Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 12, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-39399 | |
Entity Registrant Name | JAMF HOLDING CORP. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 82-3031543 | |
Entity Address, Address Line One | 100 Washington Ave S | |
Entity Address, Address Line Two | Suite 1100 | |
Entity Address, City or Town | Minneapolis | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55401 | |
City Area Code | 612 | |
Local Phone Number | 605-6625 | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | JAMF | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 118,653,414 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001721947 | |
Amendment Flag | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | [2] | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ 226,485 | [1] | $ 196,190 | $ 194,868 | [1] | $ 38,424 | [2] | $ 32,375 | [2] | $ 39,240 | $ 33,912 | |||
Trade accounts receivable, net of allowances of $480 and $530 at June 30, 2021 and December 31, 2020, respectively | 66,667 | 75,882 | 69,056 | 53,275 | 46,571 | 30,854 | ||||||||
Income taxes receivable | 565 | 632 | 632 | 554 | 14 | 65 | ||||||||
Deferred contract costs | 10,480 | 9,213 | 8,284 | 5,993 | 4,621 | 2,128 | ||||||||
Prepaid expenses | 14,432 | 15,009 | 13,283 | 10,880 | 8,094 | 6,475 | ||||||||
Other current assets | 2,687 | 2,325 | 1,113 | 6,314 | 3,632 | 1,107 | ||||||||
Total current assets | 321,316 | 299,251 | 287,236 | 115,440 | 95,307 | 79,869 | ||||||||
Equipment and leasehold improvements, net | 17,223 | 16,779 | 15,130 | 14,044 | 15,195 | 9,549 | ||||||||
Goodwill | 541,850 | 541,850 | 541,480 | 539,818 | $ 539,818 | 539,818 | 501,145 | |||||||
Other intangible assets, net | 189,021 | 197,504 | 202,878 | 218,430 | 235,099 | 252,171 | ||||||||
Deferred contract costs, non-current | 25,993 | 23,638 | 22,202 | 16,631 | 13,420 | 7,104 | ||||||||
Other assets | 28,112 | 28,898 | 5,359 | 2,557 | 5,440 | 2,090 | ||||||||
Total assets | 1,123,515 | 1,107,920 | 1,074,285 | 906,920 | 904,279 | 851,928 | ||||||||
Current liabilities: | ||||||||||||||
Accounts payable | 9,037 | 5,744 | 6,967 | 3,715 | 3,546 | 2,343 | ||||||||
Accrued liabilities | 38,263 | 28,131 | 31,916 | 26,441 | 27,269 | 18,903 | ||||||||
Income taxes payable | 417 | 1,066 | 713 | 1,081 | 819 | 147 | ||||||||
Deferred revenues | 180,707 | 167,868 | 160,002 | 129,853 | 119,828 | 85,583 | ||||||||
Total current liabilities | 228,424 | 202,809 | 199,598 | 161,090 | 151,462 | 106,976 | ||||||||
Deferred revenues, non-current | 57,750 | 53,711 | 45,507 | 27,429 | 20,621 | 14,442 | ||||||||
Deferred tax liability, net | 4,306 | 4,285 | 5,087 | 15,356 | 18,441 | 26,614 | ||||||||
Other liabilities | 29,076 | 33,839 | 13,079 | 9,084 | 11,714 | 464 | ||||||||
Total liabilities | 319,556 | 294,644 | 263,271 | 414,850 | 403,557 | 320,245 | ||||||||
Commitments and contingencies (Note 8) | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Preferred stock, $0.001 par value, 50,000,000 shares authorized at June 30, 2021 and December 31, 2020; no shares issued and outstanding at June 30, 2021 and December 31, 2020 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Common stock, $0.001 par value, 500,000,000 shares authorized at June 30, 2021 and December 31, 2020; 118,249,912 and 116,992,472 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 118 | 118 | 117 | 103 | 103 | 103 | ||||||||
Additional paid‑in capital | 917,116 | 909,966 | 903,116 | 570,434 | 568,756 | 565,372 | ||||||||
Accumulated deficit | (113,275) | (96,808) | (92,219) | (78,467) | (68,137) | (33,792) | ||||||||
Total stockholders’ equity | 803,959 | [2] | 813,276 | [2] | 811,014 | 492,070 | [2] | $ 492,140 | [2] | 500,722 | [2] | 531,683 | $ 565,177 | |
Total liabilities and stockholders’ equity | $ 1,123,515 | $ 1,107,920 | $ 1,074,285 | $ 906,920 | $ 904,279 | $ 851,928 | ||||||||
[1] | Includes the three months ended March 31, 2021, which has been revised to correct immaterial errors. See Note 1 for more information. | |||||||||||||
[2] | Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | [1] |
Current assets: | |||
Allowance | $ 480 | $ 530 | |
Stockholders’ equity: | |||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Preferred stock authorized (in shares) | 50,000,000 | 50,000,000 | |
Preferred stock issued (in shares) | 0 | 0 | |
Preferred stock outstanding (in shares) | 0 | 0 | |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | |
Common stock issued (in shares) | 118,249,912 | 116,992,472 | |
Common stock outstanding (in shares) | 118,249,912 | 116,992,472 | |
[1] | Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | [1] | Jun. 30, 2021 | [2] | Jun. 30, 2020 | [1] | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenues [Abstract] | ||||||||||||
Revenue | $ 86,238 | $ 80,727 | $ 62,264 | $ 166,965 | $ 122,317 | $ 269,132 | $ 203,965 | $ 147,384 | ||||
Cost of revenue: | ||||||||||||
Amortization expense | 2,860 | 2,777 | 2,678 | 5,637 | 5,355 | 10,753 | 10,266 | 8,969 | ||||
Total cost of revenue | 19,342 | 17,256 | 13,628 | 36,598 | 28,643 | 61,008 | 55,962 | 49,318 | ||||
Gross profit | 66,896 | 63,471 | 48,636 | 130,367 | 93,674 | 208,124 | 148,003 | 98,066 | ||||
Operating expenses: | ||||||||||||
Sales and marketing | 32,617 | 30,167 | 20,781 | 62,784 | 43,785 | 98,885 | 73,103 | 53,749 | ||||
Research and development | 17,203 | 15,626 | 11,949 | 32,829 | 24,587 | 52,513 | 42,898 | 31,527 | ||||
General and administrative | 27,508 | 16,244 | 6,528 | 43,752 | 17,743 | 51,603 | 31,509 | 22,444 | ||||
Amortization expense | 5,623 | 5,627 | 5,634 | 11,250 | 11,308 | 22,575 | 22,416 | 21,491 | ||||
Total operating expenses | 82,951 | 67,664 | 44,892 | 150,615 | 97,423 | 225,576 | 169,926 | 129,211 | ||||
Income (loss) from operations | (16,055) | (4,193) | 3,744 | (20,248) | (3,749) | (17,452) | (21,923) | (31,145) | ||||
Interest expense, net | (167) | (55) | (4,690) | (222) | (9,468) | (10,741) | (21,423) | (18,203) | ||||
Foreign currency transaction loss | (308) | (218) | (13) | (526) | (317) | (722) | (1,252) | (418) | ||||
Other income, net | 0 | 0 | 36 | 0 | 91 | 91 | 220 | 221 | ||||
Loss before income tax (provision) benefit | (16,530) | (4,466) | (923) | (20,996) | (13,443) | (34,037) | (44,378) | (49,545) | ||||
Income tax (provision) benefit | 63 | (123) | 89 | (60) | 3,113 | 9,955 | 10,033 | 11,966 | ||||
Net loss | $ (16,467) | [1] | $ (4,589) | $ (834) | $ (21,056) | [1] | $ (10,330) | $ (24,082) | $ (34,345) | $ (37,579) | ||
Net loss per share, basic (in dollars per share) | $ (0.14) | $ (0.04) | $ (0.01) | $ (0.18) | $ (0.10) | $ (0.22) | $ (0.33) | $ (0.37) | ||||
Net loss per share, diluted (in dollars per share) | $ (0.14) | $ (0.04) | $ (0.01) | $ (0.18) | $ (0.10) | $ (0.22) | $ (0.33) | $ (0.37) | ||||
Weighted-average shares used to compute net loss per share, basic (in shares) | 117,909,720 | 117,386,322 | 102,862,404 | 117,649,467 | 102,861,475 | 108,908,597 | 102,752,092 | 102,325,465 | ||||
Weighted-average shares used to compute net loss per share, diluted (in shares) | 117,909,720 | 117,386,322 | 102,862,404 | 117,649,467 | 102,861,475 | 108,908,597 | 102,752,092 | 102,325,465 | ||||
Subscription | ||||||||||||
Revenues [Abstract] | ||||||||||||
Revenue | $ 80,718 | $ 74,482 | $ 58,600 | $ 155,200 | $ 112,804 | $ 248,879 | $ 175,118 | $ 113,867 | ||||
Cost of revenue: | ||||||||||||
Cost of revenue | 13,875 | 12,014 | 8,740 | 25,889 | 17,988 | 39,529 | 31,457 | 24,099 | ||||
Operating expenses: | ||||||||||||
Net loss | (24,082) | |||||||||||
Services | ||||||||||||
Revenues [Abstract] | ||||||||||||
Revenue | 3,929 | 4,003 | 2,632 | 7,932 | 6,719 | 14,519 | 19,014 | 20,201 | ||||
Cost of revenue: | ||||||||||||
Cost of revenue | 2,607 | 2,465 | 2,210 | 5,072 | 5,300 | 10,726 | 14,239 | 16,250 | ||||
License | ||||||||||||
Revenues [Abstract] | ||||||||||||
Revenue | $ 1,591 | $ 2,242 | $ 1,032 | $ 3,833 | $ 2,794 | $ 5,734 | $ 9,833 | $ 13,316 | ||||
[1] | Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. | |||||||||||
[2] | Includes the three months ended March 31, 2021, which has been revised to correct immaterial errors. See Note 1 for more information. |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid‑In Capital | Accumulated Deficit | |||
Balance (in shares) at Dec. 31, 2017 | 102,300,010 | ||||||
Balance at Dec. 31, 2017 | $ 565,177 | $ 102 | $ 561,288 | $ 3,787 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options (in shares) | 322,851 | ||||||
Exercise of stock options | 1,770 | $ 1 | 1,769 | ||||
Share‑based compensation | 2,315 | 2,315 | |||||
Net income (loss) | (37,579) | (37,579) | |||||
Balance (in shares) at Dec. 31, 2018 | 102,649,701 | ||||||
Balance at Dec. 31, 2018 | 531,683 | $ 103 | 565,372 | (33,792) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options (in shares) | 168,391 | ||||||
Exercise of stock options | 923 | $ 0 | 923 | ||||
Share‑based compensation | 2,461 | 2,461 | |||||
Net income (loss) | (34,345) | (34,345) | |||||
Balance (in shares) at Dec. 31, 2019 | 102,843,612 | ||||||
Balance at Dec. 31, 2019 | 500,722 | [1] | $ 103 | 568,756 | (68,137) | [1] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options (in shares) | 18,792 | ||||||
Exercise of stock options | 103 | [1] | 103 | ||||
Share‑based compensation | 1,575 | [1] | 1,575 | ||||
Net income (loss) | [1] | (10,330) | (10,330) | ||||
Balance (in shares) at Jun. 30, 2020 | 102,862,404 | ||||||
Balance at Jun. 30, 2020 | 492,070 | [1] | $ 103 | 570,434 | (78,467) | [1] | |
Balance (in shares) at Dec. 31, 2019 | 102,843,612 | ||||||
Balance at Dec. 31, 2019 | 500,722 | [1] | $ 103 | 568,756 | (68,137) | [1] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options (in shares) | 526,460 | ||||||
Exercise of stock options | 2,985 | 2,985 | |||||
Share‑based compensation | 6,743 | 6,743 | |||||
Net income (loss) | (24,082) | (24,082) | |||||
Balance (in shares) at Dec. 31, 2020 | 116,992,472 | ||||||
Balance at Dec. 31, 2020 | 811,014 | [1] | $ 117 | 903,116 | (92,219) | [1] | |
Balance (in shares) at Mar. 31, 2020 | 102,862,404 | ||||||
Balance at Mar. 31, 2020 | 492,140 | [1] | $ 103 | 569,670 | (77,633) | [1] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options | 0 | ||||||
Share‑based compensation | 764 | [1] | 764 | ||||
Net income (loss) | [1] | (834) | (834) | ||||
Balance (in shares) at Jun. 30, 2020 | 102,862,404 | ||||||
Balance at Jun. 30, 2020 | 492,070 | [1] | $ 103 | 570,434 | (78,467) | [1] | |
Balance (in shares) at Dec. 31, 2020 | 116,992,472 | ||||||
Balance at Dec. 31, 2020 | 811,014 | [1] | $ 117 | 903,116 | (92,219) | [1] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options (in shares) | 713,423 | ||||||
Exercise of stock options | 4,019 | $ 1 | 4,018 | ||||
Share‑based compensation | 2,832 | 2,832 | |||||
Net income (loss) | (4,589) | (4,589) | |||||
Balance (in shares) at Mar. 31, 2021 | 117,705,895 | ||||||
Balance at Mar. 31, 2021 | 813,276 | [1] | $ 118 | 909,966 | (96,808) | [1] | |
Balance (in shares) at Dec. 31, 2020 | 116,992,472 | ||||||
Balance at Dec. 31, 2020 | 811,014 | [1] | $ 117 | 903,116 | (92,219) | [1] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options (in shares) | 1,257,440 | ||||||
Exercise of stock options | 7,063 | [1] | $ 1 | 7,062 | |||
Share‑based compensation | 6,938 | [1] | 6,938 | ||||
Net income (loss) | [1] | (21,056) | [2] | (21,056) | |||
Balance (in shares) at Jun. 30, 2021 | 118,249,912 | ||||||
Balance at Jun. 30, 2021 | 803,959 | [1] | $ 118 | 917,116 | (113,275) | [1] | |
Balance (in shares) at Mar. 31, 2021 | 117,705,895 | ||||||
Balance at Mar. 31, 2021 | 813,276 | [1] | $ 118 | 909,966 | (96,808) | [1] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options (in shares) | 544,017 | ||||||
Exercise of stock options | 3,044 | [1] | 3,044 | ||||
Share‑based compensation | 4,106 | [1] | 4,106 | ||||
Net income (loss) | [1] | (16,467) | (16,467) | ||||
Balance (in shares) at Jun. 30, 2021 | 118,249,912 | ||||||
Balance at Jun. 30, 2021 | $ 803,959 | [1] | $ 118 | $ 917,116 | $ (113,275) | [1] | |
[1] | Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. | ||||||
[2] | Includes the three months ended March 31, 2021, which has been revised to correct immaterial errors. See Note 1 for more information. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | ||||
Jun. 30, 2021 | [2] | Jun. 30, 2020 | |||
Cash flows from operating activities | |||||
Net income (loss) | [1] | $ (21,056) | $ (10,330) | ||
Adjustments to reconcile net loss to cash provided by operating activities: | |||||
Depreciation and amortization expense | 19,538 | 19,170 | [1] | ||
Amortization of deferred contract costs | 5,861 | 3,452 | [1] | ||
Amortization of debt issuance costs | 249 | 571 | [1] | ||
Non-cash lease expense | 2,398 | 0 | [1] | ||
Provision for bad debt expense and returns | (41) | 812 | [1] | ||
Share‑based compensation | 6,938 | 1,575 | [1] | ||
Deferred tax benefit | (669) | (3,082) | [1] | ||
Adjustment to contingent consideration | 4,237 | (3,700) | [1] | ||
Other | 454 | (156) | [1] | ||
Changes in operating assets and liabilities: | |||||
Trade accounts receivable | 2,249 | (7,316) | [1] | ||
Income tax receivable/payable | (238) | (278) | [1] | ||
Prepaid expenses and other assets | (2,986) | 928 | [1] | ||
Deferred contract costs | (11,848) | (8,035) | [1] | ||
Accounts payable | 2,284 | 202 | [1] | ||
Accrued liabilities | (1,889) | (2,371) | [1] | ||
Deferred revenue | 32,627 | 16,833 | [1] | ||
Other liabilities | (86) | 1,240 | [1] | ||
Net cash provided by operating activities | 38,022 | 9,515 | [1] | ||
Cash flows from investing activities | |||||
Acquisition, net of cash acquired | (3,041) | 0 | [1] | ||
Purchases of equipment and leasehold improvements | (5,211) | (1,366) | [1] | ||
Proceeds from sale of equipment and leasehold improvements | 22 | 0 | [1] | ||
Net cash used in investing activities | (8,230) | (1,366) | [1] | ||
Cash flows from financing activities | |||||
Debt issuance costs | (530) | 0 | [1] | ||
Cash paid for offering costs | (243) | (2,203) | [1] | ||
Cash paid for contingent consideration | (4,206) | 0 | [1] | ||
Proceeds from the exercise of stock options | 7,063 | 103 | [1] | ||
Net cash provided by (used in) financing activities | 2,084 | (2,100) | [1] | ||
Effect of exchange rate changes on cash and cash equivalents | (259) | 0 | [1] | ||
Net increase in cash and cash equivalents | 31,617 | 6,049 | [1] | ||
Cash and cash equivalents, beginning of period | [1] | 194,868 | 32,375 | ||
Cash and cash equivalents, end of period | 226,485 | 38,424 | [1] | ||
Supplemental disclosures of cash flow information: | |||||
Cash paid for interest | 6 | 9,262 | [1] | ||
Cash paid for income taxes, net of refunds | 832 | 411 | [1] | ||
Offering costs accrued but not paid | 300 | 2,865 | [1] | ||
Operating lease assets obtained in exchange for operating lease liabilities | $ (19) | $ 0 | [1] | ||
[1] | Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. | ||||
[2] | Includes the three months ended March 31, 2021, which has been revised to correct immaterial errors. See Note 1 for more information. |
Basis of presentation and descr
Basis of presentation and description of business | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation and description of business | Basis of presentation and description of business Description of business Jamf Holding Corp. and its wholly owned subsidiaries, collectively, are referred to as the “Company,” “we,” “us” or “our.” We are the standard in Apple Enterprise Management, and our cloud software platform is the only vertically-focused Apple infrastructure and security platform of scale in the world. We help organizations connect, manage and protect Apple products, apps and corporate resources in the cloud without ever having to touch the devices. With our products, Apple devices can be deployed to employees brand new in the shrink-wrapped box, automatically set up and personalized at first power-on and continuously administered throughout the life of the device. Our customers are located throughout the world. Vista Equity Partners acquisition On November 13, 2017, Vista Equity Partners (“Vista”) acquired a majority share of all the issued and outstanding shares of the Company at the purchase price of $733.8 million (the “Vista Acquisition”). As of June 30, 2021, funds controlled by Vista owned approximately 53.5% of our outstanding common stock. As a result, we are a “controlled company” under NASDAQ Global Select Market (“NASDAQ”) corporate governance rules. Emerging growth company status We are currently an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. We have elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (i) no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. On June 30, 2021, the last day of our second fiscal quarter in 2021, the market value of our common stock held by non-affiliates exceeded $700.0 million. Accordingly, we will be deemed a large accelerated filer as of December 31, 2021 and will no longer qualify as an emerging growth company and be able to take advantage of the extended timeline to comply with new or revised accounting standards applicable to public companies beginning with our Annual Report on Form 10-K for the year ending December 31, 2021. Unaudited interim consolidated financial information The accompanying interim consolidated balance sheet as of June 30, 2021, the consolidated statements of operations and of stockholders’ equity for the three and six months ended June 30, 2021 and 2020 and the consolidated statements of cash flows for the six months ended June 30, 2021 and 2020 and the related footnote disclosures are unaudited. These unaudited interim consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in management’s opinion, include all adjustments necessary for the fair presentation of the consolidated financial position, results of operations, and cash flows of the Company. Except for the revision discussed below, all adjustments made were of a normal recurring nature. The results for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future period. Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Certain reclassifications of prior period amounts have been made to conform to the current presentation. In the fourth quarter of 2020, the Company reclassified on-premise subscription revenue from license revenue to subscription revenue in the consolidated statements of operations on a retroactive basis. The amount reclassified for the three and six months ended June 30, 2020 was $5.8 million and $10.3 million, respectively. The revised presentation is consistent with our disaggregated revenue disclosure and is more consistent with how investors and other users of the financial statements evaluate overall subscription revenue. The reclassification had no impact on total revenue. Revision of previously issued consolidated financial statements In connection with the preparation of its financial statements for the quarter ended June 30, 2021, the Company identified immaterial errors related to certain commissions that were incorrectly capitalized in prior periods. The commissions, as well as the associated payroll taxes and retirement plan contributions, were not incremental to the acquisition of customer contracts and should have been expensed as incurred in accordance with GAAP, rather than capitalized. As a result, sales and marketing expenses were understated and deferred contract costs were overstated by $2.5 million, $2.0 million, $1.8 million and $0.8 million for the years ended December 31, 2020, 2019 and 2018 and the three months ended March 31, 2021, respectively. In accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality and SAB No. 108, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements , the Company evaluated the materiality of this error both quantitatively and qualitatively and determined that it was not material to our previously issued consolidated financial statements. However, adjusting for the cumulative effect of this error in the consolidated statement of operations for 2021 would be material to the Company’s results for this period as the cumulative amount of the error increased over time. As such, the Company has revised its previously issued consolidated financial statements as of and for the years ended December 31, 2020, 2019 and 2018 and its unaudited consolidated financial statements as of and for the quarter ended March 31, 2021 and quarters and year-to-date periods ended June 30, 2020 and September 30, 2020 to correct the error. The revisions also include the corrections of other immaterial errors that the Company had previously recorded as out-of-period adjustments in the period of identification, as well as other previously identified immaterial errors. The previously recorded out-of-period adjustments included the establishment of state valuation allowances, as well as other immaterial errors. The Company had previously determined that these errors did not, both individually and in the aggregate, result in a material misstatement of our previously issued consolidated financial statements and reached the same conclusion when aggregating these immaterial errors with the commissions error described above. The accompanying financial statements and relevant footnotes to the consolidated financial statements in this Quarterly Report on Form 10-Q have been revised to correct for the immaterial errors discussed above. The tables below provide reconciliations of our previously reported amounts to revised amounts to correct for these immaterial errors in our consolidated financial statements as of and for the years ended December 31, 2020, 2019 and 2018 and our unaudited consolidated financial statements as of and for the quarter ended March 31, 2021 and as of and for the quarter and year-to-date periods ended June 30, 2020. December 31, 2020 As Previously Reported Adjustments As Revised Commissions Other (in thousands) Assets Current assets: Cash and cash equivalents $ 194,868 $ — $ — $ 194,868 Trade accounts receivable, net of allowances 69,056 — — 69,056 Income taxes receivable 632 — — 632 Deferred contract costs 9,959 (1,675) — 8,284 Prepaid expenses 13,283 — — 13,283 Other current assets 1,113 — — 1,113 Total current assets 288,911 (1,675) — 287,236 Equipment and leasehold improvements, net 12,755 — 2,375 15,130 Goodwill 541,480 — — 541,480 Other intangible assets, net 202,878 — — 202,878 Deferred contract costs, non-current 26,770 (4,568) — 22,202 Other assets 5,359 — — 5,359 Total assets $ 1,078,153 $ (6,243) $ 2,375 $ 1,074,285 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 6,967 $ — $ — $ 6,967 Accrued liabilities 31,574 — 342 31,916 Income taxes payable 713 — — 713 Deferred revenues 160,443 — (441) 160,002 Total current liabilities 199,697 — (99) 199,598 Deferred revenues, non-current 45,507 — — 45,507 Deferred tax liability, net 6,422 (1,535) 200 5,087 Other liabilities 11,046 — 2,033 13,079 Total liabilities 262,672 (1,535) 2,134 263,271 Commitments and contingencies Stockholders’ equity: Preferred stock — — — — Common stock 117 — — 117 Additional paid‑in capital 903,116 — — 903,116 Accumulated deficit (87,752) (4,708) 241 (92,219) Total stockholders’ equity 815,481 (4,708) 241 811,014 Total liabilities and stockholders’ equity $ 1,078,153 $ (6,243) $ 2,375 $ 1,074,285 Year Ended December 31, 2020 As Previously Reported Adjustments As Revised Commissions Other (in thousands, except share and per share amounts) Revenue: Subscription $ 249,192 $ — $ (313) $ 248,879 Services 14,525 — (6) 14,519 License 5,734 — — 5,734 Total revenue 269,451 — (319) 269,132 Cost of revenue: Cost of subscription (exclusive of amortization expense shown below) 39,323 — 206 39,529 Cost of services (exclusive of amortization expense shown below) 10,712 — 14 10,726 Amortization expense 10,753 — — 10,753 Total cost of revenue 60,788 — 220 61,008 Gross profit 208,663 — (539) 208,124 Operating expenses: Sales and marketing 96,251 2,497 137 98,885 Research and development 52,431 — 82 52,513 General and administrative 51,904 — (301) 51,603 Amortization expense 22,575 — — 22,575 Total operating expenses 223,161 2,497 (82) 225,576 Loss from operations (14,498) (2,497) (457) (17,452) Interest expense, net (10,741) — — (10,741) Loss on extinguishment of debt (5,213) — — (5,213) Foreign currency transaction loss (722) — — (722) Other income, net 91 — — 91 Loss before income tax benefit (31,083) (2,497) (457) (34,037) Income tax benefit 8,312 619 1,024 9,955 Net loss $ (22,771) $ (1,878) $ 567 $ (24,082) Net loss per share, basic and diluted $ (0.21) $ (0.22) Weighted-average shares used to compute net loss per share, basic and diluted 108,908,597 108,908,597 Stock Class Additional Paid‑In Accumulated Stockholders’ Common Shares Amount (in thousands, except share amounts) As Previously Reported Balance, December 31, 2019 102,843,612 $ 103 $ 568,756 $ (64,981) $ 503,878 Issuance of common stock upon initial public offering, net of underwriting discounts and commissions, offering costs and tax 13,500,000 14 322,399 — 322,413 Private placement 85,880 — 2,233 — 2,233 Exercise of stock options 526,460 — 2,985 — 2,985 Vesting of restricted stock units 36,520 — — — — Share‑based compensation — — 6,743 — 6,743 Net loss — — — (22,771) (22,771) Balance, December 31, 2020 116,992,472 $ 117 $ 903,116 $ (87,752) $ 815,481 Commissions Adjustment Balance, December 31, 2019 — $ — $ — $ (2,830) $ (2,830) Issuance of common stock upon initial public offering, net of underwriting discounts and commissions, offering costs and tax — — — — — Private placement — — — — — Exercise of stock options — — — — — Vesting of restricted stock units — — — — — Share‑based compensation — — — — — Net loss — — — (1,878) (1,878) Balance, December 31, 2020 — $ — $ — $ (4,708) $ (4,708) Other Adjustments Balance, December 31, 2019 — $ — $ — $ (326) $ (326) Issuance of common stock upon initial public offering, net of underwriting discounts and commissions, offering costs and tax — — — — — Private placement — — — — — Exercise of stock options — — — — — Vesting of restricted stock units — — — — — Share‑based compensation — — — — — Net loss — — — 567 567 Balance, December 31, 2020 — $ — $ — $ 241 $ 241 As Revised Balance, December 31, 2019 102,843,612 $ 103 $ 568,756 $ (68,137) $ 500,722 Issuance of common stock upon initial public offering, net of underwriting discounts and commissions, offering costs and tax 13,500,000 14 322,399 — 322,413 Private placement 85,880 — 2,233 — 2,233 Exercise of stock options 526,460 — 2,985 — 2,985 Vesting of restricted stock units 36,520 — — — — Share‑based compensation — — 6,743 — 6,743 Net loss — — — (24,082) (24,082) Balance, December 31, 2020 116,992,472 $ 117 $ 903,116 $ (92,219) $ 811,014 Year Ended December 31, 2020 As Previously Reported Adjustments As Revised Commissions Other (in thousands) Cash flows from operating activities Net loss $ (22,771) $ (1,878) $ 567 $ (24,082) Adjustments to reconcile net loss to cash provided by operating activities: Depreciation and amortization expense 38,168 — 343 38,511 Amortization of deferred contract costs 9,647 (1,694) — 7,953 Amortization of debt issuance costs 773 — — 773 Provision for bad debt expense and returns 1,024 — — 1,024 Gain on disposal of equipment and leasehold improvements (29) — 29 — Loss on extinguishment of debt 5,213 — — 5,213 Share‑based compensation 6,743 — — 6,743 Deferred tax benefit (8,675) (619) (1,024) (10,318) Adjustment to contingent consideration (1,000) — — (1,000) Other (263) — (227) (490) Changes in operating assets and liabilities: Trade accounts receivable (23,170) — 58 (23,112) Income tax receivable/payable (766) — — (766) Prepaid expenses and other assets (4,119) — 499 (3,620) Deferred contract costs (24,589) 4,191 — (20,398) Deferred taxes 145 — (145) — Accounts payable 3,888 — 138 4,026 Accrued liabilities 5,501 — — 5,501 Deferred revenue 65,125 — (180) 64,945 Other liabilities 1,898 — — 1,898 Net cash provided by operating activities 52,743 — 58 52,801 Cash flows from investing activities Acquisition, net of cash acquired (2,512) — — (2,512) Purchases of equipment and leasehold improvements (4,368) — — (4,368) Proceeds from sale of equipment and leasehold improvements 4 — — 4 Net cash used in investing activities (6,876) — — (6,876) Cash flows from financing activities Debt issuance costs (1,264) — — (1,264) Payment of debt (205,000) — — (205,000) Payment of debt extinguishment costs (2,050) — — (2,050) Proceeds from initial public offering, net of underwriting discounts and commissions 326,316 — — 326,316 Cash paid for offering costs (7,256) — — (7,256) Proceeds from private placement 2,233 — — 2,233 Proceeds from the exercise of stock options 2,985 — — 2,985 Net cash provided by financing activities 115,964 — — 115,964 Effect of exchange rate changes on cash and cash equivalents 604 — — 604 Net increase in cash and cash equivalents 162,435 — 58 162,493 Cash and cash equivalents, beginning of period 32,433 — (58) 32,375 Cash and cash equivalents, end of period $ 194,868 $ — $ — $ 194,868 Supplemental disclosures of cash flow information: Cash paid for interest $ 12,649 $ — $ — $ 12,649 Cash paid for income taxes, net of refunds 1,394 — — 1,394 December 31, 2019 As Previously Reported Adjustments As Revised Commissions Other (in thousands) Assets Current assets: Cash and cash equivalents $ 32,433 $ — $ (58) $ 32,375 Trade accounts receivable, net of allowances 46,513 — 58 46,571 Income taxes receivable 14 — — 14 Deferred contract costs 5,553 (932) — 4,621 Prepaid expenses 10,935 — (2,841) 8,094 Other current assets 3,133 — 499 3,632 Total current assets 98,581 (932) (2,342) 95,307 Equipment and leasehold improvements, net 12,477 — 2,718 15,195 Goodwill 539,818 — — 539,818 Other intangible assets, net 235,099 — — 235,099 Deferred contract costs, non-current 16,234 (2,814) — 13,420 Other assets 2,599 — 2,841 5,440 Total assets $ 904,808 $ (3,746) $ 3,217 $ 904,279 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 3,684 $ — $ (138) $ 3,546 Accrued liabilities 26,927 — 342 27,269 Income taxes payable 819 — — 819 Deferred revenues 120,089 — (261) 119,828 Total current liabilities 151,519 — (57) 151,462 Deferred revenues, non-current 20,621 — — 20,621 Deferred tax liability, net 18,133 (916) 1,224 18,441 Debt 201,319 — — 201,319 Other liabilities 9,338 — 2,376 11,714 Total liabilities 400,930 (916) 3,543 403,557 Commitments and contingencies Stockholders’ equity: Preferred stock — — — — Common stock 103 — — 103 Additional paid‑in capital 568,756 — — 568,756 Accumulated deficit (64,981) (2,830) (326) (68,137) Total stockholders’ equity 503,878 (2,830) (326) 500,722 Total liabilities and stockholders’ equity $ 904,808 $ (3,746) $ 3,217 $ 904,279 Year Ended December 31, 2019 As Previously Reported Adjustments As Revised Commissions Other (in thousands, except share and per share amounts) Revenue: Subscription $ 175,189 $ — $ (71) $ 175,118 Services 19,008 — 6 19,014 License 9,830 — 3 9,833 Total revenue 204,027 — (62) 203,965 Cost of revenue: Cost of subscription (exclusive of amortization expense shown below) 31,539 — (82) 31,457 Cost of services (exclusive of amortization expense shown below) 14,224 — 15 14,239 Amortization expense 10,266 — — 10,266 Total cost of revenue 56,029 — (67) 55,962 Gross profit 147,998 — 5 148,003 Operating expenses: Sales and marketing 71,006 1,991 106 73,103 Research and development 42,829 — 69 42,898 General and administrative 32,003 — (494) 31,509 Amortization expense 22,416 — — 22,416 Total operating expenses 168,254 1,991 (319) 169,926 Loss from operations (20,256) (1,991) 324 (21,923) Interest expense, net (21,423) — — (21,423) Foreign currency transaction loss (1,252) — — (1,252) Other income, net 220 — — 220 Loss before income tax benefit (42,711) (1,991) 324 (44,378) Income tax benefit 10,111 488 (566) 10,033 Net loss $ (32,600) $ (1,503) $ (242) $ (34,345) Net loss per share, basic and diluted $ (0.32) $ (0.33) Weighted-average shares used to compute net loss per share, basic and diluted 102,752,092 102,752,092 Stock Class Additional Paid‑In Accumulated Stockholders’ Common Shares Amount (in thousands, except share amounts) As Previously Reported Balance, December 31, 2018 102,649,701 $ 103 $ 565,372 $ (32,381) $ 533,094 Exercise of stock options 168,391 — 923 — 923 Vesting of restricted stock units 25,520 — — — — Share‑based compensation — — 2,461 — 2,461 Net loss — — — (32,600) (32,600) Balance, December 31, 2019 102,843,612 $ 103 $ 568,756 $ (64,981) $ 503,878 Commissions Adjustment Balance, December 31, 2018 — $ — $ — $ (1,327) $ (1,327) Exercise of stock options — — — — — Vesting of restricted stock units — — — — — Share‑based compensation — — — — — Net loss — — — (1,503) (1,503) Balance, December 31, 2019 — $ — $ — $ (2,830) $ (2,830) Other Adjustments Balance, December 31, 2018 — $ — $ — $ (84) $ (84) Exercise of stock options — — — — — Vesting of restricted stock units — — — — — Share‑based compensation — — — — — Net loss — — — (242) (242) Balance, December 31, 2019 — $ — $ — $ (326) $ (326) As Revised Balance, December 31, 2018 102,649,701 $ 103 $ 565,372 $ (33,792) $ 531,683 Exercise of stock options 168,391 — 923 — 923 Vesting of restricted stock units 25,520 — — — — Share‑based compensation — — 2,461 — 2,461 Net loss — — — (34,345) (34,345) Balance, December 31, 2019 102,843,612 $ 103 $ 568,756 $ (68,137) $ 500,722 Year Ended December 31, 2019 As Previously Reported Adjustments As Revised Commissions Other (in thousands) Cash flows from operating activities Net loss $ (32,600) $ (1,503) $ (242) $ (34,345) Adjustments to reconcile net loss to cash provided by operating activities: Depreciation and amortization expense 36,807 — 275 37,082 Amortization of deferred contract costs 6,250 (1,014) — 5,236 Amortization of debt issuance costs 1,120 — — 1,120 Provision for bad debt expense and returns 279 — — 279 Gain on disposal of equipment and leasehold improvements (17) — 17 — Share‑based compensation 2,461 — — 2,461 Deferred tax benefit (11,247) (488) 566 (11,169) Adjustment to contingent consideration 200 — — 200 Other — — (292) (292) Changes in operating assets and liabilities: Trade accounts receivable (14,741) — (58) (14,799) Income tax receivable/payable 559 — — 559 Prepaid expenses and other assets (4,585) — (521) (5,106) Deferred contract costs (17,050) 3,005 — (14,045) Accounts payable 1,138 — (138) 1,000 Accrued liabilities 6,390 — (41) 6,349 Deferred revenue 36,998 — 376 37,374 Other liabilities (58) — — (58) Net cash provided by operating activities 11,904 — (58) 11,846 Cash flows from investing activities Acquisition, net of cash acquired (40,173) — — (40,173) Purchases of equipment and leasehold improvements (7,190) — — (7,190) Net cash used in investing activities (47,363) — — (47,363) Cash flows from financing activities Proceeds from debt 40,000 — — 40,000 Debt issuance costs (1,550) — — (1,550) Payment of debt (10,000) — — (10,000) Cash paid for offering costs (721) — — (721) Proceeds from the exercise of stock options 923 — — 923 Net cash provided by financing activities 28,652 — — 28,652 Net decrease in cash and cash equivalents (6,807) — (58) (6,865) Cash and cash equivalents, beginning of period 39,240 — — 39,240 Cash and cash equivalents, end of period $ 32,433 $ — $ (58) $ 32,375 Supplemental disclosures of cash flow information: Cash paid for interest $ 20,693 $ — $ — $ 20,693 Cash paid for income taxes, net of refunds 596 — — 596 Non-cash investing activities: Leasehold improvements acquired through lease incentives $ — $ — $ 2,672 $ 2,672 December 31, 2018 As Previously Reported Adjustments As Revised Commissions Other (in thousands) Assets Current assets: Cash and cash equivalents $ 39,240 $ — $ — $ 39,240 Trade accounts receivable, net of allowances 30,854 — — 30,854 Income taxes receivable 65 — — 65 Deferred contract costs 2,526 (398) — 2,128 Prepaid expenses 6,682 — (207) 6,475 Other current assets 922 — 185 1,107 Total current assets 80,289 (398) (22) 79,869 Equipment and leasehold improvements, net 9,228 — 321 9,549 Goodwill 501,145 — — 501,145 Other intangible assets, net 252,171 — — 252,171 Deferred contract costs, non-current 8,461 (1,357) — 7,104 Other assets 2,090 — — 2,090 Total assets $ 853,384 $ (1,755) $ 299 $ 851,928 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 2,343 $ — $ — $ 2,343 Accrued liabilities 18,809 — 94 18,903 Income taxes payable 147 — — 147 Deferred revenues 86,220 — (637) 85,583 Total current liabilities 107,519 — (543) 106,976 Deferred revenues, non-current 14,442 — — 14,442 Deferred tax liability, net 26,384 (428) 658 26,614 Debt 171,749 — — 171,749 Other liabilities 196 — 268 464 Total liabilities 320,290 (428) 383 320,245 Commitments and contingencies Stockholders’ equity: Preferred stock — — — — Common stock 103 — — 103 Additional paid‑in capital 565,372 — — 565,372 Accumulated deficit (32,381) (1,327) (84) (33,792) Total stockholders’ equity 533,094 (1,327) (84) 531,683 Total liabilities and stockholders’ equity $ 853,384 $ (1,755) $ 299 $ 851,928 Year Ended December 31, 2018 As Previously Reported Adjustments As Revised Commissions Other (in thousands, except share and per share amounts) Revenue: Subscription $ 113,040 $ — $ 827 $ 113,867 Services 20,206 — (5) 20,201 License 13,316 — — 13,316 Total revenue 146,562 — 822 147,384 Cost of revenue: Cost of subscription (exclusive of amortization expense shown below) 24,088 — 11 24,099 Cost of services (exclusive of amortization expense shown below) 16,246 — 4 16,250 Amortization expense 8,969 — — 8,969 Total cost of revenue 49,303 — 15 49,318 Gross profit 97,259 — 807 98,066 Operating expenses: Sales and marketing 51,976 1,755 18 53,749 Research and development 31,515 — 12 31,527 General and administrative 22,270 — 174 22,444 Amortization expense 21,491 — — 21,491 Total operating expenses 127,252 1,755 204 129,211 Loss from operations (29,993) (1,755) 603 (31,145) Interest expense, net (18,203) — — (18,203) Foreign currency transaction loss (418) — — (418) Other income, net 221 — — 221 Loss before income tax benefit (48,393) (1,755) 603 (49,545) Income tax benefit 12,137 428 (599) 11,966 Net loss $ (36,256) $ (1,327) $ 4 $ (37,579) Net loss per share, basic and diluted $ (0.35) $ (0.37) Weighted-average shares used to compute net loss per share, basic and diluted 102,325,465 102,325,465 Stock Class Additional Paid‑In Retained Earnings (Accumulated Stockholders’ Common Shares Amount (in thousands, except share amounts) As Previously Reported Balance, December 31, 2017 102,300,010 $ 102 $ 561,288 $ 3,875 $ 565,265 Exercise of stock options 322,851 1 1,769 — 1,770 Vesting of restricted stock units 26,840 — — — — Share‑based compensation — — 2,315 — 2,315 Net loss — — — (36,256) (36,256) Balance, December 31, 2018 102,649,701 $ 103 $ 565,372 $ (32,381) $ 533,094 Commissions Adjustment Balance, December 31, 2017 — $ — $ — $ — $ — Exercise of stock options — — — — — Vesting of restricted stock units — — — — — Share‑based compensation — — — — — Net loss — — — (1,327) (1,327) Balance, December 31, 2018 — $ — $ — $ (1,327) $ (1,327) Other Adjustments Balance, December 31, 2017 — $ — $ — $ (88) $ (88) Exercise of stock options — — — — — Vesting of restricted stock units — — — — — Share‑based compensation — — — — — Net loss — — — 4 4 Balance, December 31, 2018 — $ — $ — $ (84) $ (84) As Revised Balance, December 31, 2017 102,300,010 $ 102 $ 561,288 $ 3,787 $ 565,177 Exercise of stock options 322,851 1 1,769 — 1,770 Vesting of restricted stock units 26,840 — — — — Share‑based compensation — — 2,315 — 2,315 Net loss — — — (37,579) (37,579) Balance, December 31, 2018 102,649,701 $ 103 $ 565,372 $ (33,792) $ 531,683 Year Ended December 31, 2018 As Previously Reported Adjustments As Revised Commissions Other (in thousands) Cash flows from operating activities Net loss $ (36,256) $ (1,327) $ 4 $ (37,579) Adjustments to reconcile net loss to cash provided by operating activities: Depreciation and amortization expense 33,914 — 48 33,962 Amortization of deferred contract costs 3,391 (527) — 2,864 Amortization of debt issuance costs 513 — — 513 Provision for bad debt expense and returns 37 — — 37 Loss on disposal of equipment and leasehold improvements 14 — (14) — Share‑based compensation 2,315 — — 2,315 Deferred tax benefit (12,550) (428) 599 (12,379) Other — — (34) (34) Changes in operating assets and liabilities: Trade accounts receivable (3,353) — — (3,353) Income tax receivable/payable (977) — — (977) Prepaid expenses and other assets (2,555) — (2) (2,557) Deferred contract costs (13,222) 2,282 — (10,940) Accounts payable (313) — — (313) Accrued liabilities 5,965 — 36 6,001 Deferred revenue 32,476 — (637) 31,839 Other liabilities (39) — — (39) Net cash provided by operating activities 9,360 — — 9,360 Cash flows from investing activities Acquisition, net of cash acquired (2,893) — — (2,893) Purchases of equipment and leasehold improvements (2,909) — — (2,909) Net cash used in investing activities (5,802) — — (5,802) Cash flows from financing activities Proceeds from the exercise of stock options 1,770 — — 1,770 Net cash provided by financing activities 1,770 — — 1,770 Net increase in cash and cash equivalents 5,328 — — 5,328 Cash and cash equivalents, beginning of period 33,912 — — 33,912 Cash and cash equivalents, end of period $ 39,240 $ — $ — $ 39,240 Supplemental disclosures of cash flow information: Cash paid for interest $ 17,835 $ — $ — $ 17,835 Cash paid for income taxes, net of refunds 1,461 — — 1,461 Non-cash investing activities: Leasehold improvements acquired through lease incentives $ — $ — $ 369 $ 369 March 31, 2021 As Previously Reported Adjustments As Revised Commissions Other (in thousands) Assets Current assets: Cash and cash equivalents $ 196,190 $ — $ — $ 196,190 Trade accounts receivable, net of allowances 75,882 — — 75,882 Income taxes receivable 632 — — 632 Deferred contract costs 11,155 (1,942) — 9,213 Prepaid expenses 15,009 — — 15,009 Other current assets 2,325 — — 2,325 Total current assets 301,193 (1,942) — 299,251 Equipment and leasehold improvements, net 16,965 — (186) 16,779 Goodwill 541,850 — — 541,850 Other intangible assets, net 197,504 — — 197,504 Deferred contract costs, non-current 28,774 (5,136) — 23,638 Other assets 28,898 — — 28,898 Total assets $ 1,115,184 $ (7,078) $ (186) $ 1,107,920 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 5,744 $ — $ — $ 5,744 Accrued liabilities 28,131 — — 28,131 Income taxes payable 1,153 — (87) 1,066 Deferred revenues 167,868 — — 167,868 Total current liabilities 202,896 — (87) 202,809 Deferred revenues, non-current 53,711 — — 53,711 Deferred tax liability, net 5,475 (1,465) 275 4,285 Other liabilities 33,839 — — 33,839 Total liabilities 295,921 (1,465) 188 294,644 Commitments and contingencies Stockholders’ equity: Preferred stock — — — — Common stock 118 — — 118 Additional paid‑in capital 909,966 — — 909,966 Accumulated deficit (90,821) (5,613) (374) (96,808) Total stockholders’ equity 819,263 (5,613) (374) 813,276 Total liabilities and stockholders’ equity $ 1,115,184 $ (7,078) $ (186) $ 1,107,920 Three Months Ended March 31, 2021 As Previously Reported Adjustments As Revised Commissions Other (in thousands, except share and per share amounts) Revenue: Subscription $ 74,923 $ — $ (441) $ 74,482 Services 4,003 — — 4,003 License 2,242 — — 2,242 Total revenue 81,168 — (441) 80,727 Cost of revenue: Cost of subscription (exclusive of amortization expense shown below) 12,014 — — 12,014 Cost of services (exclusive of amortization expense shown below) 2,465 — — 2,465 Amortization expense 2,777 — — 2,777 Total cost of revenue 17,256 — — 17,256 Gross profit 63,912 — (441) 63,471 Operating expenses: Sales and marketing 29,332 835 — 30,167 Research and development 15,626 — — 15,626 General and administrative 16,105 — 139 16,244 Amortization expense 5,627 — — 5,627 Total operating expenses 66,690 835 139 67,664 Loss from operations (2,778) (835) (580) (4,193) Interest expense, net (55) — — (55) Foreign currency transaction loss (171) — (47) (218) Other income, net — — — — Loss before income tax provision (3,004) (835) (627) (4,466) Income tax provision (65) (70) 12 (123) Net loss $ (3,069) $ (905) $ (615) $ (4,589) Net loss per share, basic and diluted $ (0.03) $ (0.04) Weighted-average shares used to compute net loss per share, basic and diluted 117,386,322 117,386,322 Stock Class Additional Paid‑In Accumulated Deficit Stockholders’ Common Shares Amount (in thousands, except share amounts) As Previously Reported Balance, December 31, 2020 116,992,472 $ 117 $ 903,116 $ (87,752) $ 815,481 Exercise of stock options 713,423 1 4,018 — 4,019 Share‑based compensation — — 2,832 — 2,832 Net loss — — — (3,069) (3,069) Balance, March 31, 2021 117,705,895 $ 118 $ 909,966 $ (90,821) $ 819,263 Commissions Adjustment Balance, December 31, 2020 — $ — $ — $ (4,708) $ (4,708) Exercise of stock options — — — — — Share‑based compensation — — — — — Net loss — — — (905) (905) Balance, March 31, 2021 — $ — $ — $ (5,613) $ (5,613) Other Adjustments Balance, December 31, 2020 — $ — $ — $ 241 $ 241 Exercise of stock options — — — — — Share‑based compensation — — — — — Net loss — — — (615) (615) Balance, March 31, 2021 — $ — $ — $ (374) $ (374) As Revised Balance, December 31, 2020 116,992,472 $ 117 $ 903,116 $ (92,219) $ 811,014 Exercise of stock options 713,423 1 4,018 — 4,019 Share‑based compensation — — 2,832 — 2,832 Net loss — — — (4,589) (4,589) Balance, March 31, 2021 117,705,895 $ 118 $ 909,966 $ (96,808) $ 813,276 Three Months Ended March 31, 2021 As Previously Reported Adjustments As Revised Commissions Other (in thousands) Cash flows from operating activities Net loss $ (3,069) $ (905) $ (615) $ (4,589) Adjustments to reconcile net loss to cash provided by operating activities: Depreciation and amortization expense 9,784 — — 9,784 Amortization of deferred contract costs 3,296 (596) — 2,700 Amortization of debt issuance costs 69 — — 69 Non-cash lease expense 1,267 — — 1,267 Provision for bad debt expense and returns 159 — — 159 Share‑based compensation 2,832 — — 2,832 Deferred tax benefit (758) 70 75 (613) Adjustment to contingent consideration 300 — — 300 Other 62 — 139 201 Changes in operating assets and liabilities: Trade accounts receivable (7,066) — — (7,066) Income tax receivable/payable 463 — (87) 376 Prepaid expenses and other assets (3,317) — — (3,317) Deferred contract costs (6,496) 1,431 — (5,065) Accounts payable (1,191) — — (1,191) Accrued liabilities (7,694) — 11 (7,683) Deferred revenue 15,472 — 441 15,913 Other liabilities (90) — 36 (54) Net cash provided by operating activities 4,023 — — 4,023 Cash flows from investing activities Acquisition, net of cash acquired (3,041) — — |
Summary of significant accounti
Summary of significant accounting policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Summary of significant accounting policies The Company’s significant accounting policies are discussed in Note 2 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Except for the accounting policies for leases that were updated as a result of adopting the new accounting standard, there have been no significant changes to these policies that have had a material impact on the Company’s consolidated financial statements and related notes for the three and six months ended June 30, 2021. The following describes the impact of certain policies. Revenue recognition The Company applies ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”) and follows a five-step model to determine the appropriate amount of revenue to be recognized in accordance with ASC 606. Disaggregation of Revenue The Company separates revenue into subscription and non-subscription categories to disaggregate those revenues that are term-based and renewable from those that are one-time in nature. Revenue from subscription and non-subscription contractual arrangements are as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 (1) 2021 (2) 2020 (1) (As Revised) (As Revised) (in thousands) SaaS subscription and support and maintenance $ 72,121 $ 52,830 $ 138,897 $ 102,494 On‑premise subscription 8,597 5,770 16,303 10,310 Subscription revenue 80,718 58,600 155,200 112,804 Professional services 3,929 2,632 7,932 6,719 Perpetual licenses 1,591 1,032 3,833 2,794 Non‑subscription revenue 5,520 3,664 11,765 9,513 Total revenue $ 86,238 $ 62,264 $ 166,965 $ 122,317 (1) Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. (2) Includes the three months ended March 31, 2021, which has been revised to correct immaterial errors. See Note 1 for more information. Contract Balances If revenue is recognized in advance of the right to invoice, a contract asset is recorded. The balances of contract assets, which are included in other current assets in the consolidated balance sheets, were $1.6 million and $0.9 million as of June 30, 2021 and December 31, 2020, respectively. Contract liabilities consist of customer billings in advance of revenue being recognized. The Company invoices its customers for subscription, support and maintenance and services in advance. Changes in contract liabilities, including revenue earned during the period from the beginning contract liability balance and new deferrals of revenue during the period, were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 (1) 2021 (2) 2020 (1) (As Revised) (As Revised) (in thousands) Balance, beginning of the period $ 221,579 $ 145,312 $ 205,509 $ 140,449 Revenue earned (66,967) (49,393) (111,398) (91,395) Deferral of revenue 83,845 61,363 144,346 108,228 Balance, end of the period $ 238,457 $ 157,282 $ 238,457 $ 157,282 (1) Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. (2) Includes the three months ended March 31, 2021, which has been revised to correct immaterial errors. See Note 1 for more information. There were no significant changes to our contract assets and liabilities during the three and six months ended June 30, 2021 and 2020 outside of our sales activities. Remaining Performance Obligations Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and noncancellable amounts to be invoiced. As of June 30, 2021 and December 31, 2020, the Company had $270.6 million and $224.1 million, respectively, of remaining performance obligations, with 79% and 80%, respectively, expected to be recognized as revenue over the succeeding 12 months, and the remainder generally expected to be recognized over the three years thereafter. Previously reported remaining performance obligations as of December 31, 2020 have been revised. See Note 1 for more information. Deferred Contract Costs Sales commissions as well as associated payroll taxes and retirement plan contributions (together, contract costs) that are incremental to the acquisition of customer contracts are capitalized using a portfolio approach as deferred contract costs in the consolidated balance sheets when the period of benefit is determined to be greater than one year. Total amortization of contract costs for the three months ended June 30, 2021 and 2020 was $3.2 million and $1.8 million, respectively. Total amortization of contract costs for the six months ended June 30, 2021 and 2020 was $5.9 million and $3.5 million, respectively. Previously reported amortization of contract costs for the three and six months ended June 30, 2020 have been revised. See Note 1 for more information. The Company periodically reviews these deferred costs to determine whether events or changes in circumstances have occurred that could affect the period of benefit of these deferred contract costs. There were no impairment losses recorded during the three and six months ended June 30, 2021 and 2020. Concentration of Credit Risk For the three and six months ended June 30, 2021, the Company had one distributor that accounted for more than 10% of total net revenues. Total receivables related to this distributor were $14.9 million as of June 30, 2021. For the three and six months ended June 30, 2020, the Company had two distributors that accounted for more than 10% of total net revenues. Total receivables related to these distributors were $19.8 million as of December 31, 2020. No single end customer accounted for more than 10% of total revenue during the three and six months ended June 30, 2021 and 2020. Recently issued accounting pronouncements not yet adopted From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption. Financial Instruments — Credit Losses In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which introduces a model based on expected losses to estimate credit losses for most financial assets and certain other instruments. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments — Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates (“ASU 2019-10”). The update allows the extension of the initial effective date for entities which have not yet adopted ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The standard is effective for annual reporting periods beginning after December 15, 2022, with early adoption permitted. Entities will apply the standard’s provisions by recording a cumulative-effect adjustment to retained earnings. The Company has not yet adopted ASU 2016-13 and is currently evaluating the effect the standard will have on its consolidated financial statements. Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides entities with temporary optional financial reporting alternatives to ease the potential burden in accounting for reference rate reform and includes a provision that allows entities to account for a modified contract as a continuation of an existing contract. ASU 2020-04 is effective upon issuance and can be applied through December 31, 2022. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. Adoption of new accounting pronouncements Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations related to their leasing arrangements. The update requires lessees to recognize most leases on their balance sheets, with the exception of short-term leases if a policy election is made, while recognizing lease expense on their income statements in a manner similar to current GAAP. The guidance also requires entities to disclose key quantitative and qualitative information about its leasing arrangements. The Company adopted the new lease standard on January 1, 2021 using the optional transition method to the modified retrospective approach. Under this transition provision, results for reporting periods beginning on January 1, 2021 are presented under ASC Topic 842, Leases (“ASC 842”) while prior period amounts continue to be reported and disclosed in accordance with the Company’s historical accounting treatment under ASC Topic 840, Leases (“ASC 840”). To reduce the burden of adoption and ongoing compliance with ASC 842, a number of practical expedients and policy elections are available under the new guidance. The Company elected the “package of practical expedients” permitted under the transition guidance, which among other things, did not require reassessment of whether contracts entered into prior to adoption are or contain leases, and allowed carryforward of the historical lease classification for existing leases. The Company has not elected to adopt the “hindsight” practical expedient, and therefore measured the right-of-use (“ROU”) asset and lease liability using the remaining portion of the lease term at adoption on January 1, 2021. The Company made an accounting policy election under ASC 842 not to recognize ROU assets and lease liabilities for leases with a term of twelve months or less. For all other leases, the Company recognizes ROU assets and lease liabilities based on the present value of lease payments over the lease term at the commencement date of the lease (or January 1, 2021 for existing leases upon the adoption of ASC 842). The ROU assets also include any initial direct costs incurred and lease payments made at or before the commencement date and are reduced by any lease incentives. Future lease payments may include fixed rent escalation clauses or payments that depend on an index (such as the consumer price index). Subsequent changes to an index and other periodic market-rate adjustments to base rent are recorded in variable lease expense in the period incurred. The Company has made an accounting policy election to account for lease and non-lease components in its contracts as a single lease component for all asset classes. The non-lease components typically represent additional services transferred to the Company, such as common area maintenance for real estate, which are variable in nature and recorded in variable lease expense in the period incurred. The Company uses its incremental borrowing rate to determine the present value of lease payments as the Company’s leases do not have a readily determinable implicit discount rate. The incremental borrowing rate is the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term and amount in a similar economic environment. Judgement is applied in assessing factors such as Company specific credit risk, lease term, nature and quality of the underlying collateral, currency and economic environment in determining the incremental borrowing rate to apply to each lease. Upon adoption, the Company recorded ROU assets and lease liabilities of approximately $25.0 million and $28.6 million, respectively, related to the Company’s operating leases. The adoption of the new lease standard did not materially impact our consolidated statements of operations or consolidated statements of cash flows. See Note 6 for more information. Debt with Conversion and Other Options and Contracts in Entity’s Own Equity In August 2020, the FASB issued ASU No. 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 (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Among other changes, the standard eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. As a result, entities will account for a convertible debt instrument wholly as debt unless the instrument contains features that require bifurcation as a derivative in accordance with ASC Topic 815, Derivatives and Hedging, or a convertible debt instrument was issued at a substantial premium. In addition, the amendments also require the if-converted method to be applied for all convertible instruments when calculating diluted earnings per share. The standard is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company early adopted the new standard on January 1, 2021. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. |
Financial instruments fair valu
Financial instruments fair value | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial instruments fair value | Financial instruments fair value We report financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk. ASC 820 also establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three levels. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP established a hierarchy framework to classify the fair value based on the observability of significant inputs to the measurement. The levels of the fair value hierarchy are as follows: Level 1: Fair value is determined using an unadjusted quoted price in an active market for identical assets or liabilities. Level 2: Fair value is estimated using inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly. Level 3: Fair value is estimated using unobservable inputs that are significant to the fair value of the assets or liabilities. The Company invests in money market funds and U.S. Treasuries with original or remaining maturities at the time of purchase of three months or less, which are measured and recorded at fair value on a recurring basis. Money market funds are valued based on quoted market prices in active markets and classified within Level 1 of the fair value hierarchy. U.S. Treasuries include treasury bills that generally mature within 30 days and are classified within Level 1 of the fair value hierarchy. The fair value of these financial instruments were as follows: June 30, 2021 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents: Money market funds $ 50,018 $ — $ — $ 50,018 Total cash equivalents $ 50,018 $ — $ — $ 50,018 December 31, 2020 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents: Money market funds $ 100,000 $ — $ — $ 100,000 U.S. Treasuries 25,000 — — 25,000 Total cash equivalents $ 125,000 $ — $ — $ 125,000 The carrying value of accounts receivable and accounts payable approximate their fair value due to their short maturities and are excluded from the tables above. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions cmdReporter On February 26, 2021, the Company entered into an asset purchase agreement with cmdSecurity Inc. (“cmdSecurity”) to acquire certain cmdSecurity assets, including cmdReporter, a suite of security and compliance tools purpose-built for macOS. With cmdReporter, the Company further extends the security capabilities of its expansive Apple Enterprise Management platform. cmdSecurity’s software complements the Company’s existing product offerings. The Company accounted for the acquisition by applying the acquisition method of accounting for business combinations in accordance with ASC Topic 805, Business Combinations (“ASC 805”). The final aggregate purchase price was approximately $3.4 million. This acquisition was funded by the Company’s cash on hand and included future contingent consideration due to the sellers. The goodwill represents the excess of the purchase consideration over the fair value of the underlying net identifiable assets. The goodwill recognized in this acquisition is primarily attributable to the cmdSecurity assembled workforce and was not material. The acquired intangible assets and goodwill are deductible for income tax purposes. At the time of the acquisition, the contingent consideration was valued at $0.4 million, which was based on the acquired business signing new business or renewing acquired contracts during the 90 days following the close of the acquisition. The estimated fair value of these contingent payments was determined using projected contract wins, which used Level 3 inputs for fair value measurements, including assumptions about the probability of closing contracts based on their current stage in the sales process. As of June 30, 2021, the fair value of the contingent consideration was nil as $0.3 million was earned by the acquired business and the unearned portion of $0.1 million was written off during the second quarter of 2021. The Company did not make a cash payment for the earned portion of the liability as the acquired business received the cash directly from the customers. As such, the reduction of the liability was offset by a reduction in accounts receivable. Substantially all of the purchase price consideration related to the fair value of the acquired separately identifiable intangibles assets, which related to acquired developed technology and in-process research and development (“IPR&D”). The fair value of the identifiable intangible assets was estimated using the replacement cost method, whereby the components of the acquired intangibles were reviewed to determine the cumulative cost of development for each component, inclusive of a developer’s profit and an entrepreneurial incentive. The cumulative cost of development was not discounted to account for obsolescence factor as the replacement cost accounted for present day development. The developed technology is amortized over its estimated weighted-average useful life, which was determined to be 5.0 years. The IPR&D is an indefinite lived intangible asset that is not amortized, but is evaluated at least annually for impairment. For more information on intangible assets, see Note 5. Acquisition-related expenses were expensed as incurred and totaled nil and $0.1 million for the three and six months ended June 30, 2021, respectively. These expenses were recognized as acquisition costs in general and administrative expenses in the consolidated statement of operations. The Company allocated the net purchase consideration to the net assets acquired based on their respective fair values at the time of the acquisition as follows (in thousands): Cash consideration $ 3,041 Contingent consideration 359 Final aggregate purchase price $ 3,400 Intangible assets acquired: Developed technology $ 2,630 IPR&D 400 Goodwill 370 Total purchase consideration $ 3,400 Digita Security LLC In 2019, the Company recorded contingent consideration in connection with its purchase of the outstanding membership interests of Digita. The maximum contingent consideration is $15.0 million if the acquired business achieves certain revenue milestones by December 31, 2022. In the second quarter of 2021, the acquired business achieved the minimum revenue milestone, which resulted in the Company making a cash payment of $4.2 million to the acquired business. Additional cash payments will be made within 30 days of December 31, 2021 and December 31, 2022 if the acquired business achieves the revenue milestones. |
Goodwill and other intangible a
Goodwill and other intangible assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | Goodwill and other intangible assets The change in the carrying amount of goodwill is as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) Goodwill, beginning of period $ 541,850 $ 539,818 $ 541,480 $ 539,818 Goodwill acquired — — 370 — Goodwill, end of period $ 541,850 $ 539,818 $ 541,850 $ 539,818 The gross carrying amount and accumulated amortization of intangible assets other than goodwill are as follows: Useful Life Gross Value Accumulated Net Carrying Weighted‑ (in thousands) Trademarks 8 years $ 34,320 $ 13,454 $ 20,866 4.8 years Customer relationships 2 ‑ 12 years 214,428 55,810 158,618 8.7 years Developed technology 5 years 54,563 31,173 23,390 2.3 years Non‑competes 2 years 90 86 4 0.1 years Balance, December 31, 2020 $ 303,401 $ 100,523 $ 202,878 Trademarks 8 years $ 34,300 $ 15,578 $ 18,722 4.3 years Customer relationships 2 ‑ 12 years 214,408 64,893 149,515 8.2 years Developed technology 5 years 57,193 36,809 20,384 2.2 years Non‑competes 2 years 90 90 — — IPR&D Indefinite 400 — 400 Balance, June 30, 2021 $ 306,391 $ 117,370 $ 189,021 Amortization expense was $8.5 million and $8.3 million for the three months ended June 30, 2021 and 2020, respectively. Amortization expense was $16.9 million and $16.7 million for the six months ended June 30, 2021 and 2020, respectively. There were no impairments to goodwill or intangible assets recorded for the three and six months ended June 30, 2021 and 2020. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company determines if an arrangement is or contains a lease at inception, which is the date on which the terms of the contract are agreed to and the agreement creates enforceable rights and obligations. Under ASC 842, a contract is or contains a lease when (i) explicitly or implicitly identified assets have been deployed in the contract and (ii) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company also considers whether its service arrangements include the right to control the use of an asset. See Note 2 for more information on the Company’s accounting policies for leases. The Company leases office facilities and vehicles under operating lease agreements that have initial terms ranging from 1 to 9 years. Some leases include one or more options to renew, generally at our sole discretion, with renewal terms that can extend the lease term up to 10 years. In addition, certain leases contain termination options, where the rights to terminate are held by either the Company, the lessor, or both parties. These options to extend or terminate a lease are included in the lease terms when it is reasonably certain that the Company will exercise that option. The Company’s leases generally do not contain any material restrictive covenants or residual value guarantees. The Company also leases office equipment under a finance lease agreement with a term of 4 years. The Company’s finance lease was not material to the consolidated financial statements as of June 30, 2021. Supplemental balance sheet information related to the Company’s operating leases is as follows: Leases Balance Sheet Classification June 30, 2021 (in thousands) Assets Operating lease assets Other assets $ 22,737 Liabilities Operating lease liabilities - current Accrued liabilities $ 4,826 Operating lease liabilities - non-current Other liabilities 22,063 Total operating lease liabilities $ 26,889 The weighted-average remaining term of the Company’s operating leases was 6.4 years as of June 30, 2021. The weighted-average discount rate used to measure the present value of the operating lease liabilities was 3.5% as of June 30, 2021. The components of lease expense were as follows: Three Months Ended Six Months Ended (in thousands) Operating lease cost $ 1,369 $ 2,883 Short-term lease cost 52 104 Variable lease cost 441 880 Total lease expense $ 1,862 $ 3,867 Operating lease cost is recognized on a straight-line basis over the lease term. The Company leases certain office facilities with a related party, including the office space in Eau Claire, Wisconsin. Operating lease cost with related parties was $0.2 million and $0.5 million for the three and six months ended June 30, 2021, respectively. Total lease expense, including the Company’s share of the lessors’ operating expenses, was $1.2 million and $2.5 million for the three and six months ended June 30, 2020, respectively. Previously reported total lease expense for the three and six months ended June 30, 2020 have been revised. See Note 1 for more information. Lease expense with related parties, including the Company’s share of the lessors’ operating expenses, was $0.3 million and $0.5 million for the three and six months ended June 30, 2020, respectively. For the six months ended June 30, 2021, operating cash flows included $2.6 million of cash paid for operating lease liabilities. Maturities of the Company’s operating lease liabilities as of June 30, 2021 were as follows: Operating Leases (in thousands) Years ending December 31: 2021 (remaining six months) $ 2,887 2022 5,422 2023 5,347 2024 4,596 2025 2,519 Thereafter 9,482 Total lease payments 30,253 Less: imputed interest 3,364 Total present value of lease liabilities $ 26,889 |
Leases | Leases The Company determines if an arrangement is or contains a lease at inception, which is the date on which the terms of the contract are agreed to and the agreement creates enforceable rights and obligations. Under ASC 842, a contract is or contains a lease when (i) explicitly or implicitly identified assets have been deployed in the contract and (ii) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company also considers whether its service arrangements include the right to control the use of an asset. See Note 2 for more information on the Company’s accounting policies for leases. The Company leases office facilities and vehicles under operating lease agreements that have initial terms ranging from 1 to 9 years. Some leases include one or more options to renew, generally at our sole discretion, with renewal terms that can extend the lease term up to 10 years. In addition, certain leases contain termination options, where the rights to terminate are held by either the Company, the lessor, or both parties. These options to extend or terminate a lease are included in the lease terms when it is reasonably certain that the Company will exercise that option. The Company’s leases generally do not contain any material restrictive covenants or residual value guarantees. The Company also leases office equipment under a finance lease agreement with a term of 4 years. The Company’s finance lease was not material to the consolidated financial statements as of June 30, 2021. Supplemental balance sheet information related to the Company’s operating leases is as follows: Leases Balance Sheet Classification June 30, 2021 (in thousands) Assets Operating lease assets Other assets $ 22,737 Liabilities Operating lease liabilities - current Accrued liabilities $ 4,826 Operating lease liabilities - non-current Other liabilities 22,063 Total operating lease liabilities $ 26,889 The weighted-average remaining term of the Company’s operating leases was 6.4 years as of June 30, 2021. The weighted-average discount rate used to measure the present value of the operating lease liabilities was 3.5% as of June 30, 2021. The components of lease expense were as follows: Three Months Ended Six Months Ended (in thousands) Operating lease cost $ 1,369 $ 2,883 Short-term lease cost 52 104 Variable lease cost 441 880 Total lease expense $ 1,862 $ 3,867 Operating lease cost is recognized on a straight-line basis over the lease term. The Company leases certain office facilities with a related party, including the office space in Eau Claire, Wisconsin. Operating lease cost with related parties was $0.2 million and $0.5 million for the three and six months ended June 30, 2021, respectively. Total lease expense, including the Company’s share of the lessors’ operating expenses, was $1.2 million and $2.5 million for the three and six months ended June 30, 2020, respectively. Previously reported total lease expense for the three and six months ended June 30, 2020 have been revised. See Note 1 for more information. Lease expense with related parties, including the Company’s share of the lessors’ operating expenses, was $0.3 million and $0.5 million for the three and six months ended June 30, 2020, respectively. For the six months ended June 30, 2021, operating cash flows included $2.6 million of cash paid for operating lease liabilities. Maturities of the Company’s operating lease liabilities as of June 30, 2021 were as follows: Operating Leases (in thousands) Years ending December 31: 2021 (remaining six months) $ 2,887 2022 5,422 2023 5,347 2024 4,596 2025 2,519 Thereafter 9,482 Total lease payments 30,253 Less: imputed interest 3,364 Total present value of lease liabilities $ 26,889 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt On July 27, 2020, the Company entered into a new secured credit agreement (the “New Credit Agreement”) for an initial revolving credit facility of $150.0 million (the “New Revolving Credit Facility”), which may be increased or decreased under specific circumstances, with a $25.0 million letter of credit sublimit and a $50.0 million alternative currency sublimit. In addition, the New Credit Agreement provides for the ability of the Company to request incremental term loan facilities in a minimum amount of $5.0 million for each facility. The maturity date of the New Credit Agreement is July 27, 2025. The New Credit Agreement contains customary representations and warranties, affirmative covenants, reporting obligations, negative covenants and events of default. We were in compliance with such covenants as of both June 30, 2021 and December 31, 2020. As of both June 30, 2021 and December 31, 2020, we had $1.0 million of letters of credit outstanding under our New Revolving Credit Facility. In the third quarter of 2020, the Company recorded debt issuance costs of $1.3 million related to the New Credit Agreement. In the second quarter of 2021, the Company recorded debt issuance costs of $0.7 million related to the Incremental Facility Amendment No. 1 (the “Credit Agreement Amendment”), which amended the New Credit Agreement. See Note 13 for more information on the Credit Agreement Amendment. The debt issuance costs are amortized to interest expense over the term of the agreement. As of June 30, 2021 and December 31, 2020, debt issuance costs of $1.6 million and $1.1 million, respectively, were included in other assets in the consolidated balance sheets. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies Contingencies The Company has been engaged in discussions with an entity regarding the entity’s patented technology and allegations regarding the Company’s infringement of that technology. While no legal proceedings have been initiated, the Company has accrued $4.2 million to general and administrative expenses in the second quarter of 2021 based on its most recent discussions with the entity. It is reasonably possible the estimated loss will change. The exposure to loss in excess of the amount accrued as of June 30, 2021 is estimated to be up to $2.3 million. From time to time, the Company may be subject to various claims, charges and litigation. The Company records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company maintains insurance to cover certain actions and believes that resolution of such claims, charges, or litigation will not have a material impact on the Company’s financial position, results of operations, or liquidity. The Company had no liabilities for contingencies recorded as of December 31, 2020. |
Net loss per share
Net loss per share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net loss per share | Net loss per share The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 (1) 2021 (2) 2020 (1) (As Revised) (As Revised) (in thousands, except share and per share amounts) Numerator: Net loss $ (16,467) $ (834) $ (21,056) $ (10,330) Denominator: Weighted-average shares used to compute net loss per share, basic and diluted 117,909,720 102,862,404 117,649,467 102,861,475 Basic and diluted net loss per share $ (0.14) $ (0.01) $ (0.18) $ (0.10) (1) Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. (2) Includes the three months ended March 31, 2021, which has been revised to correct immaterial errors. See Note 1 for more information. Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period. Because we have reported a net loss for the three and six months ended June 30, 2021 and 2020, the number of shares used to calculate diluted net loss per common share is the same as the number of shares used to calculate basic net loss per common share because the potentially dilutive shares would have been antidilutive if included in the calculation. The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding because such securities have an antidilutive impact due to losses reported: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock options outstanding 5,977,050 7,742,158 5,977,050 7,742,158 Unvested restricted stock units 3,093,800 36,520 3,093,800 36,520 Total potentially dilutive securities 9,070,850 7,778,678 9,070,850 7,778,678 |
Share-based compensation
