Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-40252 | |
Entity Registrant Name | DigitalOcean Holdings, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 45-5207470 | |
Entity Address, Address Line One | 101 6th Avenue | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10013 | |
City Area Code | 646 | |
Local Phone Number | 827-4366 | |
Title of 12(b) Security | Common stock, par value $0.000025 per share | |
Trading Symbol | DOCN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 106,563,465 | |
Entity Central Index Key | 0001582961 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Cash and cash equivalents | $ 560,053 | $ 100,311 |
Accounts receivable, less allowance for doubtful accounts of $2,893 and $3,104, respectively | 28,941 | 26,799 |
Prepaid expenses and other current assets | 18,288 | 20,843 |
Total current assets | 607,282 | 147,953 |
Property and equipment, net | 242,722 | 238,956 |
Restricted cash | 2,226 | 2,226 |
Goodwill | 2,674 | 2,674 |
Intangible assets | 34,573 | 34,649 |
Deferred tax assets | 83 | 82 |
Other assets | 3,705 | 3,712 |
Total assets | 893,265 | 430,252 |
Accounts payable | 15,149 | 12,433 |
Accrued other expenses | 16,756 | 27,025 |
Deferred revenue | 4,920 | 4,873 |
Current portion of long-term debt | 0 | 17,468 |
Other current liabilities | 9,224 | 22,986 |
Total current liabilities | 46,049 | 84,785 |
Deferred tax liabilities | 206 | 211 |
Long-term debt | 0 | 242,215 |
Other long-term liabilities | 1,900 | 2,061 |
Total liabilities | 48,155 | 329,272 |
Commitments and Contingencies (Note 6) | ||
Convertible preferred stock | 0 | 173,074 |
Preferred stock ($0.000025 par value per share; 10,000,000 and 0 shares authorized; 0 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively) | 0 | 0 |
Common stock ($0.000025 par value per share; 750,000,000 and 111,400,000 shares authorized; 108,305,374 and 45,299,339 issued; and 106,337,146 and 43,331,111 outstanding as of March 31, 2021 and December 31, 2020, respectively) | 2 | 1 |
Treasury stock, at cost (1,968,228 shares at March 31, 2021 and December 31, 2020) | (4,598) | (4,598) |
Additional paid-in capital | 1,020,313 | 99,783 |
Accumulated other comprehensive loss | (233) | (245) |
Accumulated deficit | (170,374) | (167,035) |
Total stockholders’ equity (deficit) | 845,110 | (72,094) |
Total liabilities, convertible preferred stock and stockholders’ equity (deficit) | $ 893,265 | $ 430,252 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue | $ 93,661 | $ 72,792 |
Cost of revenue | 39,544 | 34,683 |
Gross profit | 54,117 | 38,109 |
Operating expenses: | ||
Research and development | 22,402 | 19,477 |
Sales and marketing | 10,421 | 9,454 |
General and administrative | 18,040 | 21,665 |
Total operating expenses | 50,863 | 50,596 |
Net income (loss) from operations | 3,254 | (12,487) |
Other (income) expense: | ||
Interest expense | 2,256 | 3,516 |
Loss on extinguishment of debt | 3,435 | 259 |
Other (income) expense, net | (94) | (77) |
Other (income) expense | 5,597 | 3,698 |
Loss before income taxes | (2,343) | (16,185) |
Income tax expense | 996 | 748 |
Net loss attributable to common stockholders | $ (3,339) | $ (16,933) |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.07) | $ (0.42) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.07) | $ (0.42) |
Weighted average shares used to compute net loss per share, basic (in shares) | 49,432,000 | 39,945,000 |
Weighted average shares used to compute net loss per share, diluted (in shares) | 49,432,000 | 39,945,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Other Comprehensive Income [Abstract] | ||
Net loss attributable to common shareholders | $ (3,339) | $ (16,933) |
Other comprehensive loss: | ||
Foreign currency translation adjustments, net of taxes | 12 | (176) |
Comprehensive loss | $ (3,351) | $ (16,757) |
Consolidated Statements of Conv
Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated (Deficit) |
Temporary equity, shares outstanding at beginning of period (in shares) at Dec. 31, 2019 | 40,750,324 | |||||
Temporary equity, carrying amount attributable to parent at beginning of period at Dec. 31, 2019 | $ 123,264 | |||||
Temporary equity, shares outstanding at end of period (in shares) at Mar. 31, 2020 | 40,750,324 | |||||
Temporary equity, carrying amount attributable to parent at end of period at Mar. 31, 2020 | $ 123,264 | |||||
Shares outstanding at beginning of period (in shares) at Dec. 31, 2019 | 41,095,849 | (1,968,228) | ||||
Total stockholders’ equity (deficit) at beginning of period at Dec. 31, 2019 | (72,280) | $ 1 | $ (4,598) | $ 55,896 | $ (112) | $ (123,467) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock under stock option plan (in shares) | 1,735,742 | |||||
Issuance of common stock under stock option plan | 5,970 | 5,970 | ||||
