Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 01, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | HUBS | |
Entity Registrant Name | HubSpot, Inc. | |
Entity Central Index Key | 0001404655 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Security Exchange Name | NYSE | |
Entity File Number | 001-36680 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-2632791 | |
Entity Address, Address Line One | 25 First Street | |
Entity Address, City or Town | Cambridge | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02141 | |
City Area Code | 888 | |
Local Phone Number | 482-7768 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 43,627,128 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 229,133 | $ 269,670 |
Short-term investments | 739,428 | 691,834 |
Accounts receivable — net of allowance for doubtful accounts of $2,786 and $1,584 at March 31, 2020 and December 31, 2019, respectively | 81,055 | 92,517 |
Deferred commission expense | 33,214 | 32,078 |
Prepaid expenses and other current assets | 29,923 | 23,625 |
Total current assets | 1,112,753 | 1,109,724 |
Long-term investments | 66,184 | 53,776 |
Property and equipment, net | 85,653 | 83,649 |
Capitalized software development costs, net | 18,826 | 16,793 |
Right-of-use assets | 230,565 | 234,390 |
Deferred commission expense, net of current portion | 18,792 | 19,110 |
Other assets | 12,883 | 9,824 |
Intangible assets, net | 10,898 | 11,752 |
Goodwill | 29,956 | 30,250 |
Total assets | 1,586,510 | 1,569,268 |
Current liabilities: | ||
Accounts payable | 10,671 | 12,842 |
Accrued compensation costs | 23,809 | 26,318 |
Accrued expenses and other current liabilities | 29,450 | 28,686 |
Operating lease liabilities | 24,542 | 23,613 |
Deferred revenue | 238,913 | 231,030 |
Total current liabilities | 327,385 | 322,489 |
Operating lease liabilities, net of current portion | 239,655 | 244,216 |
Deferred revenue, net of current portion | 3,334 | 3,058 |
Other long-term liabilities | 8,898 | 8,983 |
Convertible senior notes | 346,265 | 340,564 |
Total liabilities | 925,537 | 919,310 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Common stock | 44 | 44 |
Additional paid-in capital | 1,077,605 | 1,048,380 |
Accumulated other comprehensive loss | (830) | (336) |
Accumulated deficit | (415,846) | (398,130) |
Total stockholders’ equity | 660,973 | 649,958 |
Total liabilities and stockholders’ equity | $ 1,586,510 | $ 1,569,268 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, net of allowance for doubtful accounts | $ 2,786 | $ 1,584 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | ||
Total revenue | $ 198,968 | $ 151,798 |
Cost of revenues: | ||
Total cost of revenues | 38,285 | 29,578 |
Gross profit | 160,683 | 122,220 |
Operating expenses: | ||
Research and development | 46,202 | 35,177 |
Sales and marketing | 102,328 | 74,905 |
General and administrative | 26,255 | 21,174 |
Total operating expenses | 174,785 | 131,256 |
Loss from operations | (14,102) | (9,036) |
Other expense: | ||
Interest income | 4,057 | 4,174 |
Interest expense | (5,953) | (5,513) |
Other expense | (1,052) | (12) |
Total other expense | (2,948) | (1,351) |
Loss before income tax expense | (17,050) | (10,387) |
Income tax expense | (666) | (713) |
Net loss | $ (17,716) | $ (11,100) |
Net loss per share, basic and diluted | $ (0.41) | $ (0.27) |
Weighted average common shares used in computing basic and diluted net loss per share: | 43,275 | 40,568 |
Subscription [Member] | ||
Revenues: | ||
Total revenue | $ 191,229 | $ 144,226 |
Cost of revenues: | ||
Total cost of revenues | 29,734 | 21,301 |
Professional Services and Other [Member] | ||
Revenues: | ||
Total revenue | 7,739 | 7,572 |
Cost of revenues: | ||
Total cost of revenues | $ 8,551 | $ 8,277 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (17,716) | $ (11,100) |
Other comprehensive loss: | ||
Foreign currency translation adjustment | (1,077) | (304) |
Changes in unrealized gain on investments, net of income taxes of $0 for the three months ended March 31, 2020 and $113 thousand for the three months ended March 31, 2019 | 583 | 426 |
Comprehensive loss | $ (18,210) | $ (10,978) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Changes in unrealized gain on investments, income taxes | $ 0 | $ 113 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Activities: | ||
Net loss | $ (17,716) | $ (11,100) |
Adjustments to reconcile net loss to net cash and cash equivalents provided by operating activities | ||
Depreciation and amortization | 8,711 | 6,973 |
Stock-based compensation | 27,463 | 21,205 |
Benefit for deferred income taxes | (257) | (28) |
Amortization of debt discount and issuance costs | 5,703 | 5,260 |
Accretion of bond discount | (2,154) | (2,751) |
Unrealized currency translation | 781 | (281) |
Changes in assets and liabilities | ||
Accounts receivable | 9,780 | 7,758 |
Prepaid expenses and other assets | (15,107) | 886 |
Deferred commission expense | (1,523) | (3,334) |
Right-of-use assets | 5,723 | 5,505 |
Accounts payable | 1,495 | 4,911 |
Accrued expenses and other liabilities | (5,439) | (2,071) |
Operating lease liabilities | (5,281) | (4,110) |
Deferred revenue | 10,832 | 8,893 |
Net cash and cash equivalents provided by operating activities | 23,011 | 37,716 |
Investing Activities: | ||
Purchases of investments | (439,889) | (386,501) |
Maturities of investments | 382,875 | 183,460 |
Purchases of property and equipment | (11,098) | (4,265) |
Capitalization of software development costs | (4,769) | (2,821) |
Net cash and cash equivalents used in investing activities | (72,881) | (210,127) |
Financing Activities: | ||
Proceeds from common stock offering, net of offering costs paid of $256 | 342,739 | |
Employee taxes paid related to the net share settlement of stock-based awards | (941) | (1,084) |
Proceeds related to the issuance of common stock under stock plans | 6,854 | 5,690 |
Repayments of finance lease obligations | (30) | (118) |
Net cash and cash equivalents provided by financing activities | 5,883 | 347,227 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (1,814) | (784) |
Net increase in cash, cash equivalents and restricted cash | (45,801) | 174,032 |
Cash, cash equivalents and restricted cash, beginning of period | 278,515 | 117,114 |
Cash, cash equivalents and restricted cash, end of period | 232,714 | 291,146 |
Supplemental cash flow disclosure: | ||
Cash paid for income taxes | 746 | 1,027 |
Right-of-use assets obtained in exchange for operating lease liabilities | 6,396 | 12,410 |
Non-cash investing and financing activities: | ||
Common stock offering costs, incurred but not yet paid | 109 | |
Capital expenditures incurred but not yet paid | 1,204 | $ 2,802 |
Asset retirement obligations | $ 87 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Statement Of Cash Flows [Abstract] | |
Offering costs paid | $ 256 |
Organization and Operations
Organization and Operations | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Organization and Operations | 1. Organization and Operations HubSpot, Inc. (the “Company”) provides a cloud-based inbound marketing, sales and customer service platform, which is referred to in this document as the Company’s Growth Platform, that enables businesses to grow better. The Company’s Growth Platform, comprised of Marketing Hub, Sales Hub, Service Hub, and a free customer relationship management system (“CRM”) features integrated applications and tools that enable businesses to create a cohesive and adaptable customer experience throughout the customer lifecycle. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) applicable to interim periods, under the rules and regulations of the United States Securities and Exchange Commission (“SEC”). In the opinion of management, the Company has prepared the accompanying unaudited consolidated financial statements on a basis substantially consistent with the audited consolidated financial statements of the Company as of and for the year ended The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the entire year ending December 31, 2020. The year-end balance sheet data was derived from audited financial statements, but this Form 10-Q does not include all disclosures required under GAAP. