Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | JFrog Ltd. | |
Entity Central Index Key | 0001800667 | |
Entity File Number | 001-39492 | |
Entity Tax Identification Number | 98-0680649 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | L3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Entity Address, Address Line One | 270 E. Caribbean Drive | |
Entity Address, City or Town | Sunnyvale | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94089 | |
City Area Code | (408) | |
Local Phone Number | 329-1540 | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Ordinary Shares, NIS 0.01 par value | |
Trading Symbol | FROG | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 98,799,956 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 59,577 | $ 68,284 |
Short-term investments | 368,073 | 352,844 |
Accounts receivable, net | 49,389 | 50,483 |
Deferred contract acquisition costs | 5,949 | 5,271 |
Prepaid expenses and other current assets | 24,363 | 22,140 |
Total current assets | 507,351 | 499,022 |
Property and equipment, net | 7,377 | 6,689 |
Deferred contract acquisition costs, noncurrent | 10,499 | 9,120 |
Operating lease right-of-use assets | 24,235 | 25,999 |
Intangible assets, net | 45,138 | 47,980 |
Goodwill | 247,955 | 247,776 |
Other assets, noncurrent | 13,841 | 15,942 |
Total assets | 856,396 | 852,528 |
Current liabilities: | ||
Accounts payable | 12,050 | 10,868 |
Accrued expenses and other current liabilities | 28,891 | 27,954 |
Operating lease liabilities | 7,205 | 7,293 |
Deferred revenue | 134,611 | 129,149 |
Total current liabilities | 182,757 | 175,264 |
Deferred revenue, noncurrent | 17,772 | 17,957 |
Operating lease liabilities, noncurrent | 17,943 | 20,014 |
Other liabilities, noncurrent | 1,406 | 712 |
Total liabilities | 219,878 | 213,947 |
Commitments and contingencies (Note 10) | 0 | 0 |
Shareholders' equity: | ||
Preferred shares, NIS 0.01 par value per share; 50,000,000 shares authorized; 0 issued and outstanding as of March 31, 2022 and December 31, 2021 | 0 | 0 |
Ordinary shares, NIS 0.01 par value per share, 500,000,000 shares authorized; 98,641,858 and 97,312,040 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 276 | 272 |
Additional paid-in capital | 795,808 | 776,690 |
Accumulated other comprehensive income (loss) | (870) | 611 |
Accumulated deficit | (158,696) | (138,992) |
Total shareholders' equity (deficit) | 636,518 | 638,581 |
Total liabilities, convertible preferred shares and shareholders' equity (deficit) | $ 856,396 | $ 852,528 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - ₪ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Preferred stock par value | ₪ 0.01 | ₪ 0.01 |
Preferred stock authorized | 50,000,000 | 50,000,000 |
Preferred stock issued | 0 | 0 |
Preferred stock Outstanding | 0 | 0 |
Common stock par value | ₪ 0.01 | ₪ 0.01 |
Common stock Authorized | 500,000,000 | 500,000,000 |
Common stock issued | 98,641,858 | 97,312,040 |
Common stock Outstanding | 98,641,858 | 97,312,040 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue: | ||
Total subscription revenue | $ 63,696 | $ 45,087 |
Cost of revenue: | ||
Total cost of revenue—subscription | 13,863 | 8,427 |
Gross profit | 49,833 | 36,660 |
Operating expenses: | ||
Research and development | 27,101 | 13,836 |
Sales and marketing | 29,180 | 19,765 |
General and administrative | 12,691 | 13,671 |
Total operating expenses | 68,972 | 47,272 |
Operating loss | (19,139) | (10,612) |
Interest and other income, net | 273 | 360 |
Loss before income taxes | (18,866) | (10,252) |
Income tax expense (benefit) | 838 | (2,357) |
Net loss | $ (19,704) | $ (7,895) |
Net loss per share, basic and diluted | $ (0.20) | $ (0.09) |
Weighted-average shares used in computing net loss per share, basic and diluted | 97,883,814 | 92,679,756 |
Subscription—self-managed and SaaS | ||
Revenue: | ||
Total subscription revenue | $ 59,069 | $ 41,338 |
Cost of revenue: | ||
Total cost of revenue—subscription | 13,643 | 8,236 |
License—self-managed | ||
Revenue: | ||
Total subscription revenue | 4,627 | 3,749 |
Cost of revenue: | ||
Total cost of revenue—subscription | $ 220 | $ 191 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (19,704) | $ (7,895) |
Other comprehensive income (loss), net of tax: | ||
Unrealized gain losses on available-for-sale marketable securities, net | (717) | (30) |
Unrealized losses on derivative instruments, net | (764) | (611) |
Other comprehensive loss | (1,481) | (641) |
Comprehensive loss | $ (21,185) | $ (8,536) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Ordinary Shares | Additional Paid-in Capital | Accumulated Other Comprehensive Income (loss) | Accumulated Deficit |
Balance (in shares) at Dec. 31, 2020 | 92,112,447 | ||||
Balance at Dec. 31, 2020 | $ 553,894 | $ 257 | $ 628,054 | $ 372 | $ (74,789) |
Issuance of ordinary shares upon exercise of share options (in shares) | 1,305,571 | ||||
Issuance of ordinary shares upon exercise of share options | 2,290 | $ 4 | 2,286 | ||
Issuance of ordinary shares related to business combination (in shares) | 49,823 | ||||
Share-based compensation expense | 11,750 | 11,750 | |||
Other comprehensive income (loss), net of tax | (641) | (641) | |||
Net loss | (7,895) | (7,895) | |||
Balance (in shares) at Mar. 31, 2021 | 93,467,841 | ||||
Balance at Mar. 31, 2021 | 559,398 | $ 261 | 642,090 | (269) | (82,684) |
Balance (in shares) at Dec. 31, 2021 | 97,312,040 | ||||
Balance at Dec. 31, 2021 | $ 638,581 | $ 272 | 776,690 | 611 | (138,992) |
Issuance of ordinary shares upon exercise of share options (in shares) | 1,017,669 | 1,017,669 | |||
Issuance of ordinary shares upon exercise of share options | $ 1,795 | $ 3 | 1,792 | ||
Issuance of ordinary shares upon release of restricted share units (in shares) | 109,416 | ||||
Issuance of ordinary shares under the employee share purchase plan (shares) | 154,550 | ||||
Issuance of ordinary shares under the employee share purchase plan | 3,253 | $ 1 | 3,252 | ||
Issuance of ordinary shares related to business combination (in shares) | 48,183 | ||||
Share-based compensation expense | 14,074 | 14,074 | |||
Other comprehensive income (loss), net of tax | (1,481) | (1,481) | |||
Net loss | (19,704) | (19,704) | |||
Balance (in shares) at Mar. 31, 2022 | 98,641,858 | ||||
Balance at Mar. 31, 2022 | $ 636,518 | $ 276 | $ 795,808 | $ (870) | $ (158,696) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (19,704) | $ (7,895) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 3,519 | 1,006 |
Share-based compensation expense | 14,074 | 11,750 |
Non-cash operating lease expense | 1,806 | 1,278 |
Net amortization of premium or discount on investments | 1,628 | 1,343 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,094 | (14,375) |
Prepaid expenses and other assets | (889) | (2,386) |
Deferred contract acquisition costs | (2,057) | (1,384) |
Accounts payable | 960 | (954) |
Accrued expenses and other liabilities | 1,524 | 3,658 |
Operating lease liabilities | (2,201) | (1,367) |
Deferred revenue | 5,277 | 18,137 |
Net cash provided by operating activities | 5,031 | 8,811 |
Cash flows from investing activities: | ||
Purchases of short-term investments | (92,211) | (88,580) |
Maturities and sales of short-term investments | 74,637 | 61,825 |
Purchases of property and equipment | (1,143) | (1,135) |
Payments related to business combination | (179) | 0 |
Net cash used in investing activities | (18,896) | (27,890) |
Cash flows from financing activities: | ||
Proceeds from exercise of share options | 1,795 | 2,290 |
Proceeds from employee share purchase plan | 3,253 | |
Proceeds from employee equity transactions, net of payments to be remitted to tax authorities | 107 | (1,008) |
Net cash provided by financing activities | 5,155 | 1,282 |
Net decrease in cash, cash equivalents, and restricted cash | (8,710) | (17,797) |
Cash, cash equivalents, and restricted cash—beginning of period | 68,540 | 164,739 |
Cash, cash equivalents, and restricted cash—end of period | $ 59,830 | $ 146,942 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Reconciliation of cash, cash equivalents, and restricted cash within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows above: | ||
Cash and cash equivalents | $ 59,577 | $ 146,676 |
Restricted cash included in prepaid expenses and other current assets | 13 | 14 |
Restricted cash included in other assets, noncurrent | 240 | 252 |
