 269,453 Corporate bonds 148,605 (450) 148,155 — 77,892 70,263 Subtotal 920,315 (1,814) 918,501 68,414 506,874 343,213 Level 3 — — — — — — Total $ 1,004,276 $ (1,814) $ 1,002,462 $ 152,375 $ 506,874 $ 343,213 As of December 31, 2020 Cost Net Fair Value Cash and Short-term Long-term Cash $ 88,991 $ — $ 88,991 $ 88,991 $ — $ — Level 1: Money market funds 35,010 — 35,010 35,010 — — Subtotal 35,010 — 35,010 35,010 — — Level 2: Commercial paper 161,124 (8) 161,116 46,491 114,625 — Certificates of deposit 2,800 — 2,800 — 2,800 — U.S. Treasury and agency bonds 554,860 1,220 556,080 1,399 358,822 195,859 Corporate bonds 177,790 349 178,139 — 108,198 69,941 Subtotal 896,574 1,561 898,135 47,890 584,445 265,800 Level 3 — — — — — — Total $ 1,020,575 $ 1,561 $ 1,022,136 $ 171,891 $ 584,445 $ 265,800 |
Allowance for Doubtful Accoun_2
Allowance for Doubtful Accounts and Sales Reserves (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Summary of Changes in the Allowance for Doubtful Accounts | The following table summarizes the changes in the allowance for doubtful accounts and sales reserve included in accounts receivable in our consolidated balance sheets (in thousands): Year Ended December 31, 2021 2020 2019 Beginning balance $ 3,114 $ 2,662 $ 2,297 Provision 2,198 2,544 1,513 Recoveries (709) (1,225) (600) Charge-offs (1,057) (867) (548) Ending balance $ 3,546 $ 3,114 $ 2,662 The following table summarizes the changes in the allowance applied to our contract assets in our consolidated balance sheets (in thousands): Year Ended December 31, 2021 2020 2019 Beginning balance $ 2,438 $ 205 $ 180 Adoption of new accounting standard - ASC 326 — 609 — Provision (817) 1,818 197 Recoveries (53) (110) (172) Charge-offs (89) (84) — Ending balance $ 1,479 $ 2,438 $ 205 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | Useful lives by asset category are as follows: Computer equipment and software 3 years Furniture and fixtures 3 to 7 years Leasehold improvement Shorter of useful life or lease term Property and equipment, net consisted of the following (in thousands): Year Ended December 31, 2021 2020 Computer equipment & software $ 23,127 $ 14,627 Furniture and fixtures 10,923 9,941 Leasehold improvements 25,353 22,006 Construction in process 37,289 8,618 $ 96,692 $ 55,192 Less: Accumulated depreciation and amortization (25,422) (14,547) Total property and equipment, net $ 71,270 $ 40,645 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Change in Carrying Amount of Goodwill | The change in carrying amount of goodwill was as follows (in thousands): Goodwill as of December 31, 2019 $ 36,910 Effects of foreign currency translation 160 Goodwill as of December 31, 2020 $ 37,070 Goodwill recorded in connection with acquisitions 20,452 Effects of foreign currency translation (107) Goodwill as of December 31, 2021 $ 57,415 |
Schedule of Intangible Assets | Intangible assets consisted of the following (in thousands, except years): As of December 31, 2021 Remaining Weighted-Average Gross Carrying Accumulated Net Carrying Customer Relationships 3.1 $ 1,557 $ (862) $ 695 Completed Technology 5.1 32,337 (11,295) 21,042 $ 33,894 $ (12,157) $ 21,737 As of December 31, 2020 Remaining Weighted-Average Gross Carrying Accumulated Net Carrying Customer Relationships 4.1 $ 1,652 $ (678) $ 974 Completed Technology 4.2 21,780 (6,563) 15,217 $ 23,432 $ (7,241) $ 16,191 |
Schedule of Intangible Asset Amortization Expense | We classified intangible asset amortization expense in the accompanying consolidated statements of operations and comprehensive income (loss) as follows (in thousands): Year Ended December 31, 2021 2020 2019 Cost of revenue $ 4,742 $ 3,758 $ 3,801 Sales and marketing 229 212 221 Total $ 4,971 $ 3,970 $ 4,022 |
Schedule of Finite-Lived Intangible Assets Estimated Remaining Amortization Expense | The following table presents our estimates of remaining amortization expense for each of the five succeeding fiscal years and thereafter for intangible assets at December 31, 2021 (in thousands): 2022 $ 6,115 2023 4,123 2024 3,451 2025 2,883 2026 2,496 Thereafter 2,669 Total amortization expense $ 21,737 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Convertible Debt | The following table presents details of our convertible senior notes, which are further discussed below (original principal in thousands): Month Issued Maturity Date Original Principal (including over-allotment) Coupon Interest Rate Effective Interest Rate Conversion Rate Initial Conversion Price 2023 Notes May and June 2018 June 1, 2023 $ 230,000 0.5 % 7.00 % $ 22.5572 $ 44.33 2024 Notes August 2019 August 1, 2024 $ 400,000 0.5 % 4.96 % $ 5.2809 $ 189.36 2026 Notes August 2019 August 1, 2026 $ 400,000 1.0 % 5.41 % $ 5.2809 $ 189.36 The Notes consisted of the following (in thousands): As of December 31, 2021 As of December 31, 2020 2023 Notes 2024 Notes 2026 Notes 2023 Notes 2024 Notes 2026 Notes Liability: Principal $ 84,748 $ 400,000 $ 400,000 $ 84,748 $ 400,000 $ 400,000 Less: debt discount and issuance costs, net of amortization (7,348) (42,941) (71,043) (12,129) (58,148) (84,351) Net carrying amount $ 77,400 $ 357,059 $ 328,957 $ 72,619 $ 341,852 $ 315,649 Equity, net of issuance costs $ 46,473 $ 69,749 $ 93,380 $ 46,473 $ 69,749 $ 93,380 |
Schedule of Convertible Senior Notes | The following table sets forth interest expense recognized related to the Notes (in thousands): Year Ended December 31, 2021 2020 Contractual interest expense $ 6,424 $ 6,424 Amortization of debt issuance costs and discount 32,772 31,654 Total $ 39,196 $ 38,078 |
Schedule of Contractual Obligations and Contractual Interest | The following table sets forth future contractual obligations of contractual interest and principal related to the Notes (in thousands): Payments Due by Period Total Less Than 1 Year 1 to 3 Years 3 to 5 Years More Than 5 Years Notes and related interest $ 911,384 $ 6,424 $ 496,960 $ 408,000 $ — 2022 $ 67,357 2023 16,445 2024 6,079 2025 1,509 2026 — Thereafter — Total minimum payments $ 91,390 |
Accrued Payroll and Payroll-R_2
Accrued Payroll and Payroll-Related Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accrued payroll and payroll-related liabilities included accrued commissions and bonuses as follows (in thousands): As of December 31, 2021 2020 Accrued commissions $ 16,827 $ 11,793 Accrued bonuses $ 20,729 $ 15,046 |
Equity Awards (Tables)
Equity Awards (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | Stock option activity, excluding activity related to the ESPP, during the year ended December 31, 2021 consisted of the following (in thousands, except weighted-average information): Options Weighted- Aggregate Intrinsic Value Weighted-Average Remaining Contractual Term (Years) Options outstanding at December 31, 2020 2,071 $ 60.22 $ 138,942 7.0 Granted 303 87.52 Exercised (189) 19.02 $ 14,027 Cancelled/forfeited (177) 96.05 Options outstanding at December 31, 2021 2,008 $ 65.05 $ 45,785 6.5 Exercisable 1,405 $ 43.88 $ 45,556 5.5 Vested and expected to vest December 31, 2021 2,008 $ 65.05 $ 45,785 6.5 |