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted under the rules and regulations of the SEC. These interim financial statements should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 12, 2020. There have been no changes in the Company’s significant accounting policies from those that were disclosed in the Company’s Annual Report on Form 10-K that have had a material impact on our consolidated financial statements and related notes. On March 11, 2020, the World Health Organization, or WHO, classified the recent novel coronavirus, or COVID-19, as a global pandemic. The Company has assessed the impact of the COVID-19 pandemic and while the broader implications of COVID-19 on its results of operations and overall financial performance remain uncertain, the Company assessed the potential impact on its March 31, 2020 financial statements and determined there were no material adjustments necessary with respect to these consolidated financial statements. Given that the economic consequences of the COVID-19 pandemic have been exceptionally challenging for many customers, the Company has implemented certain changes to pricing and packaging, including reducing prices on certain products and offering certain product functionality free of charge. The Company also paid certain Solutions Partners two months of commissions in advance of them being earned. While revenue, customer retention, and earnings are relatively predictable under a subscription-based business model, the effect of the COVID-19 pandemic will not be fully reflected in the results of operations and overall financial performance of the Company until future periods given the current macro-economic uncertainty. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was signed into law by the United States. The CARES Act provides a substantial stimulus and assistance package intended to address the impact of the COVID-19 pandemic, including tax relief and government loans, grants and investments. The CARES Act did not have a material impact with respect to these consolidated financial statements. Recent Accounting Pronouncements Recent accounting standards not included below are not expected to have a material impact on our consolidated financial position and results of operations. In January 2017, the Financial Accounting Standards Board (“FASB”) issued guidance simplifying the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test. Under previous guidance, Step 2 of the goodwill impairment test required entities to calculate the implied fair value of goodwill in the same manner as the amount of goodwill recognized in a business combination by assigning the fair value of a reporting unit to all of the assets and liabilities of the reporting unit. The carrying value in excess of the implied fair value was recognized as goodwill impairment. Under the new guidance, goodwill impairment is recognized based on Step 1 of the current guidance, which calculates the carrying value in excess of the reporting unit’s fair value. The guidance was adopted effective January 1, 2020 and did not have a material impact on the consolidated financial statements. In June 2016, the FASB issued guidance that introduces a new methodology for accounting for credit losses on financial instruments. The guidance establishes a new forward-looking "expected loss model" that requires entities to estimate current expected credit losses on accounts receivable and financial instruments by using all practical and relevant information. The guidance was adopted effective January 1, 2020 and did not have a material impact on the consolidated financial statements. In December 2019, the FASB issued guidance simplifying the accounting for incomes taxes by removing (i) the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items, (ii) the exception to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, and (iii) the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The guidance also improves consistent application of and simplifies GAAP for other areas of Topic 740, Income Taxes. The guidance was adopted effective January 1, 2020, using a prospective approach and did not have a material impact on the consolidated financial statements. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenues | 2. Revenues Disaggregation of Revenue The Company provides disaggregation of revenue based on geographic region (Note 13) and based on the subscription versus Deferred Revenue and Deferred Commission Expense Amounts that have been invoiced are recorded in accounts receivable and deferred revenue or revenue, depending on whether the revenue recognition criteria have been met. Deferred revenue represents amounts billed for which revenue has not yet been recognized. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as current deferred revenue, and the remaining portion is recorded as long-term deferred revenue. Deferred revenue during the three months ended March 31, 2020 increased by $8.2 million resulting from $207.2 million of additional invoicing and was offset by revenue recognized of $199.0 31, 2020, approximately $183.7 mill approximately 94% Additional contract liabilities of $1.4 million were The incremental direct costs of obtaining a contract, which primarily consist of sales commissions paid for new subscription contracts, are deferred and amortized on a straight-line basis over a period of approximately one to three years. The one to three-year period has been determined by taking into consideration the type of product sold, the commitment term of the customer contract, the nature of the Company’s technology development life-cycle, and an estimated customer relationship period. Sales commissions for upgrade contracts are deferred and amortized on a straight-line basis over the remaining estimated customer relationship period of the related customer. Deferred commission expense that will be recorded as expense during the succeeding 12-month period is recorded as current deferred commission expense, and the remaining portion is recorded as long-term deferred commission expense. Deferred commission expense during the three months ended March 31, 2020 increased by $0.8 million as a result of deferring incremental costs of obtaining a contract of $11.5 |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 3. Net Loss per Share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted net loss per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, options to purchase common stock, restricted stock units (“RSUs”), shares issued pursuant to the Employee Stock Purchase Plan (“ESPP”), and the Conversion Option and warrants of the 2022 Notes are considered to be potential common stock equivalents. A reconciliation of the denominator used in the calculation of basic and diluted net loss per share is as follows: Three Months Ended March 31, 2020 2019 Net loss $ (17,716 ) $ (11,100 ) Weighted-average common shares outstanding — basic 43,275 40,568 Dilutive effect of share equivalents resulting from stock — — Weighted-average common shares, outstanding — diluted 43,275 40,568 Net loss per share, basic and diluted $ (0.41 ) $ (0.27 ) Since the Company incurred net losses for each of the periods presented, diluted net loss per share is the same as basic net loss per share. The Company’s outstanding stock options, RSUs, shares issuable under the ESPP, and Conversion Option and warrants of the 2022 Notes were not included in the calculation of diluted net loss per share as the effect would be anti-dilutive. The following table contains all potentially dilutive common stock equivalents. As of March 31, 2020 2019 (in thousands) Options to purchase common shares 1,401 1,734 RSUs 1,697 1,911 Conversion option and warrants of the 2022 Notes 3,093 2,830 ESPP — 8 The Company expects to settle the principal amount of the 2022 Notes (Note 8) in cash, and therefore, the Company uses the treasury stock method for calculating any potential dilutive effect of the Conversion Option on diluted net income per share, if applicable. The Conversion Option will have a dilutive impact on net income per share of common stock when the average market price of the Company’s common stock for a given period exceeds the conversion price of the 2022 Notes of $94.77 per share. In the first quarter of 2020, the Company settled $2 thousand of the principal balance of the 2022 Notes in cash. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 4. Fair Value of Financial Instruments The Company measures certain financial assets at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. The following table details the fair value measurements within the fair value hierarchy of the Company’s financial assets and liabilities at March 31, 2020 and December 31, 2019: March 31, 2020 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents and investments: Money market funds $ 43,772 $ — $ — $ 43,772 Commercial paper — 83,100 — 83,100 Corporate bonds — 120,201 — 120,201 U.S. Treasury securities — 677,310 — 677,310 Restricted cash: Certificates of deposit — 552 — 552 Money market funds — 3,029 — 3,029 Total $ 43,772 $ 884,192 $ — $ 927,964 December 31, 2019 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents and investments: Money market funds $ 96,618 $ — $ — $ 96,618 Commercial paper — 87,185 — 87,185 Corporate bonds — 87,138 — 87,138 U.S. Treasury securities — 631,174 — 631,174 Restricted cash: Certificates of deposit — 5,816 — 5,816 Money market funds — 3,029 — 3,029 Total $ 96,618 $ 814,342 $ — $ 910,960 The Company considers all highly liquid investments purchased with a remaining maturity of three months or less to be cash equivalents. The fair value of the Company’s investments in certain money market funds is their face value and such instruments are classified as Level 1 and are included in cash and cash equivalents, and restricted cash (within prepaid expenses and other current assets and other long-term assets) on the consolidated balance sheets. At March 31, 2020 and December 31, 2019, our Level 2 securities were priced by pricing vendors. These pricing vendors utilize the most recent observable market information in pricing these securities or, if specific prices are not available for these securities, use other observable inputs like market transactions involving identical or comparable securities. As of March 31, 2020, the fair value of the 2022 Notes was $597.8 million. The fair value was determined based on the quoted price of the 2022 Notes in an inactive market on the last trading day of the reporting period and has been classified as Level 2 within the fair value hierarchy. For certain other financial instruments, including accounts receivable, accounts payable, capital leases and other current liabilities, the carrying amounts approximate their fair value due to the relatively short maturity of these balances. Restricted cash is comprised of money market funds and certificates of deposit related to landlord guarantees for leased facilities. These restricted cash balances have been excluded from our cash and cash equivalents balance on our consolidated balance sheets. Strategic investments consist of non-controlling equity investments in privately held companies. The Company elected the measurement alternative for these investments without readily determinable fair values and for which the Company does not have the ability to exercise significant influence. These investments are accounted for under the cost method of accounting. Under the cost method of accounting, the non-marketable equity securities are carried at cost less any impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer, which is recorded within the statement of operations. The Company holds $4.2 million of strategic investments without readily determinable fair values at March 31, 2020 and $4.4 million of strategic investments without readily determinable fair values at December 31, 2019. These investments are included in other assets on the consolidated balance sheets. For the three months ended March 31, 2020, the Company recorded an impairment of $250 thousand. The following tables summarize the composition of our short- and long-term investments at March 31, 2020 and December 31, 2019. March 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value (in thousands) Commercial paper $ 83,100 $ — $ — $ 83,100 Corporate bonds 120,639 234 (672 ) 120,201 U.S. Treasury securities 600,897 1,422 (8 ) 602,311 Total $ 804,636 $ 1,656 $ (680 ) $ 805,612 December 31, 2019 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value (in thousands) Commercial paper $ 77,214 $ — $ — $ 77,214 Corporate bonds 86,900 251 (13 ) 87,138 U.S. Treasury securities 581,066 207 (15 ) 581,258 Total $ 745,180 $ 458 $ (28 ) $ 745,610 For all of our securities for which the amortized cost basis was greater than the fair value at March 31, 2020, the Company has concluded that there is no plan to sell the security nor is it more likely than not that the Company would be required to sell the security before its anticipated recovery. In making the determination as to whether the unrealized loss is other-than-temporary, the Company considered the length of time and extent the investment has been in an unrealized loss position, the financial condition and near-term prospects of the issuers, the issuers’ credit rating and the time to maturity. Contractual Maturities The contractual maturities of short-term and long-term investments held at March 31, 2020 and December 31, 2019 are as follows: March 31, 2020 December 31, 2019 Amortized Cost Basis Aggregate Fair Value Amortized Cost Basis Aggregate Fair Value (in thousands) (in thousands) Due within one year $ 737,992 $ 739,428 $ 691,556 $ 691,834 Due after 1 year through 2 years 66,644 66,184 53,624 53,776 Total $ 804,636 $ 805,612 $ 745,180 $ 745,610 |
Restricted cash
Restricted cash | 3 Months Ended |
Mar. 31, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Restricted cash | 5. Restricted cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows for the three months ended March 31, 2020 and 2019. March 31, 2020 March 31, 2019 December 31, 2019 (in thousands) Cash and cash equivalents $ 229,133 $ 285,126 $ 269,670 Restricted cash, included in prepaid expenses and other current assets 552 5,569 5,816 Restricted cash, included in other assets 3,029 451 3,029 Total cash, cash equivalents, and restricted cash $ 232,714 $ 291,146 $ 278,515 |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 6. Property and Equipment, Net Property and equipment, net consists of the following: March 31, 2020 December 31, 2019 (in thousands) Computer equipment and purchased software $ 12,843 $ 13,028 Employee related computer equipment 17,007 13,829 Furniture and fixtures 18,330 14,319 Leasehold improvements 74,347 56,618 Equipment under finance lease 3,453 3,450 Internal-use software 9,175 7,770 Construction in progress 3,728 23,714 Total property and equipment 138,883 132,728 Less accumulated depreciation (53,230 ) (49,079 ) Property and equipment, net $ 85,653 $ 83,649 Depreciation and amortization expense on property and equipment was $4.7 million for the three months ended March 31, 2020 and $3.7 million for the three months ended March 31, 2019. |
Capitalized Software Developmen
Capitalized Software Development Costs | 3 Months Ended |
Mar. 31, 2020 | |
Research And Development [Abstract] | |
Capitalized Software Development Costs | 7. Capitalized Software Development Costs Capitalized software development costs, exclusive of those recorded within property and equipment, consisted of the following: March 31, 2020 December 31, 2019 (in thousands) Gross capitalized software development costs $ 67,074 $ 61,641 Accumulated amortization (48,248 ) (44,848 ) Capitalized software development costs, net $ 18,826 $ 16,793 These capitalized software development costs are associated with software developed for customer purchase. Capitalized software development costs recorded within property and equipment are associated with software developed for Company use. Capitalized software development costs are amortized on a straight-line basis over their estimated useful life of two years. The following table summarizes software development costs capitalized, stock-based compensation included in capitalized software development costs, and amortization of capitalized software development costs. Three Months Ended March 31, 2020 2019 (in thousands) Software development costs capitalized $ 5,433 $ 3,278 Stock-based compensation included in capitalized software development costs $ 838 $ 508 Amortization of capitalized software development costs $ 3,475 $ 2,495 |
0.25% Convertible Senior Notes,
0.25% Convertible Senior Notes, Convertible Note Hedge and Warrant | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