Stock-based compensation | 9,516 | 9,516 | ||||
Other comprehensive loss | (176) | (176) | ||||
Net loss | (16,933) | (16,933) | ||||
Shares outstanding at end of period (in shares) at Mar. 31, 2020 | 42,831,591 | (1,968,228) | ||||
Total stockholders’ equity (deficit) at end of period at Mar. 31, 2020 | $ (73,903) | $ 1 | $ (4,598) | 71,382 | (288) | (140,400) |
Temporary equity, shares outstanding at beginning of period (in shares) at Dec. 31, 2020 | 45,472,229 | |||||
Temporary equity, carrying amount attributable to parent at beginning of period at Dec. 31, 2020 | $ 173,074 | |||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||
Conversion of convertible preferred stock to common stock in connection with initial public offering (in shares) | (45,472,229) | |||||
Conversion of convertible preferred stock to common stock in connection with initial public offering | $ (173,074) | |||||
Temporary equity, shares outstanding at end of period (in shares) at Mar. 31, 2021 | 0 | |||||
Temporary equity, carrying amount attributable to parent at end of period at Mar. 31, 2021 | $ 0 | |||||
Shares outstanding at beginning of period (in shares) at Dec. 31, 2020 | 45,299,339 | (1,968,228) | ||||
Total stockholders’ equity (deficit) at beginning of period at Dec. 31, 2020 | $ (72,094) | $ 1 | $ (4,598) | 99,783 | (245) | (167,035) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock under stock option plan (in shares) | 1,033,806 | 1,033,806 | ||||
Issuance of common stock under stock option plan | $ 3,740 | 3,740 | ||||
Stock-based compensation | 6,685 | 6,685 | ||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and issuance costs (in shares) | 16,500,000 | |||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and issuance costs | 723,126 | $ 1 | 723,125 | |||
Conversion of convertible preferred stock to common stock in connection with initial public offering (in shares) | 45,472,229 | |||||
Conversion of convertible preferred stock to common stock in connection with initial public offering | 173,074 | 173,074 | ||||
Conversion of redeemable preferred stock warrants to common stock warrants | 13,906 | 13,906 | ||||
Other comprehensive loss | 12 | 12 | ||||
Net loss | (3,339) | (3,339) | ||||
Shares outstanding at end of period (in shares) at Mar. 31, 2021 | 108,305,374 | (1,968,228) | ||||
Total stockholders’ equity (deficit) at end of period at Mar. 31, 2021 | $ 845,110 | $ 2 | $ (4,598) | $ 1,020,313 | $ (233) | $ (170,374) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities | ||
Net loss | $ (3,339) | $ (16,933) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 20,951 | 17,394 |
Loss on impairment | 0 | 538 |
Stock-based compensation | 6,624 | 9,382 |
Non-cash interest expense | 205 | 592 |
Loss on extinguishment of debt | 3,435 | 259 |
Revaluation of warrants | (556) | 3 |
Bad debt expense | 1,607 | 2,654 |
Other | (335) | (165) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,749) | (5,154) |
Prepaid expenses and other current assets | 2,554 | (1,910) |
Accounts payable and accrued expenses | (7,413) | (5,151) |
Deferred revenue | 48 | (90) |
Other assets and liabilities | (241) | (99) |
Net cash provided by operating activities | 19,791 | 1,320 |
Investing activities | ||
Capital expenditures - property and equipment | (22,398) | (20,674) |
Capital expenditures - internal-use software development | (1,370) | (3,923) |
Purchase of intangible assets | 0 | (3,630) |
Proceeds from sale of equipment | 81 | 0 |
Net cash used in investing activities | (23,687) | (28,227) |
Financing activities | ||
Repayment of capital leases | 0 | (230) |
Repayment of notes payable | (33,213) | (3,304) |
Proceeds from third-party secured financings | 0 | 7,058 |
Repayment of term loan | (166,814) | (70,313) |
Proceeds from issuance of term loan | 0 | 170,000 |
Repayment of borrowings under revolving credit facility | (63,200) | (84,500) |
Proceeds from borrowings under revolving credit facility | 0 | 63,200 |
Payment of debt issuance costs | 0 | (3,272) |
Proceeds from the issuance of common stock under stock plans | 3,740 | 5,970 |
Payment of initial public offering costs | 0 | (150) |
Proceeds from initial public offering, net of underwriting discounts and commissions and other offering costs | 723,125 | 0 |
Net cash provided by financing activities | 463,638 | 84,459 |
Increase in cash, cash equivalents and restricted cash | 459,742 | 57,552 |
Cash, cash equivalents and restricted cash - beginning of period | 102,537 | 35,886 |
Cash, cash equivalents and restricted cash - end of period | 562,279 | 93,438 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 2,000 | 2,786 |
Cash paid for taxes (net of refunds) | 463 | 394 |
Non-cash investing and financing activities: | ||
Capitalized stock-based compensation | 62 | 133 |