Schedule of Weighted-average Assumption Used for Stock Options | The following table presents the weighted-average assumptions used for stock options granted under our 2017 Equity Incentive Plan and for shares of our Class A common stock issued under our ESPP for each of the years indicated: Stock Options Employee Stock Purchase Plan 2021 2020 2019 2021 2020 2019 Expected term (in years) 5.8 5.8 5.8 0.5 0.5 0.5 Estimated volatility 56 % 48 % 38 % 55 % 78 % 56 % Risk-free interest rate 1 % 1 % 2 % — % 1 % 2 % Estimated dividend yield — — — — — — Weighted average fair value $ 45.20 $ 62.37 $ 32.20 $ 27.42 $ 48.07 $ 30.02 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The following table presents the weighted-average assumptions used for stock options granted under our 2017 Equity Incentive Plan and for shares of our Class A common stock issued under our ESPP for each of the years indicated: Stock Options Employee Stock Purchase Plan 2021 2020 2019 2021 2020 2019 Expected term (in years) 5.8 5.8 5.8 0.5 0.5 0.5 Estimated volatility 56 % 48 % 38 % 55 % 78 % 56 % Risk-free interest rate 1 % 1 % 2 % — % 1 % 2 % Estimated dividend yield — — — — — — Weighted average fair value $ 45.20 $ 62.37 $ 32.20 $ 27.42 $ 48.07 $ 30.02 |
Schedule of RSU Activity | RSU activity during the year ended December 31, 2021 consisted of the following (in thousands, except weighted-average information): Awards Weighted- Aggregate Intrinsic Value RSUs outstanding at December 31, 2020 1,960 $ 105.04 $ 238,764 Granted 3,347 79.62 Vested (782) 96.13 $ 70,374 Cancelled/forfeited (832) 97.32 RSUs outstanding at December 31, 2021 3,693 $ 85.64 $ 223,448 RSUs expected to vest at December 31, 2021 3,693 $ 85.64 $ 223,448 |
Schedule of Stock-based Compensation Expense | We classified stock-based compensation expense in the accompanying consolidated statements of operations and comprehensive income (loss) as follows (in thousands): Year Ended December 31, 2021 2020 2019 Cost of revenue $ 6,421 $ 2,550 $ 1,634 Research and development 28,903 18,388 6,954 Sales and marketing 40,519 28,463 12,659 General and administrative 48,222 25,515 11,878 Total $ 124,065 $ 74,916 $ 33,125 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease-Related Assets and Liabilities | The table below presents lease-related assets and liabilities recorded on the consolidated balance sheet (in thousands): As of December 31, Classification 2021 2020 Assets Operating lease right-of-use assets Operating lease right-of-use assets $ 102,681 $ 62,508 Liabilities Operating lease liabilities (current) Accrued expenses and other current liabilities $ 19,954 $ 11,471 Operating lease liabilities (noncurrent) Operating lease liabilities 78,784 53,860 Total lease liabilities $ 98,738 $ 65,331 |
Lease Costs and Supplemental Information | The following lease costs were included in our consolidated statements of operations and comprehensive income (loss) (in thousands): Year Ended December 31, 2021 2020 Operating lease cost $ 20,575 $ 11,150 Short-term lease cost 118 1,451 Variable lease cost 4,820 3,993 Total lease cost $ 25,513 $ 16,594 Supplemental Information The table below presents supplemental balance sheet information related to operating leases: Year Ended December 31, 2021 2020 Weighted-average remaining lease term (in years) 5.3 5.7 Weighted-average discount rate 4.57 % 5.03 % |
Undiscounted Cash Flows for Operating Lease Liabilities | The table below reconciles the undiscounted cash flows for each of the first five years, and total of the remaining years, to the operating lease liabilities recorded on the consolidated balance sheet as of December 31, 2021 (in thousands): 2022 $ 24,008 2023 20,987 2024 19,567 2025 19,082 2026 15,898 Thereafter 11,918 Total minimum lease payments $ 111,460 Less imputed interest (12,722) Present value of future minimum lease payments $ 98,738 Less current obligations under leases (1) (19,954) Long-term lease obligations $ 78,784 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contractual Obligations and Contractual Interest | The following table sets forth future contractual obligations of contractual interest and principal related to the Notes (in thousands): Payments Due by Period Total Less Than 1 Year 1 to 3 Years 3 to 5 Years More Than 5 Years Notes and related interest $ 911,384 $ 6,424 $ 496,960 $ 408,000 $ — 2022 $ 67,357 2023 16,445 2024 6,079 2025 1,509 2026 — Thereafter — Total minimum payments $ 91,390 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Income (Loss) Before Provision for (Benefit of) Income Taxes | The components of income (loss) before benefit of income taxes were as follows (in thousands): Year Ended December 31, 2021 2020 2019 Domestic $ (152,252) $ (32,569) $ 9,259 Foreign (25,279) 4,924 (3,195) Total $ (177,531) $ (27,645) $ 6,064 |
Components of Provision for (Benefit of) Income Taxes | The components of the provision for (benefit of) income taxes were as follows (in thousands): Year Ended December 31, 2021 2020 2019 Current: Federal $ — $ — $ (375) State 348 248 158 Foreign 229 327 1,176 Total current income tax expense $ 577 $ 575 $ 959 Deferred: Federal $ 1,472 $ (2,617) $ (18,684) State — (958) (3,406) Foreign 101 (271) 52 Total deferred income tax benefit: $ 1,573 $ (3,846) $ (22,038) Total $ 2,150 $ (3,271) $ (21,079) |
Reconciliation of Provision for (Benefit of) Income Taxes at Statutory Rate and Provision for (Benefit of) Income Taxes | The following table reconciles our provision for (benefit of) income taxes at the statutory rate to that at the effective tax rate, using a U.S. federal statutory tax rate of 21% for each of 2021, 2020, and 2019 (in thousands): Year Ended December 31, 2021 2020 2019 Income tax at federal statutory rate $ (37,281) $ (5,806) $ 1,273 Increase/(decrease) in tax resulting from: State income tax expense, net of federal (4,574) (3,105) (2,567) Foreign rate differential 847 47 789 Stock-based compensation 5,563 (16,852) (20,913) Change in valuation allowance 42,246 24,363 18,129 Meals and entertainment 464 764 658 Research credits (5,070) (4,677) (3,177) Tax basis step-up due to internal reorganization — — (15,321) Other (45) 1,995 50 Total benefit of income taxes $ 2,150 $ (3,271) $ (21,079) |
Significant Components of Deferred Income Tax Assets (Liabilities) | The following table shows the significant components of deferred income tax assets (liabilities) (in thousands): As of December 31, 2021 2020 Deferred tax assets: Deferred revenue $ — $ 923 Net operating losses 55,763 20,147 Accruals and reserves 5,070 5,513 Research & other credits 25,209 17,770 Intangibles 12,559 10,570 Operating lease liabilities 22,011 14,475 Effect of Section 163(j) on interest expense 11,550 6,696 Stock-based compensation 21,322 14,376 Other 167 — Total deferred tax assets 153,651 90,470 Less valuation allowance (89,298) (44,046) Net deferred tax assets 64,353 46,424 Deferred tax liabilities: Operating lease right-of-use assets (22,810) (13,831) Deferred commissions (12,789) (10,213) Convertible senior notes (14,121) (16,990) Effects of ASC 606 adoption — (4,343) Other — (776) Capitalized software development costs (2,176) — Deferred Revenue (11,211) — Total deferred tax liabilities (63,107) (46,153) Net deferred tax assets $ 1,246 $ 271 |
Summary of Changes in the Valuation Allowance | The following table shows the changes in our valuation allowance (in thousands): Year Ended December 31, 2021 2020 2019 Beginning balance $ 44,046 $ 19,683 $ 1,138 Increase in valuation allowance due to Lore IO acquisition 3,006 — — Increase in valuation allowance due to internal reorganization — — 15,321 Other increase in valuation allowance 42,246 24,363 3,224 Ending balance $ 89,298 $ 44,046 $ 19,683 |