0.25% Convertible Senior Notes, Convertible Note Hedge and Warrant | 8. 0.25% Convertible Senior Notes, Convertible Note Hedge and Warrant In May 2017, the Company issued $350 million aggregate principal amount of 0.25% convertible senior notes due June 1, 2022 in a private offering and an additional $50 million aggregate principal amount of such notes pursuant to the exercise in full of the over-allotment options of the initial purchasers (the “2022 Notes”). The 2022 Notes are convertible at the option of the holders prior to the close of business on the business day immediately preceding February 1, 2022 under certain conditions or upon the occurrence of certain events. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. Because the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the calendar quarter ended March 31, 2020 was equal to or greater than 130% of the applicable conversion price on each applicable trading day, the 2022 Notes are convertible at the option of the holders thereof during the calendar quarter ending June 30, 2020 . In the first quarter of 2020, the Company settled $ 2 thousand of the principal balance of the 2022 Notes in cash . As of May 1, 2020, the Company has received conversion notices for approximately $ 2 thousand of the principal balance of the 2022 Notes, which will be settled in cash during the quarter ended June 30, 2020 . The net carrying amount of the liability component of the 2022 Notes is as follows: As of March 31, As of December 31, 2019 (in thousands) Principal $ 399,990 $ 399,992 Unamortized debt discount (49,992 ) (55,299 ) Unamortized issuance costs (3,733 ) (4,129 ) Net carrying amount $ 346,265 $ 340,564 Interest expense related to the 2022 Notes is as follows: Three Months Ended March 31, 2020 2019 (in thousands) Contractual interest expense $ 250 $ 250 Amortization of debt discount 5,307 4,894 Amortization of issuance costs 396 366 Total interest expense $ 5,953 $ 5,510 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Contractual Obligations The Company leases its office facilities under non-cancelable operating leases that expire at various dates through May 2031. Lease expense for non-cancelable operating leases with free rental periods or scheduled rent increases is recognized on a straight-line basis over the terms of the leases. Improvement reimbursements from landlords of $17.6 million are being amortized on a straight-line basis into lease expense over the terms of the leases. Certain leases contain optional termination dates. The table below only includes payments up to the optional termination date. If the Company were to extend leases beyond the optional termination date, the future commitments would increase by approximately $81.4 million. Included in the table below are operating lease commitments for leases that have not yet commenced of approximately $66.6 million for facilities with maximum lease terms of approximately 9 years in the United States and 10 years in Germany. Future minimum payments under all operating and finance lease agreements as of March 31, 2020 Operating (in thousands) 2020 $ 32,664 2021 48,993 2022 48,433 2023 48,101 2024 46,892 Thereafter 177,527 Total $ 402,610 The Company leases its office facilities under non-cancelable operating leases. Unused spaces are subleased to third parties. Operating sublease income generated under all operating lease agreements for the three months ended March 31, 2020 and 2019 are as follows: Three Months Ended March 31, 2020 2019 (in thousands) Operating sublease income $ 1,354 $ 566 As of March 31, 2020, t here were no material changes in our vendor commitments under non-cancelable arrangements, as disclosed in the Company’s audited consolidated financial statements for the year ended December 31, 2019 and related notes thereto contained in the Company’s Annual Report on Form 10-K . Subsequent to March 31, 2020, the Company extended a vendor commitment with an incremental three year contractual obligation of approximately $24 million, payable over the remaining three year term of the amended agreement. Legal Contingencies From time to time, the Company may become a party to litigation and subject to claims incident to the ordinary course of business, including intellectual property claims, labor and employment claims, and threatened claims, breach of contract claims, tax, and other matters. The Company currently has no material pending litigation. |
Changes in Stockholders' Equity
Changes in Stockholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders Equity Note [Abstract] | |
Changes in Stockholders' Equity | 10. Changes in Stockholders’ Equity The following tables summarize the changes in stockholders’ equity for the three months ended March 31, 2020 and 2019. Common Stock, $0.001 Par Value Additional Paid-In Accumulated Other Comprehensive Accumulated Shares Amount Capital Income (Loss) Deficit Total Balances at December 31, 2019 42,955 $ 44 $ 1,048,380 $ (336 ) $ (398,130 ) 649,958 Issuance of common stock under stock plans, net of shares withheld for employee taxes 411 — 1,320 — — 1,320 Stock-based compensation — — 27,905 — 27,905 Cumulative translation adjustment — — — (1,077 ) — (1,077 ) Unrealized gain on investments, net of income taxes of $0 — — — 583 — 583 Net loss — — — — (17,716 ) (17,716 ) Balances at March 31, 2020 43,366 $ 44 $ 1,077,605 $ (830 ) $ (415,846 ) $ 660,973 Common Stock, $0.001 Par Value Additional Paid-In Accumulated Other Comprehensive Accumulated Shares Amount Capital Income (Loss) Deficit Total Balances at December 31, 2018 39,300 $ 40 $ 589,708 $ (723 ) $ (344,384 ) $ 244,641 Issuance of common stock under stock plans, net of shares withheld for employee taxes 440 1 1,161 — — 1,162 Issuance of common stock in relation to 2,151 2 342,628 — — 342,630 Stock-based compensation — — 21,548 — 21,548 Cumulative translation adjustment — — — (304 ) — (304 ) Unrealized gain on investments, net of income — — — 426 — 426 Net loss — — — — (11,100 ) (11,100 ) Balances at March 31, 2019 41,891 $ 43 $ 955,045 $ (601 ) $ (355,484 ) $ 599,003 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | 11. Changes in Accumulated Other Comprehensive Loss The following table summarizes the changes in accumulated other comprehensive loss, which is reported as a component of stockholders’ equity, for the three months ended March 31, 2020. Cumulative Translation Adjustment Unrealized Gain on Investments Total (in thousands) Beginning balance at January 1, 2020 $ (610 ) $ 274 $ (336 ) Other comprehensive loss before reclassifications (1,077 ) 583 (494 ) Amounts reclassified from accumulated other comprehensive income — — — Ending balance at March 31, 2020 $ (1,687 ) $ 857 $ (830 ) |
Stock-Based Compensation Expens
Stock-Based Compensation Expense | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation Expense | 12. Stock-Based Compensation Expense The following two tables show stock-based compensation expense by award type and where the stock-based compensation expense is recorded in the Company’s consolidated statements of operations: Three Months End March 31, 2020 2019 (in thousands) Options $ 1,822 $ 1,290 RSUs 24,303 18,736 Employee stock purchase plan 1,338 1,179 Total stock-based compensation expense $ 27,463 $ 21,205 Effect of stock-based compensation expense on income by line item: Three Months End March 31, 2020 2019 (in thousands) Cost of revenue, subscription $ 898 $ 614 Cost of revenue, professional services and other 607 1,019 Research and development 8,708 7,091 Sales and marketing 10,816 7,804 General and administrative 6,434 4,677 Total stock-based compensation expense $ 27,463 $ 21,205 Capitalized software development costs excluded from stock-based compensation expense is $848 thousand for the three months ended March 31, 2020 and $508 thousand for the three months ended March 31, 2019. |
Segment Information and Geograp
Segment Information and Geographic Data | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information and Geographic Data | 13. Segment Information and Geographic Data The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision makers (“CODMs”), which are the Company’s chief executive officer and chief operating officer, in deciding how to allocate resources and assess performance. The Company’s CODMs evaluate the Company’s financial information and resources and assess the performance of these resources on a consolidated basis. Since the Company operates in one operating segment, all required financial segment information can be found in the consolidated financial statements. Revenue and long-lived assets by geographic region, based on the physical location of the operations recording the sale or the asset, are as follows: Revenues by geographical region: Three Months End March 31, 2020 2019 (in thousands) Americas $ 131,139 $ 104,290 Europe 52,671 36,676 Asia Pacific 15,158 10,832 Total $ 198,968 $ 151,798 Percentage of revenues generated outside of the Americas 34 % 31 % Revenue derived from customers outside the United States (international) was approximately 42% of total revenue in the three months ended March 31, 2020 and 39% of total revenue in the three months ended March 31, 2019. Total long-lived assets by geographical region: As of March 31, 2020 As of December 31, 2019 (in thousands) Americas $ 177,690 $ 175,821 Europe 124,687 127,395 Asia Pacific 13,841 14,823 Total long-lived assets $ 316,218 $ 318,039 Percentage of long-lived assets held outside of the Americas 44 % 45 % |