Share-based compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based compensation | Note 10. Share-based compensation On July 21, 2020, the Company adopted the Jamf Holding Corp. Omnibus Incentive Plan (the “2020 Plan”). The 2020 Plan provides for grants of (i) stock options, (ii) stock appreciation rights, (iii) restricted shares, (iv) performance awards, (v) other share-based awards and (vi) other cash-based awards to eligible employees, non-employee directors and consultants of the Company. We initially reserved 14,800,000 shares of our common stock for issuance under the 2020 Plan. The total number of shares reserved for issuance under the 2020 Plan increases on January 1st of each of the first 10 calendar years during the term of the 2020 Plan by the lesser of: (i) a number of shares of our common stock equal to 4% of the total number of shares of our common stock outstanding on December 31 st of the preceding calendar year or (ii) a number of shares of our common stock as determined by our board of directors. The maximum number of shares of common stock available for issuance under the 2020 Plan was 19,479,699 shares as of January 1, 2021 . As of June 30, 2021, 16,385,899 shares of common stock are reserved for additional grants under the 2020 Plan. The 2017 Stock Option Plan (“2017 Option Plan”) became effective November 13, 2017 upon the approval of the board of directors and, prior to the adoption of the 2020 Plan, served as the umbrella plan for the Company’s stock-based and cash-based incentive compensation program for its officers and other eligible employees. The aggregate number of shares of common stock that may be issued under the 2017 Option Plan may not exceed 8,470,000 shares. As of June 30, 2021, 128,928 shares of common stock are reserved for additional grants under the 2017 Option Plan. All stock options granted by the Company were at an exercise price at or above the estimated fair market value of the Company’s common stock as of the grant date. No options were granted during the six months ended June 30, 2021. The table below summarizes return target options activity for the six months ended June 30, 2021: Options Weighted‑ Weighted‑ Aggregate Outstanding, December 31, 2020 3,687,664 $ 6.75 7.8 $ 85,444 Granted — — — Exercised — — — Forfeitures — — — Outstanding, June 30, 2021 3,687,664 $ 6.75 7.3 $ 98,904 Options exercisable at June 30, 2021 — $ — — $ — Vested or expected to vest at June 30, 2021 — $ — — $ — There was approximately $33.0 million of unrecognized compensation expense related to these return target options as of June 30, 2021. The aggregate intrinsic value in the table above represents the total intrinsic value that would have been received by the optionholders had all optionholders exercised their options. Restricted stock unit (“RSU”) activity for the six months ended June 30, 2021 is as follows: Units Per Unit Outstanding, December 31, 2020 1,293,107 $ 26.34 Granted 1,843,500 34.79 Restrictions lapsed — — Forfeited (42,807) 26.33 Outstanding, June 30, 2021 3,093,800 $ 31.38 RSUs under the 2020 Plan vest ratably over four years. RSUs under the 2017 Option Plan vest 100% on the one-year anniversary of the date of the grant. The estimated compensation cost of each RSU, which is equal to the fair value of the award on the date of grant, is recognized on a straight-line basis over the vesting period. There was $88.0 million of total unrecognized compensation cost related to unvested restricted stock that is expected to be recognized over a weighted-average period of 3.6 years as of June 30, 2021. The table below summarizes the service-based option activity for the six months ended June 30, 2021: Options Weighted‑ Weighted‑ Aggregate Outstanding, December 31, 2020 3,546,826 $ 5.65 7.1 $ 86,098 Granted — — — Exercised (1,257,440) 5.62 36,219 Forfeitures — — — Outstanding, June 30, 2021 2,289,386 $ 5.66 6.6 $ 63,896 Options exercisable at June 30, 2021 1,524,788 $ 5.49 6.4 $ 42,813 Vested or expected to vest at June 30, 2021 2,289,386 $ 5.66 6.6 $ 63,896 The aggregate intrinsic value in the table above represents the total intrinsic value that would have been received by the optionholders had all optionholders exercised their options on the last date of the period. The total fair value of service-based options vested during the six months ended June 30, 2021 was $1.3 million. There was $2.0 million of unrecognized compensation expense related to service-based stock options that is expected to be recognized over a weighted-average period of 1.5 years as of June 30, 2021. The Company recognized stock-based compensation expense as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) Cost of revenue: Subscription $ 344 $ 38 $ 668 $ 76 Services 75 — 152 — Sales and marketing 1,088 111 1,930 222 Research and development 1,153 141 1,931 298 General and administrative 1,446 474 2,257 979 $ 4,106 $ 764 $ 6,938 $ 1,575 |
Income taxes
Income taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes The Company’s effective tax rates for the three months ended June 30, 2021 and 2020 were 0.4% and 9.6%, respectively. The effective tax rate for the three months ended June 30, 2021 was lower than the prior year period due to the application of Section 162(m) of the Internal Revenue Code, stock option activity and the domestic valuation allowance. The effective tax rate for the three months ended June 30, 2021 differs from the statutory rate primarily as a result of the domestic valuation allowance. The effective tax rate for the three months ended June 30, 2021 was impacted by $0.1 million of discrete income tax benefit. The Company’s annual effective tax rates for the three months ended June 30, 2021 and 2020 were (0.5)% and 21.2%, respectively. The Company’s effective tax rates for the six months ended June 30, 2021 and 2020 were (0.3)% and 23.2%, respectively. The effective tax rate for the six months ended June 30, 2021 was lower than the prior year period due to the application of Section 162(m) of the Internal Revenue Code, stock option activity and the domestic valuation allowance. The effective tax rate for the six months ended June 30, 2021 differs from the statutory rate primarily as a result of the domestic valuation allowance. The effective tax rate for the six months ended June 30, 2021 was impacted by $0.1 million of discrete income tax benefit. |
Related-party transactions
Related-party transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related-party transactions | Related-party transactions The Company made pledges to the Jamf Nation Global Foundation (“JNGF”) of $0.2 million and $0.3 million for the three and six months ended June 30, 2021, respectively. The Company did not make any pledges to the JNGF for the three and six months ended June 30, 2020. As of June 30, 2021 and December 31, 2020, the Company accrued $0.6 million and $0.9 million, respectively, related to JNGF pledges, which are included in accrued liabilities in the consolidated balance sheets. The Company has an ongoing lease agreement for office space in Eau Claire, Wisconsin with an entity in which a related party is a minority owner. See Note 6 for further discussion of this lease agreement. The Company may engage in transactions in the ordinary course of business with other companies whose directors or officers may also serve as directors or officers for the Company. The Company carries out these transactions on customary terms. Vista is a U.S.-based investment firm that controls the funds which own a majority of the Company. The Company has paid for consulting services and other expenses related to services provided by Vista and Vista affiliates. The total expenses incurred by the Company for these services were less than $0.1 million for the three and six months ended June 30, 2021. The total expenses incurred by the Company for these services were $0.1 million and $0.3 million for the three and six months ended June 30, 2020, respectively. The Company had less than $0.1 million in accounts payable related to these expenses as of both June 30, 2021 and December 31, 2020. The Company also has revenue arrangements with Vista affiliates. The Company recognized revenue related to these arrangements of $0.3 million for both the three months ended June 30, 2021 and 2020 and $0.5 million and $0.6 million for the six months ended June 30, 2021 and 2020, respectively. The Company had $0.2 million and $0.3 million in accounts receivable related to these agreements as of June 30, 2021 and December 31, 2020, respectively. In addition, the Company pays for services with Vista affiliates in the normal course of business. The total expenses incurred by the Company for services with Vista affiliates were $0.3 million and $0.1 million for the three months ended June 30, 2021 and 2020, respectively, and $0.5 million and $0.3 million for the six months ended June 30, 2021 and 2020, respectively. The Company had less than $0.1 million in accounts payable related to these expenses as of June 30, 2021 and $0.1 million in accounts payable related to these expenses as of December 31, 2020. Prior to its termination and repayment in full on July 27, 2020, the Company was party to a term loan facility (the “Prior Term Loan”) and revolving credit facility with a consortium of lenders for a principal amount of $205.0 million and principal committed amount of $15.0 million, respectively. During the three and six months ended June 30, 2020, affiliates of Vista were paid $0.8 million and $1.6 million, respectively, in interest on the portion of the Prior Term Loan held by them. |
Subsequent events
Subsequent events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events On July 1, 2021, the Company completed its previously announced acquisition of Wandera, Inc. (“Wandera”) pursuant to the terms of the Agreement and Plan of Merger, dated as of May 5, 2021 (the “Merger Agreement”). Under the terms of the Merger Agreement, the Company paid total cash consideration of $409.2 million subject to certain closing adjustments as set forth in the Merger Agreement. The total consideration consists of an initial payment of $359.2 million at close and deferred consideration of $50.0 million to be paid in $25.0 million increments on October 1, 2021 and December 15, 2021. The acquisition was funded with cash on hand and borrowings under the New Term Loan Facility described below. In connection with the closing of the Wandera acquisition, on July 1, 2021, the Company entered into the Credit Agreement Amendment, which amended the Company’s existing New Credit Agreement. The Credit Agreement Amendment provided for a new 364-day term loan facility (the “New Term Loan Facility”) in an aggregate principal amount of $250.0 million on substantially the same terms and conditions as the Company’s existing New Revolving Credit Facility. The maturity date of the New Term Loan Facility is May 4, 2022. Due to the limited amount of time since the close of the acquisition, information required by ASC 805 is not yet available and will be disclosed in subsequent periods. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Certain reclassifications of prior period amounts have been made to conform to the current presentation. In the fourth quarter of 2020, the Company reclassified on-premise subscription revenue from license revenue to subscription revenue in the consolidated statements of operations on a retroactive basis. |
Use of estimates | The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the reporting date, and the reported amounts of revenues and expenses during the reporting period. These estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future and include, but are not limited to, revenue recognition, stock-based compensation, commissions, goodwill and accounting for income taxes. Actual results could differ from those estimates. |
Segment and geographic information | Our chief operating decision maker (“CODM”) is our Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources. |
Principles of consolidation | The Company’s significant accounting policies are discussed in Note 2 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Except for the accounting policies for leases that were updated as a result of adopting the new accounting standard, there have been no significant changes to these policies that have had a material impact on the Company’s consolidated financial statements and related notes for the three and six months ended June 30, 2021. The following describes the impact of certain policies. |
Revenue recognition | The Company applies ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”) and follows a five-step model to determine the appropriate amount of revenue to be recognized in accordance with ASC 606. |
Recently issued accounting pronouncements not yet adopted and Adoption of new accounting pronouncements | Recently issued accounting pronouncements not yet adopted From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption. Financial Instruments — Credit Losses In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which introduces a model based on expected losses to estimate credit losses for most financial assets and certain other instruments. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments — Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates (“ASU 2019-10”). The update allows the extension of the initial effective date for entities which have not yet adopted ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The standard is effective for annual reporting periods beginning after December 15, 2022, with early adoption permitted. Entities will apply the standard’s provisions by recording a cumulative-effect adjustment to retained earnings. The Company has not yet adopted ASU 2016-13 and is currently evaluating the effect the standard will have on its consolidated financial statements. Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides entities with temporary optional financial reporting alternatives to ease the potential burden in accounting for reference rate reform and includes a provision that allows entities to account for a modified contract as a continuation of an existing contract. ASU 2020-04 is effective upon issuance and can be applied through December 31, 2022. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. Adoption of new accounting pronouncements Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations related to their leasing arrangements. The update requires lessees to recognize most leases on their balance sheets, with the exception of short-term leases if a policy election is made, while recognizing lease expense on their income statements in a manner similar to current GAAP. The guidance also requires entities to disclose key quantitative and qualitative information about its leasing arrangements. The Company adopted the new lease standard on January 1, 2021 using the optional transition method to the modified retrospective approach. Under this transition provision, results for reporting periods beginning on January 1, 2021 are presented under ASC Topic 842, Leases (“ASC 842”) while prior period amounts continue to be reported and disclosed in accordance with the Company’s historical accounting treatment under ASC Topic 840, Leases (“ASC 840”). To reduce the burden of adoption and ongoing compliance with ASC 842, a number of practical expedients and policy elections are available under the new guidance. The Company elected the “package of practical expedients” permitted under the transition guidance, which among other things, did not require reassessment of whether contracts entered into prior to adoption are or contain leases, and allowed carryforward of the historical lease classification for existing leases. The Company has not elected to adopt the “hindsight” practical expedient, and therefore measured the right-of-use (“ROU”) asset and lease liability using the remaining portion of the lease term at adoption on January 1, 2021. The Company made an accounting policy election under ASC 842 not to recognize ROU assets and lease liabilities for leases with a term of twelve months or less. For all other leases, the Company recognizes ROU assets and lease liabilities based on the present value of lease payments over the lease term at the commencement date of the lease (or January 1, 2021 for existing leases upon the adoption of ASC 842). The ROU assets also include any initial direct costs incurred and lease payments made at or before the commencement date and are reduced by any lease incentives. Future lease payments may include fixed rent escalation clauses or payments that depend on an index (such as the consumer price index). Subsequent changes to an index and other periodic market-rate adjustments to base rent are recorded in variable lease expense in the period incurred. The Company has made an accounting policy election to account for lease and non-lease components in its contracts as a single lease component for all asset classes. The non-lease components typically represent additional services transferred to the Company, such as common area maintenance for real estate, which are variable in nature and recorded in variable lease expense in the period incurred. The Company uses its incremental borrowing rate to determine the present value of lease payments as the Company’s leases do not have a readily determinable implicit discount rate. The incremental borrowing rate is the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term and amount in a similar economic environment. Judgement is applied in assessing factors such as Company specific credit risk, lease term, nature and quality of the underlying collateral, currency and economic environment in determining the incremental borrowing rate to apply to each lease. Upon adoption, the Company recorded ROU assets and lease liabilities of approximately $25.0 million and $28.6 million, respectively, related to the Company’s operating leases. The adoption of the new lease standard did not materially impact our consolidated statements of operations or consolidated statements of cash flows. See Note 6 for more information. Debt with Conversion and Other Options and Contracts in Entity’s Own Equity In August 2020, the FASB issued ASU No. 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 (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Among other changes, the standard eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. As a result, entities will account for a convertible debt instrument wholly as debt unless the instrument contains features that require bifurcation as a derivative in accordance with ASC Topic 815, Derivatives and Hedging, or a convertible debt instrument was issued at a substantial premium. In addition, the amendments also require the if-converted method to be applied for all convertible instruments when calculating diluted earnings per share. The standard is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company early adopted the new standard on January 1, 2021. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. |
Basis of presentation and des_2
Basis of presentation and description of business (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Revenue by Geographic Location | Revenue by geographic region as determined based on the end user customer address was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 (1) 2021 (2) 2020 (1) (As Revised) (As Revised) (in thousands) Revenue: The Americas $ 64,726 $ 48,145 $ 125,543 $ 95,016 Europe, the Middle East, India, and Africa 15,655 10,631 30,178 20,561 Asia Pacific 5,857 3,488 11,244 6,740 $ 86,238 $ 62,264 $ 166,965 $ 122,317 (1) Certain prior period amounts have been revised to correct immaterial errors. See above for more information. (2) Includes the three months ended March 31, 2021, which has been revised to correct immaterial errors. See above for more information. |
Schedule of Error Corrections and Prior Period Adjustments | The tables below provide reconciliations of our previously reported amounts to revised amounts to correct for these immaterial errors in our consolidated financial statements as of and for the years ended December 31, 2020, 2019 and 2018 and our unaudited consolidated financial statements as of and for the quarter ended March 31, 2021 and as of and for the quarter and year-to-date periods ended June 30, 2020. December 31, 2020 As Previously Reported Adjustments As Revised Commissions Other (in thousands) Assets Current assets: Cash and cash equivalents $ 194,868 $ — $ — $ 194,868 Trade accounts receivable, net of allowances 69,056 — — 69,056 Income taxes receivable 632 — — 632 Deferred contract costs 9,959 (1,675) — 8,284 Prepaid expenses 13,283 — — 13,283 Other current assets 1,113 — — 1,113 Total current assets 288,911 (1,675) — 287,236 Equipment and leasehold improvements, net 12,755 — 2,375 15,130 Goodwill 541,480 — — 541,480 Other intangible assets, net 202,878 — — 202,878 Deferred contract costs, non-current 26,770 (4,568) — 22,202 Other assets 5,359 — — 5,359 Total assets $ 1,078,153 $ (6,243) $ 2,375 $ 1,074,285 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 6,967 $ — $ — $ 6,967 Accrued liabilities 31,574 — 342 31,916 Income taxes payable 713 — — 713 Deferred revenues 160,443 — (441) 160,002 Total current liabilities 199,697 — (99) 199,598 Deferred revenues, non-current 45,507 — — 45,507 Deferred tax liability, net 6,422 (1,535) 200 5,087 Other liabilities 11,046 — 2,033 13,079 Total liabilities 262,672 (1,535) 2,134 263,271 Commitments and contingencies Stockholders’ equity: Preferred stock — — — — Common stock 117 — — 117 Additional paid‑in capital 903,116 — — 903,116 Accumulated deficit (87,752) (4,708) 241 (92,219) Total stockholders’ equity 815,481 (4,708) 241 811,014 Total liabilities and stockholders’ equity $ 1,078,153 $ (6,243) $ 2,375 $ 1,074,285 Year Ended December 31, 2020 As Previously Reported Adjustments As Revised Commissions Other (in thousands, except share and per share amounts) Revenue: Subscription $ 249,192 $ — $ (313) $ 248,879 Services 14,525 — (6) 14,519 License 5,734 — — 5,734 Total revenue 269,451 — (319) 269,132 Cost of revenue: Cost of subscription (exclusive of amortization expense shown below) 39,323 — 206 39,529 Cost of services (exclusive of amortization expense shown below) 10,712 — 14 10,726 Amortization expense 10,753 — — 10,753 Total cost of revenue 60,788 — 220 61,008 Gross profit 208,663 — (539) 208,124 Operating expenses: Sales and marketing 96,251 2,497 137 98,885 Research and development 52,431 — 82 52,513 General and administrative 51,904 — (301) 51,603 Amortization expense 22,575 — — 22,575 Total operating expenses 223,161 2,497 (82) 225,576 Loss from operations (14,498) (2,497) (457) (17,452) Interest expense, net (10,741) — — (10,741) Loss on extinguishment of debt (5,213) — — (5,213) Foreign currency transaction loss (722) — — (722) Other income, net 91 — — 91 Loss before income tax benefit (31,083) (2,497) (457) (34,037) Income tax benefit 8,312 619 1,024 9,955 Net loss $ (22,771) $ (1,878) $ 567 $ (24,082) Net loss per share, basic and diluted $ (0.21) $ (0.22) Weighted-average shares used to compute net loss per share, basic and diluted 108,908,597 108,908,597 Stock Class Additional Paid‑In Accumulated Stockholders’ Common Shares Amount (in thousands, except share amounts) As Previously Reported Balance, December 31, 2019 102,843,612 $ 103 $ 568,756 $ (64,981) $ 503,878 Issuance of common stock upon initial public offering, net of underwriting discounts and commissions, offering costs and tax 13,500,000 14 322,399 — 322,413 Private placement 85,880 — 2,233 — 2,233 Exercise of stock options 526,460 — 2,985 — 2,985 Vesting of restricted stock units 36,520 — — — — Share‑based compensation — — 6,743 — 6,743 Net loss — — — (22,771) (22,771) Balance, December 31, 2020 116,992,472 $ 117 $ 903,116 $ (87,752) $ 815,481 Commissions Adjustment Balance, December 31, 2019 — $ — $ — $ (2,830) $ (2,830) Issuance of common stock upon initial public offering, net of underwriting discounts and commissions, offering costs and tax — — — — — Private placement — — — — — Exercise of stock options — — — — — Vesting of restricted stock units — — — — — Share‑based compensation — — — — — Net loss — — — (1,878) (1,878) Balance, December 31, 2020 — $ — $ — $ (4,708) $ (4,708) Other Adjustments Balance, December 31, 2019 — $ — $ — $ (326) $ (326) Issuance of common stock upon initial public offering, net of underwriting discounts and commissions, offering costs and tax — — — — — Private placement — — — — — Exercise of stock options — — — — — Vesting of restricted stock units — — — — — Share‑based compensation — — — — — Net loss — — — 567 567 Balance, December 31, 2020 — $ — $ — $ 241 $ 241 As Revised Balance, December 31, 2019 102,843,612 $ 103 $ 568,756 $ (68,137) $ 500,722 Issuance of common stock upon initial public offering, net of underwriting discounts and commissions, offering costs and tax 13,500,000 14 322,399 — 322,413 Private placement 85,880 — 2,233 — 2,233 Exercise of stock options 526,460 — 2,985 — 2,985 Vesting of restricted stock units 36,520 — — — — Share‑based compensation — — 6,743 — 6,743 Net loss — — — (24,082) (24,082) Balance, December 31, 2020 116,992,472 $ 117 $ 903,116 $ (92,219) $ 811,014 Year Ended December 31, 2020 As Previously Reported Adjustments As Revised Commissions Other (in thousands) Cash flows from operating activities Net loss $ (22,771) $ (1,878) $ 567 $ (24,082) Adjustments to reconcile net loss to cash provided by operating activities: Depreciation and amortization expense 38,168 — 343 38,511 Amortization of deferred contract costs 9,647 (1,694) — 7,953 Amortization of debt issuance costs 773 — — 773 Provision for bad debt expense and returns 1,024 — — 1,024 Gain on disposal of equipment and leasehold improvements (29) — 29 — Loss on extinguishment of debt 5,213 — — 5,213 Share‑based compensation 6,743 — — 6,743 Deferred tax benefit (8,675) (619) (1,024) (10,318) Adjustment to contingent consideration (1,000) — — (1,000) Other (263) — (227) (490) Changes in operating assets and liabilities: Trade accounts receivable (23,170) — 58 (23,112) Income tax receivable/payable (766) — — (766) Prepaid expenses and other assets (4,119) — 499 (3,620) Deferred contract costs (24,589) 4,191 — (20,398) Deferred taxes 145 — (145) — Accounts payable 3,888 — 138 4,026 Accrued liabilities 5,501 — — 5,501 Deferred revenue 65,125 — (180) 64,945 Other liabilities 1,898 — — 1,898 Net cash provided by operating activities 52,743 — 58 52,801 Cash flows from investing activities Acquisition, net of cash acquired (2,512) — — (2,512) Purchases of equipment and leasehold improvements (4,368) — — (4,368) Proceeds from sale of equipment and leasehold improvements 4 — — 4 Net cash used in investing activities (6,876) — — (6,876) Cash flows from financing activities Debt issuance costs (1,264) — — (1,264) Payment of debt (205,000) — — (205,000) Payment of debt extinguishment costs (2,050) — — (2,050) Proceeds from initial public offering, net of underwriting discounts and commissions 326,316 — — 326,316 Cash paid for offering costs (7,256) — — (7,256) Proceeds from private placement 2,233 — — 2,233 Proceeds from the exercise of stock options 2,985 — — 2,985 Net cash provided by financing activities 115,964 — — 115,964 Effect of exchange rate changes on cash and cash equivalents 604 — — 604 Net increase in cash and cash equivalents 162,435 — 58 162,493 Cash and cash equivalents, beginning of period 32,433 — (58) 32,375 Cash and cash equivalents, end of period $ 194,868 $ — $ — $ 194,868 Supplemental disclosures of cash flow information: Cash paid for interest $ 12,649 $ — $ — $ 12,649 Cash paid for income taxes, net of refunds 1,394 — — 1,394 December 31, 2019 As Previously Reported Adjustments As Revised Commissions Other (in thousands) Assets Current assets: Cash and cash equivalents $ 32,433 $ — $ (58) $ 32,375 Trade accounts receivable, net of allowances 46,513 — 58 46,571 Income taxes receivable 14 — — 14 Deferred contract costs 5,553 (932) — 4,621 Prepaid expenses 10,935 — (2,841) 8,094 Other current assets 3,133 — 499 3,632 Total current assets 98,581 (932) (2,342) 95,307 Equipment and leasehold improvements, net 12,477 — 2,718 15,195 Goodwill 539,818 — — 539,818 Other intangible assets, net 235,099 — — 235,099 Deferred contract costs, non-current 16,234 (2,814) — 13,420 Other assets 2,599 — 2,841 5,440 Total assets $ 904,808 $ (3,746) $ 3,217 $ 904,279 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 3,684 $ — $ (138) $ 3,546 Accrued liabilities 26,927 — 342 27,269 Income taxes payable 819 — — 819 Deferred revenues 120,089 — (261) 119,828 Total current liabilities 151,519 — (57) 151,462 Deferred revenues, non-current 20,621 — — 20,621 Deferred tax liability, net 18,133 (916) 1,224 18,441 Debt 201,319 — — 201,319 Other liabilities 9,338 — 2,376 11,714 Total liabilities 400,930 (916) 3,543 403,557 Commitments and contingencies Stockholders’ equity: Preferred stock — — — — Common stock 103 — — 103 Additional paid‑in capital 568,756 — — 568,756 Accumulated deficit (64,981) (2,830) (326) (68,137) Total stockholders’ equity 503,878 (2,830) (326) 500,722 Total liabilities and stockholders’ equity $ 904,808 $ (3,746) $ 3,217 $ 904,279 Year Ended December 31, 2019 As Previously Reported Adjustments As Revised Commissions Other (in thousands, except share and per share amounts) Revenue: Subscription $ 175,189 $ — $ (71) $ 175,118 Services 19,008 — 6 19,014 License 9,830 — 3 9,833 Total revenue 204,027 — (62) 203,965 Cost of revenue: Cost of subscription (exclusive of amortization expense shown below) 31,539 — (82) 31,457 Cost of services (exclusive of amortization expense shown below) 14,224 — 15 14,239 Amortization expense 10,266 — — 10,266 Total cost of revenue 56,029 — (67) 55,962 Gross profit 147,998 — 5 148,003 Operating expenses: Sales and marketing 71,006 1,991 106 73,103 Research and development 42,829 — 69 42,898 General and administrative 32,003 — (494) 31,509 Amortization expense 22,416 — — 22,416 Total operating expenses 168,254 1,991 (319) 169,926 Loss from operations (20,256) (1,991) 324 (21,923) Interest expense, net (21,423) — — (21,423) Foreign currency transaction loss (1,252) — — (1,252) Other income, net 220 — — 220 Loss before income tax benefit (42,711) (1,991) 324 (44,378) Income tax benefit 10,111 488 (566) 10,033 Net loss $ (32,600) $ (1,503) $ (242) $ (34,345) Net loss per share, basic and diluted $ (0.32) $ (0.33) Weighted-average shares used to compute net loss per share, basic and diluted 102,752,092 102,752,092 Stock Class Additional Paid‑In Accumulated Stockholders’ Common Shares Amount (in thousands, except share amounts) As Previously Reported Balance, December 31, 2018 102,649,701 $ 103 $ 565,372 $ (32,381) $ 533,094 Exercise of stock options 168,391 — 923 — 923 Vesting of restricted stock units 25,520 — — — — Share‑based compensation — — 2,461 — 2,461 Net loss — — — (32,600) (32,600) Balance, December 31, 2019 102,843,612 $ 103 $ 568,756 $ (64,981) $ 503,878 Commissions Adjustment Balance, December 31, 2018 — $ — $ — $ (1,327) $ (1,327) Exercise of stock options — — — — — Vesting of restricted stock units — — — — — Share‑based compensation — — — — — Net loss — — — (1,503) (1,503) Balance, December 31, 2019 — $ — $ — $ (2,830) $ (2,830) Other Adjustments Balance, December 31, 2018 — $ — $ — $ (84) $ (84) Exercise of stock options — — — — — Vesting of restricted stock units — — — — — Share‑based compensation — — — — — Net loss — — — (242) (242) Balance, December 31, 2019 — $ — $ — $ (326) $ (326) As Revised Balance, December 31, 2018 102,649,701 $ 103 $ 565,372 $ (33,792) $ 531,683 Exercise of stock options 168,391 — 923 — 923 Vesting of restricted stock units 25,520 — — — — Share‑based compensation — — 2,461 — 2,461 Net loss — — — (34,345) (34,345) Balance, December 31, 2019 102,843,612 $ 103 $ 568,756 $ (68,137) $ 500,722 Year Ended December 31, 2019 As Previously Reported Adjustments As Revised Commissions Other (in thousands) Cash flows from operating activities Net loss $ (32,600) $ (1,503) $ (242) $ (34,345) Adjustments to reconcile net loss to cash provided by operating activities: Depreciation and amortization expense 36,807 — 275 37,082 Amortization of deferred contract costs 6,250 (1,014) — 5,236 Amortization of debt issuance costs 1,120 — — 1,120 Provision for bad debt expense and returns 279 — — 279 Gain on disposal of equipment and leasehold improvements (17) — 17 — Share‑based compensation 2,461 — — 2,461 Deferred tax benefit (11,247) (488) 566 (11,169) Adjustment to contingent consideration 200 — — 200 Other — — (292) (292) Changes in operating assets and liabilities: Trade accounts receivable (14,741) — (58) (14,799) Income tax receivable/payable 559 — — 559 Prepaid expenses and other assets (4,585) — (521) (5,106) Deferred contract costs (17,050) 3,005 — (14,045) Accounts payable 1,138 — (138) 1,000 Accrued liabilities 6,390 — (41) 6,349 Deferred revenue 36,998 — 376 37,374 Other liabilities (58) — — (58) Net cash provided by operating activities 11,904 — (58) 11,846 Cash flows from investing activities Acquisition, net of cash acquired (40,173) — — (40,173) Purchases of equipment and leasehold improvements (7,190) — — (7,190) Net cash used in investing activities (47,363) — — (47,363) Cash flows from financing activities Proceeds from debt 40,000 — — 40,000 Debt issuance costs (1,550) — — (1,550) Payment of debt (10,000) — — (10,000) Cash paid for offering costs (721) — — (721) Proceeds from the exercise of stock options 923 — — 923 Net cash provided by financing activities 28,652 — — 28,652 Net decrease in cash and cash equivalents (6,807) — (58) (6,865) Cash and cash equivalents, beginning of period 39,240 — — 39,240 Cash and cash equivalents, end of period $ 32,433 $ — $ (58) $ 32,375 Supplemental disclosures of cash flow information: Cash paid for interest $ 20,693 $ — $ — $ 20,693 Cash paid for income taxes, net of refunds 596 — — 596 Non-cash investing activities: Leasehold improvements acquired through lease incentives $ — $ — $ 2,672 $ 2,672 December 31, 2018 As Previously Reported Adjustments As Revised Commissions Other (in thousands) Assets Current assets: Cash and cash equivalents $ 39,240 $ — $ — $ 39,240 Trade accounts receivable, net of allowances 30,854 — — 30,854 Income taxes receivable 65 — — 65 Deferred contract costs 2,526 (398) — 2,128 Prepaid expenses 6,682 — (207) 6,475 Other current assets 922 — 185 1,107 Total current assets 80,289 (398) (22) 79,869 Equipment and leasehold improvements, net 9,228 — 321 9,549 Goodwill 501,145 — — 501,145 Other intangible assets, net 252,171 — — 252,171 Deferred contract costs, non-current 8,461 (1,357) — 7,104 Other assets 2,090 — — 2,090 Total assets $ 853,384 $ (1,755) $ 299 $ 851,928 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 2,343 $ — $ — $ 2,343 Accrued liabilities 18,809 — 94 18,903 Income taxes payable 147 — — 147 Deferred revenues 86,220 — (637) 85,583 Total current liabilities 107,519 — (543) 106,976 Deferred revenues, non-current 14,442 — — 14,442 Deferred tax liability, net 26,384 (428) 658 26,614 Debt 171,749 — — 171,749 Other liabilities 196 — 268 464 Total liabilities 320,290 (428) 383 320,245 Commitments and contingencies Stockholders’ equity: Preferred stock — — — — Common stock 103 — — 103 Additional paid‑in capital 565,372 — — 565,372 Accumulated deficit (32,381) (1,327) (84) (33,792) Total stockholders’ equity 533,094 (1,327) (84) 531,683 Total liabilities and stockholders’ equity $ 853,384 $ (1,755) $ 299 $ 851,928 Year Ended December 31, 2018 As Previously Reported Adjustments As Revised Commissions Other (in thousands, except share and per share amounts) Revenue: Subscription $ 113,040 $ — $ 827 $ 113,867 Services 20,206 — (5) 20,201 License 13,316 — — 13,316 Total revenue 146,562 — 822 147,384 Cost of revenue: Cost of subscription (exclusive of amortization expense shown below) 24,088 — 11 24,099 Cost of services (exclusive of amortization expense shown below) 16,246 — 4 16,250 Amortization expense 8,969 — — 8,969 Total cost of revenue 49,303 — 15 49,318 Gross profit 97,259 — 807 98,066 Operating expenses: Sales and marketing 51,976 1,755 18 53,749 Research and development 31,515 — 12 31,527 General and administrative 22,270 — 174 22,444 Amortization expense 21,491 — — 21,491 Total operating expenses 127,252 1,755 204 129,211 Loss from operations (29,993) (1,755) 603 (31,145) Interest expense, net (18,203) — — (18,203) Foreign currency transaction loss (418) — — (418) Other income, net 221 — — 221 Loss before income tax benefit (48,393) (1,755) 603 (49,545) Income tax benefit 12,137 428 (599) 11,966 Net loss $ (36,256) $ (1,327) $ 4 $ (37,579) Net loss per share, basic and diluted $ (0.35) $ (0.37) Weighted-average shares used to compute net loss per share, basic and diluted 102,325,465 102,325,465 Stock Class Additional Paid‑In Retained Earnings (Accumulated Stockholders’ Common Shares Amount (in thousands, except share amounts) As Previously Reported Balance, December 31, 2017 102,300,010 $ 102 $ 561,288 $ 3,875 $ 565,265 Exercise of stock options 322,851 1 1,769 — 1,770 Vesting of restricted stock units 26,840 — — — — Share‑based compensation — — 2,315 — 2,315 Net loss — — — (36,256) (36,256) Balance, December 31, 2018 102,649,701 $ 103 $ 565,372 $ (32,381) $ 533,094 Commissions Adjustment Balance, December 31, 2017 — $ — $ — $ — $ — Exercise of stock options — — — — — Vesting of restricted stock units — — — — — Share‑based compensation — — — — — Net loss — — — (1,327) (1,327) Balance, December 31, 2018 — $ — $ — $ (1,327) $ (1,327) Other Adjustments Balance, December 31, 2017 — $ — $ — $ (88) $ (88) Exercise of stock options — — — — — Vesting of restricted stock units — — — — — Share‑based compensation — — — — — Net loss — — — 4 4 Balance, December 31, 2018 — $ — $ — $ (84) $ (84) As Revised Balance, December 31, 2017 102,300,010 $ 102 $ 561,288 $ 3,787 $ 565,177 Exercise of stock options 322,851 1 1,769 — 1,770 Vesting of restricted stock units 26,840 — — — — Share‑based compensation — — 2,315 — 2,315 Net loss — — — (37,579) (37,579) Balance, December 31, 2018 102,649,701 $ 103 $ 565,372 $ (33,792) $ 531,683 Year Ended December 31, 2018 As Previously Reported Adjustments As Revised Commissions Other (in thousands) Cash flows from operating activities Net loss $ (36,256) $ (1,327) $ 4 $ (37,579) Adjustments to reconcile net loss to cash provided by operating activities: Depreciation and amortization expense 33,914 — 48 33,962 Amortization of deferred contract costs 3,391 (527) — 2,864 Amortization of debt issuance costs 513 — — 513 Provision for bad debt expense and returns 37 — — 37 Loss on disposal of equipment and leasehold improvements 14 — (14) — Share‑based compensation 2,315 — — 2,315 Deferred tax benefit (12,550) (428) 599 (12,379) Other — — (34) (34) Changes in operating assets and liabilities: Trade accounts receivable (3,353) — — (3,353) Income tax receivable/payable (977) — — (977) Prepaid expenses and other assets (2,555) — (2) (2,557) Deferred contract costs (13,222) 2,282 — (10,940) Accounts payable (313) — — (313) Accrued liabilities 5,965 — 36 6,001 Deferred revenue 32,476 — (637) 31,839 Other liabilities (39) — — (39) Net cash provided by operating activities 9,360 — — 9,360 Cash flows from investing activities Acquisition, net of cash acquired (2,893) — — (2,893) Purchases of equipment and leasehold improvements (2,909) — — (2,909) Net cash used in investing activities (5,802) — — (5,802) Cash flows from financing activities Proceeds from the exercise of stock options 1,770 — — 1,770 Net cash provided by financing activities 1,770 — — 1,770 Net increase in cash and cash equivalents 5,328 — — 5,328 Cash and cash equivalents, beginning of period 33,912 — — 33,912 Cash and cash equivalents, end of period $ 39,240 $ — $ — $ 39,240 Supplemental disclosures of cash flow information: Cash paid for interest $ 17,835 $ — $ — $ 17,835 Cash paid for income taxes, net of refunds 1,461 — — 1,461 Non-cash investing activities: Leasehold improvements acquired through lease incentives $ — $ — $ 369 $ 369 March 31, 2021 As Previously Reported Adjustments As Revised Commissions Other (in thousands) Assets Current assets: Cash and cash equivalents $ 196,190 $ — $ — $ 196,190 Trade accounts receivable, net of allowances 75,882 — — 75,882 Income taxes receivable 632 — — 632 Deferred contract costs 11,155 (1,942) — 9,213 Prepaid expenses 15,009 — — 15,009 Other current assets 2,325 — — 2,325 Total current assets 301,193 (1,942) — 299,251 Equipment and leasehold improvements, net 16,965 — (186) 16,779 Goodwill 541,850 — — 541,850 Other intangible assets, net 197,504 — — 197,504 Deferred contract costs, non-current 28,774 (5,136) — 23,638 Other assets 28,898 — — 28,898 Total assets $ 1,115,184 $ (7,078) $ (186) $ 1,107,920 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 5,744 $ — $ — $ 5,744 Accrued liabilities 28,131 — — 28,131 Income taxes payable 1,153 — (87) 1,066 Deferred revenues 167,868 — — 167,868 Total current liabilities 202,896 — (87) 202,809 Deferred revenues, non-current 53,711 — — 53,711 Deferred tax liability, net 5,475 (1,465) 275 4,285 Other liabilities 33,839 — — 33,839 Total liabilities 295,921 (1,465) 188 294,644 Commitments and contingencies Stockholders’ equity: Preferred stock — — — — Common stock 118 — — 118 Additional paid‑in capital 909,966 — — 909,966 Accumulated deficit (90,821) (5,613) (374) (96,808) Total stockholders’ equity 819,263 (5,613) (374) 813,276 Total liabilities and stockholders’ equity $ 1,115,184 $ (7,078) $ (186) $ 1,107,920 Three Months Ended March 31, 2021 As Previously Reported Adjustments As Revised Commissions Other (in thousands, except share and per share amounts) Revenue: Subscription $ 74,923 $ — $ (441) $ 74,482 Services 4,003 — — 4,003 License 2,242 — — 2,242 Total revenue 81,168 — (441) 80,727 Cost of revenue: Cost of subscription (exclusive of amortization expense shown below) 12,014 — — 12,014 Cost of services (exclusive of amortization expense shown below) 2,465 — — 2,465 Amortization expense 2,777 — — 2,777 Total cost of revenue 17,256 — — 17,256 Gross profit 63,912 — (441) 63,471 Operating expenses: Sales and marketing 29,332 835 — 30,167 Research and development 15,626 — — 15,626 General and administrative 16,105 — 139 16,244 Amortization expense 5,627 — — 5,627 Total operating expenses 66,690 835 139 67,664 Loss from operations (2,778) (835) (580) (4,193) Interest expense, net (55) — — (55) Foreign currency transaction loss (171) — (47) (218) Other income, net — — — — Loss before income tax provision (3,004) (835) (627) (4,466) Income tax provision (65) (70) 12 (123) Net loss $ (3,069) $ (905) $ (615) $ (4,589) Net loss per share, basic and diluted $ (0.03) $ (0.04) Weighted-average shares used to compute net loss per share, basic and diluted 117,386,322 117,386,322 Stock Class Additional Paid‑In Accumulated Deficit Stockholders’ Common Shares Amount (in thousands, except share amounts) As Previously Reported Balance, December 31, 2020 116,992,472 $ 117 $ 903,116 $ (87,752) $ 815,481 Exercise of stock options 713,423 1 4,018 — 4,019 Share‑based compensation — — 2,832 — 2,832 Net loss — — — (3,069) (3,069) Balance, March 31, 2021 117,705,895 $ 118 $ 909,966 $ (90,821) $ 819,263 Commissions Adjustment Balance, December 31, 2020 — $ — $ — $ (4,708) $ (4,708) Exercise of stock options — — — — — Share‑based compensation — — — — — Net loss — — — (905) (905) Balance, March 31, 2021 — $ — $ — $ (5,613) $ (5,613) Other Adjustments Balance, December 31, 2020 — $ — $ — $ 241 $ 241 Exercise of stock options — — — — — Share‑based compensation — — — — — Net loss — — — (615) (615) Balance, March 31, 2021 — $ — $ — $ (374) $ (374) As Revised Balance, December 31, 2020 116,992,472 $ 117 $ 903,116 $ (92,219) $ 811,014 Exercise of stock options 713,423 1 4,018 — 4,019 Share‑based compensation — — 2,832 — 2,832 Net loss — — — (4,589) (4,589) Balance, March 31, 2021 117,705,895 $ 118 $ 909,966 $ (96,808) $ 813,276 Three Months Ended March 31, 2021 As Previously Reported Adjustments As Revised Commissions Other (in thousands) Cash flows from operating activities Net loss $ (3,069) $ (905) $ (615) $ (4,589) Adjustments to reconcile net loss to cash provided by operating activities: Depreciation and amortization expense 9,784 — — 9,784 Amortization of deferred contract costs 3,296 (596) — 2,700 Amortization of debt issuance costs 69 — — 69 Non-cash lease expense 1,267 — — 1,267 Provision for bad debt expense and returns 159 — — 159 Share‑based compensation 2,832 — — 2,832 Deferred tax benefit (758) 70 75 (613) Adjustment to contingent consideration 300 — — 300 Other 62 — 139 201 Changes in operating assets and liabilities: Trade accounts receivable (7,066) — — (7,066) Income tax receivable/payable 463 — (87) 376 Prepaid expenses and other assets (3,317) — — (3,317) Deferred contract costs (6,496) 1,431 — (5,065) Accounts payable (1,191) — — (1,191) Accrued liabilities (7,694) — 11 (7,683) Deferred revenue 15,472 — 441 15,913 Other liabilities (90) — 36 (54) Net cash provided by operating activities 4,023 — — 4,023 Cash flows from investing activities Acquisition, net of cash acquired (3,041) — — (3,041) Purchases of equipment and leasehold improvements (3,290) — — (3,290) Proceeds from sale of equipment and leasehold improvements 12 — — 12 Net cash used in investing activities (6,319) — — (6,319) Cash flows from financing activities Proceeds from the exercise of stock options 4,019 — — 4,019 Net cash provided by financing activities 4,019 — — 4,019 Effect of exchange rate changes on cash and cash equivalents (401) (401) Net increase in cash and cash equivalents 1,322 — — 1,322 Cash and cash equivalents, beginning of period 194,868 — — 194,868 Cash and cash equivalents, end of period $ 196,190 $ — $ — $ 196,190 Supplemental disclosures of cash flow information: Cash paid for interest $ 3 $ — $ — $ 3 Cash paid for income taxes, net of refunds 351 — — 351 Operating lease assets obtained in exchange for operating lease liabilities (19) — — (19) June 30, 2020 As Previously Reported Adjustments As Revised Commissions Other (in thousands) Assets Current assets: Cash and cash equivalents $ 38,424 $ — $ — $ 38,424 Trade accounts receivable, net of allowances 53,275 — — 53,275 Income taxes receivable 554 — — 554 Deferred contract costs 7,270 (1,277) — 5,993 Prepaid expenses 10,880 — — 10,880 Other current assets 6,314 — — 6,314 Total current assets 116,717 (1,277) — 115,440 Equipment and leasehold improvements, net 11,494 — 2,550 14,044 Goodwill 539,818 — — 539,818 Other intangible assets, net 218,430 — — 218,430 Deferred contract costs, non-current 20,334 (3,703) — 16,631 Other assets 2,557 — — 2,557 Total assets $ 909,350 $ (4,980) $ 2,550 $ 906,920 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 3,909 $ — $ (194) $ 3,715 Accrued liabilities 26,099 — 342 26,441 Income taxes payable 1,081 — — 1,081 Deferred revenues 130,309 — (456) 129,853 Total current liabilities 161,398 — (308) 161,090 Deferred revenues, non-current 27,429 — — 27,429 Deferred tax liability, net 14,913 (1,227) 1,670 15,356 Debt 201,891 — — 201,891 Other liabilities 6,876 — 2,208 9,084 Total liabilities 412,507 (1,227) 3,570 414,850 Commitments and contingencies Stockholders’ equity: Preferred stock — — — — Common stock 103 — — 103 Additional paid‑in capital 570,434 — — 570,434 Accumulated deficit (73,694) (3,753) (1,020) (78,467) Total stockholders’ equity 496,843 (3,753) (1,020) 492,070 Total liabilities and stockholders’ equity $ 909,350 $ (4,980) $ 2,550 $ 906,920 Three Months Ended June 30, 2020 As Previously Reported (1) Adjustments As Revised Commissions Other (in thousands, except share and per share amounts) Revenue: Subscription $ 58,748 $ — $ (148) $ 58,600 Services 2,451 — 181 2,632 License 1,032 — — 1,032 Total revenue 62,231 — 33 62,264 Cost of revenue: Cost of subscription (exclusive of amortization expense shown below) 8,762 — (22) 8,740 Cost of services (exclusive of amortization expense shown below) 2,207 — 3 2,210 Amortization expense 2,678 — — 2,678 Total cost of revenue 13,647 — (19) 13,628 Gross profit 48,584 — 52 48,636 Operating expenses: Sales and marketing 20,202 544 35 20,781 Research and development 11,929 — 20 11,949 General and administrative 6,603 — (75) 6,528 Amortization expense 5,634 — — 5,634 Total operating expenses 44,368 544 (20) 44,892 Income from operations 4,216 (544) 72 3,744 Interest expense, net (4,690) — — (4,690) Foreign currency transaction loss (13) — — (13) Other income, net 36 — — 36 Loss before income tax benefit (451) (544) 72 (923) Income tax benefit 28 142 (81) 89 Net loss $ (423) $ (402) $ (9) $ (834) Net loss per share, basic and diluted $ (0.00) $ (0.01) Weighted-average shares used to compute net loss per share, basic and diluted 102,862,404 102,862,404 (1) Previously reported amounts reflect the reclassification of on-premise subscription revenue from license revenue to subscription revenue, which we applied on a retrospective basis in the fourth quarter of 2020. See further information in Basis of Presentation above. Six Months Ended June 30, 2020 As Previously Reported (1) Adjustments As Revised Commissions Other (in thousands, except share and per share amounts) Revenue: Subscription $ 113,366 $ — $ (562) $ 112,804 Services 6,461 — 258 6,719 License 2,794 — — 2,794 Total revenue 122,621 — (304) 122,317 Cost of revenue: Cost of subscription (exclusive of amortization expense shown below) 18,010 — (22) 17,988 Cost of services (exclusive of amortization expense shown below) 5,293 — 7 5,300 Amortization expense 5,355 — — 5,355 Total cost of revenue 28,658 — (15) 28,643 Gross profit 93,963 — (289) 93,674 Operating expenses: Sales and marketing 42,484 1,234 67 43,785 Research and development 24,546 — 41 24,587 General and administrative 17,892 — (149) 17,743 Amortization expense 11,308 — — 11,308 Total operating expenses 96,230 1,234 (41) 97,423 Loss from operations (2,267) (1,234) (248) (3,749) Interest expense, net (9,468) — — (9,468) Foreign currency transaction loss (317) — — (317) Other income, net 91 — — 91 Loss before income tax benefit (11,961) (1,234) (248) (13,443) Income tax benefit 3,248 311 (446) 3,113 Net loss $ (8,713) $ (923) $ (694) $ (10,330) Net loss per share, basic and diluted $ (0.08) $ (0.10) Weighted-average shares used to compute net loss per share, basic and diluted 102,861,475 102,861,475 (1) Previously reported amounts reflect the reclassification of on-premise subscription revenue from license revenue to subscription revenue, which we applied on a retrospective basis in the fourth quarter of 2020. See further information in Basis of Presentation above. Stock Class Additional Paid‑In Accumulated Stockholders’ Common Shares Amount (in thousands, except share amounts) As Previously Reported Balance, March 31, 2020 102,862,404 $ 103 $ 569,670 $ (73,271) $ 496,502 Exercise of stock options — — — — — Share‑based compensation — — 764 — 764 Net loss — — — (423) (423) Balance, June 30, 2020 102,862,404 $ 103 $ 570,434 $ (73,694) $ 496,843 Commissions Adjustment Balance, March 31, 2020 — $ — $ — $ (3,351) $ (3,351) Exercise of stock options — — — — — Share‑based compensation — — — — — Net loss — — — (402) (402) Balance, June 30, 2020 — $ — $ — $ (3,753) $ (3,753) Other Adjustments Balance, March 31, 2020 — $ — $ — $ (1,011) $ (1,011) Exercise of stock options — — — — — Share‑based compensation — — — — — Net loss — — — (9) (9) Balance, June 30, 2020 — $ — $ — $ (1,020) $ (1,020) As Revised Balance, March 31, 2020 102,862,404 $ 103 $ 569,670 $ (77,633) $ 492,140 Exercise of stock options — — — — — Share‑based compensation — — 764 — 764 Net loss — — — (834) (834) Balance, June 30, 2020 102,862,404 $ 103 $ 570,434 $ (78,467) $ 492,070 Stock Class Additional Paid‑In Accumulated Stockholders’ Common Shares Amount (in thousands, except share amounts) As Previously Reported Balance, December 31, 2019 102,843,612 $ 103 $ 568,756 $ (64,981) $ 503,878 Exercise of stock options 18,792 — 103 — 103 Share‑based compensation — — 1,575 — 1,575 Net loss — — — (8,713) (8,713) Balance, June 30, 2020 102,862,404 $ 103 $ 570,434 $ (73,694) $ 496,843 Commissions Adjustment Balance, December 31, 2019 — $ — $ — $ (2,830) $ (2,830) Exercise of stock options — — — — — Share‑based compensation — — — — — Net loss — — — (923) (923) Balance, June 30, 2020 — $ — $ — $ (3,753) $ ( |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Disaggregation of Revenue | Revenue from subscription and non-subscription contractual arrangements are as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 (1) 2021 (2) 2020 (1) (As Revised) (As Revised) (in thousands) SaaS subscription and support and maintenance $ 72,121 $ 52,830 $ 138,897 $ 102,494 On‑premise subscription 8,597 5,770 16,303 10,310 Subscription revenue 80,718 58,600 155,200 112,804 Professional services 3,929 2,632 7,932 6,719 Perpetual licenses 1,591 1,032 3,833 2,794 Non‑subscription revenue 5,520 3,664 11,765 9,513 Total revenue $ 86,238 $ 62,264 $ 166,965 $ 122,317 (1) Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. (2) Includes the three months ended March 31, 2021, which has been revised to correct immaterial errors. See Note 1 for more information. |
Contract with Customer Asset and Liability | Changes in contract liabilities, including revenue earned during the period from the beginning contract liability balance and new deferrals of revenue during the period, were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 (1) 2021 (2) 2020 (1) (As Revised) (As Revised) (in thousands) Balance, beginning of the period $ 221,579 $ 145,312 $ 205,509 $ 140,449 Revenue earned (66,967) (49,393) (111,398) (91,395) Deferral of revenue 83,845 61,363 144,346 108,228 Balance, end of the period $ 238,457 $ 157,282 $ 238,457 $ 157,282 (1) Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. (2) Includes the three months ended March 31, 2021, which has been revised to correct immaterial errors. See Note 1 for more information. |