Schedule of Activity in Gross Unrecognized Tax Benefits | The following table shows the activity in gross unrecognized tax benefits (in thousands): Year Ended December 31, 2021 2020 2019 Balance at beginning of year $ 8,520 $ 7,556 $ 6,234 Additions based on tax position related to the current year 344 652 1,322 Additions for tax positions of prior years — 312 — Balance at end of year $ 8,864 $ 8,520 $ 7,556 |
Basic and Diluted Net Income _2
Basic and Diluted Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Net Income (Loss) per Share | The following table presents the computation of net income (loss) per share (in thousand, except per share amounts): Year Ended December 31, 2021 2020 2019 Numerator: Net income (loss) attributable to common stockholders $ (179,681) $ (24,374) $ 27,143 Denominator: Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, basic 67,191 66,058 63,424 Effect of dilutive securities: Convertible senior notes — — 1,975 Employee stock awards — — 3,259 Contingently-issuable shares — — 3 Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, diluted 67,191 66,058 68,661 Net income (loss) per share attributable to common stockholders, basic $ (2.67) $ (0.37) $ 0.43 Net income (loss) per share attributable to common stockholders, diluted $ (2.67) $ (0.37) $ 0.40 |
Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss Per Share | The following weighted-average equivalent shares of common stock, excluding the impact of the treasury stock method, were excluded from the diluted net income (loss) per share calculation because their inclusion would have been anti-dilutive (in thousands): Year Ended December 31, 2021 2020 2019 Stock awards (1) 4,876 4,053 209 Convertible senior notes 6,137 6,137 1,644 Total shares excluded from net income (loss) per share 11,013 10,190 1,853 (1) The table above does not include 234,018 PRSUs because, as of December 31, 2021, the performance criteria had not yet been met for these contingently-issuable shares. |
Segment and Geographic Inform_2
Segment and Geographic Information Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Long-lived Assets Classified By Geographic Location | Long-lived assets classified by geographic location were as follows (in thousands): As of December 31, Long-lived assets: 2021 2020 United States $ 151,514 $ 84,055 Other countries 22,437 19,098 Total $ 173,951 $ 103,153 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)reporting_unit | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Restricted cash | $ 2.2 | $ 1.8 | |
Capitalized contract costs, amortization period | 4 years | ||
Recognized royalty expense | $ 12.5 | 12.4 | $ 12.2 |
Number of reporting units | reporting_unit | 1 | ||
Revenue, performance obligation, description of timing | one to three years and are billed annually in advance with net payment terms of 60 days or less | ||
Advertising expenses | $ 29.6 | 16.3 | 17.8 |
Transaction gains (losses) | (5.2) | $ 3 | $ 1 |
Convertible Senior Notes Due 2023, 2024, 2026 | Convertible Debt | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Equity, net of issuance costs | 209.6 | ||
Amortization of debt discount | $ 29.6 | ||
Minimum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Intangible assets estimated useful lives | 4 years | ||
Maximum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Intangible assets estimated useful lives | 8 years | ||
Software and Software Development Costs | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Capitalized computer software development costs, gross | $ 9 | ||
Software and Software Development Costs | Minimum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Property and equipment, useful life | 3 years | ||
Software and Software Development Costs | Maximum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Property and equipment, useful life | 4 years |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule of Useful Lives by Asset Category (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Computer equipment and software | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life | 3 years |
Furniture and fixtures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life | 3 years |
Furniture and fixtures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life | 7 years |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 536,135 | $ 495,308 | $ 417,910 |
United States | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 365,050 | 338,190 | 296,108 |
International | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 171,085 | $ 157,118 | $ 121,802 |
Geographic Concentration Risk | Revenue from Contract with Customer | United Kingdom | |||
Disaggregation of Revenue [Line Items] | |||
Concentration risk, percent | 10.20% | 10.70% | |
Professional Services | Revenue from Contract with Customer | Reportable Subsegments | |||
Disaggregation of Revenue [Line Items] | |||
Concentration risk, percent | 5.00% |
Revenue - Contract Assets and C
Revenue - Contract Assets and Contract Liabilities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Impairments of assets | $ 0 | $ 0 |
Deferred revenue | 208,154,000 | 108,664,000 |
Revenue recognized | 108,700,000 | 83,900,000 |
Prepaid Expenses and Other Current Assets | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Transferred to receivables, current assets, net | 22,000,000 | 25,400,000 |
Other Assets | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Contract asset | 20,500,000 | 37,200,000 |
Deferred Revenue | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Deferred revenue | 208,200,000 | 108,700,000 |
Other Noncurrent Liabilities | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Deferred revenue | $ 2,700,000 | $ 3,800,000 |
Minimum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Transferred to receivables period | 12 months | |
Maximum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Transferred to receivables period | 24 months |
Revenue - Assets Recognized fro
Revenue - Assets Recognized from the Costs to Obtain Our Contracts with Customers (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Change in Contract with Customer, Asset [Roll Forward] | ||
Beginning balance | $ 51,186,000 | $ 43,035,000 |
Additional deferred commissions | 66,738,000 | 46,109,000 |
Amortization of deferred commissions | (47,604,000) | (38,751,000) |
Effects of foreign currency translation | (503,000) | 793,000 |
Ending balance | 69,817,000 | 51,186,000 |
Deferred commissions | 31,300,000 | 24,800,000 |
Impairments of assets | 0 | $ 0 |
Class A Common Stock | ||
Change in Contract with Customer, Asset [Roll Forward] | ||
Additional deferred commissions | 9,000,000 | |
Amortization of deferred commissions | $ (2,200,000) |
Revenue - Remaining Performance
Revenue - Remaining Performance Obligation (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation, amount | $ 476.3 | $ 484.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation, amount | $ 434.9 | |
Remaining performance obligation, period | 24 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation, amount | $ 443.6 | |
Remaining performance obligation, period | 24 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation, period |
Business Combinations (Detail)