Organization and Operations (Po
Organization and Operations (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recent accounting standards not included below are not expected to have a material impact on our consolidated financial position and results of operations. In January 2017, the Financial Accounting Standards Board (“FASB”) issued guidance simplifying the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test. Under previous guidance, Step 2 of the goodwill impairment test required entities to calculate the implied fair value of goodwill in the same manner as the amount of goodwill recognized in a business combination by assigning the fair value of a reporting unit to all of the assets and liabilities of the reporting unit. The carrying value in excess of the implied fair value was recognized as goodwill impairment. Under the new guidance, goodwill impairment is recognized based on Step 1 of the current guidance, which calculates the carrying value in excess of the reporting unit’s fair value. The guidance was adopted effective January 1, 2020 and did not have a material impact on the consolidated financial statements. In June 2016, the FASB issued guidance that introduces a new methodology for accounting for credit losses on financial instruments. The guidance establishes a new forward-looking "expected loss model" that requires entities to estimate current expected credit losses on accounts receivable and financial instruments by using all practical and relevant information. The guidance was adopted effective January 1, 2020 and did not have a material impact on the consolidated financial statements. In December 2019, the FASB issued guidance simplifying the accounting for incomes taxes by removing (i) the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items, (ii) the exception to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, and (iii) the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The guidance also improves consistent application of and simplifies GAAP for other areas of Topic 740, Income Taxes. The guidance was adopted effective January 1, 2020, using a prospective approach and did not have a material impact on the consolidated financial statements. |
Revenue | Revenues Disaggregation of Revenue The Company provides disaggregation of revenue based on geographic region (Note 13) and based on the subscription versus Deferred Revenue and Deferred Commission Expense Amounts that have been invoiced are recorded in accounts receivable and deferred revenue or revenue, depending on whether the revenue recognition criteria have been met. Deferred revenue represents amounts billed for which revenue has not yet been recognized. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as current deferred revenue, and the remaining portion is recorded as long-term deferred revenue. Deferred revenue during the three months ended March 31, 2020 increased by $8.2 million resulting from $207.2 million of additional invoicing and was offset by revenue recognized of $199.0 31, 2020, approximately $183.7 mill approximately 94% Additional contract liabilities of $1.4 million were The incremental direct costs of obtaining a contract, which primarily consist of sales commissions paid for new subscription contracts, are deferred and amortized on a straight-line basis over a period of approximately one to three years. The one to three-year period has been determined by taking into consideration the type of product sold, the commitment term of the customer contract, the nature of the Company’s technology development life-cycle, and an estimated customer relationship period. Sales commissions for upgrade contracts are deferred and amortized on a straight-line basis over the remaining estimated customer relationship period of the related customer. Deferred commission expense that will be recorded as expense during the succeeding 12-month period is recorded as current deferred commission expense, and the remaining portion is recorded as long-term deferred commission expense. Deferred commission expense during the three months ended March 31, 2020 increased by $0.8 million as a result of deferring incremental costs of obtaining a contract of $11.5 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Reconciliation of Denominator Used in Calculation of Basic and Diluted Net Loss Per Share | A reconciliation of the denominator used in the calculation of basic and diluted net loss per share is as follows: Three Months Ended March 31, 2020 2019 Net loss $ (17,716 ) $ (11,100 ) Weighted-average common shares outstanding — basic 43,275 40,568 Dilutive effect of share equivalents resulting from stock — — Weighted-average common shares, outstanding — diluted 43,275 40,568 Net loss per share, basic and diluted $ (0.41 ) $ (0.27 ) |
Schedule of Potentially Dilutive Common Stock Equivalents | The following table contains all potentially dilutive common stock equivalents. As of March 31, 2020 2019 (in thousands) Options to purchase common shares 1,401 1,734 RSUs 1,697 1,911 Conversion option and warrants of the 2022 Notes 3,093 2,830 ESPP — 8 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurements of Financial Assets and Liabilities | The following table details the fair value measurements within the fair value hierarchy of the Company’s financial assets and liabilities at March 31, 2020 and December 31, 2019: March 31, 2020 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents and investments: Money market funds $ 43,772 $ — $ — $ 43,772 Commercial paper — 83,100 — 83,100 Corporate bonds — 120,201 — 120,201 U.S. Treasury securities — 677,310 — 677,310 Restricted cash: Certificates of deposit — 552 — 552 Money market funds — 3,029 — 3,029 Total $ 43,772 $ 884,192 $ — $ 927,964 December 31, 2019 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents and investments: Money market funds $ 96,618 $ — $ — $ 96,618 Commercial paper — 87,185 — 87,185 Corporate bonds — 87,138 — 87,138 U.S. Treasury securities — 631,174 — 631,174 Restricted cash: Certificates of deposit — 5,816 — 5,816 Money market funds — 3,029 — 3,029 Total $ 96,618 $ 814,342 $ — $ 910,960 |
Summary of Composition of Short and Long Term Investments | The following tables summarize the composition of our short- and long-term investments at March 31, 2020 and December 31, 2019. March 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value (in thousands) Commercial paper $ 83,100 $ — $ — $ 83,100 Corporate bonds 120,639 234 (672 ) 120,201 U.S. Treasury securities 600,897 1,422 (8 ) 602,311 Total $ 804,636 $ 1,656 $ (680 ) $ 805,612 December 31, 2019 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value (in thousands) Commercial paper $ 77,214 $ — $ — $ 77,214 Corporate bonds 86,900 251 (13 ) 87,138 U.S. Treasury securities 581,066 207 (15 ) 581,258 Total $ 745,180 $ 458 $ (28 ) $ 745,610 |
Summary of Contractual Maturities of Short and Long Term Investments | The contractual maturities of short-term and long-term investments held at March 31, 2020 and December 31, 2019 are as follows: March 31, 2020 December 31, 2019 Amortized Cost Basis Aggregate Fair Value Amortized Cost Basis Aggregate Fair Value (in thousands) (in thousands) Due within one year $ 737,992 $ 739,428 $ 691,556 $ 691,834 Due after 1 year through 2 years 66,644 66,184 53,624 53,776 Total $ 804,636 $ 805,612 $ 745,180 $ 745,610 |
Restricted cash (Tables)
Restricted cash (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows for the three months ended March 31, 2020 and 2019. March 31, 2020 March 31, 2019 December 31, 2019 (in thousands) Cash and cash equivalents $ 229,133 $ 285,126 $ 269,670 Restricted cash, included in prepaid expenses and other current assets 552 5,569 5,816 Restricted cash, included in other assets 3,029 451 3,029 Total cash, cash equivalents, and restricted cash $ 232,714 $ 291,146 $ 278,515 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following: March 31, 2020 December 31, 2019 (in thousands) Computer equipment and purchased software $ 12,843 $ 13,028 Employee related computer equipment 17,007 13,829 Furniture and fixtures 18,330 14,319 Leasehold improvements 74,347 56,618 Equipment under finance lease 3,453 3,450 Internal-use software 9,175 7,770 Construction in progress 3,728 23,714 Total property and equipment 138,883 132,728 Less accumulated depreciation (53,230 ) (49,079 ) Property and equipment, net $ 85,653 $ 83,649 |
Capitalized Software Developm_2
