Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 15, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | DDOG | ||
Entity Registrant Name | Datadog, Inc. | ||
Entity Central Index Key | 0001561550 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 26,280 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity File Number | 001-39051 | ||
Entity Tax Identification Number | 27-2825503 | ||
Entity Address, Address Line One | 620 8th Avenue | ||
Entity Address, Address Line Two | 45th Floor | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10018 | ||
City Area Code | 866 | ||
Local Phone Number | 329-4466 | ||
Title of 12(b) Security | Class A common stock, par value $0.00001 per share | ||
Security Exchange Name | NASDAQ | ||
Entity Incorporation, State or Country Code | DE | ||
Documents Incorporated by Reference | Portions of the registrant’s Proxy Statement for its 2021 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2020. | ||
Class A Common Stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 221,583,813 | ||
Class B Common Stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 84,907,962 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 224,927 | $ 597,297 |
Marketable securities | 1,292,532 | 176,674 |
Accounts receivable, net of allowance for credit losses of $2,468 and $817 as of December 31, 2020 and 2019, respectively | 163,359 | 102,394 |
Deferred contract costs, current | 13,638 | 8,346 |
Prepaid expenses and other current assets | 23,624 | 19,231 |
Total current assets | 1,718,080 | 903,942 |
Property and equipment, net | 47,197 | 32,749 |
Operating lease assets | 57,829 | 53,002 |
Goodwill | 17,609 | 9,058 |
Intangible assets, net | 2,069 | 1,435 |
Deferred contract costs, non-current | 26,750 | 17,409 |
Restricted cash | 3,784 | 3,456 |
Other assets | 16,967 | 16,990 |
TOTAL ASSETS | 1,890,285 | 1,038,041 |
CURRENT LIABILITIES: | ||
Accounts payable | 21,342 | 15,429 |
Accrued expenses and other current liabilities | 55,351 | 38,746 |
Operating lease liabilities, current | 16,326 | 11,916 |
Deferred revenue, current | 204,825 | 134,148 |
Total current liabilities | 297,844 | 200,239 |
Operating lease liabilities, non-current | 51,433 | 48,510 |
Convertible senior notes, net | 575,864 | |
Deferred revenue, non-current | 3,450 | 4,340 |
Other liabilities | 4,262 | 2,611 |
Total liabilities | 932,853 | 255,700 |
COMMITMENTS AND CONTINGENCIES (NOTE 10) | ||
STOCKHOLDERS' EQUITY: | ||
Additional paid-in capital | 1,103,305 | 905,821 |
Accumulated other comprehensive income | 2,287 | 133 |
Accumulated deficit | (148,163) | (123,616) |
Total stockholders’ equity | 957,432 | 782,341 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,890,285 | 1,038,041 |
Class A Common Stock | ||
STOCKHOLDERS' EQUITY: | ||
Common stock, value | 2 | 1 |
Class B Common Stock | ||
STOCKHOLDERS' EQUITY: | ||
Common stock, value | $ 1 | $ 2 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts receivable, net of allowance for doubtful accounts | $ 2,468 | $ 817 |
Class A Common Stock | ||
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 218,510,509 | 64,308,498 |
Common stock, shares outstanding | 218,510,509 | 64,308,498 |
Class B Common Stock | ||
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 310,000,000 | 310,000,000 |
Common stock, shares issued | 87,369,554 | 232,078,452 |
Common stock, shares outstanding | 87,369,554 | 232,078,452 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Revenue | $ 603,466 | $ 362,780 | $ 198,077 |
Cost of revenue | 130,197 | 88,949 | 46,529 |
Gross profit | 473,269 | 273,831 | 151,548 |
Operating expenses: | |||
Research and development | 210,626 | 111,425 | 55,176 |
Sales and marketing | 213,660 | 146,657 | 88,849 |
General and administrative | 62,756 | 35,889 | 18,556 |
Total operating expenses | 487,042 | 293,971 | 162,581 |
Operating loss | (13,773) | (20,140) | (11,033) |
Other (expense) income: | |||
Interest expense | (30,434) | (32) | |
Interest income and other income, net | 21,985 | 4,196 | 793 |
Other (expense) income, net | (8,449) | 4,164 | 793 |
Loss before provision for income taxes | (22,222) | (15,976) | (10,240) |
Provision for income taxes | (2,325) | (734) | (522) |
Net loss | (24,547) | (16,710) | (10,762) |
Net loss attributable to common stockholders | $ (24,547) | $ (16,710) | $ (10,762) |
Basic and diluted net loss per share | $ (0.08) | $ (0.12) | $ (0.15) |
Weighted average shares used in calculating basic and diluted net loss per share: | 300 | 140 | 71 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net loss | $ (24,547) | $ (16,710) | $ (10,762) |
Other comprehensive income: | |||
Foreign currency translation adjustments | 1,089 | 55 | 78 |
Unrealized gain on available-for-sale marketable securities | 1,065 | 47 | |
Other comprehensive income | 2,154 | 102 | 78 |
Comprehensive loss | $ (22,393) | $ (16,608) | $ (10,684) |
CONSOLIDATED STATEMENTS OF CONV
CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjusted Balance | Third-Party Tender Offer | IPO | Convertible Preferred Stock | Convertible Preferred StockCumulative Effect, Period of Adoption, Adjusted Balance | Convertible Preferred StockThird-Party Tender Offer | Convertible Preferred StockIPO | Class A and Class B Common Stock | Class A and Class B Common StockIPO | Non-Voting Common Stock | Non-Voting Common StockCumulative Effect, Period of Adoption, Adjusted Balance | Common Stock | Common StockCumulative Effect, Period of Adoption, Adjusted Balance | Common StockThird-Party Tender Offer | Additional Paid-in Capital | Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjustment | Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjusted Balance | Additional Paid-in CapitalThird-Party Tender Offer | Additional Paid-in CapitalIPO | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment | Accumulated DeficitCumulative Effect, Period of Adoption, Adjusted Balance |
Beginning balance at Dec. 31, 2017 | $ (75,701) | $ (75,701) | $ 19,716 | $ 775 | $ 20,491 | $ (48) | $ (48) | $ (95,369) | $ (775) | $ (96,144) | |||||||||||||||
Convertible preferred stock, beginning balance, shares at Dec. 31, 2017 | 179,814,912 | 179,814,912 | |||||||||||||||||||||||
Convertible preferred stock, beginning balance at Dec. 31, 2017 | $ 140,805 | $ 140,805 | |||||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2017 | 1,137,000 | 1,137,000 | 62,160,984 | 62,160,984 | |||||||||||||||||||||
Accounting Standards Update [Extensible List] | ddog:AccountingStandardUpdates201619Member | ddog:AccountingStandardUpdates201619Member | |||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | 4,557 | 4,557 | |||||||||||||||||||||||
Issuance of common stock upon exercise of stock, shares | 14,882,622 | ||||||||||||||||||||||||
Vesting of early exercised stock options | 375 | 375 | |||||||||||||||||||||||
Stock-based compensation | 5,411 | 5,411 | |||||||||||||||||||||||
Reclassification or conversion of share | (1,137,000) | 1,137,000 | |||||||||||||||||||||||
Other comprehensive income | 78 | 79 | |||||||||||||||||||||||
Other comprehensive income | 79 | ||||||||||||||||||||||||
Net loss | (10,762) | (10,762) | |||||||||||||||||||||||
Ending balance at Dec. 31, 2018 | (76,041) | 30,834 | 31 | (106,906) | |||||||||||||||||||||
Convertible preferred stock, ending balance, shares at Dec. 31, 2018 | 179,814,912 | ||||||||||||||||||||||||
Convertible preferred stock adjusted, ending balance at Dec. 31, 2018 | $ 140,805 | ||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2018 | 78,180,606 | ||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | $ 7,173 | 7,173 | |||||||||||||||||||||||
Issuance of common stock upon exercise of stock, shares | 10,546,987 | 429,430 | 10,117,557 | ||||||||||||||||||||||
Issuance of restricted shares of common stock, shares | 244,445 | ||||||||||||||||||||||||
Vesting of early exercised stock options | $ 1,883 | 1,883 | |||||||||||||||||||||||
Stock-based compensation | 19,235 | 19,235 | |||||||||||||||||||||||
Reclassification or conversion of share | (803,481) | (179,011,431) | 89,101,644 | 179,011,431 | (89,101,644) | 803,481 | |||||||||||||||||||
Reclassification or conversion of share, Value | $ 53 | $ 140,752 | $ (53) | $ (140,752) | $ 2 | $ 53 | $ 140,750 | ||||||||||||||||||
Issuance of class A common stock in connection with initial public offering, net of underwriting discounts and issuance costs | 705,894 | $ 1 | 705,893 | ||||||||||||||||||||||
Issuance of class A common stock in connection with initial public offering, net of underwriting discounts and issuance costs, shares | 27,600,000 | ||||||||||||||||||||||||
Other comprehensive income | 102 | 102 | |||||||||||||||||||||||
Net loss | (16,710) | (16,710) | |||||||||||||||||||||||
Ending balance at Dec. 31, 2019 | 782,341 | $ 3 | 905,821 | 133 | (123,616) | ||||||||||||||||||||
Ending balance, shares at Dec. 31, 2019 | 296,386,950 | ||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | $ 16,009 | 16,009 | |||||||||||||||||||||||
Issuance of common stock upon exercise of stock, shares | 8,753,274 | 8,753,274 | |||||||||||||||||||||||
Issuance of restricted shares of common stock | $ 5,169 | 5,169 | |||||||||||||||||||||||
Issuance of restricted shares of common stock, shares | 120,992 | ||||||||||||||||||||||||
Vesting of early exercised stock options | 1,177 | 1,177 | |||||||||||||||||||||||
Vesting of restricted stock units, shares | 170,892 | ||||||||||||||||||||||||
Issuance of common stock under the employee stock purchase plan, net of shares withheld for taxes | 13,906 | 13,906 | |||||||||||||||||||||||
Issuance of common stock under the employee stock purchase plan, net of shares withheld for taxes, shares | 447,955 | ||||||||||||||||||||||||
Stock-based compensation | 77,778 | 77,778 | |||||||||||||||||||||||
Equity component of 2025 Convertible Senior Notes, net | 173,070 | 173,070 | |||||||||||||||||||||||
Purchases of capped calls related to 2025 Convertible Senior Notes | (89,625) | (89,625) | |||||||||||||||||||||||
Other comprehensive income | 2,154 | 2,154 | |||||||||||||||||||||||
Net loss | (24,547) | (24,547) | |||||||||||||||||||||||
Ending balance at Dec. 31, 2020 | $ 957,432 | $ 3 | $ 1,103,305 | $ 2,287 | $ (148,163) | ||||||||||||||||||||
Ending balance, shares at Dec. 31, 2020 | 305,880,063 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (24,547) | $ (16,710) | $ (10,762) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 15,450 | 12,370 | 6,026 |
Amortization of discounts or premiums on marketable securities | 9,753 | 12 | |
Amortization of debt discount and issuance costs | 18,727 | ||
Amortization of deferred contract costs | 10,447 | 5,400 | 2,671 |
Stock-based compensation, net of amounts capitalized | 74,374 | 19,034 | 5,244 |
Non-cash lease expense | 14,060 | 11,763 | |
Allowance for credit losses on accounts receivable | 3,283 | 1,195 | 477 |
Loss on disposal of property and equipment | 10 | 708 | 9 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (64,248) | (47,510) | (25,322) |
Deferred contract costs | (25,080) | (20,146) | (8,925) |
Prepaid expenses and other current assets | (4,403) | (10,046) | (1,331) |
Other assets | 968 | (8,486) | (6,955) |
Accounts payable | 6,539 | 2,484 | 7,241 |
Accrued expenses and other liabilities | 3,970 | 6,376 | 10,857 |
Deferred revenue | 69,788 | 67,790 | 31,599 |
Net cash provided by operating activities | 109,091 | 24,234 | 10,829 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of marketable securities | (1,794,562) | (176,639) | |
Maturities of marketable securities | 506,554 | ||
Proceeds from sale of marketable securities | 163,630 | ||
Purchases of property and equipment | (5,415) | (13,315) | (9,662) |
Capitalized software development costs | (20,468) | (10,128) | (6,176) |
Cash paid for acquisition of businesses; net of cash acquired | (2,363) | (2,138) | (1,618) |
Net cash used in investing activities | (1,152,624) | (202,220) | (17,456) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from exercise of stock options | 15,985 | 7,899 | 7,782 |
Proceeds from initial public offering, net of underwriting discounts and commissions and other offering costs | (421) | 706,317 | |
Proceeds from issuance of common stock under the employee stock purchase plan | 15,170 | ||
Employee payroll taxes paid related to net share settlement under the employee stock purchase plan | (1,040) | ||
Proceeds from issuance of convertible senior notes, net of issuance costs | 730,207 | ||
Purchase of capped call related to convertible senior notes | (89,625) | ||
Net cash provided by financing activities | 670,276 | 714,216 | 7,782 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 779 | (21) | 47 |
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (372,478) | 536,209 | 1,202 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of period | 601,189 | 64,980 | 63,778 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period | 228,711 | 601,189 | 64,980 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Cash paid for income taxes | 410 | 143 | 36 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
Accrued property and equipment purchases | 234 | 315 | 25 |
Stock-based compensation included in capitalized software development costs | 3,404 | 201 | 167 |
Vesting of early exercised options | 1,177 | 1,883 | 375 |
Costs related to initial public offering included in accounts payable and accrued liabilities | 423 | ||
Issuance of restricted shares of common stock for the acquisition of businesses | 5,169 | ||
Acquisition holdback | 1,500 | ||
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONSOLIDATED BALANCE SHEETS TO THE AMOUNTS SHOWN IN THE STATEMENTS OF CASH FLOWS ABOVE: | |||
Cash and cash equivalents | 224,927 | 597,297 | 53,639 |
Restricted cash – Including amounts in prepaid expense and other current assets and other assets | $ 3,784 | $ 3,892 | $ 11,341 |
Restricted Cash and Cash Equivalents, Asset, Statement of Financial Position [Extensible List] | ddog:PrepaidExpenseOtherCurrentAssetsAndOtherAssets | ddog:PrepaidExpenseOtherCurrentAssetsAndOtherAssets | ddog:PrepaidExpenseOtherCurrentAssetsAndOtherAssets |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period | $ 228,711 | $ 601,189 | $ 64,980 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization Description Datadog, , |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2. Basis Basis of Presentation The Principles The r Initial Public Offering On September 23, 2019, the Company completed its initial public offering (“IPO”), in which the Company issued and sold 24,000,000 shares of its Class A common stock at a public offering price of $27.00 per share, which resulted in net proceeds of $615.6 million after deducting underwriting discounts and commissions. On September 25, 2019, the underwriters exercised their option to purchase an additional 3,600,000 shares of Class A common stock at $27.00 per share, resulting in additional proceeds of $92.3 million, net of underwriters’ discounts and commissions. Immediately prior to the closing of the IPO, all shares of common stock then outstanding were reclassified as Class B common stock and all shares of the convertible preferred stock then outstanding automatically converted into 179,011,431 shares of Class B common stock. The Company incurred $2.0 million of net offering costs in connection with the IPO which were recorded as an offset against IPO proceeds. Stock Split and Authorized Shares On January 2, 2018, the Company’s Board of Directors (the “Board”) and stockholders approved a 4-for-1 stock split of the Company’s then-outstanding common stock and convertible preferred stock was effected without any change in the par value per share. On September 6, 2019, the Board and stockholders approved an amended and restated certificate of incorporation of the Company effecting a 3-for-1 stock split of the Company’s issued and outstanding shares of common stock and convertible preferred stock, and an increase to the authorized shares of the Company’s common stock and convertible preferred stock to 380,000,000 shares and 179,814,912 shares, respectively. The split was effected on September 6, 2019 and without any change in the par value per share. All information related to the Company’s common stock, convertible preferred stock and stock awards has been retroactively adjusted to give effect to 3-for-1 stock split on September 6, 2019. On September 23, 2019, an amended and restated certificate of incorporation of the Company was filed immediately prior to the closing of the IPO authorizing an aggregate of 2,330,000,000 shares of capital stock of the Company, including 2,000,000,000 shares of Class A common stock, 310,000,000 shares of Class B common stock and 20,000,000 shares of preferred stock. Segment The Use of Estimates The the allowance for credit losses stock-based compensation including the determination of the fair value of the Company’s stock prior to its IPO, fair value of the liability component of the convertible debt, Foreign Currency Translation The ( equity (deficit) Transaction e Revenue Recognition The Company generates an or multi-year The Company accounts (1) identify r (2) identify t (3) determine e (4) allocate e to the performance obligations in the contract (5) recognize n The Company’s s The transaction price is based on the fixed price for the contracted level of service plus variable consideration for additional optional purchases. Billing periods correspond to the periods over which services are performed and there are no discounts given on the purchase of future services. The Revenue For r The Deferred Revenue and Remaining Performance Obligations Certain of the Company’s customers pay in advance of satisfaction of performance obligations and other customers with monthly contract terms are billed in arrears on a monthly basis. The Company records contract liabilities to deferred revenue when customers are billed or when the Company receives customer payments in advance of the performance obligations being satisfied on the Company’s contracts. Remaining performance obligations represent the aggregate amount of the transaction price in contracts allocated to performance obligations not delivered, or partially undelivered, as of the end of the reporting period. Remaining performance obligations include unearned revenue, multi-year contracts with future installment payments and certain unfulfilled orders against accepted customer contracts at the end of any given period. Convertible Senior Notes In accounting for the issuance of the Company’s convertible senior notes (the “2025 Notes”), the 2025 Notes were separated into liability and equity components. The carrying amounts of the liability component was calculated by measuring the fair value of similar liabilities that do not have associated convertible features. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the par value of the respective 2025 Notes. This difference represents the debt discount that is amortized to interest expense over the contractual terms of the 2025 Notes using the effective interest rate method. The equity component was recorded in additional paid-in capital and is not remeasured as long as it continues to meet the conditions for equity classification. In accounting for the debt issuance costs related to the 2025 Notes, the Company allocated the total amount incurred to the liability and equity components of the 2025 Notes in the same proportion as the allocation of the proceeds. Issuance costs attributable to the liability component are being amortized to interest expense over the contractual terms of the 2025 Notes. The issuance costs attributable to the equity component were netted against the equity component in additional paid-in capital. Cost of Revenue Cost e Research and Development Research s Sales and Marketing Sales and marketing primarily Advertising Advertising and Income The The Stock-Based The Company recognizes and measures restricted stock units (“RSUs”), and the employee stock purchase plan (the “ESPP”) The Company also has certain options that have performance-based vesting conditions; stock-based compensation expense for such awards is recognized on a straight-line basis from the time the vesting condition is likely to be met through the time the vesting condition has been achieved. Cash and Cash Equivalents The Marketable Securities The Company’s marketable securities consist of commercial debt securities, U.S. government treasury securities, and commercial paper. The Company determines the appropriate classification of its marketable securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its marketable securities as available-for-sale securities as the Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. As a result, the Company classifies its marketable securities within current assets on the consolidated balance sheet. Available-for-sale securities are recorded at fair value each reporting period. Premiums and discounts are amortized or accreted over the life of the related available-for-sale security as an adjustment to yield using the effective interest method. Interest income is recognized when earned. Unrealized gains and losses on these marketable securities are presented net of tax and reported as a separate component of accumulated other comprehensive income until realized. Realized gains and losses are determined based on the specific identification method and are reported in Interest income and other income, net in the consolidated statements of operations. The Company periodically evaluates its marketable securities to assess whether an investment’s fair value is less than its amortized cost basis and if the decline in the fair value is attributable to a credit loss. Declines in fair value judged to be related to credit loss are reported in Interest income and other income, net in the consolidated statements of operations. Restricted Restricted Concentration Financial Geographical Information- Long lived assets As Fair Value of Financial The accounting guidance for -tiered Level Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. The Company’s financial instruments consist of cash equivalents, marketable securities, accounts receivable, accounts payable and accrued expenses. Cash equivalents are stated at amortized cost, which approximates fair value at the balance sheet dates, due to the short period of time to maturity. Marketable securities are recorded at fair value. Accounts receivable, accounts payable, and accrued expenses are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. A Accounts Receivable and Allowance for Credit Losses Accounts receivable includes billed and unbilled receivables. Trade accounts receivable are recorded at invoiced amounts and do not bear interest. The expectation of collectability is based on a review of credit profiles of customers, contractual terms and conditions, current economic trends, and historical payment experience. The Company regularly reviews the adequacy of the allowance for credit losses by considering the age of each outstanding invoice and the collection history to determine the appropriate amount of allowance for credit losses. Accounts receivable deemed uncollectible are charged against the allowance for credit losses when identified. Unbilled accounts receivable represents revenue recognized on contracts for which billings have not yet been presented to customers because the amounts were earned but not contractually billable as of the balance sheet date, substantially all of which is expected to be billed and collected within one year. Internal The Capitalized Property Property Deferred Contract Costs Sales commissions earned by the Company’s sales force are considered incremental and recoverable costs of obtaining a contract with a customer. There are no sales commissions earned on renewals The Company determined the period of benefit by taking into consideration the length of terms in its customer contracts, life of the technology and other factors Deferred contract costs are periodically analyzed for impairment. Amortization expense is included in sales and marketing expenses in the accompanying consolidated statements of operations. Business Combinations When e Accounting for Long-lived Computers and equipment 3 years Furnitures and fixtures 5 years Leasehold improvements Shorter of lease term or useful life of asset Capitalized software development costs 2 years Intangible assets 3 years The Goodwill Operating The Company determines if an arrangement is a lease at inception. Operating lease assets and liabilities are reflected within operating lease assets, operating lease liabilities, current, and operating lease liabilities, non-current, on the consolidated balance sheets. For short-term leases (an initial term of 12 months or less), an operating lease asset and corresponding lease liability are not recorded and the Company records rent expense in its consolidated statements of operations on a straight-line basis over the lease term. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company generally uses its incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease assets also include any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are accounted for separately. Prior to the adoption of ASC 842, Leases Net Income Basic Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Internal-Use Software In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Derivatives and Hedging |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | 3. Marketable Securities The following is a summary of available-for-sale marketable securities, excluding those securities classified within cash and cash equivalents on the consolidated balance sheet as of December 31, 2020 and December 31, 2019 (in thousands): December 31, 2020 Amortized Cost Unrealized Gain Unrealized Losses Fair Value Commercial debt securities $ 926,836 $ 1,157 $ (143 ) $ 927,850 Certificates of deposit 47,214 43 (1 ) 47,256 U.S. government treasury securities 108,092 203 (1 ) 108,294 Commercial paper 209,111 32 (11 ) 209,132 Marketable securities $ 1,291,253 $ 1,435 $ (156 ) $ 1,292,532 December 31, 2019 Amortized Cost Unrealized Gain Unrealized Losses Fair Value Commercial debt securities $ 80,376 $ 46 $ (5 ) $ 80,417 U.S. government treasury securities 72,467 10 (4 ) 72,473 Commercial paper 23,784 — — 23,784 Marketable securities $ 176,627 $ 56 $ (9 ) $ 176,674 As of December 31, 2020, the fair values of available-for-sale marketable securities, by remaining contractual maturity, were as follows (in thousands): Due within one year $ 994,178 Due in one year through five years 298,354 Total $ 1,292,532 The Company does not believe that any unrealized losses are attributable to credit-related factors based on its evaluation of available evidence. To determine whether a decline in value is related to credit loss, the Company evaluates, among other factors: the extent to which the fair value is less than the amortized cost basis, changes to the rating of the security by a rating agency and any adverse conditions specifically related to an issuer of a security or its industry. Unrealized gain and losses on marketable securities are presented net of tax. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value on a recurring basis as of December 31, 2020 and 2019, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Fair Value Measurement as of December 31, 2020 Level 1 Level 2 Level 3 Total Financial Assets: Cash equivalents: Money market funds $ 181,743 $ — $ — $ 181,743 Commercial paper — 25,195 — 25,195 Marketable Securities: Corporate debt securities — 927,850 — 927,850 Certificates of deposit — 47,256 — 47,256 U.S. government treasury securities — 108,294 — 108,294 Commercial paper — 209,132 — 209,132 Total financial assets $ 181,743 $ 1,317,727 $ — $ 1,499,470 Fair Value Measurement as of December 31, 2019 Level 1 Level 2 Level 3 Total Financial Assets: Cash equivalents: Money market funds $ 588,762 $ — $ — $ 588,762 Marketable Securities: Corporate debt securities — 80,417 — 80,417 U.S. government treasury securities — 72,473 — 72,473 Commercial paper — 23,784 — 23,784 Total financial assets $ 588,762 $ 176,674 $ — $ 765,436 The Company classifies its highly liquid money market funds within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its commercial paper, corporate debt securities, In addition to its cash equivalents and marketable securities, the Company measures the fair value of its outstanding convertible senior notes on a quarterly basis for disclosure purposes. The Company considers the fair value of the convertible senior notes to be a Level 2 measurement due to limited trading activity of the convertible senior notes. Refer to Note 9, Convertible Senior Notes |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2020 | |
Prepaid Expense And Other Assets Current [Abstract] | |
Prepaid Expenses and Other Current Assets | 5. Prepaid Expenses and Other Prepaid December 31, 2020 December 31, 2019 Hosting $ 7,196 $ 9,180 General prepaid expenses 8,224 5,700 Other receivables 7,836 2,578 Rent 336 821 Marketing 32 516 Restricted cash — 436 Total prepaid expenses and other current assets $ 23,624 $ 19,231 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 6. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): December 31, 2020 December 31, 2019 Computers and equipment $ 11,490 $ 7,536 Furniture and fixtures 5,087 4,804 Leasehold improvements 17,639 16,517 Capitalized software development costs 48,502 24,630 Total property and equipment $ 82,718 $ 53,487 Less: accumulated depreciation and amortization (35,521 ) (20,738 ) Total property and equipment, net $ 47,197 $ 32,749 As discussed in Note 2, Basis of Presentation and Summary of Significant Accounting Policies Depreciation and amortization expense was approximately $14.5 million, $11.6 million, and $5.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Acquisition, Intangible Assets
Acquisition, Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisition, Intangible Assets and Goodwill | 7. Acquisitio n 2020 Acquisition During the year ended December 31, 2020, the Company completed an acquisition with the purchase price in cash and stock. The acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations 2019 Acquisition On November 6, 2019, the Company entered into a Stock Purchase Agreement whereby the Company acquired all of the issued and outstanding shares of a target company for $2.2 million in cash consideration. The acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations The aggregate purchase consideration and estimated fair values of the assets acquired and liabilities assumed at the date of acquisition were as follows (in thousands): Fair Value Fair value of net assets acquired: Net tangible assets $ 9 Software technology 910 Goodwill 1,285 Total fair value of net assets acquired $ 2,204 2018 Acquisition On Business Combination s The aggregate purchase consideration and estimated fair values of the assets acquired and liabilities assumed Fair Value Fair value of net assets acquired: Net tangible assets (liabilities) $ (536 ) Developed technology 825 Goodwill 1,334 Total fair value of net assets acquired $ 1,623 Intangibles, December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortization Period Developed technology $ 3,331 $ (1,262 ) $ 2,069 3 years December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortization Period Developed technology $ 3,046 $ (1,611 ) $ 1,435 2-3 years Intangible As of December 31, 2020, future Amount 2021 $ 1,042 2022 774 2023 253 Total $ 2,069 The changes Amount Balance as of December 31, 2019 $ 9,058 Foreign currency translation adjustments 737 2020 acquisition $ 7,814 Balance as of December 31, 2020 $ 17,609 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 8. Accrued Expenses and Other Certain prior year amounts have been reclassified for consistency in presentation with the current year presentation. These reclassifications had no effect on the reported results of operations . Accrued December 31, 2020 December 31, 2019 Accrued compensation and commissions $ 22,186 $ 16,256 Accrued expenses 20,008 12,505 Early exercise liability-stock options 599 1,776 Other tax liability and sales tax 12,558 8,209 Total accrued expenses and other current liabilities $ 55,351 $ 38,746 |
Convertible Senior Notes
Convertible Senior Notes | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes | 9. Convertible Senior Notes On June 2, 2020, the Company issued $747.5 million aggregate principal amount of 0.125% convertible senior notes due 2025 (the “2025 Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (“Securities Act”). The total net proceeds from the sale of the 2025 Notes, after deducting the initial purchasers’ discounts and debt issuance costs, were approximately $730.2 million. The 2025 Notes bear interest at a rate of 0.125% per year, payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2020. The 2025 Notes will mature on June 15, 2025, unless earlier converted, redeemed or repurchased. Holders may convert their notes at their option at any time prior to the close of business on the business day immediately preceding March 15, 2025 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on September 30, 2020 (and only during such calendar quarter), if the last reported sale price of the Company’s Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of 2025 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s Class A common stock and the conversion rate on each such trading day; (3) if the Company calls such 2025 Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events, On or after March 15, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes, in integral multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances. During the 12 months ended December 31, 2020, the conditions allowing holders of the 2025 Notes to convert have not been met. The 2025 Notes were therefore not convertible during the 12 months ended December 31, 2020 and were classified as long-term debt on the Company’s consolidated balance sheets. The Company may not redeem the 2025 Notes prior to June 20, 2023. On or after June 20, 2023, and prior to the 31st scheduled trading day immediately preceding the maturity date, the Company may redeem for cash all or any portion of the 2025 Notes, at its option, if the last reported sale price of its Class A common stock was at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides a notice of redemption at a redemption price equal to 100% of the principal amount of the 2025 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. In accounting for the issuance of the 2025 Notes, the 2025 Notes were separated into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of similar liabilities that do not have associated convertible features. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the par value of the respective 2025 Notes. This difference represents the debt discount In accounting for the debt issuance costs of $17.3 million related to the 2025 Notes, the Company allocated the total amount incurred to the liability and equity components of the 2025 Notes in the same proportion as the allocation of the proceeds. Issuance costs attributable to the liability component were $13.2 million and will be amortized, along with the debt discount, to interest expense over the contractual term of the 2025 Notes at an effective interest rate of 5.97%. Issuance costs attributable to the equity component were $4.1 million and are netted against the equity component in additional paid-in capital The net carrying amount of the liability component of the 2025 Notes was as follows (in thousands): December 31, 2020 Principal $ 747,500 Unamortized debt discount (159,547 ) Unamortized debt issuance costs (12,089 ) Net carrying amount $ 575,864 The net carrying amount of the equity component of the 2025 Notes was as follows (in thousands): December 31, 2020 Debt discount for conversion option $ 177,169 Issuance costs (4,099 ) Net carrying amount $ 173,070 As of December 31, 2020, the total estimated fair value of the 2025 Notes was approximately $981.7 million. The fair value was determined based on the closing trading price per $100 of the 2025 Notes as of the last day of trading for the period. The fair value of the 2025 Notes is primarily affected by the trading price of the Company’s Class A common stock and market interest rates. The following table sets forth the interest expense related to the 2025 Notes for years ended December 31, 2020 (in thousands): Year Ended December 31, 2020 Contractual interest expense $ 540 Amortization of debt discount 17,621 Amortization of issuance costs 1,106 Total $ 19,267 Capped Calls In connection with the pricing of the 2025 Notes, the Company entered into privately negotiated capped call transactions with certain counterparties (“Capped Calls”). The Capped Calls each have an initial strike price of approximately $92.30 per share, subject to certain adjustments, which corresponds to the initial conversion price of the 2025 Notes. The Capped Calls have initial cap prices of $151.04 per share, subject to certain adjustments. The Capped Calls are expected to partially offset the potential dilution to the Company’s Class A common stock upon any conversion of the 2025 Notes, with such offset subject to a cap based on the cap price. The Capped Calls cover, subject to anti-dilution adjustments, approximately 8.1 million shares of the Company’s Class A common stock. For accounting purposes, the Capped Calls are separate transactions, and not part of the 2025 Notes. As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders' equity and are not accounted for as derivatives. The cost of $89.6 million incurred to purchase the Capped Calls was recorded as a reduction to additional paid-in capital and will not be remeasured. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments Non-cancelable Material Commitments —As of December 31, 2020, the Company had purchase commitments of $184.2 million, primarily related to cloud hosting and other software-based services. Lease Commitment s —The Company has entered into various noncancelable operating leases for its facilities expiring between fiscal 2021 and 2029. Certain operating leases contain provisions under which monthly rent escalates over time. When lease agreements contain escalating rent clauses or free rent periods, the Company recognizes rent expense on a straight-line basis over the term of the lease. Rent expense for the years ended December 31, 2020, 2019 and 2018 was $20.8 million, $16.7 million and $10.0 million, respectively. During 2020, 2019 and 2018, $1.0 million, $1.0 million and $0.7 million, Non-Income s — In January 2015, the Company recorded a $5.0 million contingent Federal payroll tax liability in conjunction with common stock repurchase transactions, as part of a capital raise, with certain of its employees. The potential payroll tax treatment of these transactions was subject to uncertainty, and the contingent payroll tax liability was deemed probable and reasonably estimable. On April 15, 2019, the period of limitations for assessing the contingent Federal payroll tax liability expired and the Company was legally released from being the primary obligor. As a result, the Company recognized a $5.0 million benefit in the operating expenses section of the consolidated statement of operations during the year ended December 31, 2019 In certain of its employees. The potential payroll tax treatment of these transactions was subject to uncertainty, and the contingent payroll tax liability was deemed probable and reasonably estimable. On April 15, 2020, the period of limitations for assessing the contingent Federal payroll tax liability expired and the Company was legally released from being the primary obligor. As a result, the Company recognized a $5.6 million benefit in the operating expenses section of the consolidated statement of operations during the year ended December 31, 2020. 401(k) Plan —The Company sponsors a 401(k) defined contribution plan covering all eligible US employees. Contributions to the 401(k) plan are discretionary. The Company did not make any matching contributions to the 401(k) plan for the years ended December 31, 2020 and 2019. Legal s —The Company is involved from time to time in various claims and legal actions arising in the ordinary course of business. While it is not feasible to predict or determine the ultimate outcome of these matters, the Company believes that none of its current legal proceedings will have a material adverse effect on its financial position or results of operation s . Indemnificatio n —The Company enters into indemnification provisions under some agreements with other parties in the ordinary course of business, including business partners, investors, contractor s , customers, and the Company’s officers, directors and certain employees. The Company has agreed to indemnify and defend the indemnified party claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party claim because of the Company’s activities or non-compliance with certain representations and warranties made by the Company. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, losses recorded in the Company’s consolidated statements of operations in connection with the indemnification provisions have not been material. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 11. Leases The Lease The Year Ended December 31, 2020 Year Ended December 31, 2019 Operating lease cost (1) $ 17,081 $ 13,636 Variable lease cost (2) — 94 Short-term lease cost 3,717 2,925 1) Includes 2) Primarily Supplemental Year Ended December 31, 2020 Year Ended December 31, 2019 Cash paid for amounts included in measurement of lease liabilities $ 15,074 $ 9,767 Operating lease assets obtained in exchange for new lease liabilities 17,379 14,618 Maturities Amount 2021 $ 19,072 2022 20,292 2023 18,210 2024 2,572 2025 2,766 Thereafter 12,747 Total lease payments $ 75,659 Less: imputed interest (7,900 ) Present value of lease liabilities $ 67,759 As of December 31, 2020, the Company had one additional operating lease that had not yet commenced, which is excluded from the table above. The operating lease will commence in fiscal year 2021 and had $19.0 million of undiscounted future payments with a lease term of 7.75 years. Weighted December 31, 2020 December 31, 2019 Weighted average remaining lease term (years) 4.4 4.0 Weighted average discount rate 4.71 % 4.98 % |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 12. Revenue Geographical Information Revenue by location is determined by the billing address of the customer. The following table sets forth revenue by geographic area (in thousands): Year Ended December 31, 2020 2019 2018 North America $ 449,899 $ 272,190 $ 150,945 International 153,567 90,590 47,132 Total $ 603,466 $ 362,780 $ 198,077 Other Accounts Receivable As of December 31, 2020, and 2019, unbilled accounts receivable of approximately $20.1 million and $14.4 million, respectively, was included in accounts receivable on the Company’s consolidated balance sheets. During the years ended December 31, 2020 and 2019, the Company charged $1.6 million and $0.9 million, respectively, of accounts receivable deemed uncollectible against the allowance for credit losses. Deferred Revenue and Remaining Performance Obligations Revenue recognized during the years ended December 31, 2020, 2019 and 2018 which was included in the deferred revenue balances at the beginning of each respective period, was $126.8 million, $71.0 million, and $37.1 million. As of December 31, 2020, and 2019, the aggregate transaction price allocated to remaining performance obligations was $434.1 million and $243.8 million, respectively. There is uncertainty in the timing of revenues associated with the Company’s drawdown contracts, as future revenue can often vary significantly from past revenue . Deferred Contract Costs Deferred contract costs on the Company’s consolidated balance sheets were $40.4 million and $25.8 million as of December 31, 2020 and 2019, respectively. Amortization expense was $10.4 million, $5.4 million and $2.7 million for the years ended December 31, 2020, 2019 and 2018, respectively. The following table represents a rollforward of the Company’s deferred contract costs (in thousands): Amount Balance as of December 31, 2017 $ 4,755 Additions to deferred contract costs 8,925 Amortization of deferred contract costs (2,671 ) Balance as of December 31, 2018 $ 11,009 Additions to deferred contract costs 20,146 Amortization of deferred contract costs (5,400 ) Balance as of December 31, 2019 $ 25,755 Additions to deferred contract costs 25,080 Amortization of deferred contract costs (10,447 ) Balance as of December 31, 2020 $ 40,388 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | 13. Stockholders’ Equity Class A and Class B Common Stock The Company has two classes of common stock, Class A and Class B. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to ten votes per share. Shares of Class B common stock may be converted into Class A common stock at any time at the option of the stockholder and are automatically converted upon the sale or transfer to Class A common stock, subject to certain limited exceptions. During the year ended December 31, 2020, 145,387,306 shares of Class B common stock were converted into Class A common stock. As of December 31, 2020, the Company had authorized 2,000,000,000 shares of Class A common stock and 310,000,000 shares of Class B common stock, each at a par value per share of $0.00001, of which 218,510,509 shares of Class A common stock and 87,369,554 shares of Class B common stock were issued and outstanding. As of December 31, 2020 and 2019, December 31, 2020 2019 Options and RSU's outstanding 32,235,043 37,031,861 Shares available for future option and RSU grants 42,797,432 31,729,237 Shares available subject to the 2019 ESPP 9,222,883 6,725,000 84,255,358 75,486,098 Equity Incentive Plans The Company has two equity incentive plans, the 2012 equity incentive plan (the “2012 Plan”) and the 2019 equity incentive plan (the “2019 Plan”). In connection with the IPO, the Company ceased granting awards under the 2012 Plan, and all shares that remained available for issuance under the 2012 Plan at that time were transferred to the 2019 Plan. Additionally, as of December 31, 2020, there were 27,033,564 shares of Class A common stock issuable upon conversion of Class B common stock underlying options outstanding under the 2012 Plan. As of December 31, 2020, the Company was authorized to grant awards representing up to 86,086,351 shares under the 2019 Plan and had awards representing 42,797,432 shares of Class A common stock available to grant under the 2019 Plan. Stock Options The The following Year Ended December 31, 2020 2019 2018 Expected volatility 38.9% 38.9% - 39.5% 38.4% - 39.0% Risk-free interest rate 1.7% 1.4% - 2.6% 2.6% - 3.0% Expected dividend yield —% —% —% Expected term (in years) 6.1 5.2 - 6.3 5.8 - 6.1 Fair value of common stock $ 41.19 $6.16 - $38.21 $2.23 - $5.63 Expected y —The Company performed an analysis of its peer companies with similar expected lives to develop an expected volatility assumption. Expected —Derived from the life of the options granted under the option plan and is based on the simplified method which is essentially the weighted average of the vesting period and contractual term. Risk-free e —Based upon quoted market yields for the United States Treasury debt securities. Expected d —Since the Company has never paid and has no intention to pay cash dividends on common stock, the expected dividend yield is zero. Fair k —Prior to the IPO, the fair value of common stock underlying the stock-based awards was determined by the Company’s Board of Directors. The Board of Directors considered numerous objective and subjective factors to determine the fair value of the Company’s common stock at each meeting in which awards were approved. The factors considered included, but were not limited to: (i) the results of contemporaneous independent third-party valuations of the Company’s common stock; (ii) the prices, rights, preferences, and privileges of the Company’s redeemable convertible Preferred Stock relative to those of its common stock; (iii) the lack of marketability of the Company’s common stock; (iv) actual operating and financial results; (v) current business conditions and projections; (vi) the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company, given prevailing market conditions; and (vii) precedent transactions involving the Company’s shares. Since the Company’s IPO, the fair value of the underlying common stock is determined by the closing price, on the date of grant, of the Company’s Class A common stock, which is traded publicly on The Nasdaq Global Select Market. Stock Number of Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value (in thousands) Balance—December 31, 2018 38,865,057 $ 0.83 7.9 Options granted 9,518,730 $ 9.15 Options exercised (10,546,987 ) $ 0.75 Options forfeited or expired (1,452,033 ) $ 2.54 Balance—December 31, 2019 36,384,767 $ 2.96 7.6 Exercisable—December 31, 2019 22,327,967 $ 2.19 7.0 Balance—December 31, 2019 36,384,767 $ 2.96 $ 1,266,938 Options granted 14,600 41.19 — — Options exercised (8,753,274 ) 1.83 — — Options forfeited or expired (577,770 ) 4.93 — — Balance—December 31, 2020 27,068,323 3.31 6.70 2,575,069 Exercisable—December 31, 2020 16,545,562 $ 1.39 5.86 $ 1,605,723 As of December 31, 2020, there were 34,759 shares of Class A common stock and 27,033,564 shares of Class B common stock issuable upon the exercise of options outstanding. As of December 31, 2019, there were 20,700 shares of Class A common stock and 36,364,067 shares of Class B common stock issuable upon the exercise of options outstanding. Total compensation cost related to unvested awards not yet recognized was approximately $60.6 million and $90.5 million as of December 31, 2020 and December 31, 2019, respectively. The weighted-average period over which this compensation cost related to unvested employee awards will be recognized is 2.0 years and 2.7 years as of December 31, 2020 and December 31, 2019, respectively. The , , , Restricted Stock Units The following table summarizes the activity for the Company’s unvested RSUs: Shares Weighted-Average Fair Value Aggregate Intrinsic Value (in thousands) Unvested and outstanding balance as of December 31, 2019 $ 647,094 $ 36.08 $ 24,447 Awarded 4,860,097 61.42 — Vested (170,892 ) 36.41 — Forfeited/canceled (169,579 ) 48.24 — Unvested and outstanding balance as of December 31, 2020 5,166,720 $ 59.50 $ 508,612 The Company granted 244,445 and 96,210 restricted shares of Class A common stock in November 2019 and June 2020, respectively, which are subject to service-based vesting conditions over approximately four years. Total compensation cost related to unvested RSUs and restricted shares of common stock not yet recognized was approximately $281.5 million and $30.4 million as of December 31, 2020 and December 31, 2019, respectively. The weighted-average period over which this compensation cost related to unvested RSUs and restricted shares will be recognized is 3.4 years and 3.9 years as of December 31, 2020 and December 31, 2019, respectively. The Company expects to settle RSUs with shares of its Class A common stock. Stock-Based Compensation Stock-based Year Ended December 31, 2020 2019 2018 Cost of revenue $ 1,794 $ 582 $ 287 Research and development 38,008 7,972 1,641 Sales and marketing 20,467 5,538 1,910 General and administrative 14,105 4,942 1,406 Stock-based compensation, net of amounts capitalized 74,374 19,034 5,244 Capitalized stock-based compensation expense 3,404 201 167 Total stock-based compensation expense $ 77,778 $ 19,235 $ 5,411 Common stock purchased pursuant to an early exercise of stock options is not deemed to be outstanding for accounting purposes until those shares vest. The consideration received for an exercise of an option is considered to be a deposit of the exercise price and the related dollar amount is recorded as a liability. The shares issued upon the early exercise of these unvested stock option awards, which are reflected as exercises in the table above, are considered to be legally issued and outstanding on the date of exercise. Upon termination of service, the Company may repurchase unvested shares acquired through early exercise of stock options at a price equal to the price per share paid upon the exercise of such options. The Company has recorded liabilities related to early exercises of 438,750 shares of common stock and 1,239,750 shares of common stock as of December 31, 2020 and December 31, 2019, respectively. Employee Stock Purchase Plan In September 2019, the Board adopted and approved the 2019 ESPP, which became effective on the date of the final prospectus for the Company’s IPO. The ESPP is implemented through a series of offerings under which eligible employees are granted purchase rights to purchase shares of the Company’s Class A common stock on specified dates during such offerings. Under the ESPP, the Company may specify offerings with durations of not more than 27 months and may specify shorter purchase periods within each offering. On each purchase date, eligible employees will purchase the shares at a price per share equal to 85% of the lesser of (1) the fair market value of the Company’s Class A common stock on the first trading day of the offering period, or (2) the fair market value of the Company’s Class A common stock on the purchase date, as defined in the ESPP. The Company recognized $5.0 million and $1.2 million of stock-based compensation expense related to the ESPP during the years ended December 31, 2020, and 2019, respectively. As of December 31, 2020, and 2019, $2.8 million and $3.3 million, respectively has been withheld on behalf of employees for a future purchase under the ESPP due to the timing of payroll deductions. There were no purchases for the year ended December 31, 2019 related to the ESPP. During the year ended December 31, 2020, the Company issued 447,955 shares of Class A common stock under the ESPP. As of December 31, 2020, 9,222,883 shares of Class A common stock remain available for grant under the ESPP. Total compensation cost related to the ESPP not yet recognized was approximately $2.5 million and $1.5 million as of December 31, 2020 and 2019, respectively. The weighted average period over which this compensation cost will be recognized is 0.4 years as of December 31, 2020 and 2019. |