Business Combinations (Detail) - USD ($) $ in Thousands | Oct. 21, 2021 | Oct. 06, 2021 | Oct. 03, 2019 | Apr. 04, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 57,415 | $ 37,070 | $ 36,910 | ||||
Shares issued pursuant to stock awards, net of tax withholdings related to vesting of restricted stock units | (24,474) | (21,276) | (10,643) | ||||
Exercise of stock options and issuance of shares in connection with employee stock purchase plan | 10,400 | 23,195 | 20,156 | ||||
Additional Paid-in Capital | |||||||
Business Acquisition [Line Items] | |||||||
Shares issued pursuant to stock awards, net of tax withholdings related to vesting of restricted stock units | (24,474) | (21,276) | (10,643) | ||||
Exercise of stock options and issuance of shares in connection with employee stock purchase plan | 10,400 | $ 23,195 | $ 20,156 | ||||
General and administrative | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition related costs | $ 5,500 | ||||||
Hyper Anna Pty. Ltd | |||||||
Business Acquisition [Line Items] | |||||||
Business combination acquired percentage | 100.00% | ||||||
Business combination, purchase price in cash | $ 24,900 | ||||||
Equity incentive awards based on continued employment | $ 16,800 | ||||||
Equity incentive awards service period | 36 months | ||||||
Total consideration | $ 24,900 | ||||||
Goodwill | 10,500 | ||||||
Business combination, recognized identifiable assets acquired and liabilities assumed, net, excluding intangible assets | 3,800 | ||||||
Hyper Anna Pty. Ltd | 24 Month Period | |||||||
Business Acquisition [Line Items] | |||||||
Cash consideration held back for customary indemnification matters amount | $ 3,000 | ||||||
Cash consideration held back for customary indemnification matters period | 24 months | ||||||
Hyper Anna Pty. Ltd | 36 Month Period | |||||||
Business Acquisition [Line Items] | |||||||
Cash consideration held back for customary indemnification matters amount | $ 2,000 | ||||||
Cash consideration held back for customary indemnification matters period | 36 months | ||||||
Hyper Anna Pty. Ltd | Completed Technology | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles | $ 10,600 | ||||||
Intangible assets estimated useful lives | 7 years | ||||||
Lore IO, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Business combination acquired percentage | 100.00% | ||||||
Business combination, purchase price in cash | $ 10,000 | ||||||
Equity incentive awards based on continued employment | $ 11,100 | ||||||
Equity incentive awards service period | 36 months | ||||||
Total consideration | $ 10,000 | ||||||
Goodwill | $ 10,000 | ||||||
Feature Labs Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Business combination acquired percentage | 100.00% | ||||||
Business combination, purchase price in cash | $ 25,200 | ||||||
Total consideration | 25,200 | ||||||
Goodwill | 18,000 | ||||||
Business combination, recognized identifiable assets acquired and liabilities assumed, net, excluding intangible assets | 700 | ||||||
Shares issued pursuant to stock awards, net of tax withholdings related to vesting of restricted stock units | $ (12,500) | ||||||
Business combination, employee retention compensation period | 48 months | ||||||
Business combination, employee retention compensation and milestones achievement period | 36 months | ||||||
Feature Labs Inc. | Completed Technology | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles | $ 7,900 | ||||||
Intangible assets estimated useful lives | 7 years | ||||||
ClearStory Data Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Business combination acquired percentage | 100.00% | ||||||
Business combination, purchase price in cash | $ 19,600 | ||||||
Cash consideration held back for customary indemnification matters amount | $ 3,000 | ||||||
Cash consideration held back for customary indemnification matters period | 18 months | ||||||
Total consideration | $ 19,600 | ||||||
Goodwill | 9,500 | ||||||
Business combination, recognized identifiable assets acquired and liabilities assumed, net, excluding intangible assets | $ 600 | ||||||
Business combination, employee retention compensation and milestones achievement period | 24 months | ||||||
Business combination, employee retention compensation | $ 6,000 | ||||||
ClearStory Data Inc. | Completed Technology | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles | $ 10,700 | ||||||
Intangible assets estimated useful lives | 4 years | ||||||
Measurement Input, Discount Rate | Hyper Anna Pty. Ltd | Completed Technology | Level 3 | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, measurement input, discount rate | 0.29 | ||||||
Measurement Input, Discount Rate | Feature Labs Inc. | Completed Technology | Level 3 | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, measurement input, discount rate | 0.40 | ||||||
Measurement Input, Discount Rate | ClearStory Data Inc. | Completed Technology | Level 3 | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, measurement input, discount rate | 0.20 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Cash and Cash Equivalents and Investments' Costs, Gross Unrealized Losses, and Fair Value by Major Security Type Recorded as Cash and Cash Equivalents or Short-Term or Long-Term Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 152,375 | $ 171,891 |
Short-term investments | 506,874 | 584,445 |
Long-term investments | 343,213 | 265,800 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 152,375 | 171,891 |
Gross unrealized losses | (1,814) | 1,561 |
Cash and cash equivalents and investment, cost | 1,004,276 | 1,020,575 |
Cash and cash equivalents and investments, fair value | 1,002,462 | 1,022,136 |
Short-term investments | 506,874 | 584,445 |
Long-term investments | 343,213 | 265,800 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 15,382 | 35,010 |
Cash and cash equivalents, fair value | 15,382 | 35,010 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 68,414 | 47,890 |
Investments, cost | 920,315 | 896,574 |
Gross unrealized losses | (1,814) | 1,561 |
Investments, fair value | 918,501 | 898,135 |
Short-term investments | 506,874 | 584,445 |
Long-term investments | 343,213 | 265,800 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Investments, cost | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Investments, fair value | 0 | 0 |
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Cash | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 68,579 | 88,991 |
Cash and cash equivalents, fair value | 68,579 | 88,991 |
Money market funds | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 15,382 | 35,010 |
Cash and cash equivalents, fair value | 15,382 | 35,010 |
Commercial paper | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 68,414 | 46,491 |
Investments, cost | 308,250 | 161,124 |
Gross unrealized losses | (97) | (8) |
Investments, fair value | 308,153 | 161,116 |
Short-term investments | 239,739 | 114,625 |
Long-term investments | 0 | 0 |
Certificates of deposit | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Investments, cost | 3,500 | 2,800 |
Gross unrealized losses | (3) | 0 |
Investments, fair value | 3,497 | 2,800 |
Short-term investments | 0 | 2,800 |
Long-term investments | 3,497 | 0 |
U.S. Treasury and agency bonds | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 1,399 |