Total cash, cash equivalents, and restricted cash | $ 59,830 | $ 146,942 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization an d Description of Business JFrog Ltd. (together with its subsi diaries, “JFrog”, or the “Company”) was incorporated under the laws of the State of Israel in 2008. JFrog provides an end-to-end, hybrid, universal DevOps Platform that powers the software supply chain, enabling organizations to continuously deliver software updates across any system. JFrog’s platform is the critical bridge between software development and deployment of that software, paving the way for the modern DevOps paradigm. The Company enables organizations to build and release software faster and more securely while empowering developers to be more efficient. The Company’s solutions are designed to run on-premise, in public or private clouds, or in hybrid environments. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting, and include the accounts of JFrog Ltd. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2021 was derived from the audited consolidated financial statements as of that date, but does not include all of the disclosures, including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 11, 2022. In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of March 31, 2022 and the Company’s consolidated results of operations, shareholders’ equity, and cash flows for the three months ended March 31, 2022 and 2021. The results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022 or any other future interim or annual period. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods and accompanying notes. Significant items subject to such estimates and assumptions include, but are not limited to, the allocation of transaction price among various performance obligations, the estimated customer life on deferred contract acquisition costs, the allowance for credit losses, the fair value of financial assets and liabilities, including the fair value of derivatives, the fair value of acquired intangible assets and goodwill, the useful lives of acquired intangible assets and property and equipment, the incremental borrowing rate for operating leases, loss contingency, t he fair value of share purchase rights granted under the Company’s employee share purchase plan, and the valuation of deferred tax assets and uncertain tax positions. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2, Summary of Significant Accounting Policies, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. There have been no significant changes to these policies during the three months ended March 31, 2022 . Geographical Information Revenue by geographical region can be found in the revenue recognition disclosure in Note 3 below. The following table presents the Company’s long-lived assets by geographic region, which consists of property and equipment, net and operating lease right-of-use assets: March 31, 2022 December 31, 2021 (in thousands) United States $ 10,516 $ 10,845 Israel 17,564 18,165 Rest of world 3,532 3,678 Total long-lived assets $ 31,612 $ 32,688 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 3. Revenue Recognition Disaggregation of Revenue The following table presents revenue by category: Three Months Ended March 31, 2022 2021 Amount Percentage of Revenue Amount Percentage of Revenue (in thousands, except percentages) Self-managed subscription $ 46,922 74 % $ 34,823 77 % Subscription 42,295 67 31,074 69 License 4,627 7 3,749 8 SaaS 16,774 26 10,264 23 Total subscription revenue $ 63,696 100 % $ 45,087 100 % The following table summarizes revenue by region based on the shipping address of customers: Three Months Ended March 31, 2022 2021 Amount Percentage of Revenue Amount Percentage of Revenue (in thousands, except percentages) United States $ 39,717 62 % $ 28,292 63 % Israel 1,623 3 893 2 Rest of world 22,356 35 15,902 35 Total subscription revenue $ 63,696 100 % $ 45,087 100 % Contract Balances Of the $ 147.1 million and $ 102.8 million of deferred revenue recorded as of December 31, 2021 and 2020, respectively, the Company recognized $ 47.9 million and $ 32.9 million as revenue during the three months ended March 31, 2022 and 2021, respectively. Remaining Performance Obligation The Company’s remaining performance obligations are comprised of product and service revenue not yet delivered. As of March 31, 2022 , the aggregate amount of the transaction price allocated to remaining performance obligations was $ 172.1 million, which consists of billed considerations of $ 152.4 million and unbilled considerations of $ 19.7 million, that the Company expects to recognize as revenue. As of March 31, 2022 , the Company expects to recognize 83 % of its remaining performance obligations as revenue over the next 12 months, and the remainder thereafter. Cost to Obtain a Contract The following table represents a rollforward of deferred contract acquisition costs: Three Months Ended March 31, 2022 2021 (in thousands) Beginning balance $ 14,391 $ 8,196 Additions to deferred contract acquisition costs 3,571 2,362 Amortization of deferred contract acquisition costs ( 1,514 ) ( 978 ) Ending balance $ 16,448 $ 9,580 Deferred contract acquisition costs (to be recognized in next 12 months) $ 5,949 $ 3,655 Deferred contract acquisition costs, noncurrent 10,499 5,925 Total deferred contract acquisition costs $ 16,448 $ 9,580 |
Short-Term Investments
Short-Term Investments | 3 Months Ended |
Mar. 31, 2022 | |
Investments, All Other Investments [Abstract] | |
Short-Term Investments | 4. Short-Term Investments Short-term investments consisted of the following: March 31, 2022 Amortized Gross Gross Estimated (in thousands) Bank deposits $ 85,191 $ — $ — $ 85,191 Commercial paper 55,434 — ( 251 ) 55,183 Corporate debt securities 119,531 2 ( 444 ) 119,089 Municipal securities 70,875 — ( 143 ) 70,732 Government and agency debt 38,023 — ( 145 ) 37,878 Marketable securities 283,863 2 ( 983 ) 282,882 Total short-term investments $ 369,054 $ 2 $ ( 983 ) $ 368,073 December 31, 2021 Amortized Gross Gross Estimated (in thousands) Bank deposits $ 90,704 $ — $ — $ 90,704 Commercial paper 56,448 — ( 37 ) 56,411 Corporate debt securities 109,212 1 ( 151 ) 109,062 Municipal securities 71,046 — ( 50 ) 70,996 Government and agency debt 25,698 — ( 27 ) 25,671 Marketable securities 262,404 1 ( 265 ) 262,140 Total short-term investments $ 353,108 $ 1 $ ( 265 ) $ 352,844 As of March 31, 2022, the contractual maturities of the Company’s marketable securities were all less than one year. As of March 31, 2022 and December 31, 2021, the allowance for credit loss for the marketable securities was not material. See Note 12, Accumulated Other Comprehensive Income (Loss) , for the realized gains or losses from available-for-sale marketable securities that were reclassified out of accumulated other comprehensive income (loss) (“AOCI”) during the periods presented. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis: March 31, 2022 Fair Value Level 1 Level 2 (in thousands) Financial Assets: Money market funds $ 9,585 $ 9,585 $ — Commercial paper 1,998 — 1,998 Cash equivalents 11,583 9,585 1,998 Bank deposits 85,191 — 85,191 Commercial paper 55,183 — 55,183 Corporate debt securities 119,089 — 119,089 Municipal securities 70,732 — 70,732 Government and agency debt 37,878 — 37,878 Short-term investments 368,073 — 368,073 Foreign currency contracts designated as hedging instruments included in prepaid expenses and other current assets 272 — 272 Foreign currency contracts not designated as hedging instruments included in prepaid expenses and other current assets 134 — 134 Restricted bank deposits included in prepaid expenses and other current assets 13 — 13 Restricted bank deposits included in other assets, noncurrent 240 — 240 Total financial assets $ 380,315 $ 9,585 $ 370,730 Financial Liabilities: Foreign currency contracts designated as hedging instruments included in accrued expenses and other current liabilities $ 161 $ — $ 161 Foreign currency contracts not designated as hedging instruments included in accrued expenses and other current liabilities 8 — 8 Total financial liabilities $ 169 $ — $ 169 December 31, 2021 Fair Value Level 1 Level 2 (in thousands) Financial Assets: Money market funds $ 21,670 $ 21,670 $ — Municipal securities 175 — 175 Cash equivalents 21,845 21,670 175 Bank deposits 90,704 — 90,704 Commercial paper 56,411 — 56,411 Corporate debt securities 109,062 — 109,062 Municipal securities 70,996 — 70,996 Government and agency debt 25,671 — 25,671 Short-term investments 352,844 — 352,844 Foreign currency contracts designated as hedging instruments included in prepaid expenses and other current assets 891 — 891 Foreign currency contracts not designated as hedging instruments included in prepaid expenses and other current assets 43 — 43 Restricted bank deposits included in prepaid expenses and other current assets 13 — 13 Restricted bank deposits included in other assets, noncurrent 243 — 243 Total financial assets $ 375,879 $ 21,670 $ 354,209 Financial Liabilities: Foreign currency contracts designated as hedging instruments included in accrued expenses and other current liabilities $ 16 $ — $ 16 Foreign currency contracts not designated as hedging instruments included in accrued expenses and other current liabilities 5 — 5 Total financial liabilities $ 21 $ — $ 21 The Company classifies its money market fund within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its bank deposits, commercial paper, corporate debt securities, municipal securities, government and agency debt, and derivative financial instruments within Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. As of March 31, 2022 and December 31, 2021 , the Company did no t have any assets or liabilities valued based on Level 3 valuations. |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging | 6. Derivative Financial Instruments and Hedging The Company enters into foreign currency forward and option contracts with financial institutions to protect against foreign exchange risks, mainly the exposure to changes in the exchange rate of the New Israeli Shekel (“NIS”) against the U.S. dollar that are associated with forecasted future cash flows and certain existing assets and liabilities for up to twelve months. The Company’s primary objective in entering into these contracts is to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates. The Company does not use derivative instruments for trading or speculative purposes. Notional Amount of Foreign Currency Contracts The notional amounts of outstanding