Property and equipment received but not yet paid | 18,473 | 21,771 |
Seller financed equipment purchases | 0 | 3,927 |
Costs related to initial public offering included in accounts payable and accrued liabilities | $ 428 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2,893 | $ 3,104 |
Preferred stock, par value (in dollars per share) | $ 0.000025 | $ 0.000025 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.000025 | $ 0.000025 |
Common stock, shares authorized (in shares) | 750,000,000 | 111,400,000 |
Common stock, shares issued (in shares) | 108,305,374 | 45,299,339 |
Common stock, shares outstanding at beginning of period (in shares) | 106,337,146 | 43,331,111 |
Treasury stock, shares (in shares) | 1,968,228 | 1,968,228 |
Nature of the Business and Orga
Nature of the Business and Organization | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of the Business and Organization | Nature of the Business and Organization DigitalOcean Holdings, Inc. and its subsidiaries (collectively, the “Company”, “we”, “our”, “us”) is a leading cloud computing platform offering on-demand infrastructure and platform tools for developers, start-ups and small-to-medium size businesses. The Company was founded with the guiding principle that the transformative benefits of the cloud should be easy to leverage, broadly accessible, reliable and affordable. The Company’s platform simplifies cloud computing, enabling its customers to rapidly accelerate innovation and increase their productivity and agility. The Company offers mission-critical infrastructure solutions across compute, storage and networking, and also enables developers to extend the native capabilities of the Company’s cloud with fully managed application, container and database offerings. The Company has adopted a holding company structure and the primary operations are performed globally through our wholly-owned operating subsidiaries. Initial Public Offering On March 26, 2021, the Company completed its initial public offering (“IPO”), in which the Company issued and sold 16,500,000 shares of its common stock at a public offering price of $47.00 per share, which resulted in net proceeds of $723,125 after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company. In connection with the IPO, all shares of the convertible preferred stock then outstanding automatically converted into 45,472,229 shares of common stock, and the redeemable convertible preferred stock warrants automatically converted into common stock warrants. Prior to the IPO, deferred offering costs, which consist of direct incremental legal, accounting, and consulting fees relating to the IPO, were capitalized in Prepaid expenses and other current assets in the condensed consolidated balance sheets. Upon the consummation of the IPO, $1,403 of net deferred offering costs were reclassified into stockholders’ equity as an offset against IPO proceeds. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”), the same basis as the audited consolidated financial statements included in the Company’s final prospectus for its IPO dated as of March 23, 2021 and filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, on March 24, 2021 (“Final Prospectus”). In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s financial position as of March 31, 2021, results of operations for the three months ended March 31, 2021 and 2020, cash flows for the three months ended March 31, 2021 and 2020, and stockholders' equity for the three months ended March 31, 2021 and 2020. The condensed consolidated financial statements include the accounts of DigitalOcean Holdings, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of these condensed consolidated financial statements in conformity with U.S. GAAP requires management to make, on an ongoing basis, estimates, judgments and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Such estimates include, but are not limited to, those related to revenue recognition, accounts receivable and related reserves, useful lives and realizability of long lived assets, capitalized internal-use software development costs, assumptions used in the valuation of warrants, accounting for stock-based compensation, and valuation allowances against deferred tax assets. Management bases its estimates on historical experience and on various other assumptions which management believes to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Restricted Cash Restricted cash includes deposits in financial institutions related to letters of credit used to secure lease agreements. The following table reconciles cash, cash equivalents and restricted cash per the Condensed Consolidated Statements of Cash Flows: March 31, 2021 2020 Cash and cash equivalents $ 560,053 $ 91,023 Restricted cash 2,226 2,415 Total cash, cash equivalents and restricted cash $ 562,279 $ 