Investments, cost | 459,960 | 554,860 |
Gross unrealized losses | (1,264) | 1,220 |
Investments, fair value | 458,696 | 556,080 |
Short-term investments | 189,243 | 358,822 |
Long-term investments | 269,453 | 195,859 |
Corporate bonds | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Investments, cost | 148,605 | 177,790 |
Gross unrealized losses | (450) | 349 |
Investments, fair value | 148,155 | 178,139 |
Short-term investments | 77,892 | 108,198 |
Long-term investments | $ 70,263 | $ 69,941 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gross unrealized losses | $ 1.9 | $ 1.9 | |
Interest income from marketable securities | 2.4 | 10.5 | $ 9.2 |
Convertible debt, fair value | $ 857.3 | $ 1,100 | |
Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term investments maturity period | 1 year | 1 year | |
Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term investments maturity period | 2 years | 2 years |
Allowance for Doubtful Accoun_3
Allowance for Doubtful Accounts and Sales Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 3,114 | $ 2,662 | $ 2,297 |
Provision | 2,198 | 2,544 | 1,513 |
Recoveries | (709) | (1,225) | (600) |
Charge-offs | (1,057) | (867) | (548) |
Ending balance | 3,546 | 3,114 | 2,662 |
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 2,438 | 205 | 180 |
Provision | (817) | 1,818 | 197 |
Recoveries | (53) | (110) | (172) |
Charge-offs | (89) | (84) | 0 |
Ending balance | 1,479 | 2,438 | 205 |
Cumulative Effect, Period of Adoption, Adjustment | |||
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 0 | 609 | 0 |
Ending balance | $ 0 | $ 609 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 96,692 | $ 55,192 |
Less: Accumulated depreciation and amortization | (25,422) | (14,547) |
Total property and equipment, net | 71,270 | 40,645 |
Computer equipment & software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 23,127 | 14,627 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 10,923 | 9,941 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 25,353 | 22,006 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 37,289 | $ 8,618 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 11.4 | $ 8.1 | $ 4.3 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Change in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Goodwill at beginning of year | $ 37,070 | $ 36,910 |
Goodwill recorded in connection with acquisitions | 20,452 | |
Effects of foreign currency translation | (107) | 160 |
Goodwill at end of year | $ 57,415 | $ 37,070 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 33,894 | $ 23,432 |
Accumulated Amortization | (12,157) | (7,241) |
Net Carrying Value | $ 21,737 | $ 16,191 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Weighted-Average Useful Life in Years | 3 years 1 month 6 days | 4 years 1 month 6 days |
Gross Carrying Value | $ 1,557 | $ 1,652 |
Accumulated Amortization | (862) | (678) |
Net Carrying Value | $ 695 | $ 974 |
Completed Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Weighted-Average Useful Life in Years | 5 years 1 month 6 days | 4 years 2 months 12 days |
Gross Carrying Value | $ 32,337 | $ 21,780 |
Accumulated Amortization | (11,295) | (6,563) |
Net Carrying Value | $ 21,042 | 15,217 |
Impairment charge related to completed technology assets | $ 2,000 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Intangible Asset Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 4,971 | $ 3,970 | $ 4,022 |
Cost of revenue | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 4,742 | 3,758 | 3,801 |
Sales and marketing | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 229 | $ 212 | $ 221 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets Estimated Remaining Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 | $ 6,115 | |
2023 | 4,123 | |
2024 | 3,451 | |
2025 | 2,883 | |
2026 | 2,496 | |
Thereafter | 2,669 | |
Net Carrying Value | $ 21,737 | $ 16,191 |
Convertible Senior Notes - Summ
Convertible Senior Notes - Summary of Debt (Details) - Convertible Debt | 1 Months Ended | 2 Months Ended | ||
Aug. 31, 2019USD ($)$ / shares | Jun. 30, 2018USD ($)$ / shares | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Convertible Senior Notes due 2023, 0.5% | ||||
Debt Instrument [Line Items] | ||||
Original Principal (including over-allotment) | $ 230,000,000 | $ 84,748,000 | $ 84,748,000 | |
Coupon Interest Rate | 0.50% | |||
Effective Interest Rate | 7.00% | |||
Conversion Rate | 0.0225572 | |||
Initial Conversion Price | $ / shares | $ 44.33 | |||
Principal | $ 230,000,000 | 84,748,000 | 84,748,000 | |
Less: debt discount and issuance costs, net of amortization | (7,348,000) | (12,129,000) | ||
Net carrying amount | 77,400,000 | 72,619,000 | ||
Equity, net of issuance costs | 46,473,000 | 46,473,000 | ||
0.50% Convertible Seniors Notes Due 2024 | ||||
Debt Instrument [Line Items] | ||||
Original Principal (including over-allotment) | $ 400,000,000 | 400,000,000 | 400,000,000 | |
Coupon Interest Rate | 0.50% | |||
Effective Interest Rate | 4.96% | |||
Conversion Rate | 0.0052809 | |||
Principal | $ 400,000,000 | 400,000,000 | 400,000,000 | |
Less: debt discount and issuance costs, net of amortization | (42,941,000) | (58,148,000) | ||
Net carrying amount | 357,059,000 | 341,852,000 | ||
Equity, net of issuance costs | 69,749,000 | 69,749,000 | ||
Convertible Notes Due 2026, 1.0% | ||||
Debt Instrument [Line Items] | ||||
Original Principal (including over-allotment) | $ 400,000,000 | 400,000,000 | 400,000,000 | |
Coupon Interest Rate | 1.00% | |||
Effective Interest Rate | 5.41% | |||
Conversion Rate | 0.0052809 | |||
Initial Conversion Price | $ / shares | $ 189.36 | |||
Principal | $ 400,000,000 | 400,000,000 | 400,000,000 | |
Less: debt discount and issuance costs, net of amortization | (71,043,000) | (84,351,000) | ||
Net carrying amount | 328,957,000 | 315,649,000 | ||
Equity, net of issuance costs | $ 93,380,000 | $ 93,380,000 | ||
0.05% and 1.0% Convertible Senior Notes Due 2024 and 2026 | ||||
Debt Instrument [Line Items] | ||||
Initial Conversion Price | $ / shares | $ 189.36 |
Convertible Senior Notes - Addi
Convertible Senior Notes - Additional Information (Details) | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||
Aug. 31, 2019USD ($)$ / optionshares | Jun. 30, 2018USD ($)$ / option | Dec. 31, 2021USD ($)day | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Derivative [Line Items] | |||||
Capped calls, cost | $ 87,400,000 | $ 19,100,000 | |||
Capped calls, deferred tax asset | $ 20,900,000 | $ 4,600,000 | |||
Debt Instrument [Line Items] | |||||
Loss on induced conversion and debt extinguishment | $ 0 | $ 1,000 | $ 20,507,000 | ||
Loss on induced conversion and debt extinguishment | 0 | (1,000) | $ (20,507,000) | ||
Price Risk Derivative | |||||
Derivative [Line Items] | |||||
Capped calls, initial strike price (in dollars per share) | $ / option | 189.36 | 44.33 | |||
Capped calls, cap price (in dollars per share) | $ / option | 315.60 | 62.22 | |||
Convertible Senior Notes due 2023, 0.5% | Debt Instrument, Conversion, Option Two | Convertible Debt | |||||
Debt Instrument [Line Items] | |||||
Loss on induced conversion and debt extinguishment | $ 20,500,000 | ||||
Convertible debt, consideration given in excess of original conversion terms | 8,200,000 | ||||
Loss on induced conversion and debt extinguishment | 12,300,000 | ||||