foreign currency contracts in U.S. dollar as of the periods presented were as follows: March 31, 2022 December 31, 2021 (in thousands) Derivatives Designated as Hedging Instruments: Foreign currency contracts $ 48,118 $ 45,971 Derivatives Not Designated as Hedging Instruments: Foreign currency contracts 8,955 4,975 Total derivative instruments $ 57,073 $ 50,946 Effect of Foreign Currency Contracts on the Condensed Consolidated Statements of Operations Derivative instruments that hedge the exposure to variability in expected future cash flows are designated as cash flow hedges. The Company records changes in the fair value of these derivatives in AOCI in the Condensed Consolidated Balance Sheets, until the forecasted transaction occurs. Upon occurrence, the Company reclassifies the related gains or losses on the derivative to the same financial statement line item in the Condensed Consolidated Statements of Operations to which the derivative relates. In case the Company discontinues cash flow hedges, it records the related amount in interest and other income, net, on the Condensed Consolidated Statements of Operations. Derivative instruments that hedge the exposure to variability in the fair value of assets or liabilities are currently not designated as hedges for financial reporting purposes. The Company records changes in the fair value of these derivatives in interest and other income, net in the Condensed Consolidated Statements of Operations. The effect of foreign currency contracts on the condensed consolidated statements of operations during the periods presented were as follows: Derivatives Designated Derivatives Not Designated Three Months Ended March 31, Three Months Ended March 31, 2022 2021 2022 2021 Condensed Statement of Operations Location: (in thousands) Cost of revenue: subscription–self-managed and SaaS $ ( 6 ) $ 19 $ — $ — Research and development ( 55 ) 120 — — Sales and marketing ( 11 ) 36 — — General and administrative ( 15 ) 43 — — Interest and other income, net 8 — 22 107 Total gains (losses) recognized in earnings $ ( 79 ) $ 218 $ 22 $ 107 Effect of Foreign Currency Contracts on Accumulated Other Comprehensive Income Net unrealized gains (losses) of foreign currency contracts designated as hedging instruments, net of tax, are recorded in AOCI. See Note 12, Accumulated Other Comprehensive Income (Loss) , for the effect on other comprehensive income (loss) and the reclassification out of AOCI during the periods presented. All of net deferred gains in AOCI as of March 31, 2022 are expected to be recognized as operating expenses in the same financial statement line item in the Condensed Consolidated Statements of Operations to which the derivative relates over the next twelve months. |
Condensed Consolidated Balanc_3
Condensed Consolidated Balance Sheet Components | 3 Months Ended |
Mar. 31, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Condensed Consolidated Balance Sheet Components | 7. Condensed Consolidated Balance Sheet Components Property and Equipment, Net Property and equipment, net consisted of the following: March 31, 2022 December 31, 2021 (in thousands) Computer and software $ 6,742 $ 5,955 Furniture and office equipment 2,271 2,248 Leasehold improvements 5,432 4,893 Property and equipment, gross 14,445 13,096 Less: accumulated depreciation and amortization ( 7,068 ) ( 6,407 ) Property and equipment, net $ 7,377 $ 6,689 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: March 31, 2022 December 31, 2021 (in thousands) Accrued compensation and benefits $ 17,641 $ 17,601 Accrued expenses 11,250 10,353 Accrued expenses and other current liabilities $ 28,891 $ 27,954 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | 8. Goodwill and Intangible Assets, Net Goodwill The following table represents the changes to goodwill: Carrying Amount (in thousands) Balance as of December 31, 2021 $ 247,776 Purchase accounting adjustment 179 Balance as of March 31, 2022 $ 247,955 Intangible Assets, Net Intangible assets consisted of the following as of March 31, 2022: Gross Fair Accumulated Net Book Weighted- (in thousands) (in years) Developed technology $ 50,347 $ ( 9,617 ) $ 40,730 4.1 Customer relationships 5,541 ( 1,133 ) 4,408 4.9 Total $ 55,888 $ ( 10,750 ) $ 45,138 Intangible assets consisted of the following as of December 31, 2021: Gross Fair Accumulated Net Book Weighted- (in thousands) (in years) Developed technology $ 50,347 $ ( 7,011 ) $ 43,336 4.3 Customer relationships 5,541 ( 897 ) 4,644 5.1 Total $ 55,888 $ ( 7,908 ) $ 47,980 Amortization expenses for intangible assets were $ 2.8 million and $ 0.4 million for the three months ended March 31, 2022 and 2021, respectively. The expected future amortization expenses by year related to the intangible assets as of March 31, 2022 are as follows: March 31, 2022 (in thousands) Year Ending December 31, 2022 (Remainder) $ 8,523 2023 11,291 2024 10,590 2025 9,110 2026 5,241 Thereafter 383 Total $ 45,138 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | 9. Leases The Company leases its office facilities under non-cancelable agreements that expire at various dates through August 2026. Components of operating lease expense were as follows: Three Months Ended March 31, 2022 2021 (in thousands) Operating lease cost $ 1,860 $ 1,348 Short-term lease cost 88 43 Variable lease cost 92 90 Total operating lease cost $ 2,040 $ 1,481 Supplementary cash flow information related to operating leases was as follows: Three Months Ended March 31, 2022 2021 (in thousands) Cash paid for operating leases $ 1,887 $ 1,163 As of March 31, 2022 , the weighted-average discount rate is 0.9 % and the weighted-average remaining term is 3.7 years. Maturities of the Company’s operating lease liabilities as of March 31, 2022 were as follows: March 31, 2022 (in thousands) Year Ending December 31, 2022 (Remainder) $ 5,549 2023 7,151 2024 6,114 2025 4,908 2026 1,823 Total operating lease payments 25,545 Less: imputed interest ( 397 ) Total operating lease liabilities $ 25,148 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Non-cancelable Purchase Obligations In the normal course of business, the Company enters into non-cancelable purchase commitments with various parties mainly for hosting services, as well as software products and services. As of March 31, 2022, the Company had outstanding non-cancelable purchase obligations with a term of 12 months or longer as follows: March 31, 2022 (in thousands) Year Ending December 31, 2022 (Remainder) $ 6,825 2023 23,607 2024 18,273 2025 25,917 Total $ 74,622 Indemnifications and Contingencies The Company enters into indemnification provisions under certain agreements with other parties in the ordinary course of business. In its customer agreements, the Company has agreed to indemnify, defend and hold harmless the indemnified party for third party claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party intellectual property infringement claims. For certain large or strategic customers, the Company has agreed to indemnify, defend and hold harmless the indemnified party for non-compliance with certain additional representations and warranties made by the Company. Grants from Israeli Innovation Authority The Company has received in the past grants from the Israeli Innovation Authority (“IIA”) and repaid them in full. Still, as any grant recipient, the Company is subject to the provisions of the Israeli Law for the Encouragement of Research, Development and Technological Innovation in the Industry and the regulations and guidelines thereunder (the “Innovation Law”). Pursuant to the Innovation Law, there are restrictions related to transferring intellectual property outside of Israel. Such transfer requires the approval from the IIA. The approval may be subject to a maximum additional payment amount of approximately $ 6.0 million. In the past, the Company received an approval from the IIA to perform a limited development of IIA funded know-how outside of Israel , subject to the terms specified in the IIA approval, including that all of its core R&D activities will remain in Israel. Legal Proceedings In the ordinary course of business, the Company may be subject from time to time to various proceedings, lawsuits, disputes, or claims. The Company investigates these claims as they arise. Although claims are inherently unpredictable, the Company is currently not aware of any matters that, if determined adversely to the Company, would individually or taken together, have a material adverse effect on its business, financial position, results of operations, or cash flows. Former Company sales employees (the “Former Employees”), on behalf of themselves and other non-exempt sales employees, alleged the violation of various wage and hour laws and have sought to recover unpaid wages, statutory penalties, civil penalties, liquidated damages, and attorney’s fees pursuant to certain California and federal laws. The Company denies the allegations. The Company and Former Employees have agreed to resolve the dispute amicably for approximately $ 2.6 million, and are currently negotiating the final settlement agreement. The settlement is subject to an arbitrator’s approval. The company has accrued the estimated settlement amount as part of sales and marketing expenses during the fourth quarter of 2021. |
Shareholders' Equity and Equity