Capitalized Software Development Costs (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Research And Development [Abstract] | |
Summary of Capitalized Software Development Costs, Exclusive of those Recorded within Property and Equipment | Capitalized software development costs, exclusive of those recorded within property and equipment, consisted of the following: March 31, 2020 December 31, 2019 (in thousands) Gross capitalized software development costs $ 67,074 $ 61,641 Accumulated amortization (48,248 ) (44,848 ) Capitalized software development costs, net $ 18,826 $ 16,793 |
Summary of Capitalized Software Development Costs Including Stock-Based Compensation and Amortization | The following table summarizes software development costs capitalized, stock-based compensation included in capitalized software development costs, and amortization of capitalized software development costs. Three Months Ended March 31, 2020 2019 (in thousands) Software development costs capitalized $ 5,433 $ 3,278 Stock-based compensation included in capitalized software development costs $ 838 $ 508 Amortization of capitalized software development costs $ 3,475 $ 2,495 |
0.25% Convertible Senior Note_2
0.25% Convertible Senior Notes, Convertible Note Hedge and Warrant (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Instrument [Line Items] | |
Schedule of Interest Expense | Interest expense related to the 2022 Notes is as follows: Three Months Ended March 31, 2020 2019 (in thousands) Contractual interest expense $ 250 $ 250 Amortization of debt discount 5,307 4,894 Amortization of issuance costs 396 366 Total interest expense $ 5,953 $ 5,510 |
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | |
Debt Instrument [Line Items] | |
Schedule of Net Carrying Amount of Notes | The net carrying amount of the liability component of the 2022 Notes is as follows: As of March 31, As of December 31, 2019 (in thousands) Principal $ 399,990 $ 399,992 Unamortized debt discount (49,992 ) (55,299 ) Unamortized issuance costs (3,733 ) (4,129 ) Net carrying amount $ 346,265 $ 340,564 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments | Future minimum payments under all operating and finance lease agreements as of March 31, 2020 Operating (in thousands) 2020 $ 32,664 2021 48,993 2022 48,433 2023 48,101 2024 46,892 Thereafter 177,527 Total $ 402,610 |
Schedule of Operating Sublease Income Generated under Operating Lease Agreements | Operating sublease income generated under all operating lease agreements for the three months ended March 31, 2020 and 2019 are as follows Three Months Ended March 31, 2020 2019 (in thousands) Operating sublease income $ 1,354 $ 566 |
Changes in Stockholders' Equi_2
Changes in Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders Equity Note [Abstract] | |
Summary of Changes in Stockholders' Equity | The following tables summarize the changes in stockholders’ equity for the three months ended March 31, 2020 and 2019. Common Stock, $0.001 Par Value Additional Paid-In Accumulated Other Comprehensive Accumulated Shares Amount Capital Income (Loss) Deficit Total Balances at December 31, 2019 42,955 $ 44 $ 1,048,380 $ (336 ) $ (398,130 ) 649,958 Issuance of common stock under stock plans, net of shares withheld for employee taxes 411 — 1,320 — — 1,320 Stock-based compensation — — 27,905 — 27,905 Cumulative translation adjustment — — — (1,077 ) — (1,077 ) Unrealized gain on investments, net of income taxes of $0 — — — 583 — 583 Net loss — — — — (17,716 ) (17,716 ) Balances at March 31, 2020 43,366 $ 44 $ 1,077,605 $ (830 ) $ (415,846 ) $ 660,973 Common Stock, $0.001 Par Value Additional Paid-In Accumulated Other Comprehensive Accumulated Shares Amount Capital Income (Loss) Deficit Total Balances at December 31, 2018 39,300 $ 40 $ 589,708 $ (723 ) $ (344,384 ) $ 244,641 Issuance of common stock under stock plans, net of shares withheld for employee taxes 440 1 1,161 — — 1,162 Issuance of common stock in relation to 2,151 2 342,628 — — 342,630 Stock-based compensation — — 21,548 — 21,548 Cumulative translation adjustment — — — (304 ) — (304 ) Unrealized gain on investments, net of income — — — 426 — 426 Net loss — — — — (11,100 ) (11,100 ) Balances at March 31, 2019 41,891 $ 43 $ 955,045 $ (601 ) $ (355,484 ) $ 599,003 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | The following table summarizes the changes in accumulated other comprehensive loss, which is reported as a component of stockholders’ equity, for the three months ended March 31, 2020. Cumulative Translation Adjustment Unrealized Gain on Investments Total (in thousands) Beginning balance at January 1, 2020 $ (610 ) $ 274 $ (336 ) Other comprehensive loss before reclassifications (1,077 ) 583 (494 ) Amounts reclassified from accumulated other comprehensive income — — — Ending balance at March 31, 2020 $ (1,687 ) $ 857 $ (830 ) |
Stock-Based Compensation Expe_2
Stock-Based Compensation Expense (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Stock-Based Compensation Expense by Award Type | The following two tables show stock-based compensation expense by award type and where the stock-based compensation expense is recorded in the Company’s consolidated statements of operations: Three Months End March 31, 2020 2019 (in thousands) Options $ 1,822 $ 1,290 RSUs 24,303 18,736 Employee stock purchase plan 1,338 1,179 Total stock-based compensation expense $ 27,463 $ 21,205 |
Effect of Stock-Based Compensation on Income by Line Item | Effect of stock-based compensation expense on income by line item: Three Months End March 31, 2020 2019 (in thousands) Cost of revenue, subscription $ 898 $ 614 Cost of revenue, professional services and other 607 1,019 Research and development 8,708 7,091 Sales and marketing 10,816 7,804 General and administrative 6,434 4,677 Total stock-based compensation expense $ 27,463 $ 21,205 |
Segment Information and Geogr_2
Segment Information and Geographic Data (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Revenues by Geographical Region | Revenues by geographical region: Three Months End March 31, 2020 2019 (in thousands) Americas $ 131,139 $ 104,290 Europe 52,671 36,676 Asia Pacific 15,158 10,832 Total $ 198,968 $ 151,798 Percentage of revenues generated outside of the Americas 34 % 31 % |
Long Lived Assets by Geographical Region | Total long-lived assets by geographical region: As of March 31, 2020 As of December 31, 2019 (in thousands) Americas $ 177,690 $ 175,821 Europe 124,687 127,395 Asia Pacific 13,841 14,823 Total long-lived assets $ 316,218 $ 318,039 Percentage of long-lived assets held outside of the Americas 44 % 45 % |
Revenues - Additional Informati
Revenues - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Additions in deferred revenue | $ 8,200 | ||
Additional Invoicing | 207,200 | ||
Total revenues | 198,968 | $ 151,798 | |
Deferred revenue, revenue recognized | 120,900 | ||
Revenue remaining performance obligation, contracts exceeds one year | $ 183,700 | ||
Revenue remaining performance obligation contract period | 1 year | ||
Revenue remaining performance obligation percentage recognized | 94.00% | ||
Short-term deferred revenue | $ 238,913 | $ 231,030 | |
Increase (decrease) in deferred commission expense | 800 | ||
Incremental costs of deferred sales commission expense | 11,500 | ||
Amortization of deferred commission expense | $ 10,700 | ||
Minimum [Member] | |||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Amortization period of deferred commissions | 1 year | ||
Maximum [Member] | |||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Amortization period of deferred commissions | 3 years | ||
Accrued Expenses and Other Current Liabilities [Member] | |||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Short-term deferred revenue | $ 1,400 | $ 1,400 |
Revenues - Additional Informa_2
Revenues - Additional Information1 (Detail) | Mar. 31, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |
Revenue remaining performance obligations recognition period | 24 months |
Net Loss per Share - Summary of
Net Loss per Share - Summary of Reconciliation of Denominator Used in Calculation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share Basic And Diluted [Abstract] | ||
Net loss | $ (17,716) | $ (11,100) |
Weighted-average common shares outstanding — basic | 43,275 | 40,568 |
Weighted-average common shares, outstanding — diluted | 43,275 | 40,568 |
Net loss per share, basic and diluted | $ (0.41) | $ (0.27) |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Potentially Dilutive Common Stock Equivalents (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Options to Purchase Common Shares [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 1,401 | 1,734 |