Convertible Debt | Convertible Senior Notes due 2023, 0.5% | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 230,000,000 | 84,748,000 | 84,748,000 | ||
Coupon interest rate | 0.50% | ||||
Senior notes in excess of principal | $ 30,900,000 | ||||
Convertible Debt | Convertible Senior Notes due 2023, 0.5% | Debt Instrument, Conversion, Option One | |||||
Debt Instrument [Line Items] | |||||
Threshold trading days | day | 20 | ||||
Threshold consecutive trading days | day | 30 | ||||
Threshold percentage of stock price trigger | 130.00% | ||||
Convertible debt, converted instrument, original amount | 145,200,000 | ||||
Debt extinguishment with interest | 145,400,000 | ||||
Convertible Debt | Convertible Senior Notes due 2023, Over-Allotment Option, 0.5% | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 30,000,000 | ||||
Convertible Debt | 0.50% Convertible Seniors Notes Due 2024 | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 400,000,000 | $ 400,000,000 | 400,000,000 | ||
Coupon interest rate | 0.50% | ||||
Convertible Debt | Convertible Notes Due 2026, 1.0% | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | ||
Coupon interest rate | 1.00% | ||||
Convertible Debt | Convertible Senior Notes due 2024, Over-Allotment Option, 0.5% | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 50,000,000 | ||||
Convertible Debt | Convertible Senior Notes due 2026, Over-Allotment Option, 1.0% | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 50,000,000 | ||||
Convertible Debt | Convertible Senior Notes Due 2023, 2024, 2026 | Debt Instrument, Conversion, Option One | |||||
Debt Instrument [Line Items] | |||||
Threshold trading days | day | 20 | ||||
Threshold consecutive trading days | day | 30 | ||||
Threshold percentage of stock price trigger | 130.00% | ||||
Convertible Debt | Convertible Senior Notes Due 2023, 2024, 2026 | Debt Instrument, Conversion, Option Two | |||||
Debt Instrument [Line Items] | |||||
Threshold trading days | day | 5 | ||||
Threshold consecutive trading days | day | 5 | ||||
Threshold percentage of stock price trigger | 98.00% | ||||
Class A Common Stock | |||||
Derivative [Line Items] | |||||
Capped calls, retirement of common stock (in shares) | shares | 285,466 | ||||
Class A Common Stock | Debt Instrument, Conversion, Option Two | |||||
Debt Instrument [Line Items] | |||||
Convertible debt, converted instrument, shares issued | shares | 2,200,000 |
Convertible Senior Notes - Su_2
Convertible Senior Notes - Summary of Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Amortization of debt issuance costs and discount | $ 32,772 | $ 31,654 | $ 18,625 |
Convertible Debt | Convertible senior notes | |||
Debt Instrument [Line Items] | |||
Contractual interest expense | 6,424 | 6,424 | |
Amortization of debt issuance costs and discount | 32,772 | 31,654 | |
Total | $ 39,196 | $ 38,078 |
Convertible Senior Notes - Sche
Convertible Senior Notes - Schedule Of Contractual Obligations and Contractual Interest (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
Notes and related interest due, total | $ 911,384 |
Notes and related interest due, less than 1 year | 6,424 |
Notes and related interest due, 1 to 3 years | 496,960 |
Notes and related interest due, 3 to 5 years | 408,000 |
Notes and related interest due, more than 5 years | $ 0 |
Accrued Payroll and Payroll-R_3
Accrued Payroll and Payroll-Related Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued commissions | $ 16,827 | $ 11,793 |
Accrued bonuses | $ 20,729 | $ 15,046 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | 1 Months Ended | |||
Feb. 28, 2017Vote | Dec. 31, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | Mar. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Minimum percentage of votes required for stock conversion | 66.67% | |||
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | ||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||
Class A Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of votes per share | Vote | 1 | |||
Common stock shares authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | |
Common stock par value per share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Class B Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of votes per share | Vote | 10 | |||
Threshold percentage of common stock conversion | 10.00% | |||
Common stock conversion ratio | 1 | |||
Common stock shares authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | |
Common stock par value per share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Undesignated Preferred Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Preferred stock, shares authorized (in shares) | 10,000,000 | |||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 |
Equity Awards - Additional Info
Equity Awards - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment award, options, exercises in period, intrinsic value | $ 14,027 | $ 118,600 | $ 115,400 | |
Share-based payment award, options, grants in period (in dollars per share) | $ 87.52 | $ 139.88 | $ 80.88 | |
Amended and Restated 2013 Stock Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future grant (in shares) | 0 | |||
2017 Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock plan, offering period | 6 months | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards expiration period from date of grant | 10 years | |||
Unrecognized compensation cost related to unvested stock options | $ 26,300 | |||
Weighted average period | 1 year 9 months 18 days | |||
Stock Options | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period upon service condition satisfied | 3 years | |||
Stock Options | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period upon service condition satisfied | 4 years | |||
Unvested restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average period | 2 years 2 months 12 days | |||
Share-based payment award, options,vested in period, intrinsic value | $ 70,374 | $ 62,500 | $ 30,200 | |
Share-based payment award, options, granted in period (in dollars per share) | $ 79.62 | $ 132.89 | $ 90 | |
Share-based payment award, options, granted in period, fair value | $ 17,000 | |||
Unrecognized compensation expense, adjusted for estimated forfeitures, related to unvested RSUs | $ 241,100 | |||
Unvested restricted stock units | 2017 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards expiration period from date of grant | 10 years | |||
Unvested restricted stock units | 2017 Equity Incentive Plan | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period upon service condition satisfied | 3 years | |||
Unvested restricted stock units | 2017 Equity Incentive Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period upon service condition satisfied | 4 years | |||
Class A Common Stock | 2017 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future grant (in shares) | 12,400,000 | |||
Stock reserved for issuance under equity award plans (in shares) | 5,100,000 | |||
Class A Common Stock | 2013 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock reserved for issuance under equity award plans (in shares) | 500,000 | |||
Class A Common Stock | 2017 Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future grant (in shares) | 3,200,000 | |||
Stock reserved for issuance under equity award plans (in shares) | 1,100,000 | |||