Shareholders' Equity and Equity Incentive Plans | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Shareholders' Equity and Equity Incentive Plans | 11. Shareholders’ Equity and Equity Incentive Plans Equity Incentive Plans On January 1, 2022, the number of ordinary shares authorized for issuance under the 2020 Equity Incentive Plan (the “2020 Plan”) automatically increased by 5,541,716 shares pursuant to the terms of the 2020 Plan. Share Options A summary of share option activity under the Company’s equity incentive plans and related information is as follows: Options Outstanding Outstanding Weighted-Average Exercise Weighted-Average Remaining Aggregate (in thousands, except share, life and per share data) Balance as of December 31, 2021 9,865,601 $ 7.10 6.0 $ 224,538 Exercised ( 1,017,669 ) $ 1.76 $ 23,921 Forfeited ( 175,993 ) $ 12.70 Balance as of March 31, 2022 8,671,939 $ 7.61 6.1 $ 169,763 Exercisable as of March 31, 2022 5,133,740 $ 4.55 5.2 $ 115,458 The weighted-average grant date fair value of options granted during the three months ended March 31, 2021 was $ 42.00 . The total intrinsic value of option exercised during the three months ended March 31, 2021 was $ 75.4 million. Restricted Share Units A summary of RSU activity under the Company's equity incentive plan and related information is as follows: RSUs Unvested RSUs Weighted-Average Unvested as of December 31, 2021 3,376,569 $ 46.03 Granted 1,063,034 $ 25.67 Vested ( 109,416 ) $ 57.22 Canceled/forfeited ( 217,619 ) $ 44.51 Unvested as of March 31, 2022 4,112,568 $ 40.55 The weighted-average grant date fair value of RSUs granted during the three months ended March 31, 2021 was $ 64.33 . The total release date fair value of RSUs was $ 2.7 million during the three months ended March 31, 2022. No RSUs vested during the three months ended March 31, 2021. Employee Share Purchase Plan On January 1, 2022, the number of ordinary shares authorized for issuance under the 2020 Employee Share Purchase Plan (“ESPP”) automatically increased by 974,712 shares pursuant to the terms of ESPP. 154,550 ordinary shares were purchased during the three months ended March 31, 2022. Shares Reserved for Future Issuance The Company has the following ordinary shares reserved for future issuance: March 31, 2022 Outstanding share options 8,671,939 Outstanding RSUs 4,112,568 Issuable ordinary shares related to business combinations 110,932 Shares available for future issuance under the 2020 Plan 17,614,639 Shares available for future issuance under ESPP 3,748,094 Total ordinary shares reserved 34,258,172 Share-Based Compensation The share-based compensation expense by line item in the accompanying condensed consolidated statements of operations is summarized as follows: Three Months Ended March 31, 2022 2021 (in thousands) Cost of revenue: subscription–self-managed and SaaS $ 1,306 $ 762 Research and development 5,132 1,829 Sales and marketing 4,755 2,723 General and administrative 2,881 6,436 Total share-based compensation expense $ 14,074 $ 11,750 As of March 31, 2022 , unrecognized share-based compensation cost related to unvested share-based compensation awards was $ 179.8 million, which is expected to be recognized over a weighted-average period of 3.2 years. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 12. Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in AOCI by component, net of tax, during the periods presented: Net Unrealized Net Unrealized Total (in thousands) Balance as of December 31, 2021 $ ( 264 ) $ 875 $ 611 Other comprehensive loss before reclassifications ( 717 ) ( 843 ) ( 1,560 ) Net losses reclassified from AOCI — 79 79 Other comprehensive loss ( 717 ) ( 764 ) ( 1,481 ) Balance as of March 31, 2022 $ ( 981 ) $ 111 $ ( 870 ) Net Unrealized Net Unrealized Total (in thousands) Balance as of December 31, 2020 $ ( 69 ) $ 441 $ 372 Other comprehensive loss before reclassifications ( 30 ) ( 393 ) ( 423 ) Net gains reclassified from AOCI — ( 218 ) ( 218 ) Other comprehensive loss ( 30 ) ( 611 ) ( 641 ) Balance as of March 31, 2021 $ ( 99 ) $ ( 170 ) $ ( 269 ) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The Company’s quarterly tax provision, and estimates of its annual effective tax rate, is subject to variation due to several factors, including variability in pre-tax income (or loss), the mix of jurisdictions to which such income relates, tax law developments, as well as non-deductible expenses, such as share-based compensation, and changes in its valuation allowance. Income tax expense (benefit) was $ 0.8 million and $( 2.4 ) million for the three months ended March 31, 2022 and 2021, respectively. The income tax expense (benefit) for the periods consisted primarily of income taxes related to the U.S. A valuation allowance is provided when it is more likely than not that the deferred tax assets will not be realized. Based on the available objective evidence during three months ended March 31, 2022, the Company believes it is more likely than not that the tax benefits of the Company’s losses incurred in Israel may not be realized. Our gross unrecognized tax benefits were $ 4.4 million as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022 , the Company does not expect its unrecognized tax benefits to change significantly within the next twelve months. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 14. Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share for the periods presented: Three Months Ended March 31, 2022 2021 (in thousands, except share and per share data) Numerator: Net loss $ ( 19,704 ) $ ( 7,895 ) Denominator: Weighted-average shares used in computing net loss per share, basic and diluted 97,883,814 92,679,756 Net loss per share, basic and diluted $ ( 0.20 ) $ ( 0.09 ) The potential shares of ordinary shares that were excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive are as follows: Three Months Ended March 31, 2022 2021 Outstanding share options 9,346,102 12,504,417 Unvested RSUs 3,714,230 1,164,446 Share purchase rights under the ESPP 140,818 23,652 Issuable ordinary shares related to business combination 142,519 132,311 Total 13,343,669 13,824,826 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting, and include the accounts of JFrog Ltd. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2021 was derived from the audited consolidated financial statements as of that date, but does not include all of the disclosures, including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 11, 2022. In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of March 31, 2022 and the Company’s consolidated results of operations, shareholders’ equity, and cash flows for the three months ended March 31, 2022 and 2021. The results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022 or any other future interim or annual period. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods and accompanying notes. Significant items subject to such estimates and assumptions include, but are not limited to, the allocation of transaction price among various performance obligations, the estimated customer life on deferred contract acquisition costs, the allowance for credit losses, the fair value of financial assets and liabilities, including the fair value of derivatives, the fair value of acquired intangible assets and goodwill, the useful lives of acquired intangible assets and property and equipment, the incremental borrowing rate for operating leases, loss contingency, t he fair value of share purchase rights granted under the Company’s employee share purchase plan, and the valuation of deferred tax assets and uncertain tax positions. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. |
Significant Accounting Policies | Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2, Summary of Significant Accounting Policies, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. There have been no significant changes to these policies during the three months ended March 31, 2022 . |
Fair Value Measurements | The Company classifies its money market fund within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its bank deposits, commercial paper, corporate debt securities, municipal securities, government and agency debt, and derivative financial instruments within Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. As of March 31, 2022 and December 31, 2021 , the Company did no t have any assets or liabilities valued based on Level 3 valuations. |
Effect of Foreign Currency Contracts on the Condensed Consolidated Statements of Operations | Effect of Foreign Currency Contracts on the Condensed Consolidated Statements of Operations Derivative instruments that hedge the exposure to variability in expected future cash flows are designated as cash flow hedges. The Company records changes in the fair value of these derivatives in AOCI in the Condensed Consolidated Balance Sheets, until the forecasted transaction occurs. Upon occurrence, the Company reclassifies the related gains or losses on the derivative to the same financial statement line item in the Condensed Consolidated Statements of Operations to which the derivative relates. In case the Company discontinues cash flow hedges, it records the related amount in interest and other income, net, on the Condensed Consolidated Statements of Operations. Derivative instruments that hedge the exposure to variability in the fair value of assets or liabilities are currently not designated as hedges for financial reporting purposes. The Company records changes in the fair value of these derivatives in interest and other income, net in the Condensed Consolidated Statements of Operations. |