Interest Income and Other Incom
Interest Income and Other Income, Net | 12 Months Ended |
Dec. 31, 2020 | |
Interest And Other Income [Abstract] | |
Interest Income and Other Income, Net | 14. Interest income and other income, net Interest income and other income, net consist of the following (in thousands): For the Year Ended December 31, 2020 2019 2018 Interest income $ 21,234 $ 4,110 $ 913 Other income (expense), net 751 86 (120 ) Interest income and other income, net $ 21,985 $ 4,196 $ 793 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15. Income Income — For financial reporting purposes, loss before income taxes, includes the following components (in thousands): December 31, 2020 2019 2018 Domestic $ (32,033 ) $ (18,330 ) $ (11,273 ) Foreign 9,811 2,354 1,033 Loss before income taxes $ (22,222 ) $ (15,976 ) $ (10,240 ) Total 2020 Current Deferred Total Federal $ — $ — $ — State 124 — 124 Foreign 2,239 (38 ) 2,201 Total $ 2,363 $ (38 ) $ 2,325 2019 Current Deferred Total Federal $ — $ — $ — State 126 — 126 Foreign 967 (359 ) 608 Total $ 1,093 $ (359 ) $ 734 2018 Current Deferred Total Federal $ — $ — $ — State (127 ) — (127 ) Foreign 559 90 649 Total $ 432 $ 90 $ 522 Tax Rate Reconciliatio n —Income tax expense was $2.3 million, $0.7 million and $0.5 million for the years ended December 31, 2020 , 2019 and 2018, respectively, and differed from the amounts computed by applying the U.S. federal statutory income tax rate of 21 for the years ended December 31, 2020, 2019 and 2018, to pretax loss from operations as a result of the following (in thousands): December 31, 2020 2019 2018 Income tax expense at federal statutory rate $ (4,667 ) $ (3,355 ) $ (2,151 ) Nondeductible expenses 132 380 452 State taxes (net of federal benefit) 98 100 (100 ) Net change in valuation allowance 51,892 5,043 1,052 Uncertain tax positions 17 23 241 US tax costs on international operations 1,818 201 296 Foreign taxes 126 92 191 Share based compensation deductions (47,032 ) (1,630 ) 541 Return to provision (48 ) (120 ) — Other (11 ) — — Total $ 2,325 $ 734 $ 522 The Company incurred U.S. operating and tax losses, mainly driven by significant equity compensation deductions. These deductions had an impact of $47.0 million on the effective tax rate. The Company also early adopted the provisions of ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU No. 2019-12”) during the year ended December 31, 2020. As a result of the adoption of ASU No. 2019-12, the tax effect of the Company’s loss from continuing operations for the year ended December 31, 2020 was computed without regard to items other than from continuing operations. Prior to early adoption, for the quarter ended June 30, 2020, the taxable temporary difference resulting from the convertible debt issuance provided an additional source of income to support the realizability of the Company's pre-existing deferred tax assets and the Company For the year ended December 31, 2020, the Company has evaluated the available evidence supporting the realization of its deferred tax assets, including the amount and timing of future taxable income, and has determined that it is more likely than not that its net deferred tax assets will not be realized in the United States. Due to uncertainties surrounding the realization of the deferred tax assets, the Company recorded a full valuation allowance against substantially all of its net deferred tax assets. When the Company determines that it will be able to realize some portion or all of its deferred tax assets, an adjustment to its valuation allowance on its deferred tax assets would have the effect of increasing net income in the period such determination is made. On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021. The act includes the Taxpayer Certainty and Disaster Tax Relief Act of 2020 and the COVID-related Tax Relief Act of 2020, both of which extend many credits and other COVID-19 relief, among other extenders. The Consolidated Appropriations Act is retroactively applied to the original date of the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"). Like the CARES Act, under ASC 740, the effects of new legislation would need to be recognized in the period of enactment. Therefore, the effects of the Consolidated Appropriations Act would need to be accounted for in the year ended December 31, 2020. The Company evaluated the provisions of the Consolidated Appropriations Act and determined that there was no material impact for the year ended December 31, 2020. On March 27, 2020, the CARES Act was enacted and signed into law. The CARES Act makes changes to the U.S. tax code, including, but not limited to: (1) modifications to the business interest deduction limitation for tax years 2019 and 2020; (2) a technical correction of the recovery period of qualified improvement property from 39 to 15 years; and (3) a repeal of the 80% taxable income limitation on the deduction of net operating losses ("NOLs") for tax years beginning before January 1, 2021 as well as a five-year carryback period allowed for NOLs generated in tax years beginning after December 31, 2017 and before January 1, 2021. Under ASC 740, the effects of new legislation would need to be recognized in the period of enactment. Therefore, the effects of the CARES Act would need to be accounted for in the year ended December 31, 2020. The Company evaluated the provisions of the CARES Act and determined that there was no material impact for the year ended December 31, 2020. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code that affected the Company’s financial results for the year ended December 31, 2017, including, but not limited to: (1) requiring a one-time transition tax (payable over eight years) on certain un-repatriated earnings of foreign subsidiaries; (2) a future reduction of the U.S. federal corporate tax rate from 34% to 21% effective January 1, 2018, that reduced the current value of the Company’s deferred tax assets and liabilities; and (3) bonus depreciation that allows for full expensing of qualified property placed in service after September 27, 2017. In addition, the Tax Act establishes new tax laws that may affect the Company’s financial results for the years ending after December 31, 2017, including, but not limited to: (1) a reduction of the U.S. federal income tax rate from 34% to 21%; (2) limitation of the deduction for interest expense; (3) a general elimination of U.S. federal income taxes on dividends from foreign subsidiaries; (4) a new provision designed to tax global intangible low-taxed income; (5) limitations on the deductibility of certain executive compensation; and (6) limitations on the use of Foreign Income Tax Credit to reduce the Company’s income tax liability. Pursuant to the Staff Accounting Bulletin published by the SEC on December 22, 2017, addressing the challenges in accounting for the effects of the Tax Act in the period of enactment, companies reported provisional amounts for those specific income tax effects of the Tax Act for which the accounting was incomplete, but a reasonable estimate could be determined. Those provisional amounts were subject to adjustment during a measurement period of up to one year from the enactment date (a “measurement-period adjustment”). Pursuant to this guidance, the estimated impact of the Tax Act was based on a preliminary review of the new tax law and projected future financial results and was subject to revision based upon further analysis and interpretation of the Tax Act and to the extent that actual results differed from projections available at that time. In 2018, the Company completed its accounting with respect to the Tax Act and did not make any measurement-period adjustments to the initial tax expense of $4.0 million recorded in 2017. Components —The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities at December 31, 2020 and 2019 are presented below (in thousands): December 31, 2020 2019 Deferred tax assets: Net operating losses $ 66,801 $ 14,631 Stock-based compensation 11,820 2,085 Federal withholding tax reserve — 815 Internal use software 2,153 1,746 Lease liability 12,566 10,440 Convertible senior notes - issuance costs 832 — Other 2,632 1,297 Total deferred tax assets $ 96,804 $ 31,014 Less: valuation allowance (33,847 ) (15,205 ) Deferred tax assets, net of valuation allowance $ 62,957 $ 15,809 Deferred tax liabilities: Commissions $ (10,247 ) $ (6,514 ) Right of use asset (11,394 ) (9,210 ) Convertible senior notes (40,478 ) Other (800 ) (85 ) Total deferred tax liabilities $ (62,919 ) $ (15,809 ) Deferred tax assets, net $ 38 $ — The Utilization of the net operating In general, it is the practice and intention of the Company to reinvest the earnings of its non-U.S. subsidiaries Consistent Income Taxes The 2020, 2019 and 2018 (in thousands): December 31, 2020 2019 2018 Beginning balance $ 920 $ 920 $ 563 Increases based on tax positions during the current period — — 357 (Decreases) based on tax positions during the current period (388 ) — — Ending balance $ 532 $ 920 $ 920 The total amount of unrecognized tax The Company’s policy for classifying interest and penalties associated with The total amount of interest and penalties associated with unrecognized income tax benefits is $0.4 million for the years ended December 31, 2020 and 2019. It The Company The Company closed its audit of the U.S., a major tax jurisdiction, for the 2017 tax year during 2020 with no changes noted. |
Net (Loss) Income Per Share
Net (Loss) Income Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net (Loss) Income Per Share | 16. Net (Loss) Income Per Share Basic and diluted net income (loss) per common share is presented in conformity with the two-class method required for participating securities. Immediately prior to the consummation of the Company’s IPO in September 2019, all outstanding shares of convertible preferred stock and common stock were converted into shares of Class B common stock. As a result, Class A and Class B common stock are the only outstanding equity in the Company. Basic and diluted net income (loss) per share is computed using the weighted-average number of common shares of common stock outstanding during the period. The undistributed earnings are allocated based on the contractual participation rights of the Class A and Class B common shares stock as if the earnings for the year have been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. Further, as the conversion of Class B common stock is assumed in the computation of the diluted net income (loss) per share of Class A common stock, the undistributed earnings are equal to net income (loss) for that computation. The following table presents the calculation of basic and diluted net (loss) income per share (in thousands, except per share data): Year Ended December 31, 2020 2019 2018 Basic net loss per share: Class A Class B Class A Class B Numerator: Net loss $ (13,614 ) $ (10,933 ) $ (1,149 ) $ (15,561 ) $ (10,762 ) Denominator: Weighted average shares used in calculating net loss per share, basic 166,582 133,768 9,611 130,262 70,951 Basic net loss per share $ (0.08 ) $ (0.08 ) $ (0.12 ) $ (0.12 ) $ (0.15 ) Diluted net loss per share: Numerator: Allocation of distributed loss for basic computation $ (13,614 ) $ (10,933 ) $ (1,149 ) $ (15,561 ) $ (10,762 ) Reallocation of undistributed loss as a result of conversion of Class B to Class A shares (10,933 ) — (15,561 ) — — Allocation of undistributed loss $ (24,547 ) $ (10,933 ) $ (16,710 ) $ (15,561 ) $ (10,762 ) Denominator: Number of shares used in basic calculation 166,582 133,768 9,611 130,262 70,951 Weighted average effect of diluted securities: Conversion of Class B to Class A common shares outstanding 133,768 — 130,262 — — Number of shares used in diluted calculation 300,350 133,768 139,873 130,262 70,951 Diluted net loss per share $ (0.08 ) $ (0.08 ) $ (0.12 ) $ (0.12 ) $ (0.15 ) Since the Company was in a loss position for the periods presented, basic net loss per share is the same as diluted net loss per share as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows (in thousands): Year Ended December 31, 2020 2019 2018 Convertible Preferred Stock $ — $ — $ 179,815 Shares subject to outstanding stock options and restricted stock units 32,235 37,032 38,865 Unvested early exercised stock options 718 1,240 2,096 Shares subject to the 2019 ESPP 141 353 — Shares underlying the conversion spread in the convertible senior notes 608 — — Total $ 33,702 $ 38,625 $ 220,776 The Company uses the treasury stock method for calculating the potential dilutive effect of the conversion spread on diluted net income per share; if any, as the Company currently expects to settle the principal amount of the 2025 Notes in cash, and any excess in shares of the Company’s Class A common stock. The shares of the underlying conversion option for the 2025 Notes were not considered in the calculation of diluted net income per share as the effect would have been anti-dilutive. The effect of the conversion spread becomes dilutive when the average share price for the Company’s Class A common stock exceeds the conversion price of $92.30 per share. The Company entered into Capped Calls in connection with the issuance of the 2025 Notes. The effect of the Capped Calls was also excluded from the calculation of diluted net income per share as the effect of the Capped Calls would have been anti-dilutive. The Capped Calls are expected to partially offset the potential dilution to the Company’s Class A common stock upon any conversion of the 2025 Notes. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events In February 2021, the Company entered into an agreement to acquire Sqreen, Inc, a SaaS based security platform, for approximately $260 million in cash and stock, subject to certain customary adjustments, of which approximately 25% is deferred. In addition, the Company completed the acquisition of Timber Technologies, the producer of a vendor-agnostic and high-performance observability data pipeline. The Company is currently evaluating the purchase price allocation for these transactions. ****** |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The |
Principles of Consolidation | Principles The r |
Initial Public Offering | Initial Public Offering On September 23, 2019, the Company completed its initial public offering (“IPO”), in which the Company issued and sold 24,000,000 shares of its Class A common stock at a public offering price of $27.00 per share, which resulted in net proceeds of $615.6 million after deducting underwriting discounts and commissions. On September 25, 2019, the underwriters exercised their option to purchase an additional 3,600,000 shares of Class A common stock at $27.00 per share, resulting in additional proceeds of $92.3 million, net of underwriters’ discounts and commissions. Immediately prior to the closing of the IPO, all shares of common stock then outstanding were reclassified as Class B common stock and all shares of the convertible preferred stock then outstanding automatically converted into 179,011,431 shares of Class B common stock. The Company incurred $2.0 million of net offering costs in connection with the IPO which were recorded as an offset against IPO proceeds. |
Stock Split and Authorized Shares | Stock Split and Authorized Shares On January 2, 2018, the Company’s Board of Directors (the “Board”) and stockholders approved a 4-for-1 stock split of the Company’s then-outstanding common stock and convertible preferred stock was effected without any change in the par value per share. On September 6, 2019, the Board and stockholders approved an amended and restated certificate of incorporation of the Company effecting a 3-for-1 stock split of the Company’s issued and outstanding shares of common stock and convertible preferred stock, and an increase to the authorized shares of the Company’s common stock and convertible preferred stock to 380,000,000 shares and 179,814,912 shares, respectively. The split was effected on September 6, 2019 and without any change in the par value per share. All information related to the Company’s common stock, convertible preferred stock and stock awards has been retroactively adjusted to give effect to 3-for-1 stock split on September 6, 2019. On September 23, 2019, an amended and restated certificate of incorporation of the Company was filed immediately prior to the closing of the IPO authorizing an aggregate of 2,330,000,000 shares of capital stock of the Company, including 2,000,000,000 shares of Class A common stock, 310,000,000 shares of Class B common stock and 20,000,000 shares of preferred stock. |
Segment Information | Segment The |
Use of Estimates | Use of Estimates The the allowance for credit losses stock-based compensation including the determination of the fair value of the Company’s stock prior to its IPO, fair value of the liability component of the convertible debt, |
Foreign Currency Translation | Foreign Currency Translation The ( equity (deficit) Transaction e |