Percentage of maximum deduction of eligible compensation | 15.00% | |||
Stock issued during period, shares, employee stock purchase plans (in shares) | 100,000 | |||
Common stock par value per share (in dollars per share) | $ 76.65 | |||
Class A Common Stock | 2017 Employee Stock Purchase Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate number of shares issued (in shares) | 11,000,000 | |||
Common Class A and Class B | 2017 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock outstanding percentage | 5.00% | |||
Common Class A and Class B | 2017 Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock outstanding percentage | 1.00% | |||
Percentage of purchase price of common stock | 85.00% |
Equity Awards - Schedule of Sto
Equity Awards - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Options Outstanding | |||
Options outstanding, beginning balance (in shares) | 2,071 | ||
Granted (in shares) | 303 | ||
Exercised (in shares) | (189) | ||
Cancelled/forfeited (in shares) | (177) | ||
Options outstanding, ending balance (in shares) | 2,008 | 2,071 | |
Exercisable (in shares) | 1,405 | ||
Vested and expected to vest (in shares) | 2,008 | ||
Weighted- Average Exercise Price | |||
Options outstanding, beginning balance (in dollars per share) | $ 60.22 | ||
Granted (in dollars per share) | 87.52 | $ 139.88 | $ 80.88 |
Exercised (in dollars per share) | 19.02 | ||
Cancelled/forfeited (in dollars per share) | 96.05 | ||
Options outstanding, ending balance (in dollars per share) | 65.05 | $ 60.22 | |
Exercisable (in dollars per share) | 43.88 | ||
Vested and expected to vest (in dollars per share) | $ 65.05 | ||
Aggregate Intrinsic Value | |||
Options outstanding at beginning of period | $ 138,942 | ||
Exercised | 14,027 | $ 118,600 | $ 115,400 |
Options outstanding at end of period | 45,785 | $ 138,942 | |
Exercisable | 45,556 | ||
Vested and expected to vest December 31, 2021 | $ 45,785 | ||
Weighted-Average Remaining Contractual Term (Years) | |||
Options outstanding (in years) | 6 years 6 months | 7 years | |
Exercisable (in years) | 5 years 6 months | ||
Vested and expected to vest (in years) | 6 years 6 months |
Equity Awards - Schedule of Wei
Equity Awards - Schedule of Weighted-average Assumption Used for Stock Options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 5 years 9 months 18 days | 5 years 9 months 18 days | 5 years 9 months 18 days |
Estimated volatility | 56.00% | 48.00% | 38.00% |
Risk-free interest rate | 1.00% | 1.00% | 2.00% |
Estimated dividend yield | 0.00% | 0.00% | 0.00% |
Weighted average fair value (in dollars per share) | $ 45.20 | $ 62.37 | $ 32.20 |
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 6 months | 6 months | 6 months |
Estimated volatility | 55.00% | 78.00% | 56.00% |
Risk-free interest rate | 0.00% | 1.00% | 2.00% |
Estimated dividend yield | 0.00% | 0.00% | 0.00% |
Weighted average fair value (in dollars per share) | $ 27.42 | $ 48.07 | $ 30.02 |
Equity Awards - Schedule RSU Ac
Equity Awards - Schedule RSU Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Vested and expected to vest (in shares) | 2,008 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date [Roll Forward] | |||
Vested and expected to vest (in dollars per share) | $ 65.05 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Roll Forward] | |||
Vested and expected to vest December 31, 2021 | $ 45,785 | ||
Unvested restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Awards outstanding, beginning balance (in shares) | 1,960 | ||
Granted (in shares) | 3,347 | ||
Vested (in shares) | (782) | ||
Cancelled/forfeited (in shares) | (832) | ||
Awards outstanding, ending balance (in shares) | 3,693 | 1,960 | |
Vested and expected to vest (in shares) | 3,693 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date [Roll Forward] | |||
Awards outstanding, beginning of year (in dollars per share) | $ 105.04 | ||
Granted (in dollars per share) | 79.62 | $ 132.89 | $ 90 |
Vested (in dollars per share) | 96.13 | ||
Cancelled/forfeited (in dollars per share) | 97.32 | ||
Awards outstanding, end of year (in dollars per share) | 85.64 | $ 105.04 | |
Vested and expected to vest (in dollars per share) | $ 85.64 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Roll Forward] | |||
Aggregate intrinsic value at beginning of period | $ 238,764 | ||
Aggregate intrinsic value, vested | 70,374 | $ 62,500 | $ 30,200 |
Aggregate intrinsic value at end of period | 223,448 | $ 238,764 | |
Vested and expected to vest December 31, 2021 | $ 223,448 |
Equity Awards - Schedule of S_2
Equity Awards - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | $ 124,065 | $ 74,916 | $ 33,125 |
Cost of revenue | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 6,421 | 2,550 | 1,634 |
Research and development | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 28,903 | 18,388 | 6,954 |
Sales and marketing | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 40,519 | 28,463 | 12,659 |
General and administrative | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | $ 48,222 | $ 25,515 | $ 11,878 |
Retirement Plan (Details)
Retirement Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Contributed to savings plan | $ 7.7 | $ 6.2 | $ 3.9 |
Leases - Lease-Related Assets a
Leases - Lease-Related Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease right-of use assets | $ 102,681 | $ 62,508 |
Operating lease liabilities (current) | $ 19,954 | $ 11,471 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities |
Operating lease liabilities (noncurrent) | $ 78,784 | $ 53,860 |
Total lease liabilities | $ 98,738 | $ 65,331 |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 20,575 | $ 11,150 |
Short-term lease cost | 118 | 1,451 |
Variable lease cost | 4,820 | 3,993 |
Total lease cost | $ 25,513 | $ 16,594 |
Leases - Supplemental Informati
Leases - Supplemental Information (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Weighted-average remaining lease term (in years) | 5 years 3 months 18 days | 5 years 8 months 12 days |
Weighted-average discount rate | 4.57% | 5.03% |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Lessee, Lease, Description [Line Items] | ||
Present value of future minimum lease payments | $ 98,738 | $ 65,331 |
Corporate Headquarters | ||
Lessee, Lease, Description [Line Items] | ||
Present value of future minimum lease payments | $ 10,100 |
Leases - Undiscounted Cash Flow
Leases - Undiscounted Cash Flows (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 24,008 | |
2023 | 20,987 | |
2024 | 19,567 | |
2025 | 19,082 | |
2026 | 15,898 | |
Thereafter | 11,918 | |
Total minimum lease payments | 111,460 | |
Less imputed interest | (12,722) | |
Present value of future minimum lease payments | 98,738 | $ 65,331 |
Less current obligations under leases | (19,954) | (11,471) |
Operating lease liabilities (noncurrent) | $ 78,784 | $ 53,860 |
Commitments and Contingencies -
Commitments and Contingencies - Contractual Obligations (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 | $ 67,357 |
2023 | 16,445 |
2024 | 6,079 |
2025 | 1,509 |
2026 | 0 |
Thereafter | 0 |
Total minimum payments | $ 91,390 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($)lawsuit | Dec. 31, 2021USD ($) | |
Loss Contingencies [Line Items] | ||
Number of claims | lawsuit | 3 | |
Warranty accrual | $ 0 | |
Indemnification Agreement | ||