Geographical Information | Geographical Information Revenue by geographical region can be found in the revenue recognition disclosure in Note 3 below. The following table presents the Company’s long-lived assets by geographic region, which consists of property and equipment, net and operating lease right-of-use assets: March 31, 2022 December 31, 2021 (in thousands) United States $ 10,516 $ 10,845 Israel 17,564 18,165 Rest of world 3,532 3,678 Total long-lived assets $ 31,612 $ 32,688 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Long Lived Assets by Geographic Region | The following table presents the Company’s long-lived assets by geographic region, which consists of property and equipment, net and operating lease right-of-use assets: March 31, 2022 December 31, 2021 (in thousands) United States $ 10,516 $ 10,845 Israel 17,564 18,165 Rest of world 3,532 3,678 Total long-lived assets $ 31,612 $ 32,688 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of table presents revenue as follows | The following table presents revenue by category: Three Months Ended March 31, 2022 2021 Amount Percentage of Revenue Amount Percentage of Revenue (in thousands, except percentages) Self-managed subscription $ 46,922 74 % $ 34,823 77 % Subscription 42,295 67 31,074 69 License 4,627 7 3,749 8 SaaS 16,774 26 10,264 23 Total subscription revenue $ 63,696 100 % $ 45,087 100 % |
Summary of table by region based on the shipping address of customers | The following table summarizes revenue by region based on the shipping address of customers: Three Months Ended March 31, 2022 2021 Amount Percentage of Revenue Amount Percentage of Revenue (in thousands, except percentages) United States $ 39,717 62 % $ 28,292 63 % Israel 1,623 3 893 2 Rest of world 22,356 35 15,902 35 Total subscription revenue $ 63,696 100 % $ 45,087 100 % |
Summary of table represents a rollforward of deferred contract acquisition costs | The following table represents a rollforward of deferred contract acquisition costs: Three Months Ended March 31, 2022 2021 (in thousands) Beginning balance $ 14,391 $ 8,196 Additions to deferred contract acquisition costs 3,571 2,362 Amortization of deferred contract acquisition costs ( 1,514 ) ( 978 ) Ending balance $ 16,448 $ 9,580 Deferred contract acquisition costs (to be recognized in next 12 months) $ 5,949 $ 3,655 Deferred contract acquisition costs, noncurrent 10,499 5,925 Total deferred contract acquisition costs $ 16,448 $ 9,580 |
Short-Term Investments (Tables)
Short-Term Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments, All Other Investments [Abstract] | |
Summary of short term investments | Short-term investments consisted of the following: March 31, 2022 Amortized Gross Gross Estimated (in thousands) Bank deposits $ 85,191 $ — $ — $ 85,191 Commercial paper 55,434 — ( 251 ) 55,183 Corporate debt securities 119,531 2 ( 444 ) 119,089 Municipal securities 70,875 — ( 143 ) 70,732 Government and agency debt 38,023 — ( 145 ) 37,878 Marketable securities 283,863 2 ( 983 ) 282,882 Total short-term investments $ 369,054 $ 2 $ ( 983 ) $ 368,073 December 31, 2021 Amortized Gross Gross Estimated (in thousands) Bank deposits $ 90,704 $ — $ — $ 90,704 Commercial paper 56,448 — ( 37 ) 56,411 Corporate debt securities 109,212 1 ( 151 ) 109,062 Municipal securities 71,046 — ( 50 ) 70,996 Government and agency debt 25,698 — ( 27 ) 25,671 Marketable securities 262,404 1 ( 265 ) 262,140 Total short-term investments $ 353,108 $ 1 $ ( 265 ) $ 352,844 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of fair value by balance sheet grouping | The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis: March 31, 2022 Fair Value Level 1 Level 2 (in thousands) Financial Assets: Money market funds $ 9,585 $ 9,585 $ — Commercial paper 1,998 — 1,998 Cash equivalents 11,583 9,585 1,998 Bank deposits 85,191 — 85,191 Commercial paper 55,183 — 55,183 Corporate debt securities 119,089 — 119,089 Municipal securities 70,732 — 70,732 Government and agency debt 37,878 — 37,878 Short-term investments 368,073 — 368,073 Foreign currency contracts designated as hedging instruments included in prepaid expenses and other current assets 272 — 272 Foreign currency contracts not designated as hedging instruments included in prepaid expenses and other current assets 134 — 134 Restricted bank deposits included in prepaid expenses and other current assets 13 — 13 Restricted bank deposits included in other assets, noncurrent 240 — 240 Total financial assets $ 380,315 $ 9,585 $ 370,730 Financial Liabilities: Foreign currency contracts designated as hedging instruments included in accrued expenses and other current liabilities $ 161 $ — $ 161 Foreign currency contracts not designated as hedging instruments included in accrued expenses and other current liabilities 8 — 8 Total financial liabilities $ 169 $ — $ 169 December 31, 2021 Fair Value Level 1 Level 2 (in thousands) Financial Assets: Money market funds $ 21,670 $ 21,670 $ — Municipal securities 175 — 175 Cash equivalents 21,845 21,670 175 Bank deposits 90,704 — 90,704 Commercial paper 56,411 — 56,411 Corporate debt securities 109,062 — 109,062 Municipal securities 70,996 — 70,996 Government and agency debt 25,671 — 25,671 Short-term investments 352,844 — 352,844 Foreign currency contracts designated as hedging instruments included in prepaid expenses and other current assets 891 — 891 Foreign currency contracts not designated as hedging instruments included in prepaid expenses and other current assets 43 — 43 Restricted bank deposits included in prepaid expenses and other current assets 13 — 13 Restricted bank deposits included in other assets, noncurrent 243 — 243 Total financial assets $ 375,879 $ 21,670 $ 354,209 Financial Liabilities: Foreign currency contracts designated as hedging instruments included in accrued expenses and other current liabilities $ 16 $ — $ 16 Foreign currency contracts not designated as hedging instruments included in accrued expenses and other current liabilities 5 — 5 Total financial liabilities $ 21 $ — $ 21 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Disclosure of Notional Amount of Derivatives by Hedging Designation | The notional amounts of outstanding foreign currency contracts in U.S. dollar as of the periods presented were as follows: March 31, 2022 December 31, 2021 (in thousands) Derivatives Designated as Hedging Instruments: Foreign currency contracts $ 48,118 $ 45,971 Derivatives Not Designated as Hedging Instruments: Foreign currency contracts 8,955 4,975 Total derivative instruments $ 57,073 $ 50,946 |
Derivative Instruments, Gain (Loss) | The effect of foreign currency contracts on the condensed consolidated statements of operations during the periods presented were as follows: Derivatives Designated Derivatives Not Designated Three Months Ended March 31, Three Months Ended March 31, 2022 2021 2022 2021 Condensed Statement of Operations Location: (in thousands) Cost of revenue: subscription–self-managed and SaaS $ ( 6 ) $ 19 $ — $ — Research and development ( 55 ) 120 — — Sales and marketing ( 11 ) 36 — — General and administrative ( 15 ) 43 — — Interest and other income, net 8 — 22 107 Total gains (losses) recognized in earnings $ ( 79 ) $ 218 $ 22 $ 107 |
Condensed Consolidated Balanc_4
Condensed Consolidated Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Summary of property and equipment | Property and equipment, net consisted of the following: March 31, 2022 December 31, 2021 (in thousands) Computer and software $ 6,742 $ 5,955 Furniture and office equipment 2,271 2,248 Leasehold improvements 5,432 4,893 Property and equipment, gross 14,445 13,096 Less: accumulated depreciation and amortization ( 7,068 ) ( 6,407 ) Property and equipment, net $ 7,377 $ 6,689 |
Summary of accrued expenses and other current liabilities | Accrued expenses and other current liabilities consisted of the following: March 31, 2022 December 31, 2021 (in thousands) Accrued compensation and benefits $ 17,641 $ 17,601 Accrued expenses 11,250 10,353 Accrued expenses and other current liabilities $ 28,891 $ 27,954 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of changes in goodwill | The following table represents the changes to goodwill: Carrying Amount (in thousands) Balance as of December 31, 2021 $ 247,776 Purchase accounting adjustment 179 Balance as of March 31, 2022 $ 247,955 |
Summary of intangible assets | Intangible assets consisted of the following as of March 31, 2022: Gross Fair Accumulated Net Book Weighted- (in thousands) (in years) Developed technology $ 50,347 $ ( 9,617 ) $ 40,730 4.1 Customer relationships 5,541 ( 1,133 ) 4,408 4.9 Total $ 55,888 $ ( 10,750 ) $ 45,138 Intangible assets consisted of the following as of December 31, 2021: Gross Fair Accumulated Net Book Weighted- (in thousands) (in years) Developed technology $ 50,347 $ ( 7,011 ) $ 43,336 4.3 Customer relationships 5,541 ( 897 ) 4,644 5.1 Total $ 55,888 $ ( 7,908 ) $ 47,980 |
Summary of expected future amortization expenses by year related to the intangible assets | The expected future amortization expenses by year related to the intangible assets as of March 31, 2022 are as follows: March 31, 2022 (in thousands) Year Ending December 31, 2022 (Remainder) $ 8,523 2023 11,291 2024 10,590 2025 9,110 2026 5,241 Thereafter 383 Total $ 45,138 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Components of Operating Lease Expense | Components of operating lease expense were as follows: Three Months Ended March 31, 2022 2021 (in thousands) Operating lease cost $ 1,860 $ 1,348 Short-term lease cost 88 43 Variable lease cost 92 90 Total operating lease cost $ 2,040 $ 1,481 |