Revenue Recognition | Revenue Recognition The Company generates an or multi-year The Company accounts (1) identify r (2) identify t (3) determine e (4) allocate e to the performance obligations in the contract (5) recognize n The Company’s s The transaction price is based on the fixed price for the contracted level of service plus variable consideration for additional optional purchases. Billing periods correspond to the periods over which services are performed and there are no discounts given on the purchase of future services. The Revenue For r The |
Deferred Revenue and Remaining Performance Obligations | Deferred Revenue and Remaining Performance Obligations Certain of the Company’s customers pay in advance of satisfaction of performance obligations and other customers with monthly contract terms are billed in arrears on a monthly basis. The Company records contract liabilities to deferred revenue when customers are billed or when the Company receives customer payments in advance of the performance obligations being satisfied on the Company’s contracts. Remaining performance obligations represent the aggregate amount of the transaction price in contracts allocated to performance obligations not delivered, or partially undelivered, as of the end of the reporting period. Remaining performance obligations include unearned revenue, multi-year contracts with future installment payments and certain unfulfilled orders against accepted customer contracts at the end of any given period. |
Convertible Senior Notes | Convertible Senior Notes In accounting for the issuance of the Company’s convertible senior notes (the “2025 Notes”), the 2025 Notes were separated into liability and equity components. The carrying amounts of the liability component was calculated by measuring the fair value of similar liabilities that do not have associated convertible features. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the par value of the respective 2025 Notes. This difference represents the debt discount that is amortized to interest expense over the contractual terms of the 2025 Notes using the effective interest rate method. The equity component was recorded in additional paid-in capital and is not remeasured as long as it continues to meet the conditions for equity classification. In accounting for the debt issuance costs related to the 2025 Notes, the Company allocated the total amount incurred to the liability and equity components of the 2025 Notes in the same proportion as the allocation of the proceeds. Issuance costs attributable to the liability component are being amortized to interest expense over the contractual terms of the 2025 Notes. The issuance costs attributable to the equity component were netted against the equity component in additional paid-in capital. |
Cost of Revenue | Cost of Revenue Cost e |
Research and Development Costs | Research and Development Research s |
Sales and Marketing Costs | Sales and Marketing Sales and marketing primarily |
Advertising Costs | Advertising Advertising and |
Income Taxes | Income The The |
Stock-Based Compensation | Stock-Based The Company recognizes and measures restricted stock units (“RSUs”), and the employee stock purchase plan (the “ESPP”) The Company also has certain options that have performance-based vesting conditions; stock-based compensation expense for such awards is recognized on a straight-line basis from the time the vesting condition is likely to be met through the time the vesting condition has been achieved. |
Cash and Cash Equivalents | Cash and Cash Equivalents The |
Marketable Securities | Marketable Securities The Company’s marketable securities consist of commercial debt securities, U.S. government treasury securities, and commercial paper. The Company determines the appropriate classification of its marketable securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its marketable securities as available-for-sale securities as the Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. As a result, the Company classifies its marketable securities within current assets on the consolidated balance sheet. Available-for-sale securities are recorded at fair value each reporting period. Premiums and discounts are amortized or accreted over the life of the related available-for-sale security as an adjustment to yield using the effective interest method. Interest income is recognized when earned. Unrealized gains and losses on these marketable securities are presented net of tax and reported as a separate component of accumulated other comprehensive income until realized. Realized gains and losses are determined based on the specific identification method and are reported in Interest income and other income, net in the consolidated statements of operations. The Company periodically evaluates its marketable securities to assess whether an investment’s fair value is less than its amortized cost basis and if the decline in the fair value is attributable to a credit loss. Declines in fair value judged to be related to credit loss are reported in Interest income and other income, net in the consolidated statements of operations. |
Restricted Cash | Restricted Restricted |
Concentration of Credit Risk | Concentration Financial |
Geographical Information- Long Lived Assets | Geographical Information- Long lived assets As |
Fair Value of Financial Instruments | Fair Value of Financial The accounting guidance for -tiered Level Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. The Company’s financial instruments consist of cash equivalents, marketable securities, accounts receivable, accounts payable and accrued expenses. Cash equivalents are stated at amortized cost, which approximates fair value at the balance sheet dates, due to the short period of time to maturity. Marketable securities are recorded at fair value. Accounts receivable, accounts payable, and accrued expenses are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. A |
Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit Losses Accounts receivable includes billed and unbilled receivables. Trade accounts receivable are recorded at invoiced amounts and do not bear interest. The expectation of collectability is based on a review of credit profiles of customers, contractual terms and conditions, current economic trends, and historical payment experience. The Company regularly reviews the adequacy of the allowance for credit losses by considering the age of each outstanding invoice and the collection history to determine the appropriate amount of allowance for credit losses. Accounts receivable deemed uncollectible are charged against the allowance for credit losses when identified. Unbilled accounts receivable represents revenue recognized on contracts for which billings have not yet been presented to customers because the amounts were earned but not contractually billable as of the balance sheet date, substantially all of which is expected to be billed and collected within one year. |
Internal Use Software Development Costs | Internal The Capitalized |
Property and Equipment, Net | Property Property |
Deferred Contract Costs | Deferred Contract Costs Sales commissions earned by the Company’s sales force are considered incremental and recoverable costs of obtaining a contract with a customer. There are no sales commissions earned on renewals The Company determined the period of benefit by taking into consideration the length of terms in its customer contracts, life of the technology and other factors Deferred contract costs are periodically analyzed for impairment. Amortization expense is included in sales and marketing expenses in the accompanying consolidated statements of operations. |
Business Combinations | Business Combinations When e |
Accounting for Impairment of Long-Lived Assets (Including Goodwill and Intangibles) | Accounting for Long-lived Computers and equipment 3 years Furnitures and fixtures 5 years Leasehold improvements Shorter of lease term or useful life of asset Capitalized software development costs 2 years Intangible assets 3 years The Goodwill |
Operating Leases | Operating The Company determines if an arrangement is a lease at inception. Operating lease assets and liabilities are reflected within operating lease assets, operating lease liabilities, current, and operating lease liabilities, non-current, on the consolidated balance sheets. For short-term leases (an initial term of 12 months or less), an operating lease asset and corresponding lease liability are not recorded and the Company records rent expense in its consolidated statements of operations on a straight-line basis over the lease term. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company generally uses its incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease assets also include any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are accounted for separately. Prior to the adoption of ASC 842, Leases |
Net Income (Loss) Per Share Attributable to Common Shareholders | Net Income Basic |
Accounting Pronouncements Recently Adopted | Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Internal-Use Software In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Derivatives and Hedging |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Long-lived Assets Amortized Over Estimated Useful Lives | Long-lived Computers and equipment 3 years Furnitures and fixtures 5 years Leasehold improvements Shorter of lease term or useful life of asset Capitalized software development costs 2 years Intangible assets 3 years |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Available-for-Sale Marketable Securities | The following is a summary of available-for-sale marketable securities, excluding those securities classified within cash and cash equivalents on the consolidated balance sheet as of December 31, 2020 and December 31, 2019 (in thousands): December 31, 2020 Amortized Cost Unrealized Gain Unrealized Losses Fair Value Commercial debt securities $ 926,836 $ 1,157 $ (143 ) $ 927,850 Certificates of deposit 47,214 43 (1 ) 47,256 U.S. government treasury securities 108,092 203 (1 ) 108,294 Commercial paper 209,111 32 (11 ) 209,132 Marketable securities $ 1,291,253 $ 1,435 $ (156 ) $ 1,292,532 December 31, 2019 Amortized Cost Unrealized Gain Unrealized Losses Fair Value Commercial debt securities $ 80,376 $ 46 $ (5 ) $ 80,417 U.S. government treasury securities 72,467 10 (4 ) 72,473 Commercial paper 23,784 — — 23,784 Marketable securities $ 176,627 $ 56 $ (9 ) $ 176,674 |
Summary of Fair Values of Available-for-Sale Marketable Securities, by Remaining Contractual Maturity | As of December 31, 2020, the fair values of available-for-sale marketable securities, by remaining contractual maturity, were as follows (in thousands): Due within one year $ 994,178 Due in one year through five years 298,354 Total $ 1,292,532 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value on a recurring basis as of December 31, 2020 and 2019, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Fair Value Measurement as of December 31, 2020 Level 1 Level 2 Level 3 Total Financial Assets: Cash equivalents: Money market funds $ 181,743 $ — $ — $ 181,743 Commercial paper — 25,195 — 25,195 Marketable Securities: Corporate debt securities — 927,850 — 927,850 Certificates of deposit — 47,256 — 47,256 U.S. government treasury securities — 108,294 — 108,294 Commercial paper — 209,132 — 209,132 Total financial assets $ 181,743 $ 1,317,727 $ — $ 1,499,470 Fair Value Measurement as of December 31, 2019 Level 1 Level 2 Level 3 Total Financial Assets: Cash equivalents: Money market funds $ 588,762 $ — $ — $ 588,762 Marketable Securities: Corporate debt securities — 80,417 — 80,417 U.S. government treasury securities — 72,473 — 72,473 Commercial paper — 23,784 — 23,784 Total financial assets $ 588,762 $ 176,674 $ — $ 765,436 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Prepaid Expense And Other Assets Current [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid December 31, 2020 December 31, 2019 Hosting $ 7,196 $ 9,180 General prepaid expenses 8,224 5,700 Other receivables 7,836 2,578 Rent 336 821 Marketing 32 516 Restricted cash — 436 Total prepaid expenses and other current assets $ 23,624 $ 19,231 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Components of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): December 31, 2020 December 31, 2019 Computers and equipment $ 11,490 $ 7,536 Furniture and fixtures 5,087 4,804 Leasehold improvements 17,639 16,517 Capitalized software development costs 48,502 24,630 Total property and equipment $ 82,718 $ 53,487 Less: accumulated depreciation and amortization (35,521 ) (20,738 ) Total property and equipment, net $ 47,197 $ 32,749 |
Acquisition, Intangible Asset_2
Acquisition, Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Intangibles, Net | Intangibles, December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortization Period Developed technology $ 3,331 $ (1,262 ) $ 2,069 3 years December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortization Period Developed technology $ 3,046 $ (1,611 ) $ 1,435 2-3 years |
Schedule of Future Amortization Expense | As of December 31, 2020, future Amount 2021 $ 1,042 2022 774 2023 253 Total $ 2,069 |
Schedule of Changes in Carrying Amount of Goodwill | The changes Amount Balance as of December 31, 2019 $ 9,058 Foreign currency translation adjustments 737 2020 acquisition $ 7,814 Balance as of December 31, 2020 $ 17,609 |
2019 Acquisition | |
Summary of Aggregate Purchase Consideration and Estimated Fair Values of Assets Acquired and Liabilities | The aggregate purchase consideration and estimated fair values of the assets acquired and liabilities assumed at the date of acquisition were as follows (in thousands): Fair Value Fair value of net assets acquired: Net tangible assets $ 9 Software technology 910 Goodwill 1,285 Total fair value of net assets acquired $ 2,204 |
2018 Acquisition | |
Summary of Aggregate Purchase Consideration and Estimated Fair Values of Assets Acquired and Liabilities | The aggregate purchase consideration and estimated fair values of the assets acquired and liabilities assumed Fair Value Fair value of net assets acquired: Net tangible assets (liabilities) $ (536 ) Developed technology 825 Goodwill 1,334 Total fair value of net assets acquired $ 1,623 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Certain prior year amounts have been reclassified for consistency in presentation with the current year presentation. These reclassifications had no effect on the reported results of operations . Accrued December 31, 2020 December 31, 2019 Accrued compensation and commissions $ 22,186 $ 16,256 Accrued expenses 20,008 12,505 Early exercise liability-stock options 599 1,776 Other tax liability and sales tax 12,558 8,209 Total accrued expenses and other current liabilities $ 55,351 $ 38,746 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Net Carrying Amount of Liability and Equity Component of 2025 Notes | The net carrying amount of the liability component of the 2025 Notes was as follows (in thousands): December 31, 2020 Principal $ 747,500 Unamortized debt discount (159,547 ) Unamortized debt issuance costs (12,089 ) Net carrying amount $ 575,864 The net carrying amount of the equity component of the 2025 Notes was as follows (in thousands): December 31, 2020 Debt discount for conversion option $ 177,169 Issuance costs (4,099 ) Net carrying amount $ 173,070 |
Interest Expense related to 2025 Notes | The following table sets forth the interest expense related to the 2025 Notes for years ended December 31, 2020 (in thousands): Year Ended December 31, 2020 Contractual interest expense $ 540 Amortization of debt discount 17,621 Amortization of issuance costs 1,106 Total $ 19,267 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Summary of Components of Lease Cost Recognized | The Year Ended December 31, 2020 Year Ended December 31, 2019 Operating lease cost (1) $ 17,081 $ 13,636 Variable lease cost (2) — 94 Short-term lease cost 3,717 2,925 1) Includes 2) Primarily |
Summary of Supplemental Cash Flow Information and Non-cash Activity | Supplemental Year Ended December 31, 2020 Year Ended December 31, 2019 Cash paid for amounts included in measurement of lease liabilities $ 15,074 $ 9,767 Operating lease assets obtained in exchange for new lease liabilities 17,379 14,618 |
Summary of Maturities of Lease Liabilities | Maturities Amount 2021 $ 19,072 2022 20,292 2023 18,210 2024 2,572 2025 2,766 Thereafter 12,747 Total lease payments $ 75,659 Less: imputed interest (7,900 ) Present value of lease liabilities $ 67,759 |
Summary of Weighted Average Remaining Lease Term and Discount Rate | Weighted December 31, 2020 December 31, 2019 Weighted average remaining lease term (years) 4.4 4.0 Weighted average discount rate 4.71 % 4.98 % |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Revenue by Geographic Area | Revenue by location is determined by the billing address of the customer. The following table sets forth revenue by geographic area (in thousands): Year Ended December 31, 2020 2019 2018 North America $ 449,899 $ 272,190 $ 150,945 International 153,567 90,590 47,132 Total $ 603,466 $ 362,780 $ 198,077 |
Schedule of Deferred Contract Costs | The following table represents a rollforward of the Company’s deferred contract costs (in thousands): Amount Balance as of December 31, 2017 $ 4,755 Additions to deferred contract costs 8,925 Amortization of deferred contract costs (2,671 ) Balance as of December 31, 2018 $ 11,009 Additions to deferred contract costs 20,146 Amortization of deferred contract costs (5,400 ) Balance as of December 31, 2019 $ 25,755 Additions to deferred contract costs 25,080 Amortization of deferred contract costs (10,447 ) Balance as of December 31, 2020 $ 40,388 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Summary of Reserved Shares of Common Stock for Future Issuance | As of December 31, 2020 and 2019, December 31, 2020 2019 Options and RSU's outstanding 32,235,043 37,031,861 Shares available for future option and RSU grants 42,797,432 31,729,237 Shares available subject to the 2019 ESPP 9,222,883 6,725,000 84,255,358 75,486,098 |