Loss Contingencies [Line Items] | ||
Accrued liability | $ 0 | $ 0 |
Income Taxes - Components of In
Income Taxes - Components of Income (Loss) Before Provision for (Benefit of) Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (152,252) | $ (32,569) | $ 9,259 |
Foreign | (25,279) | 4,924 | (3,195) |
Income (Loss) before provision for (benefit of) income taxes | $ (177,531) | $ (27,645) | $ 6,064 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for (Benefit of) Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Federal | $ 0 | $ 0 | $ (375) |
State | 348 | 248 | 158 |
Foreign | 229 | 327 | 1,176 |
Total current income tax expense | 577 | 575 | 959 |
Deferred: | |||
Federal | 1,472 | (2,617) | (18,684) |
State | 0 | (958) | (3,406) |
Foreign | 101 | (271) | 52 |
Total deferred income tax benefit: | 1,573 | (3,846) | (22,038) |
Total | $ 2,150 | $ (3,271) | $ (21,079) |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for (Benefit of) Income Taxes and Effective Tax Rates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income tax at federal statutory rate | $ (37,281) | $ (5,806) | $ 1,273 |
State income tax expense, net of federal | (4,574) | (3,105) | (2,567) |
Foreign rate differential | 847 | 47 | 789 |
Stock-based compensation | 5,563 | (16,852) | (20,913) |
Change in valuation allowance | 42,246 | 24,363 | 18,129 |
Meals and entertainment | 464 | 764 | 658 |
Research credits | (5,070) | (4,677) | (3,177) |
Tax basis step-up due to internal reorganization | 0 | 0 | (15,321) |
Other | (45) | 1,995 | 50 |
Total | $ 2,150 | $ (3,271) | $ (21,079) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Taxes [Line Items] | ||||
Pre-tax unrecognized tax benefits related to stock-based compensation expense | $ 8,864 | $ 8,520 | $ 7,556 | $ 6,234 |
Amount which would impact effective tax rate | 5,300 | |||
Federal | ||||
Income Taxes [Line Items] | ||||
Income tax net operating loss carryforwards | 120,400 | |||
State | ||||
Income Taxes [Line Items] | ||||
Income tax net operating loss carryforwards | 74,300 | |||
United Kingdom | ||||
Income Taxes [Line Items] | ||||
Income tax net operating loss carryforwards | 153,900 | |||
Australia | ||||
Income Taxes [Line Items] | ||||
Income tax net operating loss carryforwards | $ 4,000 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Income Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||||
Deferred revenue | $ 0 | $ 923 | ||
Net operating losses | 55,763 | 20,147 | ||
Accruals and reserves | 5,070 | 5,513 | ||
Research & other credits | 25,209 | 17,770 | ||
Intangibles | 12,559 | 10,570 | ||
Operating lease liabilities | 22,011 | 14,475 | ||
Effect of Section 163(j) on interest expense | 11,550 | 6,696 | ||
Stock-based compensation | 21,322 | 14,376 | ||
Other | 167 | 0 | ||
Total deferred tax assets | 153,651 | 90,470 | ||
Less valuation allowance | (89,298) | (44,046) | $ (19,683) | $ (1,138) |
Net deferred tax assets | 64,353 | 46,424 | ||
Deferred tax liabilities: | ||||
Operating lease right-of-use assets | (22,810) | (13,831) | ||
Deferred commissions | (12,789) | (10,213) | ||
Convertible senior notes | (14,121) | (16,990) | ||
Effects of ASC 606 adoption | 0 | (4,343) | ||
Other | 0 | (776) | ||
Capitalized software development costs | (2,176) | 0 | ||
Deferred Revenue | (11,211) | 0 | ||
Total deferred tax liabilities | (63,107) | (46,153) | ||
Net deferred tax assets | $ 1,246 | $ 271 |
Income Taxes - Change in Valuat
Income Taxes - Change in Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Changes In Valuation Allowance [Roll Forward] | |||
Beginning balance | $ 44,046 | $ 19,683 | $ 1,138 |
Increase (decrease) in valuation allowance | 42,246 | 24,363 | 3,224 |
Ending balance | 89,298 | 44,046 | 19,683 |
Internal Reorganization | |||
Changes In Valuation Allowance [Roll Forward] | |||
Increase (decrease) in valuation allowance | 0 | 0 | 15,321 |
Lore IO, Inc. | |||
Changes In Valuation Allowance [Roll Forward] | |||
Increase (decrease) in valuation allowance | $ 3,006 | $ 0 | $ 0 |
Income Taxes - Schedule of Acti
Income Taxes - Schedule of Activity in Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 8,520 | $ 7,556 | $ 6,234 |
Additions based on tax position related to the current year | 344 | 652 | 1,322 |
Additions for tax positions of prior years | 0 | 312 | 0 |
Balance at end of year | $ 8,864 | $ 8,520 | $ 7,556 |
Basic and Diluted Net Income _3
Basic and Diluted Net Income (Loss) Per Share - Schedule of Computation of Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | |||
Net income (loss) attributable to common stockholders | $ (179,681) | $ (24,374) | $ 27,143 |
Denominator: | |||
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, basic (in shares) | 67,191 | 66,058 | 63,424 |
Effect of dilutive securities: | |||
Convertible senior notes (in shares) | 0 | 0 | 1,975 |
Employee stock awards (in shares) | 0 | 0 | 3,259 |
Contingently issuable shares (in shares) | 0 | 0 | 3 |
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, diluted (in shares) | 67,191 | 66,058 | 68,661 |
Net Income (loss) per share attributable to common stockholders, basic (in dollars per share) | $ (2.67) | $ (0.37) | $ 0.43 |
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share) | $ (2.67) | $ (0.37) | $ 0.40 |
Basic and Diluted Net Income _4
Basic and Diluted Net Income (Loss) Per Share - Weighted-average Equivalent Shares Excluded From Diluted Net Income (Loss) per Share Calculation (Details) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 31, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Total shares excluded from net loss per share (in shares) | 11,013,000 | 10,190,000 | 1,853,000 | ||
Stock awards(1) | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Total shares excluded from net loss per share (in shares) | 4,876,000 | 4,053,000 | 209,000 | ||
Convertible senior notes | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Total shares excluded from net loss per share (in shares) | 6,137,000 | 6,137,000 | 1,644,000 | ||
Unvested restricted stock units | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Total shares excluded from net loss per share (in shares) | 234,018 | ||||
Convertible Senior Notes due 2023, 0.5% | Convertible Debt | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Initial Conversion Price | $ 44.33 | ||||
Convertible Senior Notes due 2024 & 2026, 0.50%, 1.0% | Convertible Debt | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Initial Conversion Price | $ 189.36 |
Segment and Geographic Inform_3
Segment and Geographic Information Schedule of Long-lived Assets Classified By Geographic Location (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)Segment | Dec. 31, 2020USD ($) | |
Segment Reporting [Abstract] | ||
Number of operating segments | Segment | 1 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 173,951 | $ 103,153 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 151,514 | 84,055 |
Other countries | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 22,437 | $ 19,098 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - Trifacta - Subsequent Event $ in Millions | Feb. 07, 2022USD ($) |
Subsequent Event [Line Items] | |
Business combination acquired percentage | 100.00% |
Total consideration | $ 400 |
Business Acquisition, Share-Based Compensation and Cash Retention Agreement | $ 75 |