93,438 Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable primarily represents revenue recognized that was not invoiced at the balance sheet date and is primarily billed and collected in the following month. Trade accounts receivable are carried at the original invoiced amount less an estimated allowance for doubtful accounts based on the probability of future collection. Management determines the adequacy of the allowance based on historical loss patterns, the number of days that customer invoices are past due and an evaluation of the potential risk of loss associated with specific accounts. When management becomes aware of circumstances that may further decrease the likelihood of collection, it records a specific allowance against amounts due, which reduces the receivable to the amount that management reasonably believes will be collected. The Company records changes in the estimate to the allowance for doubtful accounts through bad debt expense and reverses the allowance after the potential for recovery is considered remote. The following table presents the changes in our allowance for doubtful accounts for the period presented: Amount Balance as of December 31, 2020 $ 3,104 Bad debt expense, net of recoveries 1,607 Write-offs (1,818) Balance as of March 31, 2021 $ 2,893 Deferred Revenue Deferred revenue was $4,920 and $4,873 as of March 31, 2021 and December 31, 2020, respectively. Revenue recognized during the three months ended March 31, 2021 and 2020 was $1,725 and $1,444, respectively, which was included in each deferred revenue balance at the beginning of each respective period. Segment Information The Company’s chief operating decision maker, the chief executive officer, reviews discrete financial information presented on a consolidated basis for purposes of regularly making operating decisions, allocation of resources, and assessing financial performance. Accordingly, the Company has one operating and reporting segment. Geographical Information Revenue, as determined based on the billing address of the Company’s customers, was as follows: Three Months Ended March 31, 2021 2020 North America 38 % 37 % Europe 29 28 Asia 23 25 Other 10 10 Total 100 % 100 % Revenue derived from customers in the U.S. was approximately 31% and 30% of total revenue for the three months ended March 31, 2021 and 2020, respectively. No country outside of the U.S. had net revenue greater than 10% of total consolidated revenue in any period presented. Property and equipment located in the U.S. was approximately 47% and 48% as of March 31, 2021 and December 31, 2020, respectively, with the remainder of net assets residing in international locations, primarily in the Netherlands, Singapore and Germany. Concentration of Credit Risk The amounts reflected in the condensed consolidated balance sheets for cash and cash equivalents, restricted cash, and trade accounts receivable are exposed to concentrations of credit risk. Although the Company maintains cash and cash equivalents with multiple financial institutions, the deposits, at times, may exceed federally insured limits. The Company believes that the financial institutions that hold its cash and cash equivalents are financially sound and, accordingly, minimal credit risk exists with respect to these balances. The Company’s customer base consists of a significant number of geographically dispersed customers. No customer represented 10% or more of accounts receivable, net as of March 31, 2021 and December 31, 2020. Additionally, no customer accounted for 10% of more of total revenue during the three months ended March 31, 2021 and 2020. Recent Accounting Pronouncements – Pending Adoption The following effective dates represent the requirements for private companies which the Company has elected as an emerging growth company. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-02, Leases (Topic 842), and additional changes, modifications, clarifications, or interpretations related to this guidance thereafter (“ASU 2016-02”). ASU 2016-02 requires a reporting entity to recognize right-of-use assets and lease liabilities on the balance sheet for operating leases to increase transparency and comparability. ASU 2016-02 is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022 with early adoption permitted. The Company will record a right of use asset and liability, and is currently evaluating the impact of adoption on the condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, with subsequent amendments, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires immediate recognition of management’s estimates of current expected credit losses. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2022, and interim periods within annual periods beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of adoption on the condensed consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 eliminates certain exceptions in FASB Topic 740: Income Taxes (“ASC 740”) related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact of adoption on the condensed consolidated financial statements. |