Summary of Fair Value Assumptions | The following Year Ended December 31, 2020 2019 2018 Expected volatility 38.9% 38.9% - 39.5% 38.4% - 39.0% Risk-free interest rate 1.7% 1.4% - 2.6% 2.6% - 3.0% Expected dividend yield —% —% —% Expected term (in years) 6.1 5.2 - 6.3 5.8 - 6.1 Fair value of common stock $ 41.19 $6.16 - $38.21 $2.23 - $5.63 |
Summary of Stock Option Activity | Stock Number of Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value (in thousands) Balance—December 31, 2018 38,865,057 $ 0.83 7.9 Options granted 9,518,730 $ 9.15 Options exercised (10,546,987 ) $ 0.75 Options forfeited or expired (1,452,033 ) $ 2.54 Balance—December 31, 2019 36,384,767 $ 2.96 7.6 Exercisable—December 31, 2019 22,327,967 $ 2.19 7.0 Balance—December 31, 2019 36,384,767 $ 2.96 $ 1,266,938 Options granted 14,600 41.19 — — Options exercised (8,753,274 ) 1.83 — — Options forfeited or expired (577,770 ) 4.93 — — Balance—December 31, 2020 27,068,323 3.31 6.70 2,575,069 Exercisable—December 31, 2020 16,545,562 $ 1.39 5.86 $ 1,605,723 |
Summary of Activity for Unvested RSUs | The following table summarizes the activity for the Company’s unvested RSUs: Shares Weighted-Average Fair Value Aggregate Intrinsic Value (in thousands) Unvested and outstanding balance as of December 31, 2019 $ 647,094 $ 36.08 $ 24,447 Awarded 4,860,097 61.42 — Vested (170,892 ) 36.41 — Forfeited/canceled (169,579 ) 48.24 — Unvested and outstanding balance as of December 31, 2020 5,166,720 $ 59.50 $ 508,612 |
Summary of Stock-based Compensation Expense | Stock-based Year Ended December 31, 2020 2019 2018 Cost of revenue $ 1,794 $ 582 $ 287 Research and development 38,008 7,972 1,641 Sales and marketing 20,467 5,538 1,910 General and administrative 14,105 4,942 1,406 Stock-based compensation, net of amounts capitalized 74,374 19,034 5,244 Capitalized stock-based compensation expense 3,404 201 167 Total stock-based compensation expense $ 77,778 $ 19,235 $ 5,411 |
Interest Income and Other Inc_2
Interest Income and Other Income, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Interest And Other Income [Abstract] | |
Schedule of Interest Income and Other Income, Net | Interest income and other income, net consist of the following (in thousands): For the Year Ended December 31, 2020 2019 2018 Interest income $ 21,234 $ 4,110 $ 913 Other income (expense), net 751 86 (120 ) Interest income and other income, net $ 21,985 $ 4,196 $ 793 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Loss before Income Taxes | Income — For financial reporting purposes, loss before income taxes, includes the following components (in thousands): December 31, 2020 2019 2018 Domestic $ (32,033 ) $ (18,330 ) $ (11,273 ) Foreign 9,811 2,354 1,033 Loss before income taxes $ (22,222 ) $ (15,976 ) $ (10,240 ) |
Summary of Income Taxes Allocated to Operations | Total 2020 Current Deferred Total Federal $ — $ — $ — State 124 — 124 Foreign 2,239 (38 ) 2,201 Total $ 2,363 $ (38 ) $ 2,325 2019 Current Deferred Total Federal $ — $ — $ — State 126 — 126 Foreign 967 (359 ) 608 Total $ 1,093 $ (359 ) $ 734 2018 Current Deferred Total Federal $ — $ — $ — State (127 ) — (127 ) Foreign 559 90 649 Total $ 432 $ 90 $ 522 |
Summary of Tax Rate Reconciliation | Tax Rate Reconciliatio n —Income tax expense was $2.3 million, $0.7 million and $0.5 million for the years ended December 31, 2020 , 2019 and 2018, respectively, and differed from the amounts computed by applying the U.S. federal statutory income tax rate of 21 for the years ended December 31, 2020, 2019 and 2018, to pretax loss from operations as a result of the following (in thousands): December 31, 2020 2019 2018 Income tax expense at federal statutory rate $ (4,667 ) $ (3,355 ) $ (2,151 ) Nondeductible expenses 132 380 452 State taxes (net of federal benefit) 98 100 (100 ) Net change in valuation allowance 51,892 5,043 1,052 Uncertain tax positions 17 23 241 US tax costs on international operations 1,818 201 296 Foreign taxes 126 92 191 Share based compensation deductions (47,032 ) (1,630 ) 541 Return to provision (48 ) (120 ) — Other (11 ) — — Total $ 2,325 $ 734 $ 522 The Company incurred U.S. operating and tax losses, mainly driven by significant equity compensation deductions. These deductions had an impact of $47.0 million on the effective tax rate. The Company also early adopted the provisions of ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU No. 2019-12”) during the year ended December 31, 2020. As a result of the adoption of ASU No. 2019-12, the tax effect of the Company’s loss from continuing operations for the year ended December 31, 2020 was computed without regard to items other than from continuing operations. Prior to early adoption, for the quarter ended June 30, 2020, the taxable temporary difference resulting from the convertible debt issuance provided an additional source of income to support the realizability of the Company's pre-existing deferred tax assets and the Company For the year ended December 31, 2020, the Company has evaluated the available evidence supporting the realization of its deferred tax assets, including the amount and timing of future taxable income, and has determined that it is more likely than not that its net deferred tax assets will not be realized in the United States. Due to uncertainties surrounding the realization of the deferred tax assets, the Company recorded a full valuation allowance against substantially all of its net deferred tax assets. When the Company determines that it will be able to realize some portion or all of its deferred tax assets, an adjustment to its valuation allowance on its deferred tax assets would have the effect of increasing net income in the period such determination is made. On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021. The act includes the Taxpayer Certainty and Disaster Tax Relief Act of 2020 and the COVID-related Tax Relief Act of 2020, both of which extend many credits and other COVID-19 relief, among other extenders. The Consolidated Appropriations Act is retroactively applied to the original date of the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"). Like the CARES Act, under ASC 740, the effects of new legislation would need to be recognized in the period of enactment. Therefore, the effects of the Consolidated Appropriations Act would need to be accounted for in the year ended December 31, 2020. The Company evaluated the provisions of the Consolidated Appropriations Act and determined that there was no material impact for the year ended December 31, 2020. On March 27, 2020, the CARES Act was enacted and signed into law. The CARES Act makes changes to the U.S. tax code, including, but not limited to: (1) modifications to the business interest deduction limitation for tax years 2019 and 2020; (2) a technical correction of the recovery period of qualified improvement property from 39 to 15 years; and (3) a repeal of the 80% taxable income limitation on the deduction of net operating losses ("NOLs") for tax years beginning before January 1, 2021 as well as a five-year carryback period allowed for NOLs generated in tax years beginning after December 31, 2017 and before January 1, 2021. Under ASC 740, the effects of new legislation would need to be recognized in the period of enactment. Therefore, the effects of the CARES Act would need to be accounted for in the year ended December 31, 2020. The Company evaluated the provisions of the CARES Act and determined that there was no material impact for the year ended December 31, 2020. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code that affected the Company’s financial results for the year ended December 31, 2017, including, but not limited to: (1) requiring a one-time transition tax (payable over eight years) on certain un-repatriated earnings of foreign subsidiaries; (2) a future reduction of the U.S. federal corporate tax rate from 34% to 21% effective January 1, 2018, that reduced the current value of the Company’s deferred tax assets and liabilities; and (3) bonus depreciation that allows for full expensing of qualified property placed in service after September 27, 2017. In addition, the Tax Act establishes new tax laws that may affect the Company’s financial results for the years ending after December 31, 2017, including, but not limited to: (1) a reduction of the U.S. federal income tax rate from 34% to 21%; (2) limitation of the deduction for interest expense; (3) a general elimination of U.S. federal income taxes on dividends from foreign subsidiaries; (4) a new provision designed to tax global intangible low-taxed income; (5) limitations on the deductibility of certain executive compensation; and (6) limitations on the use of Foreign Income Tax Credit to reduce the Company’s income tax liability. Pursuant to the Staff Accounting Bulletin published by the SEC on December 22, 2017, addressing the challenges in accounting for the effects of the Tax Act in the period of enactment, companies reported provisional amounts for those specific income tax effects of the Tax Act for which the accounting was incomplete, but a reasonable estimate could be determined. Those provisional amounts were subject to adjustment during a measurement period of up to one year from the enactment date (a “measurement-period adjustment”). Pursuant to this guidance, the estimated impact of the Tax Act was based on a preliminary review of the new tax law and projected future financial results and was subject to revision based upon further analysis and interpretation of the Tax Act and to the extent that actual results differed from projections available at that time. In 2018, the Company completed its accounting with respect to the Tax Act and did not make any measurement-period adjustments to the initial tax expense of $4.0 million recorded in 2017. |
Components of Deferred Tax Assets and Liabilities | Components —The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities at December 31, 2020 and 2019 are presented below (in thousands): December 31, 2020 2019 Deferred tax assets: Net operating losses $ 66,801 $ 14,631 Stock-based compensation 11,820 2,085 Federal withholding tax reserve — 815 Internal use software 2,153 1,746 Lease liability 12,566 10,440 Convertible senior notes - issuance costs 832 — Other 2,632 1,297 Total deferred tax assets $ 96,804 $ 31,014 Less: valuation allowance (33,847 ) (15,205 ) Deferred tax assets, net of valuation allowance $ 62,957 $ 15,809 Deferred tax liabilities: Commissions $ (10,247 ) $ (6,514 ) Right of use asset (11,394 ) (9,210 ) Convertible senior notes (40,478 ) Other (800 ) (85 ) Total deferred tax liabilities $ (62,919 ) $ (15,809 ) Deferred tax assets, net $ 38 $ — |
Summary of Changes in Gross Amount of Unrecognized Tax Benefits | The 2020, 2019 and 2018 (in thousands): December 31, 2020 2019 2018 Beginning balance $ 920 $ 920 $ 563 Increases based on tax positions during the current period — — 357 (Decreases) based on tax positions during the current period (388 ) — — Ending balance $ 532 $ 920 $ 920 |
Net (Loss) Income Per Share (Ta
Net (Loss) Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Net (Loss) Income Per Share | The following table presents the calculation of basic and diluted net (loss) income per share (in thousands, except per share data): Year Ended December 31, 2020 2019 2018 Basic net loss per share: Class A Class B Class A Class B Numerator: Net loss $ (13,614 ) $ (10,933 ) $ (1,149 ) $ (15,561 ) $ (10,762 ) Denominator: Weighted average shares used in calculating net loss per share, basic 166,582 133,768 9,611 130,262 70,951 Basic net loss per share $ (0.08 ) $ (0.08 ) $ (0.12 ) $ (0.12 ) $ (0.15 ) Diluted net loss per share: Numerator: Allocation of distributed loss for basic computation $ (13,614 ) $ (10,933 ) $ (1,149 ) $ (15,561 ) $ (10,762 ) Reallocation of undistributed loss as a result of conversion of Class B to Class A shares (10,933 ) — (15,561 ) — — Allocation of undistributed loss $ (24,547 ) $ (10,933 ) $ (16,710 ) $ (15,561 ) $ (10,762 ) Denominator: Number of shares used in basic calculation 166,582 133,768 9,611 130,262 70,951 Weighted average effect of diluted securities: Conversion of Class B to Class A common shares outstanding 133,768 — 130,262 — — Number of shares used in diluted calculation 300,350 133,768 139,873 130,262 70,951 Diluted net loss per share $ (0.08 ) $ (0.08 ) $ (0.12 ) $ (0.12 ) $ (0.15 ) |
Schedule of Potentially Dilutive Securities not Included in Diluted Per Share Calculations | Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows (in thousands): Year Ended December 31, 2020 2019 2018 Convertible Preferred Stock $ — $ — $ 179,815 Shares subject to outstanding stock options and restricted stock units 32,235 37,032 38,865 Unvested early exercised stock options 718 1,240 2,096 Shares subject to the 2019 ESPP 141 353 — Shares underlying the conversion spread in the convertible senior notes 608 — — Total $ 33,702 $ 38,625 $ 220,776 |
Organization and Description _2
Organization and Description of Business - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Date of Incorporation | Jun. 4, 2010 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) | Sep. 25, 2019USD ($)$ / sharesshares | Sep. 23, 2019USD ($)$ / sharesshares | Sep. 06, 2019shares | Jan. 02, 2018 | Dec. 31, 2020USD ($)Segmentshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Jan. 01, 2021USD ($) |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Proceeds from initial public offering, net of underwriting discounts and commissions and other offering costs | $ (421,000) | $ 706,317,000 | ||||||
Stock split, conversion ratio | 0.333 | 0.25 | ||||||
Common stock, shares authorized | shares | 2,330,000,000 | 380,000,000 | ||||||
Preferred stock, shares authorized | shares | 20,000,000 | |||||||
Number of operating segment | Segment | 1 | |||||||
Number of reportable segment | Segment | 1 | |||||||
Deferred contract costs amortization period | 4 years | |||||||
Sales commissions related to renewals | $ 0 | |||||||
Impairment of goodwill | 0 | 0 | $ 0 | |||||
Decrease in balance of accumulated deficit | $ 148,163,000 | $ 123,616,000 | ||||||
ASU No. 2016-13 | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Change in Accounting Principle, Accounting Standards Update, Adopted | true | |||||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 | |||||||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect | true | |||||||
ASU No. 2018-15 | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Change in Accounting Principle, Accounting Standards Update, Adopted | true | |||||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 | |||||||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect | true | |||||||
Change in Accounting Principle, Accounting Standards Update, Transition Option Elected [Extensible List] | us-gaap:AccountingStandardsUpdate201815ProspectiveMember | |||||||
ASU No. 2019-12 | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect | true | |||||||
Change In Accounting Principle Accounting Standards Update Early Adoption | true | |||||||
ASU No. 2020-06 | Subsequent Event | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Decrease in balance of accumulated deficit | $ 16,800,000 | |||||||
Capitalized Software Development Costs | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property and equipment, useful lives | 2 years | |||||||
United States | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Percentage of long lived assets | 68.00% | 70.00% | ||||||
Outside of United States | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Percentage of long lived assets | 32.00% | 30.00% | ||||||
Sales and Marketing | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Advertising costs | $ 21,600,000 | $ 9,500,000 | $ 8,300,000 | |||||
Initial Public Offering | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Net offering costs | $ 2,000,000 | |||||||
Class A Common Stock | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Proceeds from initial public offering, net of underwriting discounts and commissions and other offering costs | $ 615,600,000 | |||||||
Common stock, shares authorized | shares | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | |||||
Class A Common Stock | Initial Public Offering | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Common stock, shares issued | shares | 24,000,000 | |||||||
Common stock offering price | $ / shares | $ 27 | |||||||
Class A Common Stock | Underwriters | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Common stock, shares issued | shares | 3,600,000 | |||||||
Common stock offering price | $ / shares | $ 27 | |||||||
Net proceeds from common stock shares issued | $ 92,300,000 | |||||||
Class B Common Stock | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Common stock, shares authorized | shares | 310,000,000 | 310,000,000 | 310,000,000 | |||||
Class B Common Stock | Initial Public Offering | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Convertible preferred stock converted into common stock | shares | 179,011,431 | |||||||
Convertible Preferred Stock | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Convertible preferred stock, shares authorized | shares | 179,814,912 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Long-lived Assets Amortized Over Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible assets, useful life | 3 years |
Computers and Equipment | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Property and equipment, useful lives | 3 years |
Furnitures and Fixtures | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Property and equipment, useful lives | 5 years |
Leasehold Improvements | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Leasehold improvements, useful life | Shorter of lease term or useful life of asset |
Capitalized Software Development Costs | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Property and equipment, useful lives | 2 years |
Marketable Securities - Summary