RSUs [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 1,697 | 1,911 |
Conversion Option and Warrants of the 2022 Notes [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 3,093 | 2,830 |
ESPP [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 8 |
Net Loss per Share - Additional
Net Loss per Share - Additional Information (Detail) - 0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)d$ / shares | May 01, 2020USD ($) | |
Earnings Per Share Basic [Line Items] | ||
Common stock conversion price | $ / shares | $ 94.77 | |
Debt instrument, convertible, threshold trading days | d | 20 | |
Debt instrument, convertible, threshold consecutive trading days | d | 30 | |
Percentage of closing price to trigger debt conversion | 130.00% | |
Debt instrument convertible, principal amount | $ | $ 2 | |
Subsequent Event [Member] | ||
Earnings Per Share Basic [Line Items] | ||
Debt instrument convertible, principal amount | $ | $ 2 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | $ 805,612 | $ 745,610 |
Fair value of financial assets | 927,964 | 910,960 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 43,772 | 96,618 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 884,192 | 814,342 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of cash and cash equivalents | 43,772 | 96,618 |
Fair value of restricted cash | 3,029 | 3,029 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of cash and cash equivalents | 43,772 | 96,618 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of restricted cash | 3,029 | 3,029 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 83,100 | 87,185 |
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 83,100 | 87,185 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 120,201 | 87,138 |
Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 120,201 | 87,138 |
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 677,310 | 631,174 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 677,310 | 631,174 |
Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of restricted cash | 552 | 5,816 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of restricted cash | $ 552 | $ 5,816 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other assets | $ 12,883 | $ 9,824 |
Strategic Investments [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other assets | 4,200 | $ 4,400 |
Impairment charges | 250 | |
2022 Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of notes | $ 597,800 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Composition of Short and Long Term Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 804,636 | $ 745,180 |
Unrealized Gains | 1,656 | 458 |
Unrealized Losses | (680) | (28) |
Aggregate Fair Value | 805,612 | 745,610 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 83,100 | 77,214 |
Aggregate Fair Value | 83,100 | 77,214 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 120,639 | 86,900 |
Unrealized Gains | 234 | 251 |
Unrealized Losses | (672) | (13) |
Aggregate Fair Value | 120,201 | 87,138 |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 600,897 | 581,066 |
Unrealized Gains | 1,422 | 207 |
Unrealized Losses | (8) | (15) |
Aggregate Fair Value | $ 602,311 | $ 581,258 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Summary of Contractual Maturities of Short and Long Term Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Amortized Cost Basis, Due within one year | $ 737,992 | $ 691,556 |
Amortized Cost Basis, Due after 1 year through 2 years | 66,644 | 53,624 |
Amortized Cost | 804,636 | 745,180 |
Aggregate Fair Value, Due within one year | 739,428 | 691,834 |
Aggregate Fair Value, Due after 1 year through 2 years | 66,184 | 53,776 |
Aggregate Fair Value, Total | $ 805,612 | $ 745,610 |
Restricted Cash - Summary of Re
Restricted Cash - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Cash And Cash Equivalents [Abstract] | |||
Cash and cash equivalents | $ 229,133 | $ 269,670 | $ 285,126 |
Restricted cash, included in prepaid expenses and other current assets | $ 552 | $ 5,816 | $ 5,569 |
Restricted Cash, Current, Asset, Statement of Financial Position [Extensible List] | us-gaap:PrepaidExpenseAndOtherAssetsCurrent | us-gaap:PrepaidExpenseAndOtherAssetsCurrent | us-gaap:PrepaidExpenseAndOtherAssetsCurrent |
Restricted cash, included in other assets | $ 3,029 | $ 3,029 | $ 451 |
Restricted Cash, Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | us-gaap:OtherAssets | us-gaap:OtherAssets |
Total cash, cash equivalents, and restricted cash | $ 232,714 | $ 278,515 | $ 291,146 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 138,883 | $ 132,728 |
Less accumulated depreciation | (53,230) | (49,079) |
Property and equipment, net | 85,653 | 83,649 |
Computer Equipment and Purchased Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 12,843 | 13,028 |
Employee Related Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 17,007 | 13,829 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 18,330 | 14,319 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 74,347 | 56,618 |
Equipment under Finance Lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 3,453 | 3,450 |
Internal Use Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 9,175 | 7,770 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 3,728 | $ 23,714 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Property Plant And Equipment [Abstract] | ||
Depreciation and amortization | $ 4.7 | $ 3.7 |
Capitalized Software Developm_3
Capitalized Software Development Costs - Summary of Capitalized Software Development Costs, Exclusive of those Recorded within Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Capitalized Computer Software Net [Abstract] | ||
Gross capitalized software development costs | $ 67,074 | $ 61,641 |
Accumulated amortization | (48,248) | (44,848) |
Capitalized software development costs, net | $ 18,826 | $ 16,793 |
Capitalized Software Developm_4
Capitalized Software Development Costs - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2020 | |
Capitalized Software Development Costs [Member] | |
Capitalized Computer Software [Line Items] | |
Property and equipment, estimated useful life | 2 years |
Capitalized Software Developm_5
Capitalized Software Development Costs - Summary of Capitalized Software Development Costs Including Stock-Based Compensation and Amortization (Detail) - Internal Use Software [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Capitalized Computer Software [Line Items] | ||
Software development costs capitalized | $ 5,433 | $ 3,278 |
Stock-based compensation included in capitalized software development costs | 838 | 508 |
Amortization of capitalized software development costs | $ 3,475 | $ 2,495 |
0.25% Convertible Senior Note_3
0.25% Convertible Senior Notes, Convertible Note Hedge and Warrant - Additional Information (Detail) - 0.25% Convertible Senior Notes Due 2022 [Member] | 3 Months Ended | ||
Mar. 31, 2020USD ($)d | May 01, 2020USD ($) | May 31, 2017USD ($) | |
Debt Instrument [Line Items] | |||
Debt instrument, interest rate, stated percentage | 0.25% | ||
Debt instrument, maturity date | Jun. 1, 2022 | ||
Debt instrument, convertible, threshold trading days | d | 20 | ||
Debt instrument, convertible, threshold consecutive trading days | d | 30 | ||
Debt instrument convertible, principal amount | $ 2,000 | ||
Private Offering [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of long term debt | $ 350,000,000 | ||
Over-Allotment Options [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of long term debt | $ 50,000,000 | ||
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of closing price to trigger debt conversion | 130.00% | ||
Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument convertible, principal amount | $ 2,000 |
0.25% Convertible Senior Note_4
0.25% Convertible Senior Notes, Convertible Note Hedge and Warrant - Schedule of Net Carrying Amount of Liability Component (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||
Net carrying amount | $ 346,265 | $ 340,564 | |
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | |||
Debt Instrument [Line Items] | |||
Principal | 399,990 | $ 399,992 | |
Unamortized debt discount | (49,992) | (55,299) | |
Unamortized issuance costs | (3,733) | (4,129) | |
Net carrying amount | $ 346,265 | $ 340,564 |
0.25% Convertible Senior Note_5
0.25% Convertible Senior Notes, Convertible Note Hedge and Warrant - Schedule of Interest Expense (Detail) - 0.25% Convertible Senior Notes Due 2022 [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Debt Instrument [Line Items] | ||