Financial instruments fair va_2
Financial instruments fair value (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments Fair Value | The fair value of these financial instruments were as follows: June 30, 2021 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents: Money market funds $ 50,018 $ — $ — $ 50,018 Total cash equivalents $ 50,018 $ — $ — $ 50,018 December 31, 2020 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents: Money market funds $ 100,000 $ — $ — $ 100,000 U.S. Treasuries 25,000 — — 25,000 Total cash equivalents $ 125,000 $ — $ — $ 125,000 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Acquisitions | The Company allocated the net purchase consideration to the net assets acquired based on their respective fair values at the time of the acquisition as follows (in thousands): Cash consideration $ 3,041 Contingent consideration 359 Final aggregate purchase price $ 3,400 Intangible assets acquired: Developed technology $ 2,630 IPR&D 400 Goodwill 370 Total purchase consideration $ 3,400 |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | The change in the carrying amount of goodwill is as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) Goodwill, beginning of period $ 541,850 $ 539,818 $ 541,480 $ 539,818 Goodwill acquired — — 370 — Goodwill, end of period $ 541,850 $ 539,818 $ 541,850 $ 539,818 |
Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets Other Than Goodwill | The gross carrying amount and accumulated amortization of intangible assets other than goodwill are as follows: Useful Life Gross Value Accumulated Net Carrying Weighted‑ (in thousands) Trademarks 8 years $ 34,320 $ 13,454 $ 20,866 4.8 years Customer relationships 2 ‑ 12 years 214,428 55,810 158,618 8.7 years Developed technology 5 years 54,563 31,173 23,390 2.3 years Non‑competes 2 years 90 86 4 0.1 years Balance, December 31, 2020 $ 303,401 $ 100,523 $ 202,878 Trademarks 8 years $ 34,300 $ 15,578 $ 18,722 4.3 years Customer relationships 2 ‑ 12 years 214,408 64,893 149,515 8.2 years Developed technology 5 years 57,193 36,809 20,384 2.2 years Non‑competes 2 years 90 90 — — IPR&D Indefinite 400 — 400 Balance, June 30, 2021 $ 306,391 $ 117,370 $ 189,021 |
Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets Other Than Goodwill | The gross carrying amount and accumulated amortization of intangible assets other than goodwill are as follows: Useful Life Gross Value Accumulated Net Carrying Weighted‑ (in thousands) Trademarks 8 years $ 34,320 $ 13,454 $ 20,866 4.8 years Customer relationships 2 ‑ 12 years 214,428 55,810 158,618 8.7 years Developed technology 5 years 54,563 31,173 23,390 2.3 years Non‑competes 2 years 90 86 4 0.1 years Balance, December 31, 2020 $ 303,401 $ 100,523 $ 202,878 Trademarks 8 years $ 34,300 $ 15,578 $ 18,722 4.3 years Customer relationships 2 ‑ 12 years 214,408 64,893 149,515 8.2 years Developed technology 5 years 57,193 36,809 20,384 2.2 years Non‑competes 2 years 90 90 — — IPR&D Indefinite 400 — 400 Balance, June 30, 2021 $ 306,391 $ 117,370 $ 189,021 |
Leases - (Tables)
Leases - (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to the Company’s operating leases is as follows: Leases Balance Sheet Classification June 30, 2021 (in thousands) Assets Operating lease assets Other assets $ 22,737 Liabilities Operating lease liabilities - current Accrued liabilities $ 4,826 Operating lease liabilities - non-current Other liabilities 22,063 Total operating lease liabilities $ 26,889 |
Components of Lease Expense | The components of lease expense were as follows: Three Months Ended Six Months Ended (in thousands) Operating lease cost $ 1,369 $ 2,883 Short-term lease cost 52 104 Variable lease cost 441 880 Total lease expense $ 1,862 $ 3,867 |
Schedule of Operating Lease Liability | Maturities of the Company’s operating lease liabilities as of June 30, 2021 were as follows: Operating Leases (in thousands) Years ending December 31: 2021 (remaining six months) $ 2,887 2022 5,422 2023 5,347 2024 4,596 2025 2,519 Thereafter 9,482 Total lease payments 30,253 Less: imputed interest 3,364 Total present value of lease liabilities $ 26,889 |
Net loss per share (Tables)
Net loss per share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 (1) 2021 (2) 2020 (1) (As Revised) (As Revised) (in thousands, except share and per share amounts) Numerator: Net loss $ (16,467) $ (834) $ (21,056) $ (10,330) Denominator: Weighted-average shares used to compute net loss per share, basic and diluted 117,909,720 102,862,404 117,649,467 102,861,475 Basic and diluted net loss per share $ (0.14) $ (0.01) $ (0.18) $ (0.10) (1) Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. (2) Includes the three months ended March 31, 2021, which has been revised to correct immaterial errors. See Note 1 for more information. |
Schedule of Potentially Dilutive Securities Excluded from the Computation of Diluted Weighted-Average Shares Outstanding | The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding because such securities have an antidilutive impact due to losses reported: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock options outstanding 5,977,050 7,742,158 5,977,050 7,742,158 Unvested restricted stock units 3,093,800 36,520 3,093,800 36,520 Total potentially dilutive securities 9,070,850 7,778,678 9,070,850 7,778,678 |
Share-based compensation (Table
Share-based compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock-Option Activity | The table below summarizes return target options activity for the six months ended June 30, 2021: Options Weighted‑ Weighted‑ Aggregate Outstanding, December 31, 2020 3,687,664 $ 6.75 7.8 $ 85,444 Granted — — — Exercised — — — Forfeitures — — — Outstanding, June 30, 2021 3,687,664 $ 6.75 7.3 $ 98,904 Options exercisable at June 30, 2021 — $ — — $ — Vested or expected to vest at June 30, 2021 — $ — — $ — The table below summarizes the service-based option activity for the six months ended June 30, 2021: Options Weighted‑ Weighted‑ Aggregate Outstanding, December 31, 2020 3,546,826 $ 5.65 7.1 $ 86,098 Granted — — — Exercised (1,257,440) 5.62 36,219 Forfeitures — — — Outstanding, June 30, 2021 2,289,386 $ 5.66 6.6 $ 63,896 Options exercisable at June 30, 2021 1,524,788 $ 5.49 6.4 $ 42,813 Vested or expected to vest at June 30, 2021 2,289,386 $ 5.66 6.6 $ 63,896 |
Summary of Restricted Stock Units Stock Option Activity | Restricted stock unit (“RSU”) activity for the six months ended June 30, 2021 is as follows: Units Per Unit Outstanding, December 31, 2020 1,293,107 $ 26.34 Granted 1,843,500 34.79 Restrictions lapsed — — Forfeited (42,807) 26.33 Outstanding, June 30, 2021 3,093,800 $ 31.38 |
Schedule of Stock Based Compensation | The Company recognized stock-based compensation expense as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) Cost of revenue: Subscription $ 344 $ 38 $ 668 $ 76 Services 75 — 152 — Sales and marketing 1,088 111 1,930 222 Research and development 1,153 141 1,931 298 General and administrative 1,446 474 2,257 979 $ 4,106 $ 764 $ 6,938 $ 1,575 |
Basis of presentation and des_3
Basis of presentation and description of business - Acquisition (Details) - Vista Equity Partners - USD ($) $ in Millions | Nov. 13, 2017 | Jun. 30, 2021 |
Business Acquisition [Line Items] | ||
Consideration transferred | $ 733.8 | |
Ownership, as a percent | 53.50% |
Basis of presentation and des_4
Basis of presentation and description of business - Basis of Presentation and Revision Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | [2] | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Business Acquisition [Line Items] | |||||||||||
Revenue | $ 86,238 | $ 80,727 | $ 62,264 | [1] | $ 166,965 | $ 122,317 | [1] | $ 269,132 | $ 203,965 | $ 147,384 | |
Sales and marketing | 32,617 | 30,167 | 20,781 | [1] | 62,784 | 43,785 | [1] | 98,885 | 73,103 | 53,749 | |
Subscription | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenue | $ 80,718 | 74,482 | 58,600 | [1] | $ 155,200 | 112,804 | [1] | 248,879 | 175,118 | 113,867 | |
Adjustments | Error in Commissions Capitalized | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Sales and marketing | 800 | 2,500 | 2,000 | 1,800 | |||||||
Deferred contract costs | $ (800) | $ (2,500) | $ (2,000) | $ (1,800) | |||||||
Adjustments | Subscription | Classification of on Premise Subscription Revenue | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenue | $ 5,800 | $ 10,300 | |||||||||
[1] | Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. | ||||||||||
[2] | Includes the three months ended March 31, 2021, which has been revised to correct immaterial errors. See Note 1 for more information. |
Basis of presentation and des_5
Basis of presentation and description of business - Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ 226,485 | [1] | $ 196,190 | $ 194,868 | [1],[2] | $ 38,424 | [2] | $ 32,375 | [2] | $ 39,240 | $ 33,912 | |||
Trade accounts receivable, net of allowances | 66,667 | 75,882 | 69,056 | [2] | 53,275 | 46,571 | 30,854 | |||||||
Income taxes receivable | 565 | 632 | 632 | [2] | 554 | 14 | 65 | |||||||
Deferred contract costs | 10,480 | 9,213 | 8,284 | [2] | 5,993 | 4,621 | 2,128 | |||||||
Prepaid expenses | 14,432 | 15,009 | 13,283 | [2] | 10,880 | 8,094 | 6,475 | |||||||
Other current assets | 2,687 | 2,325 | 1,113 | [2] | 6,314 | 3,632 | 1,107 | |||||||
Total current assets | 321,316 | 299,251 | 287,236 | [2] | 115,440 | 95,307 | 79,869 | |||||||
Equipment and leasehold improvements, net | 17,223 | 16,779 | 15,130 | [2] | 14,044 | 15,195 | 9,549 | |||||||
Goodwill | 541,850 | 541,850 | 541,480 | [2] | 539,818 | $ 539,818 | 539,818 | 501,145 | ||||||
Other intangible assets, net | 189,021 | 197,504 | 202,878 | [2] | 218,430 | 235,099 | 252,171 | |||||||
Deferred contract costs, non-current | 25,993 | 23,638 | 22,202 | [2] | 16,631 | 13,420 | 7,104 | |||||||
Other assets | 28,112 | 28,898 | 5,359 | [2] | 2,557 | 5,440 | 2,090 | |||||||
Total assets | 1,123,515 | 1,107,920 | 1,074,285 | [2] | 906,920 | 904,279 | 851,928 | |||||||
Current liabilities: | ||||||||||||||
Accounts payable | 9,037 | 5,744 | 6,967 | [2] | 3,715 | 3,546 | 2,343 | |||||||
Accrued liabilities | 38,263 | 28,131 | 31,916 | [2] | 26,441 | 27,269 | 18,903 | |||||||
Income taxes payable | 417 | 1,066 | 713 | [2] | 1,081 | 819 | 147 | |||||||
Deferred revenues | 180,707 | 167,868 | 160,002 | [2] | 129,853 | 119,828 | 85,583 | |||||||
Total current liabilities | 228,424 | 202,809 | 199,598 | [2] | 161,090 | 151,462 | 106,976 | |||||||
Deferred revenues, non-current | 57,750 | 53,711 | 45,507 | [2] | 27,429 | 20,621 | 14,442 | |||||||
Deferred tax liability, net | 4,306 | 4,285 | 5,087 | [2] | 15,356 | 18,441 | 26,614 | |||||||
Debt | 201,891 | 201,319 | 171,749 | |||||||||||
Other liabilities | 29,076 | 33,839 | 13,079 | [2] | 9,084 | 11,714 | 464 | |||||||
Total liabilities | 319,556 | 294,644 | 263,271 | [2] | 414,850 | 403,557 | 320,245 | |||||||
Commitments and contingencies (Note 8) | [2] | |||||||||||||
Stockholders’ equity: | ||||||||||||||
Preferred stock | 0 | 0 | 0 | [2] | 0 | 0 | 0 | |||||||
Common stock | 118 | 118 | 117 | [2] | 103 | 103 | 103 | |||||||
Additional paid‑in capital | 917,116 | 909,966 | 903,116 | [2] | 570,434 | 568,756 | 565,372 | |||||||
Accumulated deficit | (113,275) | (96,808) | (92,219) | [2] | (78,467) | (68,137) | (33,792) | |||||||
Total stockholders’ equity | 803,959 | [2] | 813,276 | [2] | 811,014 | [2] | 492,070 | [2] | 492,140 | [2] | 500,722 | [2] | 531,683 | 565,177 |
Total liabilities and stockholders’ equity | $ 1,123,515 | 1,107,920 | 1,074,285 | [2] | 906,920 | 904,279 | 851,928 | |||||||
As Previously Reported | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | 196,190 | 194,868 | 38,424 | 32,433 | 39,240 | 33,912 | ||||||||
Trade accounts receivable, net of allowances | 75,882 | 69,056 | 53,275 | 46,513 | 30,854 | |||||||||
Income taxes receivable | 632 | 632 | 554 | 14 | 65 | |||||||||
Deferred contract costs | 11,155 | 9,959 | 7,270 | 5,553 | 2,526 | |||||||||
Prepaid expenses | 15,009 | 13,283 | 10,880 | 10,935 | 6,682 | |||||||||
Other current assets | 2,325 | 1,113 | 6,314 | 3,133 | 922 | |||||||||
Total current assets | 301,193 | 288,911 | 116,717 | 98,581 | 80,289 | |||||||||
Equipment and leasehold improvements, net | 16,965 | 12,755 | 11,494 | 12,477 | 9,228 | |||||||||
Goodwill | 541,850 | 541,480 | 539,818 | 539,818 | 501,145 | |||||||||
Other intangible assets, net | 197,504 | 202,878 | 218,430 | 235,099 | 252,171 | |||||||||
Deferred contract costs, non-current | 28,774 | 26,770 | 20,334 | 16,234 | 8,461 | |||||||||
Other assets | 28,898 | 5,359 | 2,557 | 2,599 | 2,090 | |||||||||
Total assets | 1,115,184 | 1,078,153 | 909,350 | 904,808 | 853,384 | |||||||||
Current liabilities: | ||||||||||||||
Accounts payable | 5,744 | 6,967 | 3,909 | 3,684 | 2,343 | |||||||||
Accrued liabilities | 28,131 | 31,574 | 26,099 | 26,927 | 18,809 | |||||||||
Income taxes payable | 1,153 | 713 | 1,081 | 819 | 147 | |||||||||
Deferred revenues | 167,868 | 160,443 | 130,309 | 120,089 | 86,220 | |||||||||
Total current liabilities | 202,896 | 199,697 | 161,398 | 151,519 | 107,519 | |||||||||
Deferred revenues, non-current | 53,711 | 45,507 | 27,429 | 20,621 | 14,442 | |||||||||
Deferred tax liability, net | 5,475 | 6,422 | 14,913 | 18,133 | 26,384 | |||||||||
Debt | 201,891 | 201,319 | 171,749 | |||||||||||
Other liabilities | 33,839 | 11,046 | 6,876 | 9,338 | 196 | |||||||||
Total liabilities | 295,921 | 262,672 | 412,507 | 400,930 | 320,290 | |||||||||
Commitments and contingencies (Note 8) | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Preferred stock | 0 | 0 | 0 | 0 | 0 | |||||||||
Common stock | 118 | 117 | 103 | 103 | 103 | |||||||||
Additional paid‑in capital | 909,966 | 903,116 | 570,434 | 568,756 | 565,372 | |||||||||
Accumulated deficit | (90,821) | (87,752) | (73,694) | (64,981) | (32,381) | |||||||||
Total stockholders’ equity | 819,263 | 815,481 | 496,843 | 496,502 | 503,878 | 533,094 | 565,265 | |||||||
Total liabilities and stockholders’ equity | 1,115,184 | 1,078,153 | 909,350 | 904,808 | 853,384 | |||||||||
Adjustments | Commissions | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Trade accounts receivable, net of allowances | 0 | 0 | 0 | 0 | 0 | |||||||||
Income taxes receivable | 0 | 0 | 0 | 0 | 0 | |||||||||
Deferred contract costs | (1,942) | (1,675) | (1,277) | (932) | (398) | |||||||||
Prepaid expenses | 0 | 0 | 0 | 0 | 0 | |||||||||
Other current assets | 0 | 0 | 0 | 0 | 0 | |||||||||
Total current assets | (1,942) | (1,675) | (1,277) | (932) | (398) | |||||||||
Equipment and leasehold improvements, net | 0 | 0 | 0 | 0 | 0 | |||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | |||||||||
Other intangible assets, net | 0 | 0 | 0 | 0 | 0 | |||||||||
Deferred contract costs, non-current | (5,136) | (4,568) | (3,703) | (2,814) | (1,357) | |||||||||
Other assets | 0 | 0 | 0 | 0 | 0 | |||||||||
Total assets | (7,078) | (6,243) | (4,980) | (3,746) | (1,755) | |||||||||
Current liabilities: | ||||||||||||||
Accounts payable | 0 | 0 | 0 | 0 | 0 | |||||||||
Accrued liabilities | 0 | 0 | 0 | 0 | 0 | |||||||||
Income taxes payable | 0 | 0 | 0 | 0 | 0 | |||||||||
Deferred revenues | 0 | 0 | 0 | 0 | 0 | |||||||||
Total current liabilities | 0 | 0 | 0 | 0 | 0 | |||||||||
Deferred revenues, non-current | 0 | 0 | 0 | 0 | 0 | |||||||||
Deferred tax liability, net | (1,465) | (1,535) | (1,227) | (916) | (428) | |||||||||
Debt | 0 | 0 | 0 | |||||||||||
Other liabilities | 0 | 0 | 0 | 0 | 0 | |||||||||
Total liabilities | (1,465) | (1,535) | (1,227) | (916) | (428) | |||||||||
Commitments and contingencies (Note 8) | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Preferred stock | 0 | 0 | 0 | 0 | 0 | |||||||||
Common stock | 0 | 0 | 0 | 0 | 0 | |||||||||
Additional paid‑in capital | 0 | 0 | 0 | 0 | 0 | |||||||||
Accumulated deficit | (5,613) | (4,708) | (3,753) | (2,830) | (1,327) | |||||||||
Total stockholders’ equity | (5,613) | (4,708) | (3,753) | (3,351) | (2,830) | (1,327) | 0 | |||||||
Total liabilities and stockholders’ equity | (7,078) | (6,243) | (4,980) | (3,746) | (1,755) | |||||||||
Adjustments | Other | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | 0 | 0 | 0 | (58) | 0 | 0 | ||||||||
Trade accounts receivable, net of allowances | 0 | 0 | 0 | 58 | 0 | |||||||||
Income taxes receivable | 0 | 0 | 0 | 0 | 0 | |||||||||
Deferred contract costs | 0 | 0 | 0 | 0 | 0 | |||||||||
Prepaid expenses | 0 | 0 | 0 | (2,841) | (207) | |||||||||
Other current assets | 0 | 0 | 0 | 499 | 185 | |||||||||
Total current assets | 0 | 0 | 0 | (2,342) | (22) | |||||||||
Equipment and leasehold improvements, net | (186) | 2,375 | 2,550 | 2,718 | 321 | |||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | |||||||||
Other intangible assets, net | 0 | 0 | 0 | 0 | 0 | |||||||||
Deferred contract costs, non-current | 0 | 0 | 0 | 0 | 0 | |||||||||
Other assets | 0 | 0 | 0 | 2,841 | 0 | |||||||||
Total assets | (186) | 2,375 | 2,550 | 3,217 | 299 | |||||||||
Current liabilities: | ||||||||||||||
Accounts payable | 0 | 0 | (194) | (138) | 0 | |||||||||
Accrued liabilities | 0 | 342 | 342 | 342 | 94 | |||||||||
Income taxes payable | (87) | 0 | 0 | 0 | 0 | |||||||||
Deferred revenues | 0 | (441) | (456) | (261) | (637) | |||||||||
Total current liabilities | (87) | (99) | (308) | (57) | (543) | |||||||||
Deferred revenues, non-current | 0 | 0 | 0 | 0 | 0 | |||||||||
Deferred tax liability, net | 275 | 200 | 1,670 | 1,224 | 658 | |||||||||
Debt | 0 | 0 | 0 | |||||||||||
Other liabilities | 0 | 2,033 | 2,208 | 2,376 | 268 | |||||||||
Total liabilities | 188 | 2,134 | 3,570 | 3,543 | 383 | |||||||||
Commitments and contingencies (Note 8) | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Preferred stock | 0 | 0 | 0 | 0 | 0 | |||||||||
Common stock | 0 | 0 | 0 | 0 | 0 | |||||||||
Additional paid‑in capital | 0 | 0 | 0 | 0 | 0 | |||||||||
Accumulated deficit | (374) | 241 | (1,020) | (326) | (84) | |||||||||
Total stockholders’ equity | (374) | 241 | (1,020) | $ (1,011) | (326) | (84) | $ (88) | |||||||
Total liabilities and stockholders’ equity | $ (186) | $ 2,375 | $ 2,550 | $ 3,217 | $ 299 | |||||||||
[1] | Includes the three months ended March 31, 2021, which has been revised to correct immaterial errors. See Note 1 for more information. | |||||||||||||
[2] | Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. |
Basis of presentation and des_6
Basis of presentation and description of business - Consolidated Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | [2] | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Revenues [Abstract] | ||||||||||||
Revenue | $ 86,238 | $ 80,727 | $ 62,264 | [1] | $ 166,965 | $ 122,317 | [1] | $ 269,132 | $ 203,965 | $ 147,384 | ||
Cost of revenue: | ||||||||||||
Amortization expense | 2,860 | 2,777 | 2,678 | [1] | 5,637 | 5,355 | [1] | 10,753 | 10,266 | 8,969 | ||
Total cost of revenue | 19,342 | 17,256 | 13,628 | [1] | 36,598 | 28,643 | [1] | 61,008 | 55,962 | 49,318 | ||
Gross profit | 66,896 | 63,471 | 48,636 | [1] | 130,367 | 93,674 | [1] | 208,124 | 148,003 | 98,066 | ||
Operating expenses: | ||||||||||||
Sales and marketing | 32,617 | 30,167 | 20,781 | [1] | 62,784 | 43,785 | [1] | 98,885 | 73,103 | 53,749 | ||
Research and development | 17,203 | 15,626 | 11,949 | [1] | 32,829 | 24,587 | [1] | 52,513 | 42,898 | 31,527 | ||
General and administrative | 27,508 | 16,244 | 6,528 | [1] | 43,752 | 17,743 | [1] | 51,603 | 31,509 | 22,444 | ||
Amortization expense | 5,623 | 5,627 | 5,634 | [1] | 11,250 | 11,308 | [1] | 22,575 | 22,416 | 21,491 | ||
Total operating expenses | 82,951 | 67,664 | 44,892 | [1] | 150,615 | 97,423 | [1] | 225,576 | 169,926 | 129,211 | ||
Income (loss) from operations | (16,055) | (4,193) | 3,744 | [1] | (20,248) | (3,749) | [1] | (17,452) | (21,923) | (31,145) | ||
Interest expense, net | (167) | (55) | (4,690) | [1] | (222) | (9,468) | [1] | (10,741) | (21,423) | (18,203) | ||
Loss on extinguishment of debt | (5,213) | |||||||||||
Foreign currency transaction loss | (308) | (218) | (13) | [1] | (526) | (317) | [1] | (722) | (1,252) | (418) | ||
Other income, net | 0 | 0 | 36 | [1] | 0 | 91 | [1] | 91 | 220 | 221 | ||
Loss before income tax (provision) benefit | (16,530) | (4,466) | (923) | [1] | (20,996) | (13,443) | [1] | (34,037) | (44,378) | (49,545) | ||
Income tax (provision) benefit | 63 | (123) | 89 | [1] | (60) | 3,113 | [1] | 9,955 | 10,033 | 11,966 | ||
Net loss | $ (16,467) | [1] | $ (4,589) | $ (834) | [1] | $ (21,056) | [1] | $ (10,330) | [1] | $ (24,082) | $ (34,345) | $ (37,579) |
Net loss per share, basic (in dollars per share) | $ (0.14) | $ (0.04) | $ (0.01) | [1] | $ (0.18) | $ (0.10) | [1] | $ (0.22) | $ (0.33) | $ (0.37) | ||
Net loss per share, diluted (in dollars per share) | $ (0.14) | $ (0.04) | $ (0.01) | [1] | $ (0.18) | $ (0.10) | [1] | $ (0.22) | $ (0.33) | $ (0.37) | ||
Weighted-average shares used to compute net loss per share, basic (in shares) | 117,909,720 | 117,386,322 | 102,862,404 | [1] | 117,649,467 | 102,861,475 | [1] | 108,908,597 | 102,752,092 | 102,325,465 | ||
Weighted-average shares used to compute net loss per share, diluted (in shares) | 117,909,720 | 117,386,322 | 102,862,404 | [1] | 117,649,467 | 102,861,475 | [1] | 108,908,597 | 102,752,092 | 102,325,465 | ||
Subscription | ||||||||||||
Revenues [Abstract] | ||||||||||||
Revenue | $ 80,718 | $ 74,482 | $ 58,600 | [1] | $ 155,200 | $ 112,804 | [1] | $ 248,879 | $ 175,118 | $ 113,867 | ||
Cost of revenue: | ||||||||||||
Cost of revenue | 13,875 | 12,014 | 8,740 | [1] | 25,889 | 17,988 | [1] | 39,529 | 31,457 | 24,099 | ||
Operating expenses: | ||||||||||||
Net loss | (24,082) | |||||||||||
Services | ||||||||||||
Revenues [Abstract] | ||||||||||||
Revenue | 3,929 | 4,003 | 2,632 | [1] | 7,932 | 6,719 | [1] | 14,519 | 19,014 | 20,201 | ||
Cost of revenue: | ||||||||||||
Cost of revenue | 2,607 | 2,465 | 2,210 | [1] | 5,072 | 5,300 | [1] | 10,726 | 14,239 | 16,250 | ||
License | ||||||||||||
Revenues [Abstract] | ||||||||||||
Revenue | $ 1,591 | 2,242 | 1,032 | [1] | $ 3,833 | 2,794 | [1] | 5,734 | 9,833 | 13,316 | ||
As Previously Reported | ||||||||||||
Revenues [Abstract] | ||||||||||||
Revenue | 81,168 | 62,231 | 122,621 | 269,451 | 204,027 | 146,562 | ||||||
Cost of revenue: | ||||||||||||
Amortization expense | 2,777 | 2,678 | 5,355 | 10,753 | 10,266 | 8,969 | ||||||
Total cost of revenue | 17,256 | 13,647 | 28,658 | 60,788 | 56,029 | 49,303 | ||||||
Gross profit | 63,912 | 48,584 | 93,963 | 208,663 | 147,998 | 97,259 | ||||||
Operating expenses: | ||||||||||||
Sales and marketing | 29,332 | 20,202 | 42,484 | 96,251 | 71,006 | 51,976 | ||||||
Research and development | 15,626 | 11,929 | 24,546 | 52,431 | 42,829 | 31,515 | ||||||
General and administrative | 16,105 | 6,603 | 17,892 | 51,904 | 32,003 | 22,270 | ||||||
Amortization expense | 5,627 | 5,634 | 11,308 | 22,575 | 22,416 | 21,491 | ||||||
Total operating expenses | 66,690 | 44,368 | 96,230 | 223,161 | 168,254 | 127,252 | ||||||
Income (loss) from operations | (2,778) | 4,216 | (2,267) | (14,498) | (20,256) | (29,993) | ||||||
Interest expense, net | (55) | (4,690) | (9,468) | (10,741) | (21,423) | (18,203) | ||||||
Loss on extinguishment of debt | (5,213) | |||||||||||
Foreign currency transaction loss | (171) | (13) | (317) | (722) | (1,252) | (418) | ||||||
Other income, net | 0 | 36 | 91 | 91 | 220 | 221 | ||||||
Loss before income tax (provision) benefit | (3,004) | (451) | (11,961) | (31,083) | (42,711) | (48,393) | ||||||
Income tax (provision) benefit | (65) | 28 | 3,248 | 8,312 | 10,111 | 12,137 | ||||||
Net loss | $ (3,069) | $ (423) | $ (8,713) | $ (22,771) | $ (32,600) | $ (36,256) | ||||||
Net loss per share, basic (in dollars per share) | $ (0.03) | $ 0 | $ (0.08) | $ (0.21) | $ (0.32) | $ (0.35) | ||||||
Net loss per share, diluted (in dollars per share) | $ (0.03) | $ 0 | $ (0.08) | $ (0.21) | $ (0.32) | $ (0.35) | ||||||
Weighted-average shares used to compute net loss per share, basic (in shares) | 117,386,322 | 102,862,404 | 102,861,475 | 108,908,597 | 102,752,092 | 102,325,465 | ||||||
Weighted-average shares used to compute net loss per share, diluted (in shares) | 117,386,322 | 102,862,404 | 102,861,475 | 108,908,597 | 102,752,092 | 102,325,465 | ||||||
As Previously Reported | Subscription | ||||||||||||
Revenues [Abstract] | ||||||||||||
Revenue | $ 74,923 | $ 58,748 | $ 113,366 | $ 249,192 | $ 175,189 | $ 113,040 | ||||||
Cost of revenue: | ||||||||||||
Cost of revenue | 12,014 | 8,762 | 18,010 | 39,323 | 31,539 | 24,088 | ||||||
Operating expenses: | ||||||||||||
Net loss | (22,771) | |||||||||||
As Previously Reported | Services | ||||||||||||
Revenues [Abstract] | ||||||||||||
Revenue | 4,003 | 2,451 | 6,461 | 14,525 | 19,008 | 20,206 | ||||||
Cost of revenue: | ||||||||||||
Cost of revenue | 2,465 | 2,207 | 5,293 | 10,712 | 14,224 | 16,246 | ||||||
As Previously Reported | License | ||||||||||||
Revenues [Abstract] | ||||||||||||
Revenue | 2,242 | 1,032 | 2,794 | 5,734 | 9,830 | 13,316 | ||||||
Adjustments | Commissions | ||||||||||||
Revenues [Abstract] | ||||||||||||
Revenue | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Cost of revenue: | ||||||||||||
Amortization expense | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Total cost of revenue | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Gross profit | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Operating expenses: | ||||||||||||
Sales and marketing | 835 | 544 | 1,234 | 2,497 | 1,991 | 1,755 | ||||||
Research and development | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
General and administrative | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Amortization expense | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Total operating expenses | 835 | 544 | 1,234 | 2,497 | 1,991 | 1,755 | ||||||
Income (loss) from operations | (835) | (544) | (1,234) | (2,497) | (1,991) | (1,755) | ||||||
Interest expense, net | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Loss on extinguishment of debt | 0 | |||||||||||
Foreign currency transaction loss | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Other income, net | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Loss before income tax (provision) benefit | (835) | (544) | (1,234) | (2,497) | (1,991) | (1,755) | ||||||
Income tax (provision) benefit | (70) | 142 | 311 | 619 | 488 | 428 | ||||||
Net loss | (905) | (402) | (923) | (1,878) | (1,503) | (1,327) | ||||||
Adjustments | Commissions | Subscription | ||||||||||||
Revenues [Abstract] | ||||||||||||