Supplementary Cash Flow Information Related to Operating Leases | Supplementary cash flow information related to operating leases was as follows: Three Months Ended March 31, 2022 2021 (in thousands) Cash paid for operating leases $ 1,887 $ 1,163 |
Summary of minimum lease payments under operating leases | As of March 31, 2022 , the weighted-average discount rate is 0.9 % and the weighted-average remaining term is 3.7 years. Maturities of the Company’s operating lease liabilities as of March 31, 2022 were as follows: March 31, 2022 (in thousands) Year Ending December 31, 2022 (Remainder) $ 5,549 2023 7,151 2024 6,114 2025 4,908 2026 1,823 Total operating lease payments 25,545 Less: imputed interest ( 397 ) Total operating lease liabilities $ 25,148 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of outstanding non-cancelable purchase obligations | In the normal course of business, the Company enters into non-cancelable purchase commitments with various parties mainly for hosting services, as well as software products and services. As of March 31, 2022, the Company had outstanding non-cancelable purchase obligations with a term of 12 months or longer as follows: March 31, 2022 (in thousands) Year Ending December 31, 2022 (Remainder) $ 6,825 2023 23,607 2024 18,273 2025 25,917 Total $ 74,622 |
Shareholders' Equity and Equi_2
Shareholders' Equity and Equity Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of stock option activity | A summary of share option activity under the Company’s equity incentive plans and related information is as follows: Options Outstanding Outstanding Weighted-Average Exercise Weighted-Average Remaining Aggregate (in thousands, except share, life and per share data) Balance as of December 31, 2021 9,865,601 $ 7.10 6.0 $ 224,538 Exercised ( 1,017,669 ) $ 1.76 $ 23,921 Forfeited ( 175,993 ) $ 12.70 Balance as of March 31, 2022 8,671,939 $ 7.61 6.1 $ 169,763 Exercisable as of March 31, 2022 5,133,740 $ 4.55 5.2 $ 115,458 |
Summary of restricted ordinary shares | A summary of RSU activity under the Company's equity incentive plan and related information is as follows: RSUs Unvested RSUs Weighted-Average Unvested as of December 31, 2021 3,376,569 $ 46.03 Granted 1,063,034 $ 25.67 Vested ( 109,416 ) $ 57.22 Canceled/forfeited ( 217,619 ) $ 44.51 Unvested as of March 31, 2022 4,112,568 $ 40.55 The weighted-average grant date fair value of RSUs granted during the three months ended March 31, 2021 was $ 64.33 . The total release date fair value of RSUs was $ 2.7 million during the three months ended March 31, 2022. No RSUs vested during the three months ended March 31, 2021. |
Summary of ordinary shares reserved for future issuance | The Company has the following ordinary shares reserved for future issuance: March 31, 2022 Outstanding share options 8,671,939 Outstanding RSUs 4,112,568 Issuable ordinary shares related to business combinations 110,932 Shares available for future issuance under the 2020 Plan 17,614,639 Shares available for future issuance under ESPP 3,748,094 Total ordinary shares reserved 34,258,172 |
Summary of stock-based compensation expense | The share-based compensation expense by line item in the accompanying condensed consolidated statements of operations is summarized as follows: Three Months Ended March 31, 2022 2021 (in thousands) Cost of revenue: subscription–self-managed and SaaS $ 1,306 $ 762 Research and development 5,132 1,829 Sales and marketing 4,755 2,723 General and administrative 2,881 6,436 Total share-based compensation expense $ 14,074 $ 11,750 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Summary of changes in AOCI | The following table summarizes the changes in AOCI by component, net of tax, during the periods presented: Net Unrealized Net Unrealized Total (in thousands) Balance as of December 31, 2021 $ ( 264 ) $ 875 $ 611 Other comprehensive loss before reclassifications ( 717 ) ( 843 ) ( 1,560 ) Net losses reclassified from AOCI — 79 79 Other comprehensive loss ( 717 ) ( 764 ) ( 1,481 ) Balance as of March 31, 2022 $ ( 981 ) $ 111 $ ( 870 ) Net Unrealized Net Unrealized Total (in thousands) Balance as of December 31, 2020 $ ( 69 ) $ 441 $ 372 Other comprehensive loss before reclassifications ( 30 ) ( 393 ) ( 423 ) Net gains reclassified from AOCI — ( 218 ) ( 218 ) Other comprehensive loss ( 30 ) ( 611 ) ( 641 ) Balance as of March 31, 2021 $ ( 99 ) $ ( 170 ) $ ( 269 ) |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Summary 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 for the periods presented: Three Months Ended March 31, 2022 2021 (in thousands, except share and per share data) Numerator: Net loss $ ( 19,704 ) $ ( 7,895 ) Denominator: Weighted-average shares used in computing net loss per share, basic and diluted 97,883,814 92,679,756 Net loss per share, basic and diluted $ ( 0.20 ) $ ( 0.09 ) |
Summary of shares excluded from the computation of diluted net loss per share | The potential shares of ordinary shares that were excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive are as follows: Three Months Ended March 31, 2022 2021 Outstanding share options 9,346,102 12,504,417 Unvested RSUs 3,714,230 1,164,446 Share purchase rights under the ESPP 140,818 23,652 Issuable ordinary shares related to business combination 142,519 132,311 Total 13,343,669 13,824,826 |
Geographic Information (Tables)
Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segments, Geographical Areas [Abstract] | |
Long-lived Assets by Geographic Areas [Table Text Block] | The following table presents the Company’s long-lived assets by geographic region, which consists of property and equipment, net and operating lease right-of-use assets: March 31, 2022 December 31, 2021 (in thousands) United States $ 10,516 $ 10,845 Israel 17,564 18,165 Rest of world 3,532 3,678 Total long-lived assets $ 31,612 $ 32,688 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Long Lived Assets by Geographic Region (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Total long lived assets | $ 31,612 | $ 32,688 |
UNITED STATES | ||
Total long lived assets | 10,516 | 10,845 |
ISRAEL | ||
Total long lived assets | 17,564 | 18,165 |
Rest of world Member | ||
Total long lived assets | $ 3,532 | $ 3,678 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Deferred Revenue | $ 147.1 | $ 102.8 | ||
Contract with Customer, Liability, Revenue Recognized | $ 47.9 | $ 32.9 | ||
Revenue, Remaining Performance Obligation | $ 172.1 | |||
Revenue, Remaining Performance Obligation, Percentage | 83.00% | |||
Billed Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, Remaining Performance Obligation | $ 152.4 | |||
Unbilled Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, Remaining Performance Obligation | $ 19.7 |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Detail 1) | Mar. 31, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Table Presents Revenue as Follows (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Total subscription revenue | $ 63,696 | $ 45,087 |
Sale revenue [Member] | Product Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 100.00% | 100.00% |
Subscription | ||
Disaggregation of Revenue [Line Items] | ||
Total subscription revenue | $ 42,295 | $ 31,074 |
Subscription | Sale revenue [Member] | Product Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 67.00% | 69.00% |
Selfmanaged Subscription [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total subscription revenue | $ 46,922 | $ 34,823 |
Selfmanaged Subscription [Member] | Sale revenue [Member] | Product Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 74.00% | 77.00% |
License [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total subscription revenue | $ 4,627 | $ 3,749 |
License [Member] | Sale revenue [Member] | Product Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 7.00% | 8.00% |
SaaS [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total subscription revenue | $ 16,774 | $ 10,264 |
SaaS [Member] | Sale revenue [Member] | Product Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 26.00% | 23.00% |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Revenue by Region Based on The Shipping Address of Customers as Follows (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Total subscription revenue | $ 63,696 | $ 45,087 |
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 100.00% | 100.00% |
UNITED STATES | ||
Disaggregation of Revenue [Line Items] | ||
Total subscription revenue | $ 39,717 | $ 28,292 |
UNITED STATES | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 62.00% | 63.00% |
ISRAEL | ||
Disaggregation of Revenue [Line Items] | ||
Total subscription revenue | $ 1,623 | $ 893 |
ISRAEL | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 3.00% | 2.00% |
Rest of world [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total subscription revenue | $ 22,356 | $ 15,902 |
Rest of world [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 35.00% | 35.00% |
Revenue Recognition - Summary_3
Revenue Recognition - Summary of Table Represents a Rollforward of Deferred Contract Acquisition Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Deferred Policy Acquisition Costs Disclosures [Abstract] | |||
Beginning balance | $ 14,391 | $ 8,196 | |
Additions to deferred contract acquisition costs | 3,571 | 2,362 | |