Marketable Securities - Summary of Available-for-sale Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Marketable Securities [Line Items] | ||
Marketable securities, Amortized Cost | $ 1,291,253 | $ 176,627 |
Marketable securities, Unrealized Gain | 1,435 | 56 |
Marketable securities, Unrealized Losses | (156) | (9) |
Marketable securities, Fair Value | 1,292,532 | 176,674 |
Commercial Debt Securities | ||
Marketable Securities [Line Items] | ||
Marketable securities, Amortized Cost | 926,836 | 80,376 |
Marketable securities, Unrealized Gain | 1,157 | 46 |
Marketable securities, Unrealized Losses | (143) | (5) |
Marketable securities, Fair Value | 927,850 | 80,417 |
Certificates of Deposit | ||
Marketable Securities [Line Items] | ||
Marketable securities, Amortized Cost | 47,214 | |
Marketable securities, Unrealized Gain | 43 | |
Marketable securities, Unrealized Losses | (1) | |
Marketable securities, Fair Value | 47,256 | |
U.S. Government Treasury Securities | ||
Marketable Securities [Line Items] | ||
Marketable securities, Amortized Cost | 108,092 | 72,467 |
Marketable securities, Unrealized Gain | 203 | 10 |
Marketable securities, Unrealized Losses | (1) | (4) |
Marketable securities, Fair Value | 108,294 | 72,473 |
Commercial Paper | ||
Marketable Securities [Line Items] | ||
Marketable securities, Amortized Cost | 209,111 | 23,784 |
Marketable securities, Unrealized Gain | 32 | |
Marketable securities, Unrealized Losses | (11) | |
Marketable securities, Fair Value | $ 209,132 | $ 23,784 |
Marketable Securities - Summa_2
Marketable Securities - Summary of Fair Values of Available-for-Sale Marketable Securities, by Remaining Contractual Maturity (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Due within one year | $ 994,178 |
Due in one year through five years | 298,354 |
Total | $ 1,292,532 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Assets: | ||
Marketable securities | $ 1,292,532 | $ 176,674 |
Fair Value, Recurring | ||
Financial Assets: | ||
Total financial assets | 1,499,470 | 765,436 |
Fair Value, Recurring | Money Market Funds | ||
Financial Assets: | ||
Cash equivalents | 181,743 | 588,762 |
Fair Value, Recurring | Commercial Paper | ||
Financial Assets: | ||
Cash equivalents | 25,195 | |
Marketable securities | 209,132 | 23,784 |
Fair Value, Recurring | Corporate Debt Securities | ||
Financial Assets: | ||
Marketable securities | 927,850 | 80,417 |
Fair Value, Recurring | U.S. Government Treasury Securities | ||
Financial Assets: | ||
Marketable securities | 108,294 | 72,473 |
Fair Value, Recurring | Certificates of Deposit | ||
Financial Assets: | ||
Marketable securities | 47,256 | |
Fair Value, Recurring | Level 1 | ||
Financial Assets: | ||
Total financial assets | 181,743 | 588,762 |
Fair Value, Recurring | Level 1 | Money Market Funds | ||
Financial Assets: | ||
Cash equivalents | 181,743 | 588,762 |
Fair Value, Recurring | Level 2 | ||
Financial Assets: | ||
Total financial assets | 1,317,727 | 176,674 |
Fair Value, Recurring | Level 2 | Commercial Paper | ||
Financial Assets: | ||
Cash equivalents | 25,195 | |
Marketable securities | 209,132 | 23,784 |
Fair Value, Recurring | Level 2 | Corporate Debt Securities | ||
Financial Assets: | ||
Marketable securities | 927,850 | 80,417 |
Fair Value, Recurring | Level 2 | U.S. Government Treasury Securities | ||
Financial Assets: | ||
Marketable securities | 108,294 | $ 72,473 |
Fair Value, Recurring | Level 2 | Certificates of Deposit | ||
Financial Assets: | ||
Marketable securities | $ 47,256 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Hosting | $ 7,196 | $ 9,180 |
General prepaid expenses | 8,224 | 5,700 |
Other receivables | 7,836 | 2,578 |
Rent | 336 | 821 |
Marketing | 32 | 516 |
Restricted cash | 436 | |
Total prepaid expenses and other current assets | $ 23,624 | $ 19,231 |
Property and Equipment, Net - C
Property and Equipment, Net - Components of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 82,718 | $ 53,487 |
Less: accumulated depreciation and amortization | (35,521) | (20,738) |
Total property and equipment, net | 47,197 | 32,749 |
Computers and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 11,490 | 7,536 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 5,087 | 4,804 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 17,639 | 16,517 |
Capitalized Software Development Costs | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 48,502 | $ 24,630 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |||
Depreciation and amortization expense | $ 14.5 | $ 11.6 | $ 5.5 |
Acquisition, Intangible Asset_3
Acquisition, Intangible Assets and Goodwill - Additional Information (Details) - USD ($) $ in Thousands | Nov. 06, 2019 | Sep. 28, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Acquisition Intangible Assets And Goodwill [Line Items] | |||||
Goodwill | $ 17,609 | $ 9,058 | |||
Cash consideration | 2,363 | 2,138 | $ 1,618 | ||
Intangible amortization expense | 900 | $ 800 | $ 500 | ||
2020 Acquisition | |||||
Acquisition Intangible Assets And Goodwill [Line Items] | |||||
Purchase price allocated to estimated fair value of intangible assets | 1,500 | ||||
Goodwill | $ 7,800 | ||||
2019 Acquisition | |||||
Acquisition Intangible Assets And Goodwill [Line Items] | |||||
Goodwill | $ 1,285 | ||||
Cash consideration | $ 2,200 | ||||
2018 Acquisition | |||||
Acquisition Intangible Assets And Goodwill [Line Items] | |||||
Goodwill | $ 1,334 | ||||
Cash consideration | 1,600 | ||||
Transaction costs | $ 100 |
Acquisition, Intangible Asset_4
Acquisition, Intangible Assets and Goodwill - Summary of Aggregate Purchase Consideration and Estimated Fair Values of Assets Acquired and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 06, 2019 | Sep. 28, 2018 |
Fair value of net assets acquired: | ||||
Goodwill | $ 17,609 | $ 9,058 | ||
2019 Acquisition | ||||
Fair value of net assets acquired: | ||||
Net tangible assets | $ 9 | |||
Software technology | 910 | |||
Goodwill | 1,285 | |||
Total fair value of net assets acquired | $ 2,204 | |||
2018 Acquisition | ||||
Fair value of net assets acquired: | ||||
Net tangible assets (liabilities) | $ (536) | |||
Developed technology | 825 | |||
Goodwill | 1,334 | |||
Total fair value of net assets acquired | $ 1,623 |
Acquisition, Intangible Asset_5
Acquisition, Intangible Assets and Goodwill - Schedule of Intangibles, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite Lived Intangible Assets [Line Items] | ||
Net Carrying Amount | $ 2,069 | $ 1,435 |
Developed Technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,331 | 3,046 |
Accumulated Amortization | (1,262) | (1,611) |
Net Carrying Amount | $ 2,069 | $ 1,435 |
Amortization Period | 3 years | |
Developed Technology | Minimum | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization Period | 2 years | |
Developed Technology | Maximum | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization Period | 3 years |
Acquisition, Intangible Asset_6
Acquisition, Intangible Assets and Goodwill - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2021 | $ 1,042 | |
2022 | 774 | |
2023 | 253 | |
Net Carrying Amount | $ 2,069 | $ 1,435 |
Acquisition, Intangible Asset_7
Acquisition, Intangible Assets and Goodwill - Schedule of Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill beginning balance | $ 9,058 |
Foreign currency translation adjustments | 737 |
2020 acquisition | 7,814 |
Goodwill ending balance | $ 17,609 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Accrued compensation and commissions | $ 22,186 | $ 16,256 |
Accrued expenses | 20,008 | 12,505 |
Early exercise liability-stock options | 599 | 1,776 |
Other tax liability and sales tax | 12,558 | 8,209 |
Total accrued expenses and other current liabilities | $ 55,351 | $ 38,746 |
Convertible Senior Notes - Addi
Convertible Senior Notes - Additional Information (Details) - 0.125% Convertible Senior Notes due 2025 $ / shares in Units, shares in Millions | Jun. 02, 2020USD ($) | Dec. 31, 2020USD ($)d$ / sharesshares |
Debt Instrument [Line Items] | ||
Debt instrument, aggregate principal amount | $ 747,500,000 | $ 747,500,000 |
Debt instrument, interest rate | 0.125% | |
Debt instrument, net proceeds from sale of notes | $ 730,200,000 | |
Debt instrument, date of first required payment | Dec. 15, 2020 | |
Debt instrument, maturity date | Jun. 15, 2025 | |
Debt instrument, payment terms | The 2025 Notes bear interest at a rate of 0.125% per year, payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2020. | |
Debt Instrument, frequency of interest payment | semiannually | |
Debt instrument, principal amount denomination used in conversion | $ 100 | |
Debt instrument, convertible carrying amount of equity component | 177,169,000 | |
Debt issuance costs | 17,300,000 | |
Issuance cost attributable to liability component | 13,200,000 | |
Issuance cost attributable to equity component | $ 4,099,000 | |
Debt instrument, effective interest rate | 5.97% | |
Debt instrument, estimated fair value | $ 981,700,000 | |
Initial strike price per share of capped calls | $ / shares | $ 92.30 | |
Initial cap price per share of capped calls | $ / shares | $ 151.04 | |
Cost incurred to purchase capped calls | $ 89,600,000 | |
Redemption, On or After June 20, 2023, and Prior to 31st Scheduled Trading Day | ||
Debt Instrument [Line Items] | ||
Debt instrument redemption price percentage of principal amount redeemed | 100.00% | |
Class A Common Stock | ||
Debt Instrument [Line Items] | ||
Common stock covered under capped calls | shares | 8.1 | |
Class A Common Stock | Redemption, On or After June 20, 2023, and Prior to 31st Scheduled Trading Day | ||
Debt Instrument [Line Items] | ||
Debt instrument, trading days | d | 20 | |
Debt instrument, consecutive trading days | d | 30 | |
Class A Common Stock | Minimum | Redemption, On or After June 20, 2023, and Prior to 31st Scheduled Trading Day | ||
Debt Instrument [Line Items] | ||
Debt instrument, threshold percentage of conversion price | 130.00% | |
Conversion Preceding March 15, 2025, Scenario One | ||
Debt Instrument [Line Items] | ||
Debt instrument, trading days | d | 20 | |
Debt instrument, consecutive trading days | d | 30 | |
Debt instrument, threshold percentage of conversion price | 130.00% | |
Conversion Preceding March 15, 2025, Scenario Two | ||
Debt Instrument [Line Items] | ||
Debt instrument, consecutive trading days | d | 10 | |
Number of consecutive business days after any five consecutive trading day period during the note measurement period | d | 5 | |
Debt instrument, principal amount denomination used in conversion | $ 1,000 | |
Debt instrument, convertible, threshold maximum percentage of product of last reported sale price of common stock | 98.00% | |
Conversion, On or After March 15, 2025 | ||
Debt Instrument [Line Items] | ||
Debt instrument, principal amount denomination used in conversion | $ 1,000 | |
Debt instrument, conversion price per share | $ / shares | $ 92.30 | |
Conversion, On or After March 15, 2025 | Class A Common Stock | ||
Debt Instrument [Line Items] | ||
Debt instrument, principal amount denomination used in conversion | $ 1,000 | |
Debt instrument, conversion ratio | 10.8338 | |
Debt instrument, conversion price per share | $ / shares | $ 92.30 |
Convertible Senior Notes - Summ
Convertible Senior Notes - Summary of Net Carrying Amount of Liability Component of 2025 Notes (Details) - USD ($) | Dec. 31, 2020 | Jun. 02, 2020 |
Debt Instrument [Line Items] | ||
Net carrying amount | $ 575,864,000 | |
0.125% Convertible Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Principal | 747,500,000 | $ 747,500,000 |
Unamortized debt discount | (159,547,000) | |
Unamortized debt issuance costs | (12,089,000) | |
Net carrying amount | $ 575,864,000 |
Convertible Senior Notes - Su_2
Convertible Senior Notes - Summary of Net Carrying Amount of Equity Component of 2025 Notes (Details) - 0.125% Convertible Senior Notes due 2025 $ in Thousands | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |
Debt discount for conversion option | $ 177,169 |
Issuance costs | (4,099) |
Net carrying amount | $ 173,070 |
Convertible Senior Notes - Inte
Convertible Senior Notes - Interest Expense related to 2025 Notes (Details) - 0.125% Convertible Senior Notes due 2025 $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |
Contractual interest expense | $ 540 |
Amortization of debt discount | 17,621 |
Amortization of issuance costs | 1,106 |
Total | $ 19,267 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 31, 2016 | Jan. 31, 2015 | |
Commitments And Contingencies [Line Items] | |||||
Purchase commitments | $ 184,200,000 | ||||
Rent expense | 20,800,000 | $ 16,700,000 | $ 10,000,000 | ||
Sublease income | 1,000,000 | 1,000,000 | $ 700,000 | ||
Contingent federal payroll tax liability | $ 5,400,000 | $ 5,000,000 | |||
Benefit on federal payroll tax liability | 5,600,000 | 5,000,000 | |||
Matching contributions to the 401(k) plan | $ 0 | $ 0 | |||
Minimum | |||||
Commitments And Contingencies [Line Items] | |||||
Noncancelable operating leases | 2021 | ||||
Maximum | |||||
Commitments And Contingencies [Line Items] | |||||
Noncancelable operating leases | 2029 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Lessee Lease Description [Line Items] | |
Operating lease, option to terminate | option to terminate a lease early within three years |
Lessee, Operating Lease, Existence of Option to Terminate [true false] | true |
Lease, Practical Expedient, Lessor Single Lease Component [true false] | true |
Lessee, operating lease, lease not yet commenced, description | As of December 31, 2020, the Company had one additional operating lease that had not yet commenced, which is excluded from the table above. The operating lease will commence in fiscal year 2021 and had $19.0 million of undiscounted future payments with a lease term of 7.75 years. |
Undiscounted future payments | $ 75,659 |
Operating Lease Not Yet Commenced | |
Lessee Lease Description [Line Items] | |
Lessee, operating lease, lease not yet commenced, term of contract | 7 years 9 months |
Lessee operating lease commencing period | 2021 |
Undiscounted future payments | $ 19,000 |
Minimum | |
Lessee Lease Description [Line Items] | |
Noncancelable operating lease expiration period | 2021 |
Maximum | |
Lessee Lease Description [Line Items] | |
Noncancelable operating lease expiration period | 2029 |
Operating lease, renewal term | 5 years |
Operating lease, termination term | 3 years |
Leases - Summary of Components
Leases - Summary of Components of Lease Cost Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 17,081 | $ 13,636 |
Variable lease cost | 94 | |
Short-term lease cost | $ 3,717 | $ 2,925 |
Leases - Summary of Component_2
Leases - Summary of Components of Lease Cost Recognized (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease, non-cash lease expense | $ 14 | $ 10.4 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information and Non-cash Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Cash paid for amounts included in measurement of lease liabilities | $ 15,074 | $ 9,767 |
Operating lease assets obtained in exchange for new lease liabilities | $ 17,379 | $ 14,618 |
Leases - Summary of Maturities
Leases - Summary of Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 19,072 |
2022 | 20,292 |
2023 | 18,210 |
2024 | 2,572 |
2025 | 2,766 |
Thereafter | 12,747 |
Total lease payments | 75,659 |
Less: imputed interest | (7,900) |
Present value of lease liabilities | $ 67,759 |
Leases - Summary of Weighted Av
Leases - Summary of Weighted Average Remaining Lease Term and Discount Rate (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Weighted average remaining lease term (years) | 4 years 4 months 24 days | 4 years |
Weighted average discount rate | 4.71% | 4.98% |
Revenue - Schedule of Revenue b
Revenue - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | |||
Revenue by geographic area | $ 603,466 | $ 362,780 | $ 198,077 |
North America | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue by geographic area | 449,899 | 272,190 | 150,945 |
International | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue by geographic area | $ 153,567 | $ 90,590 | $ 47,132 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)Customer | Dec. 31, 2019USD ($)Customer | Dec. 31, 2018USD ($)Customer | |
Disaggregation Of Revenue [Line Items] | |||
Unbilled accounts receivable | $ 20.1 | $ 14.4 | |
Allowance for doubtful accounts receivable deemed uncollectible | 1.6 | 0.9 | |
Revenue recognized | 126.8 | 71 | $ 37.1 |
Deferred contract costs | 40.4 | 25.8 | |
Amortization expense | $ 10.4 | $ 5.4 | $ 2.7 |
Outside of United States | |||
Disaggregation Of Revenue [Line Items] | |||
Number of major customers representing greater than 10% | Customer | 0 | 0 | 0 |
Revenue - Additional Informat_2
Revenue - Additional Information (Details 1) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Remaining performance obligations | $ 243.8 | |
Remaining performance obligations, expected to recognize period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Remaining performance obligations | $ 434.1 | |
Remaining performance obligations, expected to recognize period | 1 year |
Revenue - Schedule of Deferred
Revenue - Schedule of Deferred Contract Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Capitalized Contract Cost [Abstract] | |||
Beginning Balance | $ 25,755 | $ 11,009 | $ 4,755 |
Additions to deferred contract costs | 25,080 | 20,146 | 8,925 |
Amortization of deferred contract costs | (10,447) | (5,400) | (2,671) |
Ending Balance | $ 40,388 | $ 25,755 | $ 11,009 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2020shares | Nov. 30, 2019shares | Sep. 30, 2019 | Dec. 31, 2020USD ($)Vote$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Sep. 23, 2019shares | Sep. 06, 2019shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of voting rights entitled to stockholders per share | Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to ten votes per share. | |||||||