Revenue | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Cost of revenue: | ||||||||||||
Cost of revenue | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Operating expenses: | ||||||||||||
Net loss | (1,878) | |||||||||||
Adjustments | Commissions | Services | ||||||||||||
Revenues [Abstract] | ||||||||||||
Revenue | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Cost of revenue: | ||||||||||||
Cost of revenue | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Adjustments | Commissions | License | ||||||||||||
Revenues [Abstract] | ||||||||||||
Revenue | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Adjustments | Other | ||||||||||||
Revenues [Abstract] | ||||||||||||
Revenue | (441) | 33 | (304) | (319) | (62) | 822 | ||||||
Cost of revenue: | ||||||||||||
Amortization expense | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Total cost of revenue | 0 | (19) | (15) | 220 | (67) | 15 | ||||||
Gross profit | (441) | 52 | (289) | (539) | 5 | 807 | ||||||
Operating expenses: | ||||||||||||
Sales and marketing | 0 | 35 | 67 | 137 | 106 | 18 | ||||||
Research and development | 0 | 20 | 41 | 82 | 69 | 12 | ||||||
General and administrative | 139 | (75) | (149) | (301) | (494) | 174 | ||||||
Amortization expense | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Total operating expenses | 139 | (20) | (41) | (82) | (319) | 204 | ||||||
Income (loss) from operations | (580) | 72 | (248) | (457) | 324 | 603 | ||||||
Interest expense, net | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Loss on extinguishment of debt | 0 | |||||||||||
Foreign currency transaction loss | (47) | 0 | 0 | 0 | 0 | 0 | ||||||
Other income, net | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Loss before income tax (provision) benefit | (627) | 72 | (248) | (457) | 324 | 603 | ||||||
Income tax (provision) benefit | 12 | (81) | (446) | 1,024 | (566) | (599) | ||||||
Net loss | (615) | (9) | (694) | 567 | (242) | 4 | ||||||
Adjustments | Other | Subscription | ||||||||||||
Revenues [Abstract] | ||||||||||||
Revenue | (441) | (148) | (562) | (313) | (71) | 827 | ||||||
Cost of revenue: | ||||||||||||
Cost of revenue | 0 | (22) | (22) | 206 | (82) | 11 | ||||||
Operating expenses: | ||||||||||||
Net loss | 567 | |||||||||||
Adjustments | Other | Services | ||||||||||||
Revenues [Abstract] | ||||||||||||
Revenue | 0 | 181 | 258 | (6) | 6 | (5) | ||||||
Cost of revenue: | ||||||||||||
Cost of revenue | 0 | 3 | 7 | 14 | 15 | 4 | ||||||
Adjustments | Other | License | ||||||||||||
Revenues [Abstract] | ||||||||||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 | $ 3 | $ 0 | ||||||
[1] | Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. | |||||||||||
[2] | Includes the three months ended March 31, 2021, which has been revised to correct immaterial errors. See Note 1 for more information. |
Basis of presentation and des_7
Basis of presentation and description of business - Consolidated Statements of Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Balance | $ 813,276 | [1] | $ 811,014 | [1] | $ 492,140 | [1] | $ 811,014 | [1] | $ 500,722 | [1] | $ 500,722 | [1] | $ 531,683 | $ 565,177 | |
Exercise of stock options | 3,044 | [1] | 4,019 | 0 | 7,063 | [1] | 103 | [1] | 2,985 | 923 | 1,770 | ||||
Share‑based compensation | 4,106 | [1] | 2,832 | 764 | [1] | 6,938 | [1] | 1,575 | [1] | 6,743 | 2,461 | 2,315 | |||
Net income (loss) | (16,467) | [1] | (4,589) | (834) | [1] | (21,056) | [1],[2] | (10,330) | [1] | (24,082) | (34,345) | (37,579) | |||
Balance | $ 803,959 | [1] | $ 813,276 | [1] | $ 492,070 | [1] | $ 803,959 | [1] | $ 492,070 | [1] | 811,014 | [1] | $ 500,722 | [1] | $ 531,683 |
IPO | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock | 322,413 | ||||||||||||||
Private placement | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock | $ 2,233 | ||||||||||||||
Common Stock | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Balance (in shares) | 117,705,895 | 116,992,472 | 102,862,404 | 116,992,472 | 102,843,612 | 102,843,612 | 102,649,701 | 102,300,010 | |||||||
Balance | $ 118 | $ 117 | $ 103 | $ 117 | $ 103 | $ 103 | $ 103 | $ 102 | |||||||
Exercise of stock options (in shares) | 544,017 | 713,423 | 1,257,440 | 18,792 | 526,460 | 168,391 | 322,851 | ||||||||
Exercise of stock options | $ 1 | $ 1 | $ 0 | $ 1 | |||||||||||
Vesting of restricted stock units (in shares) | 36,520 | 25,520 | 26,840 | ||||||||||||
Balance (in shares) | 118,249,912 | 117,705,895 | 102,862,404 | 118,249,912 | 102,862,404 | 116,992,472 | 102,843,612 | 102,649,701 | |||||||
Balance | $ 118 | $ 118 | $ 103 | $ 118 | $ 103 | $ 117 | $ 103 | $ 103 | |||||||
Common Stock | IPO | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock (shares) | 13,500,000 | ||||||||||||||
Issuance of common stock | $ 14 | ||||||||||||||
Common Stock | Private placement | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock (shares) | 85,880 | ||||||||||||||
Additional Paid‑In Capital | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Balance | 909,966 | 903,116 | 569,670 | 903,116 | 568,756 | $ 568,756 | 565,372 | 561,288 | |||||||
Exercise of stock options | 3,044 | 4,018 | 7,062 | 103 | 2,985 | 923 | 1,769 | ||||||||
Share‑based compensation | 4,106 | 2,832 | 764 | 6,938 | 1,575 | 6,743 | 2,461 | 2,315 | |||||||
Balance | 917,116 | 909,966 | 570,434 | 917,116 | 570,434 | 903,116 | 568,756 | 565,372 | |||||||
Additional Paid‑In Capital | IPO | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock | 322,399 | ||||||||||||||
Additional Paid‑In Capital | Private placement | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock | 2,233 | ||||||||||||||
Accumulated Deficit | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Balance | (96,808) | [1] | (92,219) | [1] | (77,633) | [1] | (92,219) | [1] | (68,137) | [1] | (68,137) | [1] | (33,792) | 3,787 | |
Net income (loss) | (16,467) | [1] | (4,589) | (834) | [1] | (21,056) | [1] | (10,330) | [1] | (24,082) | (34,345) | (37,579) | |||
Balance | (113,275) | [1] | (96,808) | [1] | (78,467) | [1] | (113,275) | [1] | (78,467) | [1] | (92,219) | [1] | (68,137) | [1] | (33,792) |
As Previously Reported | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Balance | $ 819,263 | 815,481 | 496,502 | $ 815,481 | 503,878 | 503,878 | 533,094 | 565,265 | |||||||
Exercise of stock options | 4,019 | 0 | 103 | 2,985 | 923 | 1,770 | |||||||||
Share‑based compensation | 2,832 | 764 | 1,575 | 6,743 | 2,461 | 2,315 | |||||||||
Net income (loss) | (3,069) | (423) | (8,713) | (22,771) | (32,600) | (36,256) | |||||||||
Balance | $ 819,263 | $ 496,843 | $ 496,843 | 815,481 | $ 503,878 | $ 533,094 | |||||||||
As Previously Reported | IPO | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock | 322,413 | ||||||||||||||
As Previously Reported | Private placement | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock | $ 2,233 | ||||||||||||||
As Previously Reported | Common Stock | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Balance (in shares) | 117,705,895 | 116,992,472 | 102,862,404 | 116,992,472 | 102,843,612 | 102,843,612 | 102,649,701 | 102,300,010 | |||||||
Balance | $ 118 | $ 117 | $ 103 | $ 117 | $ 103 | $ 103 | $ 103 | $ 102 | |||||||
Exercise of stock options (in shares) | 713,423 | 18,792 | 526,460 | 168,391 | 322,851 | ||||||||||
Exercise of stock options | $ 1 | $ 0 | $ 1 | ||||||||||||
Vesting of restricted stock units (in shares) | 36,520 | 25,520 | 26,840 | ||||||||||||
Balance (in shares) | 117,705,895 | 102,862,404 | 102,862,404 | 116,992,472 | 102,843,612 | 102,649,701 | |||||||||
Balance | $ 118 | $ 103 | $ 103 | $ 117 | $ 103 | $ 103 | |||||||||
As Previously Reported | Common Stock | IPO | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock (shares) | 13,500,000 | ||||||||||||||
Issuance of common stock | $ 14 | ||||||||||||||
As Previously Reported | Common Stock | Private placement | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock (shares) | 85,880 | ||||||||||||||
As Previously Reported | Additional Paid‑In Capital | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Balance | 909,966 | 903,116 | 569,670 | 903,116 | 568,756 | $ 568,756 | 565,372 | 561,288 | |||||||
Exercise of stock options | 4,018 | 103 | 2,985 | 923 | 1,769 | ||||||||||
Share‑based compensation | 2,832 | 764 | 1,575 | 6,743 | 2,461 | 2,315 | |||||||||
Balance | 909,966 | 570,434 | 570,434 | 903,116 | 568,756 | 565,372 | |||||||||
As Previously Reported | Additional Paid‑In Capital | IPO | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock | 322,399 | ||||||||||||||
As Previously Reported | Additional Paid‑In Capital | Private placement | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock | 2,233 | ||||||||||||||
As Previously Reported | Accumulated Deficit | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Balance | (90,821) | (87,752) | (73,271) | (87,752) | (64,981) | (64,981) | (32,381) | 3,875 | |||||||
Net income (loss) | (3,069) | (423) | (8,713) | (22,771) | (32,600) | (36,256) | |||||||||
Balance | (90,821) | (73,694) | (73,694) | (87,752) | (64,981) | (32,381) | |||||||||
Adjustments | Commissions | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Balance | (5,613) | (4,708) | (3,351) | (4,708) | (2,830) | (2,830) | (1,327) | 0 | |||||||
Exercise of stock options | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Share‑based compensation | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Net income (loss) | (905) | (402) | (923) | (1,878) | (1,503) | (1,327) | |||||||||
Balance | (5,613) | (3,753) | (3,753) | (4,708) | (2,830) | (1,327) | |||||||||
Adjustments | Commissions | IPO | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock | 0 | ||||||||||||||
Adjustments | Commissions | Private placement | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock | 0 | ||||||||||||||
Adjustments | Other | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Balance | $ (374) | 241 | (1,011) | $ 241 | (326) | (326) | (84) | (88) | |||||||
Exercise of stock options | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Share‑based compensation | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Net income (loss) | (615) | (9) | (694) | 567 | (242) | 4 | |||||||||
Balance | $ (374) | $ (1,020) | $ (1,020) | 241 | $ (326) | $ (84) | |||||||||
Adjustments | Other | IPO | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock | 0 | ||||||||||||||
Adjustments | Other | Private placement | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock | $ 0 | ||||||||||||||
Adjustments | Common Stock | Commissions | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Balance (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Balance (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
Adjustments | Common Stock | Other | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Balance (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Balance (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
Adjustments | Additional Paid‑In Capital | Commissions | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Balance | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Adjustments | Additional Paid‑In Capital | Other | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Balance | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Adjustments | Accumulated Deficit | Commissions | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Balance | (5,613) | (4,708) | (3,351) | (4,708) | (2,830) | (2,830) | (1,327) | 0 | |||||||
Net income (loss) | (905) | (402) | (923) | (1,878) | (1,503) | (1,327) | |||||||||
Balance | (5,613) | (3,753) | (3,753) | (4,708) | (2,830) | (1,327) | |||||||||
Adjustments | Accumulated Deficit | Other | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Balance | $ (374) | 241 | (1,011) | $ 241 | (326) | (326) | (84) | (88) | |||||||
Net income (loss) | (615) | (9) | (694) | 567 | (242) | 4 | |||||||||
Balance | $ (374) | $ (1,020) | $ (1,020) | $ 241 | $ (326) | $ (84) | |||||||||
[1] | Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. | ||||||||||||||
[2] | Includes the three months ended March 31, 2021, which has been revised to correct immaterial errors. See Note 1 for more information. |
Basis of presentation and des_8
Basis of presentation and description of business - Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||||
Cash flows from operating activities | |||||||||||||||
Net income (loss) | $ (16,467) | [1] | $ (4,589) | $ (834) | [1] | $ (21,056) | [1],[2] | $ (10,330) | [1] | $ (24,082) | $ (34,345) | $ (37,579) | |||
Adjustments to reconcile net loss to cash provided by operating activities: | |||||||||||||||
Depreciation and amortization expense | 9,784 | 19,538 | [2] | 19,170 | [1] | 38,511 | 37,082 | 33,962 | |||||||
Amortization of deferred contract costs | 2,700 | 5,861 | [2] | 3,452 | [1] | 7,953 | 5,236 | 2,864 | |||||||
Amortization of debt issuance costs | 69 | 249 | [2] | 571 | [1] | 773 | 1,120 | 513 | |||||||
Non-cash lease expense | 1,267 | 2,398 | [2] | 0 | [1] | ||||||||||
Provision for bad debt expense and returns | 159 | (41) | [2] | 812 | [1] | 1,024 | 279 | 37 | |||||||
Loss on disposal of equipment and leasehold improvements | 0 | 0 | 0 | 0 | |||||||||||
Loss on extinguishment of debt | 5,213 | ||||||||||||||
Share‑based compensation | 2,832 | 6,938 | [2] | 1,575 | [1] | 6,743 | 2,461 | 2,315 | |||||||
Deferred tax benefit | (613) | (669) | [2] | (3,082) | [1] | (10,318) | (11,169) | (12,379) | |||||||
Adjustment to contingent consideration | 300 | 4,237 | [2] | (3,700) | [1] | (1,000) | 200 | ||||||||
Other | 201 | 454 | [2] | (156) | [1] | (490) | 292 | (34) | |||||||
Changes in operating assets and liabilities: | |||||||||||||||
Trade accounts receivable | (7,066) | 2,249 | [2] | (7,316) | [1] | (23,112) | (14,799) | (3,353) | |||||||
Income tax receivable/payable | 376 | (238) | [2] | (278) | [1] | (766) | 559 | (977) | |||||||
Prepaid expenses and other assets | (3,317) | (2,986) | [2] | 928 | [1] | (3,620) | (5,106) | (2,557) | |||||||
Deferred contract costs | (5,065) | (11,848) | [2] | (8,035) | [1] | (20,398) | (14,045) | (10,940) | |||||||
Deferred taxes | 0 | ||||||||||||||
Accounts payable | (1,191) | 2,284 | [2] | 202 | [1] | 4,026 | 1,000 | (313) | |||||||
Accrued liabilities | (7,683) | (1,889) | [2] | (2,371) | [1] | 5,501 | 6,349 | 6,001 | |||||||
Deferred revenue | 15,913 | 32,627 | [2] | 16,833 | [1] | 64,945 | 37,374 | 31,839 | |||||||
Other liabilities | (54) | (86) | [2] | 1,240 | [1] | 1,898 | (58) | (39) | |||||||
Net cash provided by operating activities | 4,023 | 38,022 | [2] | 9,515 | [1] | 52,801 | 11,846 | 9,360 | |||||||
Cash flows from investing activities | |||||||||||||||
Acquisition, net of cash acquired | (3,041) | (3,041) | [2] | 0 | [1] | (2,512) | (40,173) | (2,893) | |||||||
Purchases of equipment and leasehold improvements | (3,290) | (5,211) | [2] | (1,366) | [1] | (4,368) | (7,190) | (2,909) | |||||||
Proceeds from sale of equipment and leasehold improvements | 12 | 22 | [2] | 0 | [1] | 4 | |||||||||
Net cash used in investing activities | (6,319) | (8,230) | [2] | (1,366) | [1] | (6,876) | (47,363) | (5,802) | |||||||
Cash flows from financing activities | |||||||||||||||
Proceeds from debt | 40,000 | ||||||||||||||
Debt issuance costs | (530) | [2] | 0 | [1] | (1,264) | (1,550) | |||||||||
Payment of debt | (205,000) | (10,000) | |||||||||||||
Payment of debt extinguishment costs | (2,050) | ||||||||||||||
Proceeds from Issuance Initial Public Offering | 326,316 | ||||||||||||||
Cash paid for offering costs | (243) | [2] | (2,203) | [1] | (7,256) | (721) | |||||||||
Proceeds from private placement | 2,233 | ||||||||||||||
Proceeds from the exercise of stock options | 4,019 | 7,063 | [2] | 103 | [1] | 2,985 | 923 | 1,770 | |||||||
Net cash provided by (used in) financing activities | 4,019 | 2,084 | [2] | (2,100) | [1] | 115,964 | 28,652 | 1,770 | |||||||
Effect of exchange rate changes on cash and cash equivalents | (401) | (259) | [2] | 0 | [1] | 604 | |||||||||
Net increase in cash and cash equivalents | 1,322 | 31,617 | [2] | 6,049 | [1] | 162,493 | (6,865) | 5,328 | |||||||
Cash and cash equivalents, beginning of period | 196,190 | 194,868 | [1],[2] | 194,868 | [1],[2] | 32,375 | [1] | 32,375 | [1] | 39,240 | 33,912 | ||||
Cash and cash equivalents, end of period | 226,485 | [2] | 196,190 | 38,424 | [1] | 226,485 | [2] | 38,424 | [1] | 194,868 | [1],[2] | 32,375 | [1] | 39,240 | |
Supplemental disclosures of cash flow information: | |||||||||||||||
Cash paid for interest | 3 | 6 | [2] | 9,262 | [1] | 12,649 | 20,693 | 17,835 | |||||||
Cash paid for income taxes, net of refunds | 351 | 832 | [2] | 411 | [1] | 1,394 | 596 | 1,461 | |||||||
Offering costs accrued but not paid | (19) | 300 | [2] | 2,865 | [1] | ||||||||||
Non-cash investing activities: | |||||||||||||||
Leasehold improvements acquired through lease incentives | 2,672 | 369 | |||||||||||||
As Previously Reported | |||||||||||||||
Cash flows from operating activities | |||||||||||||||
Net income (loss) | (3,069) | (423) | (8,713) | (22,771) | (32,600) | (36,256) | |||||||||
Adjustments to reconcile net loss to cash provided by operating activities: | |||||||||||||||
Depreciation and amortization expense | 9,784 | 19,002 | 38,168 | 36,807 | 33,914 | ||||||||||
Amortization of deferred contract costs | 3,296 | 4,218 | 9,647 | 6,250 | 3,391 | ||||||||||
Amortization of debt issuance costs | 69 | 571 | 773 | 1,120 | 513 | ||||||||||
Non-cash lease expense | 1,267 | ||||||||||||||
Provision for bad debt expense and returns | 159 | 812 | 1,024 | 279 | 37 | ||||||||||
Loss on disposal of equipment and leasehold improvements | (12) | (29) | (17) | 14 | |||||||||||
Loss on extinguishment of debt | 5,213 | ||||||||||||||
Share‑based compensation | 2,832 | 1,575 | 6,743 | 2,461 | 2,315 | ||||||||||
Deferred tax benefit | (758) | (3,217) | (8,675) | (11,247) | (12,550) | ||||||||||
Adjustment to contingent consideration | 300 | (3,700) | (1,000) | 200 | |||||||||||
Other | 62 | 0 | (263) | 0 | 0 | ||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Trade accounts receivable | (7,066) | (7,374) | (23,170) | (14,741) | (3,353) | ||||||||||
Income tax receivable/payable | 463 | (278) | (766) | 559 | (977) | ||||||||||
Prepaid expenses and other assets | (3,317) | 429 | (4,119) | (4,585) | (2,555) | ||||||||||
Deferred contract costs | (6,496) | (10,035) | (24,589) | (17,050) | (13,222) | ||||||||||
Deferred taxes | 145 | ||||||||||||||
Accounts payable | (1,191) | 258 | 3,888 | 1,138 | (313) | ||||||||||
Accrued liabilities | (7,694) | (2,371) | 5,501 | 6,390 | 5,965 | ||||||||||
Deferred revenue | 15,472 | 17,028 | 65,125 | 36,998 | 32,476 | ||||||||||
Other liabilities | (90) | 1,240 | 1,898 | (58) | (39) | ||||||||||
Net cash provided by operating activities | 4,023 | 9,457 | 52,743 | 11,904 | 9,360 | ||||||||||
Cash flows from investing activities | |||||||||||||||
Acquisition, net of cash acquired | (3,041) | (2,512) | (40,173) | (2,893) | |||||||||||
Purchases of equipment and leasehold improvements | (3,290) | (1,366) | (4,368) | (7,190) | (2,909) | ||||||||||
Proceeds from sale of equipment and leasehold improvements | 12 | 4 | |||||||||||||
Net cash used in investing activities | (6,319) | (1,366) | (6,876) | (47,363) | (5,802) | ||||||||||
Cash flows from financing activities | |||||||||||||||
Proceeds from debt | 40,000 | ||||||||||||||
Debt issuance costs | (1,264) | (1,550) | |||||||||||||
Payment of debt | (205,000) | (10,000) | |||||||||||||
Payment of debt extinguishment costs | (2,050) | ||||||||||||||
Proceeds from Issuance Initial Public Offering | 326,316 | ||||||||||||||
Cash paid for offering costs | (2,203) | (7,256) | (721) | ||||||||||||
Proceeds from private placement | 2,233 | ||||||||||||||
Proceeds from the exercise of stock options | 4,019 | 103 | 2,985 | 923 | 1,770 | ||||||||||
Net cash provided by (used in) financing activities | 4,019 | (2,100) | 115,964 | 28,652 | 1,770 | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | (401) | 0 | 604 | ||||||||||||
Net increase in cash and cash equivalents | 1,322 | 5,991 | 162,435 | (6,807) | 5,328 | ||||||||||
Cash and cash equivalents, beginning of period | 196,190 | 194,868 | 194,868 | 32,433 | 32,433 | 39,240 | 33,912 | ||||||||
Cash and cash equivalents, end of period | 196,190 | 38,424 | 38,424 | 194,868 | 32,433 | 39,240 | |||||||||
Supplemental disclosures of cash flow information: | |||||||||||||||
Cash paid for interest | 3 | 9,262 | 12,649 | 20,693 | 17,835 | ||||||||||
Cash paid for income taxes, net of refunds | 351 | 411 | 1,394 | 596 | 1,461 | ||||||||||
Offering costs accrued but not paid | (19) | 2,865 | |||||||||||||
Non-cash investing activities: | |||||||||||||||
Leasehold improvements acquired through lease incentives | 0 | 0 | |||||||||||||
Adjustments | Commissions | |||||||||||||||
Cash flows from operating activities | |||||||||||||||
Net income (loss) | (905) | (402) | (923) | (1,878) | (1,503) | (1,327) | |||||||||
Adjustments to reconcile net loss to cash provided by operating activities: | |||||||||||||||
Depreciation and amortization expense | 0 | 0 | 0 | 0 | 0 | ||||||||||
Amortization of deferred contract costs | (596) | (766) | (1,694) | (1,014) | (527) | ||||||||||
Amortization of debt issuance costs | 0 | 0 | 0 | 0 | 0 | ||||||||||
Non-cash lease expense | 0 | ||||||||||||||
Provision for bad debt expense and returns | 0 | 0 | 0 | 0 | 0 | ||||||||||
Loss on disposal of equipment and leasehold improvements | 0 | 0 | 0 | 0 | |||||||||||
Loss on extinguishment of debt | 0 | ||||||||||||||
Share‑based compensation | 0 | 0 | 0 | 0 | 0 | ||||||||||
Deferred tax benefit | 70 | (311) | (619) | (488) | (428) | ||||||||||
Adjustment to contingent consideration | 0 | 0 | 0 | 0 | |||||||||||
Other | 0 | 0 | 0 | 0 | 0 | ||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Trade accounts receivable | 0 | 0 | 0 | 0 | 0 | ||||||||||
Income tax receivable/payable | 0 | 0 | 0 | 0 | 0 | ||||||||||
Prepaid expenses and other assets | 0 | 0 | 0 | 0 | 0 | ||||||||||
Deferred contract costs | 1,431 | 2,000 | 4,191 | 3,005 | 2,282 | ||||||||||
Deferred taxes | 0 | ||||||||||||||
Accounts payable | 0 | 0 | 0 | 0 | 0 | ||||||||||
Accrued liabilities | 0 | 0 | 0 | 0 | 0 | ||||||||||
Deferred revenue | 0 | 0 | 0 | 0 | 0 | ||||||||||
Other liabilities | 0 | 0 | 0 | 0 | 0 | ||||||||||
Net cash provided by operating activities | 0 | 0 | 0 | 0 | 0 | ||||||||||
Cash flows from investing activities | |||||||||||||||
Acquisition, net of cash acquired | 0 | 0 | 0 | 0 | |||||||||||
Purchases of equipment and leasehold improvements | 0 | 0 | 0 | 0 | 0 | ||||||||||
Proceeds from sale of equipment and leasehold improvements | 0 | 0 | |||||||||||||
Net cash used in investing activities | 0 | 0 | 0 | 0 | 0 | ||||||||||
Cash flows from financing activities | |||||||||||||||
Proceeds from debt | 0 | ||||||||||||||
Debt issuance costs | 0 | 0 | |||||||||||||
Payment of debt | 0 | 0 | |||||||||||||
Payment of debt extinguishment costs | 0 | ||||||||||||||
Proceeds from Issuance Initial Public Offering | 0 | ||||||||||||||
Cash paid for offering costs | 0 | 0 | 0 | ||||||||||||
Proceeds from private placement | 0 | ||||||||||||||
Proceeds from the exercise of stock options | 0 | 0 | 0 | 0 | 0 | ||||||||||
Net cash provided by (used in) financing activities | 0 | 0 | 0 | 0 | 0 | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |||||||||||||
Net increase in cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | ||||||||||
Cash and cash equivalents, beginning of period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Cash and cash equivalents, end of period | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Supplemental disclosures of cash flow information: | |||||||||||||||
Cash paid for interest | 0 | 0 | 0 | 0 | 0 | ||||||||||
Cash paid for income taxes, net of refunds | 0 | 0 | 0 | 0 | 0 | ||||||||||
Offering costs accrued but not paid | 0 | 0 | |||||||||||||
Non-cash investing activities: | |||||||||||||||
Leasehold improvements acquired through lease incentives | 0 | 0 | |||||||||||||
Adjustments | Other | |||||||||||||||
Cash flows from operating activities | |||||||||||||||
Net income (loss) | (615) | (9) | (694) | 567 | (242) | 4 | |||||||||
Adjustments to reconcile net loss to cash provided by operating activities: | |||||||||||||||
Depreciation and amortization expense | 0 | 168 | 343 | 275 | 48 | ||||||||||
Amortization of deferred contract costs | 0 | 0 | 0 | 0 | 0 | ||||||||||
Amortization of debt issuance costs | 0 | 0 | 0 | 0 | 0 | ||||||||||
Non-cash lease expense | 0 | ||||||||||||||
Provision for bad debt expense and returns | 0 | 0 | 0 | 0 | 0 | ||||||||||
Loss on disposal of equipment and leasehold improvements | 12 | 29 | 17 | (14) | |||||||||||
Loss on extinguishment of debt | 0 | ||||||||||||||
Share‑based compensation | 0 | 0 | 0 | 0 | 0 | ||||||||||
Deferred tax benefit | 75 | 446 | (1,024) | 566 | 599 | ||||||||||
Adjustment to contingent consideration | 0 | 0 | 0 | 0 | |||||||||||
Other | 139 | (156) | (227) | 292 | (34) | ||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Trade accounts receivable | 0 | 58 | 58 | (58) | 0 | ||||||||||
Income tax receivable/payable | (87) | 0 | 0 | 0 | 0 | ||||||||||
Prepaid expenses and other assets | 0 | 499 | 499 | (521) | (2) | ||||||||||
Deferred contract costs | 0 | 0 | 0 | 0 | 0 | ||||||||||
Deferred taxes | (145) | ||||||||||||||
Accounts payable | 0 | (56) | 138 | (138) | 0 | ||||||||||
Accrued liabilities | 11 | 0 | 0 | (41) | 36 | ||||||||||
Deferred revenue | 441 | (195) | (180) | 376 | (637) | ||||||||||
Other liabilities | 36 | 0 | 0 | 0 | 0 | ||||||||||
Net cash provided by operating activities | 0 | 58 | 58 | (58) | 0 | ||||||||||
Cash flows from investing activities | |||||||||||||||
Acquisition, net of cash acquired | 0 | 0 | 0 | 0 | |||||||||||
Purchases of equipment and leasehold improvements | 0 | 0 | 0 | 0 | 0 | ||||||||||
Proceeds from sale of equipment and leasehold improvements | 0 | 0 | |||||||||||||
Net cash used in investing activities | 0 | 0 | 0 | 0 | 0 | ||||||||||
Cash flows from financing activities | |||||||||||||||
Proceeds from debt | 0 | ||||||||||||||
Debt issuance costs | 0 | 0 | |||||||||||||
Payment of debt | 0 | 0 | |||||||||||||
Payment of debt extinguishment costs | 0 | ||||||||||||||
Proceeds from Issuance Initial Public Offering | 0 | ||||||||||||||
Cash paid for offering costs | 0 | 0 | 0 | ||||||||||||
Proceeds from private placement | 0 | ||||||||||||||
Proceeds from the exercise of stock options | 0 | 0 | 0 | 0 | 0 | ||||||||||