Amortization of deferred contract acquisition costs | (1,514) | (978) | |
Ending balance | 16,448 | 9,580 | |
Deferred contract acquisition costs (to be recognized in next 12 months) | 5,949 | 3,655 | $ 5,271 |
Deferred contract acquisition costs, noncurrent | 10,499 | 5,925 | 9,120 |
Total deferred contract acquisition costs | $ 16,448 | $ 9,580 | $ 14,391 |
Short-Term Investments - Summar
Short-Term Investments - Summary of Short Term Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of short term investments [Line Items] | ||
Amortized cost | $ 369,054 | $ 353,108 |
Gross unrealized gains | 2 | 1 |
Gross unrealized losses | (983) | (265) |
Estimated fair value | 368,073 | 352,844 |
Bank deposits [Member] | ||
Schedule of short term investments [Line Items] | ||
Amortized cost | 85,191 | 90,704 |
Estimated fair value | 85,191 | 90,704 |
Commercial paper [Member] | ||
Schedule of short term investments [Line Items] | ||
Amortized cost | 55,434 | 56,448 |
Gross unrealized losses | (251) | (37) |
Estimated fair value | 55,183 | 56,411 |
Corporate debt securities [Member] | ||
Schedule of short term investments [Line Items] | ||
Amortized cost | 119,531 | 109,212 |
Gross unrealized gains | 2 | 1 |
Gross unrealized losses | (444) | (151) |
Estimated fair value | 119,089 | 109,062 |
Municipal securities [Member] | ||
Schedule of short term investments [Line Items] | ||
Amortized cost | 70,875 | 71,046 |
Gross unrealized losses | (143) | (50) |
Estimated fair value | 70,732 | 70,996 |
Government and agency debt [Member] | ||
Schedule of short term investments [Line Items] | ||
Amortized cost | 38,023 | 25,698 |
Gross unrealized losses | (145) | (27) |
Estimated fair value | 37,878 | 25,671 |
Marketable securities [Member] | ||
Schedule of short term investments [Line Items] | ||
Amortized cost | 283,863 | 262,404 |
Gross unrealized gains | 2 | 1 |
Gross unrealized losses | (983) | (265) |
Estimated fair value | $ 282,882 | $ 262,140 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value, by Balance Sheet Grouping (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 9,585 | $ 21,670 |
Total financial assets | 9,585 | 21,670 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 1,998 | 175 |
Total financial assets | 370,730 | 354,209 |
Total financial liabilities | 169 | 21 |
Level 2 | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 368,073 | 352,844 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 11,583 | 21,845 |
Total financial assets | 380,315 | 375,879 |
Total financial liabilities | 169 | 21 |
Fair Value | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 368,073 | 352,844 |
Prepaid Expenses and Other Current Assets [Member] | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Restricted bank deposits included in assets | 13 | 13 |
Prepaid Expenses and Other Current Assets [Member] | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Restricted bank deposits included in assets | 13 | 13 |
Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 272 | 891 |
Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 272 | 891 |
Prepaid Expenses and Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 134 | 43 |
Prepaid Expenses and Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 134 | 43 |
Accrued Expenses And Other Current Liabilites [Member] | Designated as Hedging Instrument [Member] | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 161 | 16 |
Accrued Expenses And Other Current Liabilites [Member] | Designated as Hedging Instrument [Member] | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 161 | 16 |
Accrued Expenses And Other Current Liabilites [Member] | Not Designated as Hedging Instrument [Member] | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 8 | 5 |
Accrued Expenses And Other Current Liabilites [Member] | Not Designated as Hedging Instrument [Member] | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 8 | 5 |
Bank deposits | Level 2 | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 85,191 | 90,704 |
Bank deposits | Fair Value | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 85,191 | 90,704 |
Money market funds | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 9,585 | 21,670 |
Money market funds | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 9,585 | 21,670 |
Commercial paper | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 1,998 | |
Commercial paper | Level 2 | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 55,183 | 56,411 |
Commercial paper | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 1,998 | |
Commercial paper | Fair Value | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 55,183 | 56,411 |
Corporate debt securities | Level 2 | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 119,089 | 109,062 |
Corporate debt securities | Fair Value | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 119,089 | 109,062 |
Municipal securities | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 175 | |
Municipal securities | Level 2 | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 70,732 | 70,996 |
Municipal securities | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 175 | |
Municipal securities | Fair Value | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 70,732 | 70,996 |
Government and agency debt | Level 2 | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 37,878 | 25,671 |
Government and agency debt | Fair Value | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 37,878 | 25,671 |
Other Noncurrent Assets [Member] | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Restricted bank deposits included in assets | 240 | 243 |
Other Noncurrent Assets [Member] | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Restricted bank deposits included in assets | $ 240 | $ 243 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Level 3 - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets | $ 0 | $ 0 |
Total financial liabilities | $ 0 | $ 0 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Hedging - Disclosure of Notional Amount of Derivatives By Hedging Designation (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Total derivative instruments | $ 57,073 | $ 50,946 |
Foreign currency contracts [Member] | Derivatives designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative instruments | 48,118 | 45,971 |
Foreign currency contracts [Member] | Derivatives not designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative instruments | $ 8,955 | $ 4,975 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Hedging - Derivative Instruments, Gain (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivatives designated as hedging instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total gains (losses) recognized in earnings | $ (79) | $ 218 |
Derivatives not designated as hedging instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total gains (losses) recognized in earnings | 22 | 107 |
Foreign Currency Contracts [Member] | Subscription–self-managed and SaaS [Member] | Derivatives designated as hedging instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total gains (losses) recognized in earnings | (6) | 19 |
Foreign Currency Contracts [Member] | Research and development [Member] | Derivatives designated as hedging instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total gains (losses) recognized in earnings | (55) | 120 |
Foreign Currency Contracts [Member] | Sales and marketing [Member] | Derivatives designated as hedging instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total gains (losses) recognized in earnings | (11) | 36 |
Foreign Currency Contracts [Member] | General and administrative [Member] | Derivatives designated as hedging instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total gains (losses) recognized in earnings | (15) | 43 |
Foreign Currency Contracts [Member] | Interest and other income, net [Member] | Derivatives designated as hedging instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total gains (losses) recognized in earnings | 8 | 0 |
Foreign Currency Contracts [Member] | Interest and other income, net [Member] | Derivatives not designated as hedging instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total gains (losses) recognized in earnings | $ 22 | $ 107 |
Condensed Consolidated Balanc_5
Condensed Consolidated Balance Sheet Components - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 14,445 | $ 13,096 |
Less: accumulated depreciation and amortization | (7,068) | (6,407) |
Property and equipment, net | 7,377 | 6,689 |
Computer and software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 6,742 | 5,955 |
Furniture and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 2,271 | 2,248 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 5,432 | $ 4,893 |
Condensed Consolidated Balanc_6
Condensed Consolidated Balance Sheet Components - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued compensation and benefits | $ 17,641 | $ 17,601 |
Accrued expenses | 11,250 | 10,353 |
Accrued expenses and other current liabilities | $ 28,891 | $ 27,954 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net - Summary of changes in goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Beginning Balance | $ 247,776 |
Purchase accounting adjustment | 179 |
Goodwill, Ending Balance | $ 247,955 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets [Line items] | ||
Gross Fair Value | $ 55,888 | $ 55,888 |
Accumulated Amortization | (10,750) | (7,908) |
Net Book Value | 45,138 | 47,980 |