Contractual interest expense | $ 250 | $ 250 |
Amortization of debt discount | 5,307 | 4,894 |
Amortization of issuance costs | 396 | 366 |
Total interest expense | $ 5,953 | $ 5,510 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Apr. 01, 2020 | Mar. 31, 2020 |
Commitments and Contingencies [Line Items] | ||
Improvement reimbursements from landlords | $ 17.6 | |
Increase in future lease commitments | $ 81.4 | |
Amended Agreement [Member] | Web Hosting Vendor [Member] | ||
Commitments and Contingencies [Line Items] | ||
Description of contractual obligation | Subsequent to March 31, 2020, the Company extended a vendor commitment with an incremental three year contractual obligation of approximately $24 million, payable over the remaining three year term of the amended agreement. | |
Amended Agreement [Member] | Subsequent Event [Member] | Web Hosting Vendor [Member] | ||
Commitments and Contingencies [Line Items] | ||
Contractual obligation, payment term | 3 years | |
Contractual obligation | $ 24 | |
United States [Member] | ||
Commitments and Contingencies [Line Items] | ||
Lease operating lease commitments that have not yet commenced | $ 66.6 | |
United States [Member] | Maximum [Member] | ||
Commitments and Contingencies [Line Items] | ||
Operating lease term | 9 years | |
Germany [Member] | ||
Commitments and Contingencies [Line Items] | ||
Lease operating lease commitments that have not yet commenced | $ 66.6 | |
Germany [Member] | Maximum [Member] | ||
Commitments and Contingencies [Line Items] | ||
Operating lease term | 10 years |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Payments (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Operating, 2020 | $ 32,664 |
Operating, 2021 | 48,993 |
Operating, 2022 | 48,433 |
Operating, 2023 | 48,101 |
Operating, 2024 | 46,892 |
Operating, Thereafter | 177,527 |
Lease commitments, Operating leases | $ 402,610 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Operating Sublease Income Generated under Operating Lease Agreements (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Operating sublease income | $ 1,354 | $ 566 |
Changes in Stockholders' Equi_3
Changes in Stockholders' Equity - Summary of Changes in Stockholders' Equity (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Class Of Stock [Line Items] | ||
Beginning Balance, Amount | $ 649,958 | $ 244,641 |
Issuance of common stock under stock plans, net of shares withheld for employee taxes | 1,320 | 1,162 |
Issuance of common stock in relation to common stock offering, net of offering costs incurred $365 | 342,630 | |
Stock-based compensation | 27,905 | 21,548 |
Cumulative translation adjustment | (1,077) | (304) |
Unrealized gain on investments, net of income taxes of $0 and $113 | 583 | 426 |
Net loss | (17,716) | (11,100) |
Ending Balance, Amount | 660,973 | 599,003 |
Common Stock [Member] | ||
Class Of Stock [Line Items] | ||
Beginning Balance, Amount | $ 44 | $ 40 |
Beginning Balance, Shares | 42,955 | 39,300 |
Issuance of common stock under stock plans, net of shares withheld for employee taxes | $ 1 | |
Issuance of common stock under stock plans, net of shares withheld for employee taxes, Shares | 411 | 440 |
Issuance of common stock in relation to common stock offering, net of offering costs incurred $365 | $ 2 | |
Issuance of common stock in relation to common stock offering, net of offering costs incurred $365, Shares | 2,151 | |
Ending Balance, Amount | $ 44 | $ 43 |
Ending Balance, Shares | 43,366 | 41,891 |
Additional Paid-In Capital [Member] | ||
Class Of Stock [Line Items] | ||
Beginning Balance, Amount | $ 1,048,380 | $ 589,708 |
Issuance of common stock under stock plans, net of shares withheld for employee taxes | 1,320 | 1,161 |
Issuance of common stock in relation to common stock offering, net of offering costs incurred $365 | 342,628 | |
Stock-based compensation | 27,905 | 21,548 |
Ending Balance, Amount | 1,077,605 | 955,045 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Class Of Stock [Line Items] | ||
Beginning Balance, Amount | (336) | (723) |
Cumulative translation adjustment | (1,077) | (304) |
Unrealized gain on investments, net of income taxes of $0 and $113 | 583 | 426 |
Ending Balance, Amount | (830) | (601) |
Accumulated Deficit [Member] | ||
Class Of Stock [Line Items] | ||
Beginning Balance, Amount | (398,130) | (344,384) |
Net loss | (17,716) | (11,100) |
Ending Balance, Amount | $ (415,846) | $ (355,484) |
Changes in Stockholders' Equi_4
Changes in Stockholders' Equity - Summary of Changes in Stockholders' Equity (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Stockholders Equity Note [Abstract] | ||
Offering costs incurred | $ 365 | |
Unrealized gain on investments, tax | $ 0 | $ 113 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Beginning Balance, Amount | $ 649,958 |
Other comprehensive loss before reclassifications | (494) |
Ending Balance, Amount | 660,973 |
Cumulative Translation Adjustment [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Beginning Balance, Amount | (610) |
Other comprehensive loss before reclassifications | (1,077) |
Ending Balance, Amount | (1,687) |
Unrealized Gain on Investments [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Beginning Balance, Amount | 274 |
Other comprehensive loss before reclassifications | 583 |
Ending Balance, Amount | 857 |
Accumulated Other Comprehensive Loss [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Beginning Balance, Amount | (336) |
Ending Balance, Amount | $ (830) |
Stock-Based Compensation Expe_3
Stock-Based Compensation Expense - Schedule of Stock-Based Compensation Expense by Award Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 27,463 | $ 21,205 |
Common Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 1,822 | 1,290 |
RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 24,303 | 18,736 |
ESPP [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 1,338 | $ 1,179 |
Stock-Based Compensation Expe_4
Stock-Based Compensation Expense - Effect of Stock-Based Compensation on Income by Line Item (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 27,463 | $ 21,205 |
Cost of Revenue, Subscription [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 898 | 614 |
Cost of Revenue, Professional Services and Other [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 607 | 1,019 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 8,708 | 7,091 |
Sales and Marketing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 10,816 | 7,804 |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 6,434 | $ 4,677 |
Stock-Based Compensation Expe_5
Stock-Based Compensation Expense - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Capitalized Software and PP&E [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Capitalized software development costs excluded from stock based compensation | $ 848 | $ 508 |
Segment Information and Geogr_3
Segment Information and Geographic Data - Additional Information (Detail) - Segment | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Number of operating segment | 1 | |
Revenue [Member] | Outside Of United States [Member] | Geographic Concentration Risk [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration risk, percentage | 42.00% | 39.00% |
Segment Information and Geogr_4
Segment Information and Geographic Data - Revenues by Geographical Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Total revenues | $ 198,968 | $ 151,798 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 131,139 | 104,290 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 52,671 | 36,676 |
Asia Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ 15,158 | $ 10,832 |
Revenue [Member] | Outside Of Americas [Member] | Geographic Concentration Risk [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of revenues generated outside of the Americas | 34.00% | 31.00% |
Segment Information and Geogr_5
Segment Information and Geographic Data - Long Lived Assets by Geographical Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Total long lived assets | $ 316,218 | $ 318,039 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long lived assets | 177,690 | 175,821 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long lived assets | 124,687 | 127,395 |
Asia Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long lived assets | $ 13,841 | $ 14,823 |
Outside Of Americas [Member] | Assets Total [Member] | Geographic Concentration Risk [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of long lived assets held outside of the Americas | 44.00% | 45.00% |