Net cash provided by (used in) financing activities | 0 | 0 | 0 | 0 | 0 | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |||||||||||||
Net increase in cash and cash equivalents | 0 | 58 | 58 | (58) | 0 | ||||||||||
Cash and cash equivalents, beginning of period | $ 0 | 0 | $ 0 | (58) | (58) | 0 | 0 | ||||||||
Cash and cash equivalents, end of period | 0 | $ 0 | 0 | 0 | (58) | 0 | |||||||||
Supplemental disclosures of cash flow information: | |||||||||||||||
Cash paid for interest | 0 | 0 | 0 | 0 | 0 | ||||||||||
Cash paid for income taxes, net of refunds | 0 | 0 | $ 0 | 0 | 0 | ||||||||||
Offering costs accrued but not paid | $ 0 | $ 0 | |||||||||||||
Non-cash investing activities: | |||||||||||||||
Leasehold improvements acquired through lease incentives | $ 2,672 | $ 369 | |||||||||||||
[1] | Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. | ||||||||||||||
[2] | Includes the three months ended March 31, 2021, which has been revised to correct immaterial errors. See Note 1 for more information. |
Basis of presentation and des_9
Basis of presentation and description of business - Segment and Geographic Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)segment | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | ||||
Disaggregation of Revenue [Line Items] | |||||||||||
Number of operating segment | segment | 1 | ||||||||||
Number of reportable segment | segment | 1 | ||||||||||
Revenue | $ 86,238 | $ 80,727 | $ 62,264 | [1] | $ 166,965 | [2] | $ 122,317 | [1] | $ 269,132 | $ 203,965 | $ 147,384 |
The Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 64,726 | 48,145 | 125,543 | 95,016 | |||||||
Europe, the Middle East, India, and Africa | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 15,655 | 10,631 | 30,178 | 20,561 | |||||||
Asia Pacific | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 5,857 | $ 3,488 | $ 11,244 | $ 6,740 | |||||||
[1] | Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. | ||||||||||
[2] | Includes the three months ended March 31, 2021, which has been revised to correct immaterial errors. See Note 1 for more information. |
Summary of significant accoun_4
Summary of significant accounting policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 86,238 | $ 80,727 | $ 62,264 | [1] | $ 166,965 | [2] | $ 122,317 | [1] | $ 269,132 | $ 203,965 | $ 147,384 |
Subscription | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 80,718 | 74,482 | 58,600 | [1] | 155,200 | [2] | 112,804 | [1] | 248,879 | 175,118 | 113,867 |
SaaS subscription and support and maintenance | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 72,121 | 52,830 | 138,897 | 102,494 | |||||||
On‑premise subscription | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 8,597 | 5,770 | 16,303 | 10,310 | |||||||
Non‑subscription revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 5,520 | 3,664 | 11,765 | 9,513 | |||||||
Professional services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 3,929 | 4,003 | 2,632 | [1] | 7,932 | [2] | 6,719 | [1] | 14,519 | 19,014 | 20,201 |
Perpetual licenses | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 1,591 | $ 2,242 | $ 1,032 | [1] | $ 3,833 | [2] | $ 2,794 | [1] | $ 5,734 | $ 9,833 | $ 13,316 |
[1] | Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. | ||||||||||
[2] | Includes the three months ended March 31, 2021, which has been revised to correct immaterial errors. See Note 1 for more information. |
Summary of significant accoun_5
Summary of significant accounting policies - Contract Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||||
Contract with customer, asset | $ 1,600 | $ 1,600 | $ 900 | ||
Contract With Customer, Liability [Roll Forward] | |||||
Balance, beginning of the period | 221,579 | $ 145,312 | 205,509 | $ 140,449 | |
Revenue earned | (66,967) | (49,393) | (111,398) | (91,395) | |
Deferral of revenue | 83,845 | 61,363 | 144,346 | 108,228 | |
Balance, end of the period | $ 238,457 | $ 157,282 | $ 238,457 | $ 157,282 |
Summary of significant accoun_6
Summary of significant accounting policies - Remaining Performance Obligations (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation, amount | $ 270.6 | $ 224.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation, percent | 79.00% | |
Remaining performance obligation, period | 12 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation, percent | 80.00% | |
Remaining performance obligation, period | 3 years |
Summary of significant accoun_7
Summary of significant accounting policies - Deferred Contract Costs (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Concentration Risk [Line Items] | |||||||||
Total amortization of contract costs | $ 3,200,000 | $ 1,800,000 | $ 5,900,000 | $ 3,500,000 | |||||
Impairment losses | 0 | 0 | |||||||
Trade accounts receivable, net of allowances | 66,667,000 | $ 53,275,000 | 66,667,000 | $ 53,275,000 | $ 75,882,000 | $ 69,056,000 | [1] | $ 46,571,000 | $ 30,854,000 |
Accounts Receivable | Credit Concentration Risk | |||||||||
Concentration Risk [Line Items] | |||||||||
Trade accounts receivable, net of allowances | $ 14,900,000 | $ 14,900,000 | |||||||
Accounts Receivable | Credit Concentration Risk | Two Distributors | |||||||||
Concentration Risk [Line Items] | |||||||||
Trade accounts receivable, net of allowances | $ 19,800,000 | ||||||||
[1] | Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. |
Summary of significant accoun_8
Summary of significant accounting policies - Recent Pronouncements (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jan. 01, 2021 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease assets | $ 22,737 | |
Operating lease liabilities - non-current | $ 22,063 | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease assets | $ 25,000 | |
Operating lease liabilities - non-current | $ 28,600 |
Financial instruments fair va_3
Financial instruments fair value (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash equivalents | $ 50,018 | $ 125,000 |
Money market funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash equivalents | 50,018 | 100,000 |
U.S. Treasuries | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash equivalents | 25,000 | |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash equivalents | 50,018 | 125,000 |
Level 1 | Money market funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash equivalents | 50,018 | 100,000 |
Level 1 | U.S. Treasuries | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash equivalents | 25,000 | |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash equivalents | 0 | 0 |
Level 2 | Money market funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash equivalents | 0 | 0 |
Level 2 | U.S. Treasuries | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash equivalents | 0 | |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash equivalents | 0 | 0 |
Level 3 | Money market funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash equivalents | $ 0 | 0 |
Level 3 | U.S. Treasuries | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash equivalents | $ 0 |
Acquisitions - cmdReporter (Det
Acquisitions - cmdReporter (Details) - USD ($) $ in Thousands | Feb. 26, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | [2] | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | |||||||||
Increase (decrease) in fair value of contingent consideration | $ 300 | $ 4,237 | [1] | $ (3,700) | $ (1,000) | $ 200 | |||
Developed technology | |||||||||
Business Acquisition [Line Items] | |||||||||
Weighted-average economic life of intangible assets acquired | 5 years | ||||||||
cmdReporter | |||||||||
Business Acquisition [Line Items] | |||||||||
Consideration transferred | $ 3,400 | ||||||||
Contingent consideration, liability | $ 400 | $ 0 | 0 | ||||||
Measurement period | 90 days | ||||||||
Contingent consideration earned | 300 | 300 | |||||||
Increase (decrease) in fair value of contingent consideration | (100) | ||||||||
Acquisition-related expenses | $ 0 | $ 100 | |||||||
[1] | Includes the three months ended March 31, 2021, which has been revised to correct immaterial errors. See Note 1 for more information. | ||||||||
[2] | Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. |
Acquisitions - Schedule of Acqu
Acquisitions - Schedule of Acquisitions (Details) - USD ($) $ in Thousands | Feb. 26, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | [1] | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Intangible assets acquired: | |||||||||
Goodwill | $ 541,850 | $ 541,850 | $ 541,480 | $ 539,818 | $ 539,818 | $ 539,818 | $ 501,145 | ||
cmdReporter | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash consideration | $ 3,041 | ||||||||
Contingent consideration | 359 | ||||||||
Final aggregate purchase price | 3,400 | ||||||||
Intangible assets acquired: | |||||||||
Developed technology | 2,630 | ||||||||
IPR&D | 400 | ||||||||
Goodwill | 370 | ||||||||
Total purchase consideration | $ 3,400 | ||||||||
[1] | Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. |
Acquisitions - Digita Security
Acquisitions - Digita Security LLC (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | [2] | Dec. 31, 2020 | Dec. 31, 2019 | ||
Business Acquisition [Line Items] | ||||||||
Increase (decrease) in fair value of contingent consideration | $ 300 | $ 4,237 | [1] | $ (3,700) | $ (1,000) | $ 200 | ||
Digita Security LLC | ||||||||
Business Acquisition [Line Items] | ||||||||
Maximum contingent consideration | $ 15,000 | |||||||
Cash consideration | $ 4,200 | |||||||
Increase (decrease) in fair value of contingent consideration | 4,000 | 4,300 | ||||||
Contingent consideration recognized | 8,300 | 8,300 | $ 8,200 | |||||
Digita Security LLC | Accrued Liabilities | ||||||||
Business Acquisition [Line Items] | ||||||||
Contingent consideration recognized | 3,400 | 3,400 | ||||||
Digita Security LLC | Other Liabilities | ||||||||
Business Acquisition [Line Items] | ||||||||
Contingent consideration recognized | $ 4,900 | $ 4,900 | ||||||
[1] | Includes the three months ended March 31, 2021, which has been revised to correct immaterial errors. See Note 1 for more information. | |||||||
[2] | Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. |
Goodwill and other intangible_3
Goodwill and other intangible assets - Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Goodwill [Roll Forward] | |||||
Goodwill, Beginning Balance | $ 541,850 | $ 539,818 | $ 541,480 | [1] | $ 539,818 |
Goodwill acquired | 0 | 0 | 370 | 0 | |
Goodwill, Ending Balance | $ 541,850 | $ 539,818 | $ 541,850 | $ 539,818 | |
[1] | Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. |
Goodwill and other intangible_4
Goodwill and other intangible assets - Intangible Assets (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Gross Value | $ 303,401,000 | |||||||||
Accumulated Amortization (in thousands) | $ 117,370,000 | $ 117,370,000 | 100,523,000 | |||||||
Net Carrying Value | 202,878,000 | |||||||||
Amortization expense | 8,500,000 | $ 8,300,000 | 16,900,000 | $ 16,700,000 | ||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||||||||
Gross Value | 306,391,000 | 306,391,000 | ||||||||
Net Carrying Value | 189,021,000 | 218,430,000 | 189,021,000 | 218,430,000 | $ 197,504,000 | 202,878,000 | [1] | $ 235,099,000 | $ 252,171,000 | |
Goodwill and Intangible Asset Impairment | 0 | $ 0 | 0 | $ 0 | ||||||
IPR&D | ||||||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||||||
Indefinite-Lived Intangible Assets | 400,000 | $ 400,000 | ||||||||
Trademarks | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Useful Life | 8 years | 8 years | ||||||||
Gross Value | 34,300,000 | $ 34,300,000 | 34,320,000 | |||||||
Accumulated Amortization (in thousands) | 15,578,000 | 15,578,000 | 13,454,000 | |||||||
Net Carrying Value | 18,722,000 | $ 18,722,000 | 20,866,000 | |||||||
Weighted‑ Average Remaining Useful Life | 4 years 3 months 18 days | 4 years 9 months 18 days | ||||||||
Customer relationships | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Gross Value | 214,408,000 | $ 214,408,000 | 214,428,000 | |||||||
Accumulated Amortization (in thousands) | 64,893,000 | 64,893,000 | 55,810,000 | |||||||
Net Carrying Value | 149,515,000 | $ 149,515,000 | 158,618,000 | |||||||
Weighted‑ Average Remaining Useful Life | 8 years 2 months 12 days | 8 years 8 months 12 days | ||||||||
Customer relationships | Minimum | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Useful Life | 2 years | 2 years | ||||||||
Customer relationships | Maximum | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Useful Life | 12 years | 12 years | ||||||||
Developed technology | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Useful Life | 5 years | 5 years | ||||||||
Gross Value | 57,193,000 | $ 57,193,000 | 54,563,000 | |||||||
Accumulated Amortization (in thousands) | 36,809,000 | 36,809,000 | 31,173,000 | |||||||
Net Carrying Value | 20,384,000 | $ 20,384,000 | 23,390,000 | |||||||
Weighted‑ Average Remaining Useful Life | 2 years 2 months 12 days | 2 years 3 months 18 days | ||||||||
Non-competes | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Useful Life | 2 years | 2 years | ||||||||
Gross Value | 90,000 | $ 90,000 | 90,000 | |||||||
Accumulated Amortization (in thousands) | 90,000 | 90,000 | 86,000 | |||||||
Net Carrying Value | $ 0 | $ 0 | $ 4,000 | |||||||
Weighted‑ Average Remaining Useful Life | 0 years | 1 month 6 days | ||||||||
[1] | Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Lessee, Lease, Description [Line Items] | ||||
Lessee, operating lease, renewal term (up to) | 10 years | 10 years | ||
Lessee, finance lease, term of contract | 4 years | 4 years | ||
Operating lease, weighted average remaining lease term | 6 years 4 months 24 days | 6 years 4 months 24 days | ||
Operating lease, weighted average discount rate, percent | 3.50% | 3.50% | ||
Operating lease cost | $ 1,369 | $ 1,200 | $ 2,883 | $ 2,500 |
Operating lease, payments | 2,600 | |||
Affiliated Entity | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | $ 200 | $ 300 | $ 500 | $ 500 |
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, operating lease, term of contract | 1 year | 1 year | ||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, operating lease, term of contract | 9 years | 9 years |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Assets | |
Operating lease assets | $ 22,737 |
Liabilities | |
Operating lease liabilities - current | 4,826 |
Operating lease liabilities - non-current | 22,063 |
Total operating lease liabilities | $ 26,889 |
Operating lease, right-of-use asset, statement of financial position | us-gaap:OtherAssets |
Operating lease, liability, current, statement of financial position | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent |
Operating lease, liability, noncurrent, statement of financial position | Other liabilities |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 1,369 | $ 1,200 | $ 2,883 | $ 2,500 |
Short-term lease cost | 52 | 104 | ||
Variable lease cost | 441 | 880 | ||
Total lease expense | $ 1,862 | $ 3,867 |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Leases [Abstract] | |
2021 (remaining six months) | $ 2,887 |
2022 | 5,422 |
2023 | 5,347 |
2024 | 4,596 |
2025 | 2,519 |
Thereafter | 9,482 |
Total lease payments | 30,253 |
Less: imputed interest | 3,364 |
Total present value of lease liabilities | $ 26,889 |
Debt (Details)
Debt (Details) - Line of Credit - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jul. 27, 2020 | Jul. 26, 2020 |
Debt Instrument [Line Items] | |||||
Debt issuance costs | $ 0.7 | $ 1.3 | |||
Debt issuance costs in other assets | 1.6 | $ 1.1 | |||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 150 | $ 15 | |||
Letter of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 25 | ||||
Debt outstanding | $ 1 | $ 1 | |||
Foreign Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 50 | ||||
Term Loan | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 205 | ||||
Minimum | Term Loan | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity per incremental loan | $ 5 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Material liabilities for contingencies | $ 4,200,000 | $ 0 |
Estimated loss | $ 2,300,000 |
Net loss per share - Schedule o
Net loss per share - Schedule of Computation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | [1] | Jun. 30, 2021 | [2] | Jun. 30, 2020 | [1] | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Numerator: | ||||||||||||
Net loss | $ (16,467) | [1] | $ (4,589) | $ (834) | $ (21,056) | [1] | $ (10,330) | $ (24,082) | $ (34,345) | $ (37,579) | ||
Denominator: | ||||||||||||
Weighted-average shares used to compute net loss per share, basic (in shares) | 117,909,720 | 117,386,322 | 102,862,404 | 117,649,467 | 102,861,475 | 108,908,597 | 102,752,092 | 102,325,465 | ||||
Weighted-average shares used to compute net loss per share, diluted (in shares) | 117,909,720 | 117,386,322 | 102,862,404 | 117,649,467 | 102,861,475 | 108,908,597 | 102,752,092 | 102,325,465 | ||||
Net loss per share, diluted (in dollars per share) | $ (0.14) | $ (0.04) | $ (0.01) | $ (0.18) | $ (0.10) | $ (0.22) | $ (0.33) | $ (0.37) | ||||
Net loss per share, basic (in dollars per share) | $ (0.14) | $ (0.04) | $ (0.01) | $ (0.18) | $ (0.10) | $ (0.22) | $ (0.33) | $ (0.37) | ||||
[1] | Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information. | |||||||||||
[2] | Includes the three months ended March 31, 2021, which has been revised to correct immaterial errors. See Note 1 for more information. |
Net loss per share - Antidiluti
Net loss per share - Antidilutive Securities (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total potentially dilutive securities | 9,070,850 | 7,778,678 | 9,070,850 | 7,778,678 |
Stock options outstanding | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total potentially dilutive securities | 5,977,050 | 7,742,158 | 5,977,050 | 7,742,158 |
Unvested restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total potentially dilutive securities | 3,093,800 | 36,520 | 3,093,800 | 36,520 |
Share-based compensation - Narr
Share-based compensation - Narrative (Details) - shares | Jul. 21, 2020 | Jun. 30, 2021 | Jan. 01, 2021 | Nov. 13, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for additional grants under the plan (in shares) | 16,385,899 | |||
Omnibus Incentive Plan 2020 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate number of shares of common stock to be issued (in shares) | 14,800,000 | 19,479,699 | ||
Share based compensation, number of shares reserved for issuance, period of increases | 10 years | |||
Share based compensation, increase in shares reserved for issuance, minimum percentage increase | 4.00% | |||
Stock Option Plan 2017 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate number of shares of common stock to be issued (in shares) | 8,470,000 | |||
Common stock reserved for additional grants under the plan (in shares) | 128,928 | |||
Awards granted (in shares) | 0 |
Share-based compensation - Retu
Share-based compensation - Return Target Options Activity (Details) - Target-based stock options $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Options | ||
Outstanding, beginning of period (in shares) | shares | 3,687,664 | |
Granted (in shares) | shares | 0 | |
Exercised (in shares) | shares | 0 | |
Forfeitures (in shares) | shares | 0 | |
Outstanding, end of period (in shares) | shares | 3,687,664 | 3,687,664 |
Options exercisable (in shares) | shares | 0 | |
Vested or expected to vest (in shares) | shares | 0 | |
Weighted‑ Average Exercise Price | ||
Outstanding, beginning of period (in dollars per share) | $ / shares | $ 6.75 | |
Granted (in dollars per share) | $ / shares | 0 | |
Exercised (in dollars per share) | $ / shares | 0 | |
Forfeitures (in dollars per share) | $ / shares | 0 | |
Outstanding, end of period (in dollars per share) | $ / shares | 6.75 | $ 6.75 |
Options exercisable (in dollars per share) | $ / shares | 0 | |
Vested or expected to vest (in dollars per share) | $ / shares | $ 0 | |
Weighted‑ Average Remaining Contractual Term (Years) | ||
Remaining term, options outstanding | 7 years 3 months 18 days | 7 years 9 months 18 days |
Aggregate Intrinsic Value (in thousands) | ||
Outstanding | $ | $ 98,904 | $ 85,444 |
Exercised | $ | 0 | |
Options exercisable | $ | 0 | |
Vested or expected to vest | $ | 0 | |
Unrecognized compensation expense | ||
Unrecognized compensation expense | $ | $ 33,000 | |
Remaining term, options exercisable | 0 years | |
Remaining term, options vested or expected to vest | 0 years |
Share-based compensation - Rest
Share-based compensation - Restricted Stock Units (Details) - Unvested restricted stock units $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | |
Restricted stock (in units) | ||
Outstanding, beginning of period (in shares) | shares | 1,293,107 | |
Granted (in shares) | shares | 1,843,500 | |
Restrictions lapsed (in shares) | shares | 0 | |
Forfeited (in shares) | shares | (42,807) | |
Outstanding, end of period (in shares) | shares | 3,093,800 | 3,093,800 |
Fair Value (Per unit) | ||
Outstanding, beginning of period (in dollars per share) | $ / shares | $ 26.34 | |
Granted (in dollars per share) | $ / shares | 34.79 | |
Restrictions lapsed (in dollars per share) | $ / shares | 0 | |
Forfeited (in dollars per share) | $ / shares | 26.33 | |
Outstanding, end of period (in dollars per share) | $ / shares | $ 31.38 | $ 31.38 |
Vesting period | 4 years | |
Unrecognized compensation expense | $ | $ 88 | $ 88 |
Weighted average period over which unrecognized compensation expense would be recognized | 3 years 7 months 6 days | |
Tranche one | ||
Fair Value (Per unit) | ||
Vesting period | 1 year | |
Percentage of RSUs that vest | 100.00% |
Share-based compensation - Serv
Share-based compensation - Service Based Options Activity (Details) - Service-based stock option - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Options | ||||
Outstanding, beginning of period (in shares) | 3,546,826 | |||
Granted (in shares) | 0 | |||
Exercised (in shares) | (1,257,440) | |||
Forfeitures (in shares) | 0 | |||
Outstanding, end of period (in shares) | 2,289,386 | 2,289,386 | 3,546,826 | |
Options exercisable (in shares) | 1,524,788 | 1,524,788 | ||
Vested or expected to vest (in shares) | 2,289,386 | 2,289,386 | ||
Weighted‑ Average Exercise Price | ||||
Outstanding, beginning of period (in dollars per share) | $ 5.65 | |||
Granted (in dollars per share) | 0 | |||
Exercised (in dollars per share) | 5.62 | |||
Forfeitures (in dollars per share) | 0 | |||
Outstanding, end of period (in dollars per share) | $ 5.66 | 5.66 | $ 5.65 | |
Options exercisable (in dollars per share) | 5.49 | 5.49 | ||
Vested or expected to vest (in dollars per share) | $ 5.66 | $ 5.66 | ||
Weighted‑ Average Remaining Contractual Term (Years) | ||||
Remaining term, options outstanding | 6 years 7 months 6 days | 7 years 1 month 6 days | ||
Remaining term, options exercisable | 6 years 4 months 24 days | |||
Remaining term, options vested or expected to vest | 6 years 7 months 6 days | |||
Aggregate Intrinsic Value (in thousands) | ||||
Outstanding | $ 63,896 | $ 63,896 | $ 86,098 | |
Exercised | 36,219 | |||
Options exercisable | 42,813 | 42,813 | ||
Vested or expected to vest | 63,896 | 63,896 | ||
Total fair value, options vested in period | 1,300 | |||
Unrecognized compensation expense | $ 2,000 | $ 2,000 | ||
Weighted average period over which unrecognized compensation expense would be recognized | 1 year 6 months |
Share-based compensation - Shar
Share-based compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 4,106 | $ 764 | $ 6,938 | $ 1,575 |
Cost of revenues | Subscription | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 344 | 38 | 668 | 76 |
Cost of revenues | Services | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 75 | 0 | 152 | 0 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 1,088 | 111 | 1,930 | 222 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 1,153 | 141 | 1,931 | 298 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 1,446 | $ 474 | $ 2,257 | $ 979 |
Income taxes (Details)
Income taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate (as a percent) | 0.40% | 9.60% | (0.30%) | 23.20% |
Discrete income tax expense (benefit) | $ (0.1) | $ (0.1) | ||
Annual effective tax rate | (0.005) | 0.212 |
Related-party transactions (Det
Related-party transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Jul. 27, 2020 | Jul. 26, 2020 | |
Term Loan | Line of Credit | |||||||
Related Party Transaction [Line Items] | |||||||
Maximum borrowing capacity | $ 205,000,000 | ||||||
Revolving Credit Facility | Line of Credit | |||||||
Related Party Transaction [Line Items] | |||||||
Maximum borrowing capacity | $ 150,000,000 | $ 15,000,000 | |||||
Affiliated Entity | JAMF Nation Global Foundation | |||||||
Related Party Transaction [Line Items] | |||||||
Amount of pledges to JAMF Nation Global Foundation | $ 200,000 | $ 0 | $ 300,000 | $ 0 | |||
Accrued expenses to JAMF Nation Global Foundation | 600,000 | 600,000 | $ 900,000 | ||||
Majority Shareholder | Vista | |||||||
Related Party Transaction [Line Items] | |||||||
Expenses incurred for related party transactions | 100,000 | 100,000 | 100,000 | 300,000 | |||
Accounts payable to related parties | 100,000 | 100,000 | 100,000 | ||||
Majority Shareholder | Vista Affiliates | |||||||
Related Party Transaction [Line Items] | |||||||
Expenses incurred for related party transactions | 300,000 | 100,000 | 500,000 | 300,000 | |||
Accounts payable to related parties | 100,000 | 100,000 | 100,000 | ||||
Revenue from arrangement with related party | 300,000 | 300,000 | 500,000 | 600,000 | |||
Accounts receivable from related party | $ 200,000 | $ 200,000 | $ 300,000 | ||||
Majority Shareholder | Vista Affiliates | Term Loan | |||||||
Related Party Transaction [Line Items] | |||||||
Interest paid on term loan | $ 800,000 | $ 1,600,000 |
Subsequent events (Details)
Subsequent events (Details) - USD ($) $ in Millions | Dec. 15, 2021 | Oct. 01, 2021 | Jul. 01, 2021 | Dec. 15, 2021 |
Wandera Inc. | Forecast | ||||
Subsequent Event [Line Items] | ||||
Cash consideration | $ 25 | $ 25 | $ 50 | |
Subsequent Event | Revolving Credit Facility | Three Hundred Sixty Four Day Facility | Line of Credit | ||||
Subsequent Event [Line Items] | ||||
Debt term | 364 days | |||
Principal amount | $ 250 | |||
Subsequent Event | Wandera Inc. | ||||
Subsequent Event [Line Items] | ||||
Consideration transferred | 409.2 | |||
Cash consideration | $ 359.2 |