Developed technology [Member] | ||
Intangible Assets [Line items] | ||
Gross Fair Value | 50,347 | 50,347 |
Accumulated Amortization | (9,617) | (7,011) |
Net Book Value | $ 40,730 | $ 43,336 |
Weighted- Average Remaining Useful Life | 4 years 1 month 6 days | 4 years 3 months 18 days |
Customer relationships [Member] | ||
Intangible Assets [Line items] | ||
Gross Fair Value | $ 5,541 | $ 5,541 |
Accumulated Amortization | (1,133) | (897) |
Net Book Value | $ 4,408 | $ 4,644 |
Weighted- Average Remaining Useful Life | 4 years 10 months 24 days | 5 years 1 month 6 days |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Intangible Assets [Line items] | ||
Amortization expenses for intangible assets | $ 2.8 | $ 0.4 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets, Net - Summary of Expected Future Amortization Expenses by Year Related to the Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2022 (Remainder) | $ 8,523 | |
2023 | 11,291 | |
2024 | 10,590 | |
2025 | 9,110 | |
2026 | 5,241 | |
Thereafter | 383 | |
Net Book Value | $ 45,138 | $ 47,980 |
Leases - Components of Operatin
Leases - Components of Operating Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Lease, Cost [Abstract] | ||
Operating lease cost | $ 1,860 | $ 1,348 |
Short-term lease cost | 88 | 43 |
Variable lease cost | 92 | 90 |
Total operating lease cost | $ 2,040 | $ 1,481 |
Leases - Additional Information
Leases - Additional Information (Details) | Mar. 31, 2022 |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Weighted Average Remaining Lease Term | 3 years 8 months 12 days |
Operating Lease, Weighted Average Discount Rate, Percent | 0.90% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information related to Operating Lease (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Cash paid for operating leases | $ 1,887 | $ 1,163 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2022 (Remainder) | $ 5,549 |
2023 | 7,151 |
2024 | 6,114 |
2025 | 4,908 |
2026 | 1,823 |
Total operating lease payments | 25,545 |
Less: imputed interest | (397) |
Total operating lease liabilities | $ 25,148 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Outstanding Non-cancelable Purchase Obligations (Detail) $ in Thousands | Mar. 31, 2022USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 (Remainder) | $ 6,825 |
2023 | 23,607 |
2024 | 18,273 |
2025 | 25,917 |
Total | $ 74,622 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Loss contingency estimate of possible loss | $ 2.6 |
Grants [Member] | Israeli Innovation Authority [Member] | |
Maximum additional payments as a grant recipient | $ 6 |
Shareholders' Equity and Equi_3
Shareholders' Equity and Equity Incentive Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Total intrinsic value of options exercised | $ 23,921 | $ 75,400 | |
Unrecognized share-based compensation cost | $ 179,800 | ||
Unrecognized share based compensation cost expected to be recognised period | 3 years 2 months 12 days | ||
2020 Plan [Member] | |||
Share-based payment arrangement, increase of authorized shares | 5,541,716 | ||
Employee Share Purchase Plan [Member] | |||
Share-based payment arrangement, increase of authorized shares | 974,712 | ||
Number of shares purchased | 154,550 | ||
Employee Stock Option [Member] | |||
Weighted average grant date fair value of options granted | $ 42 | ||
Restricted Stock Units (RSUs) [Member] | |||
Fair value of RSU | $ 2,700 | ||
Unvested RSUs, Vested | 109,416 | 0 | |
Weighted Average Grant Date Fair Value Per Share, Granted | $ 25.67 | $ 64.33 |
Shareholders' Equity and Equi_4
Shareholders' Equity and Equity Incentive Plans - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |||
Outstanding Share Options, Beginning balance | 9,865,601 | ||
Outstanding Share Options, Exercised | (1,017,669) | ||
Outstanding Share Options, Forfeited | (175,993) | ||
Outstanding Share Options, Ending balance | 8,671,939 | 9,865,601 | |
Outstanding Share Options, Exercisable | 5,133,740 | ||
Weighted Average Exercise Price Per Share, Beginning balance | $ 7.10 | ||
Weighted Average Exercise Price Per Share, Exercised | 1.76 | ||
Weighted Average Exercise Price Per Share, Forfeited | 12.70 | ||
Weighted Average Exercise Price Per Share, Ending balance | 7.61 | $ 7.10 | |
Weighted Average Exercise Price Per Share, Exercisable | $ 4.55 | ||
Weighted Average Remaining Contractual Life | 6 years 1 month 6 days | 6 years | |
Weighted Average Remaining Contractual Life, Exercisable | 5 years 2 months 12 days | ||
Aggregate Intrinsic Value, Beginning balance | $ 224,538 | ||
Aggregate Intrinsic Value, Exercised | 23,921 | $ 75,400 | |
Aggregate Intrinsic Value, Ending balance | 169,763 | $ 224,538 | |
Aggregate Intrinsic Value, Exercisable | $ 115,458 |
Shareholders' Equity and Equi_5
Shareholders' Equity and Equity Incentive Plans - Summary of Restricted Ordinary Shares (Detail) - Restricted Stock Units (RSUs) [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested RSUs, Beginning balance | 3,376,569 | |
Unvested RSUs, Granted | 1,063,034 | |
Unvested RSUs, Vested | (109,416) | 0 |
Unvested RSUs, Canceled/Forfeited | (217,619) | |
Unvested RSUs, Ending balance | 4,112,568 | |
Weighted Average Grant Date Fair Value Per Share, Beginning balance | $ 46.03 | |
Weighted Average Grant Date Fair Value Per Share, Granted | 25.67 | $ 64.33 |
Weighted Average Grant Date Fair Value Per Share, Vested | 57.22 | |
Weighted Average Grant Date Fair Value Per Share, Canceled/Forfeited | 44.51 | |
Weighted Average Grant Date Fair Value Per Share, Ending balance | $ 40.55 |
Shareholders' Equity and Equi_6
Shareholders' Equity and Equity Incentive Plans - Summary of Ordinary Shares Reserved for Future Issuance (Detail) | Mar. 31, 2022shares |
Class of Stock [Line Items] | |
Common Stock Reserved for Future Issuance | 34,258,172 |
2020 Plan [Member] | |
Class of Stock [Line Items] | |
Common Stock Reserved for Future Issuance | 17,614,639 |
Employee Stock Purchase Plan [Member] | |
Class of Stock [Line Items] | |
Common Stock Reserved for Future Issuance | 3,748,094 |
Employee Stock Option [Member] | |
Class of Stock [Line Items] | |
Common Stock Reserved for Future Issuance | 8,671,939 |
Restricted Stock Units (RSUs) [Member] | |
Class of Stock [Line Items] | |
Common Stock Reserved for Future Issuance | 4,112,568 |
Ordinary Shares [Member] | |
Class of Stock [Line Items] | |
Common Stock Reserved for Future Issuance | 110,932 |
Shareholders' Equity and Equi_7
Shareholders' Equity and Equity Incentive Plans - Summary of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 14,074 | $ 11,750 |
Cost of revenue [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 1,306 | 762 |
Research and development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 5,132 | 1,829 |
Sales and marketing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 4,755 | 2,723 |
General and administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 2,881 | $ 6,436 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Summary of Changes In AOCI (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Changes in Accumulated Other Comprehensive Income [Line items] | ||
Beginning Balance | $ 611 | $ 372 |
Other comprehensive loss before reclassifications | (1,560) | (423) |
Net (gains) losses reclassified from AOCI | 79 | (218) |
Other comprehensive loss | (1,481) | (641) |
Ending Balance | (870) | (269) |
Net Unrealized Gains (losses) on Available-for-Sale Marketable Securities [Member] | ||
Changes in Accumulated Other Comprehensive Income [Line items] | ||
Beginning Balance | (264) | (69) |
Other comprehensive loss before reclassifications | (717) | (30) |
Net (gains) losses reclassified from AOCI | 0 | 0 |
Other comprehensive loss | (717) | (30) |
Ending Balance | (981) | (99) |
Net Unrealized Gains on Derivatives Designated as Hedging Instruments [Member] | ||
Changes in Accumulated Other Comprehensive Income [Line items] | ||
Beginning Balance | 875 | 441 |
Other comprehensive loss before reclassifications | (843) | (393) |
Net (gains) losses reclassified from AOCI | 79 | (218) |
Other comprehensive loss | (764) | (611) |
Ending Balance | $ 111 | $ (170) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense (benefit) | $ 838 | $ (2,357) | |
Unrecognized tax benefits | $ 4,400 | $ 4,400 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator: | ||
Net loss | $ (19,704) | $ (7,895) |
Denominator: | ||
Weighted-average shares used in computing net loss per share, basic and diluted | 97,883,814 | 92,679,756 |
Net loss per share, basic and diluted | $ (0.20) | $ (0.09) |
Net Loss Per Share - Summary _2
Net Loss Per Share - Summary of Shares Excluded From the Computation of Diluted Net Loss Per Share Attributable to Ordinary Shareholders (Detail) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from computation of diluted net loss per share | 13,343,669 | 13,824,826 |
Outstanding share options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from computation of diluted net loss per share | 9,346,102 | 12,504,417 |
Unvested RSUs [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from computation of diluted net loss per share | 3,714,230 | 1,164,446 |
Share purchase rights under the ESPP [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from computation of diluted net loss per share | 140,818 | 23,652 |
Issuable ordinary shares related to business combination [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from computation of diluted net loss per share | 142,519 | 132,311 |