Common stock, shares authorized | 2,330,000,000 | 380,000,000 | ||||||
Stock issuable upon the exercise of options outstanding | 27,068,323 | 36,384,767 | 38,865,057 | |||||
Weighted average grant-date fair value of options granted | $ / shares | $ 41.19 | |||||||
Proceeds from exercise of stock options | $ | $ 15,985 | $ 7,899 | $ 7,782 | |||||
Share-based payment arrangement, expense | $ | 74,374 | 19,034 | $ 5,244 | |||||
Amounts withheld on behalf of employees for a future purchase | $ | $ 1,040 | |||||||
Stock Option | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Service based vesting period | 4 years | |||||||
Service period | 4 years | |||||||
Total compensation cost related to unvested awards not yet recognized | $ | $ 60,600 | $ 90,500 | ||||||
Weighted average period over compensation cost related to unvested employee awards | 2 years | 2 years 8 months 12 days | ||||||
Weighted average grant-date fair value of options granted | $ / shares | $ 16.55 | $ 8.69 | $ 2.48 | |||||
Proceeds from exercise of stock options | $ | $ 16,000 | $ 7,900 | $ 7,800 | |||||
Intrinsic value of options exercised | $ | 554,300 | 121,300 | 36,400 | |||||
Aggregate fair value of options vested | $ | $ 27,600 | $ 10,800 | $ 3,500 | |||||
Early exercise of common stock | 438,750 | 1,239,750 | ||||||
RSU | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Weighted average period over compensation cost related to unvested employee awards | 3 years 4 months 24 days | 3 years 10 months 24 days | ||||||
Common stock granted | 4,860,097 | |||||||
Total compensation cost related to unvested awards and ESPP not yet recognized | $ | $ 281,500 | $ 30,400 | ||||||
Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Weighted average grant-date fair value of options granted | $ / shares | $ 38.21 | $ 5.63 | ||||||
Minimum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Weighted average grant-date fair value of options granted | $ / shares | $ 6.16 | $ 2.23 | ||||||
2019 Equity Incentive Plan | Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of shares authorized to grant award | 86,086,351 | |||||||
Employee Stock Purchase Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Weighted average period over compensation cost related to unvested employee awards | 4 months 24 days | 4 months 24 days | ||||||
Total compensation cost related to unvested awards and ESPP not yet recognized | $ | $ 2,500 | $ 1,500 | ||||||
Percentage of purchase the shares at a price per share | 85.00% | |||||||
Share-based payment arrangement, expense | $ | 5,000 | 1,200 | ||||||
Amounts withheld on behalf of employees for a future purchase | $ | $ 2,800 | $ 3,300 | ||||||
Issuance of common stock under the employee stock purchase plan | 0 | |||||||
Class A Common Stock | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of voting rights entitled to stockholders per share | Vote | 1 | |||||||
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | |||||
Common stock, par value | $ / shares | $ 0.00001 | $ 0.00001 | ||||||
Common stock, shares issued | 218,510,509 | 64,308,498 | ||||||
Common stock, shares outstanding | 218,510,509 | 64,308,498 | ||||||
Stock issuable upon the exercise of options outstanding | 34,759 | 20,700 | ||||||
Class A Common Stock | Service-based Restricted Shares | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Service based vesting period | 4 years | 4 years | ||||||
Common stock granted | 96,210 | 244,445 | ||||||
Class A Common Stock | 2019 Equity Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of shares available for grant | 42,797,432 | |||||||
Class A Common Stock | Employee Stock Purchase Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of shares available for grant | 9,222,883 | |||||||
Issuance of common stock under the employee stock purchase plan | 447,955 | |||||||
Class B Common Stock | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of voting rights entitled to stockholders per share | Vote | 10 | |||||||
Common stock, number of shares converted | 145,387,306 | |||||||
Common stock, shares authorized | 310,000,000 | 310,000,000 | 310,000,000 | |||||
Common stock, par value | $ / shares | $ 0.00001 | $ 0.00001 | ||||||
Common stock, shares issued | 87,369,554 | 232,078,452 | ||||||
Common stock, shares outstanding | 87,369,554 | 232,078,452 | ||||||
Stock issuable upon the exercise of options outstanding | 27,033,564 | 36,364,067 | ||||||
Class B Common Stock | 2012 Equity Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Reclassification or conversion of share | 27,033,564 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Reserved Shares of Common Stock for Future Issuance (Details) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Reserved shares of common stock for future issuance | 84,255,358 | 75,486,098 |
Options and RSU's outstanding | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Reserved shares of common stock for future issuance | 32,235,043 | 37,031,861 |
Shares Available for Future Option and RSU Grants | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Reserved shares of common stock for future issuance | 42,797,432 | 31,729,237 |
Shares Available Subject to the 2019 ESPP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Reserved shares of common stock for future issuance | 9,222,883 | 6,725,000 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Fair Value Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility minimum | 38.90% | 38.40% | |
Expected volatility maximum | 39.50% | 39.00% | |
Expected volatility | 38.90% | ||
Risk-free interest rate minimum | 1.40% | 2.60% | |
Risk-free interest rate maximum | 2.60% | 3.00% | |
Risk-free interest rate | 1.70% | ||
Expected term (in years) | 6 years 1 month 6 days | ||
Fair value of common stock | $ 41.19 | ||
Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 5 years 2 months 12 days | 5 years 9 months 18 days | |
Fair value of common stock | $ 6.16 | $ 2.23 | |
Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 6 years 3 months 18 days | 6 years 1 month 6 days | |
Fair value of common stock | $ 38.21 | $ 5.63 |
Stockholders' Equity - Summar_3
Stockholders' Equity - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Options Outstanding | |||
Beginning balance | 36,384,767 | 38,865,057 | |
Options granted | 14,600 | 9,518,730 | |
Options exercised | (8,753,274) | (10,546,987) | |
Options forfeited or expired | (577,770) | (1,452,033) | |
Ending balance | 27,068,323 | 36,384,767 | 38,865,057 |
Exercisable | 16,545,562 | 22,327,967 | |
Weighted-Average Exercise Price | |||
Beginning balance | $ 2.96 | $ 0.83 | |
Options granted | 41.19 | 9.15 | |
Options exercised | 1.83 | 0.75 | |
Options forfeited or expired | 4.93 | 2.54 | |
Ending balance | 3.31 | 2.96 | $ 0.83 |
Exercisable | $ 1.39 | $ 2.19 | |
Weighted-Average Remaining Contractual Life (in Years) | |||
Options outstanding | 6 years 8 months 12 days | 7 years 7 months 6 days | 7 years 10 months 24 days |
Options exercisable | 5 years 10 months 9 days | 7 years | |
Balance | $ 2,575,069 | $ 1,266,938 | |
Exercisable—December 31, 2019 | $ 1,605,723 |
Stockholders' Equity - Summar_4
Stockholders' Equity - Summary of Activity for Unvested RSUs (Details) - RSU - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Shares | ||
Unvested and outstanding balance | 647,094 | |
Awarded | 4,860,097 | |
Vested | (170,892) | |
Forfeited/canceled | (169,579) | |
Unvested and outstanding balance | 5,166,720 | |
Weighted-Average Fair Value | ||
Unvested and outstanding balance | $ 36.08 | |
Awarded | 61.42 | |
Vested | 36.41 | |
Forfeited/canceled | 48.24 | |
Unvested and outstanding balance | $ 59.50 | |
Aggregate Intrinsic Value | ||
Unvested and outstanding balance | $ 508,612 | $ 24,447 |
Stockholders' Equity - Summar_5
Stockholders' Equity - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation, net of amounts capitalized | $ 74,374 | $ 19,034 | $ 5,244 |
Capitalized stock-based compensation expense | 3,404 | 201 | 167 |
Total stock-based compensation expense | 77,778 | 19,235 | 5,411 |
Cost of Revenue | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation, net of amounts capitalized | 1,794 | 582 | 287 |
Research and Development | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation, net of amounts capitalized | 38,008 | 7,972 | 1,641 |
Sales and Marketing | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation, net of amounts capitalized | 20,467 | 5,538 | 1,910 |
General and Administrative | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation, net of amounts capitalized | $ 14,105 | $ 4,942 | $ 1,406 |
Interest Income and Other Inc_3
Interest Income and Other Income, Net - Schedule of Interest Income and Other Income, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest And Other Income [Abstract] | |||
Interest income | $ 21,234 | $ 4,110 | $ 913 |
Other income (expense), net | 751 | 86 | (120) |
Interest income and other income, net | $ 21,985 | $ 4,196 | $ 793 |
Income Taxes - Components of Lo
Income Taxes - Components of Loss before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (32,033) | $ (18,330) | $ (11,273) |
Foreign | 9,811 | 2,354 | 1,033 |
Loss before provision for income taxes | $ (22,222) | $ (15,976) | $ (10,240) |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Taxes Allocated to Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Current, State | $ 124 | $ 126 | $ (127) |
Current, Foreign | 2,239 | 967 | 559 |
Current, Total | 2,363 | 1,093 | 432 |
Deferred, Foreign | (38) | (359) | 90 |
Deferred, Total | (38) | (359) | 90 |
State | 124 | 126 | (127) |
Foreign | 2,201 | 608 | 649 |
Total | $ 2,325 | $ 734 | $ 522 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Duplicate Income Taxes [Line Items] | ||||
Income tax expense | $ 2,325,000 | $ 734,000 | $ 522,000 | |
U.S. federal statutory income tax rate | 21.00% | 21.00% | 21.00% | |
Share based compensation deductions | $ 47,032,000 | $ 1,630,000 | $ (541,000) | |
Valuation allowance | $ 33,847,000 | 15,205,000 | ||
Net operating loss deductible limitation percentage | 80.00% | |||
Net operating losses carryback period | 5 years | |||
One-time transition tax payable period on un-repatriated earnings of foreign subsidiaries | 8 years | |||
Measurement-period adjustments, tax expense (benefit) | $ 0 | $ 4,000,000 | ||
Change in valuation allowance of deferred tax assets | $ 18,600,000 | 5,500,000 | ||
Net operating loss carryforwards for federal tax purposes | $ 263,200,000 | 56,600,000 | ||
Federal net operating loss carryforwards expiration year | 2031 | |||
Percentage of net operating loss carryforwards subjected to taxable income limitation | 80.00% | |||
Net operating loss carryforwards for state tax purposes | $ 177,500,000 | 42,000,000 | ||
State net operating loss carryforwards expiration year | 2028 | |||
Recognized income tax positions measured at largest amount greater than specified percentage being realized | 50.00% | |||
Unrecognized tax benefits that would impact effective tax rate | $ 500,000 | 500,000 | ||
Unrecognized tax benefits, income tax penalties and interest expense | $ 400,000 | $ 400,000 | ||
Significant change in unrecognized tax benefits, nature of event | It is reasonably possible that certain unrecognized tax benefits may increase or decrease within the next 12 months due to tax examination changes, settlement activities, expirations of statute of limitations, or the impact on recognition and measurement considerations related to the results of published tax cases or other similar activities, as such the Company anticipates insignificant changes to unrecognized tax benefits over the next 12 months | |||
Open tax year | 2015 | |||
Maximum | ||||
Duplicate Income Taxes [Line Items] | ||||
U.S. federal statutory income tax rate | 34.00% | |||
Property recovery correction period | 39 years | |||
Minimum | ||||
Duplicate Income Taxes [Line Items] | ||||
Property recovery correction period | 15 years | |||
ASU No. 2019-12 | ||||
Duplicate Income Taxes [Line Items] | ||||
Change In Accounting Principle Accounting Standards Update Early Adoption | true | |||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect | true | |||
Additional Paid-in Capital | ||||
Duplicate Income Taxes [Line Items] | ||||
Valuation allowance | $ 15,100,000 |
Income Taxes - Summary of Tax R
Income Taxes - Summary of Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense at federal statutory rate | $ (4,667) | $ (3,355) | $ (2,151) |
Nondeductible expenses | 132 | 380 | 452 |
State taxes (net of federal benefit) | 98 | 100 | (100) |
Net change in valuation allowance | 51,892 | 5,043 | 1,052 |
Uncertain tax positions | 17 | 23 | 241 |
US tax costs on international operations | 1,818 | 201 | 296 |
Foreign taxes | 126 | 92 | 191 |
Share based compensation deductions | (47,032) | (1,630) | 541 |
Return to provision | (48) | (120) | |
Other | (11) | ||
Total | $ 2,325 | $ 734 | $ 522 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Net operating losses | $ 66,801 | $ 14,631 |
Stock-based compensation | 11,820 | 2,085 |
Federal withholding tax reserve | 815 | |
Internal use software | 2,153 | 1,746 |
Lease liability | 12,566 | 10,440 |
Convertible senior notes - issuance costs | 832 | |
Other | 2,632 | 1,297 |
Total deferred tax assets | 96,804 | 31,014 |
Less: valuation allowance | (33,847) | (15,205) |
Deferred tax assets, net of valuation allowance | 62,957 | 15,809 |
Deferred tax liabilities: | ||
Commissions | (10,247) | (6,514) |
Right of use asset | (11,394) | (9,210) |
Convertible senior notes | (40,478) | |
Other | (800) | (85) |
Total deferred tax liabilities | (62,919) | $ (15,809) |
Deferred tax assets, net | $ 38 |
Income Taxes - Summary of Chang
Income Taxes - Summary of Changes in Gross Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 920 | $ 920 | $ 563 |
Increases based on tax positions during the current period | 0 | 357 | |
(Decreases) based on tax positions during the current period | (388) | ||
Ending balance | $ 532 | $ 920 | $ 920 |
Net (Loss) Income Per Share - S
Net (Loss) Income Per Share - Schedule of Calculation of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basic net loss per share: | |||
Net loss | $ (24,547) | $ (16,710) | $ (10,762) |
Weighted average shares used in calculating net loss per share, basic | 70,951 | ||
Basic net loss per share | $ (0.15) | ||
Diluted net loss per share: | |||
Allocation of distributed loss for basic computation | $ (10,762) | ||
Allocation of undistributed loss | $ (10,762) | ||
Weighted average shares used in calculating net loss per share, basic | 70,951 | ||
Number of shares used in diluted calculation | 70,951 | ||
Diluted net loss per share | $ (0.15) | ||
Class A Common Stock | |||
Basic net loss per share: | |||
Net loss | $ (13,614) | $ (1,149) | |
Weighted average shares used in calculating net loss per share, basic | 166,582 | 9,611 | |
Basic net loss per share | $ (0.08) | $ (0.12) | |
Diluted net loss per share: | |||
Allocation of distributed loss for basic computation | $ (13,614) | $ (1,149) | |
Reallocation of undistributed loss as a result of conversion of Class B to Class A shares | (10,933) | (15,561) | |
Allocation of undistributed loss | $ (24,547) | $ (16,710) | |
Weighted average shares used in calculating net loss per share, basic | 166,582 | 9,611 | |
Conversion of Class B to Class A common shares outstanding | 133,768 | 130,262 | |
Number of shares used in diluted calculation | 300,350 | 139,873 | |
Diluted net loss per share | $ (0.08) | $ (0.12) | |
Class B Common Stock | |||
Basic net loss per share: | |||
Net loss | $ (10,933) | $ (15,561) | |
Weighted average shares used in calculating net loss per share, basic | 133,768 | 130,262 | |
Basic net loss per share | $ (0.08) | $ (0.12) | |
Diluted net loss per share: | |||
Allocation of distributed loss for basic computation | $ (10,933) | $ (15,561) | |
Allocation of undistributed loss | $ (10,933) | $ (15,561) | |
Weighted average shares used in calculating net loss per share, basic | 133,768 | 130,262 | |
Number of shares used in diluted calculation | 133,768 | 130,262 | |
Diluted net loss per share | $ (0.08) | $ (0.12) |
Net (Loss) Income Per Share -_2
Net (Loss) Income Per Share - Schedule of Potentially Dilutive Securities not Included in Diluted Per Share Calculations (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive securities not included in diluted per share calculations | 33,702 | 38,625 | 220,776 |
Convertible Preferred Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive securities not included in diluted per share calculations | 179,815 | ||
Shares Subject to Outstanding Stock Options and Restricted Stock Units | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive securities not included in diluted per share calculations | 32,235 | 37,032 | 38,865 |
Unvested Early Exercised Stock Options | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive securities not included in diluted per share calculations | 718 | 1,240 | 2,096 |
Shares Underlying the Conversion Spread in the Convertible Senior Notes | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive securities not included in diluted per share calculations | 608 | ||
Shares Subject to the 2019 ESPP | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive securities not included in diluted per share calculations | 141 | 353 |
Net (Loss) Income Per Share - A
Net (Loss) Income Per Share - Additional Information (Details) | Dec. 31, 2020$ / shares |
0.125% Convertible Senior Notes due 2025 | Conversion, On or After March 15, 2025 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Debt instrument, conversion price per share | $ 92.30 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Scenario Forecast - Sqreen, Inc. $ in Millions | Feb. 28, 2021USD ($) |
Subsequent Event [Line Items] | |
Purchase consideration in cash and stock to acquire business | $ 260 |
Purchase consideration in cash and stock to acquire business deferred percentage | 25.00% |