Balance Sheet Details
Balance Sheet Details | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Details | Balance Sheet Details Property and equipment, net Property and equipment, net consisted of the following: March 31, 2021 December 31, 2020 Computers and equipment $ 461,106 $ 442,778 Furniture and fixtures 1,511 1,511 Leasehold improvements 6,820 6,820 Internal-use software 63,072 61,640 Property and equipment, gross $ 532,509 $ 512,749 Less: accumulated amortization $ (39,843) $ (36,186) Less: accumulated depreciation (249,944) (237,607) Property and equipment, net $ 242,722 $ 238,956 Depreciation expense on property and equipment for the three months ended March 31, 2021 and 2020 was $17,219 and $14,476, respectively. The Company capitalizes costs related to the development of computer software for internal use of $1,432 and $4,056 for the three months ended March 31, 2021 and 2020, respectively, which is included in internal-use software development costs within Property and equipment, net. Amortization expense related to internal-use software for the three months ended March 31, 2021 and 2020 was $3,657 and $2,842, respectively. During the three months ended March 31, 2020, the Company recorded an impairment loss of $538 related to software that is no longer being used. There was no such impairment loss recorded for the three months ended March 31, 2021. Accrued other expenses Accrued other expenses consisted of the following: March 31, 2021 December 31, 2020 Accrued bonuses $ 2,975 $ 12,512 Accrued capital expenditures 6,007 8,478 Other accrued expenses 7,774 6,035 Total accrued other expenses $ 16,756 $ 27,025 Other current liabilities Other current liabilities consisted of the following: March 31, 2021 December 31, 2020 Accrued taxes $ 8,457 $ 7,758 Warrant liability — 14,463 Other 767 765 Total other current liabilities $ 9,224 $ 22,986 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt consisted of the following: March 31, 2021 December 31, 2020 Credit Facility Term Loan (1) $ — $ 165,051 Revolving Credit Facility — 63,200 Notes payable — 31,432 Total debt $ — $ 259,683 Less: current portion Credit Facility $ — $ (7,438) Notes payable — (10,030) Current portion of long-term debt — (17,468) Total long-term debt $ — $ 242,215 ___________________ (1) Amount is net of unamortized discount and debt issuance costs of $1,761 as of December 31, 2020. Credit Facility As of March 31, 2021, the Company paid the remaining obligations on the outstanding Credit Facility, which includes the Term Loan and Revolving Credit Facility. At March 31, 2021, the Company had available borrowing capacity of $150,000 on the Revolving Credit Facility. The Company recognized a loss on extinguishment of debt of $1,652 for the unamortized discount and debt issuance costs related to the Term Loan. The write-off of the unamortized discount and debt issuance costs represent a non-cash adjustment to reconcile net income to net cash provided by operating activities within the Condensed Consolidated Statements of Cash Flows. The Company incurred commitment fees on the unused balance of the Revolving Credit Facility of $67 and $67 for the three months ended March 31, 2021 and 2020, respectively. Interest and amortization of deferred financing fees for the three months ended March 31, 2021 and 2020 was $1,973 and $2,360, respectively. Notes Payable During the three months ended March 31, 2021, the Company paid the remaining obligations on all outstanding notes payable. Total interest expense for the three months ended March 31, 2021 and 2020 was $216 and $523, respectively. The Company recognized a loss on extinguishment of debt of $1,783 for unaccrued interest paid in conjunction with the payoff of the remaining debt obligation. |
Operating Leases
Operating Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Operating Leases | Operating Leases The Company leases data center facilities and office space under generally non-cancelable operating lease agreements, which expire at various dates through 2025. Facility leases generally include renewal options and may include escalating rental payment provisions. Additionally, the leases may require us to pay a portion of the related operating expenses. Rent expense related to these operating leases for the three months ended March 31, 2021 and 2020 was $3,055 and $3,134, respectively. As of March 31, 2021, future minimum rental payments under operating lease agreements were as follows: 2021 (nine months remaining) $ 32,044 2022 27,935 2023 21,567 2024 20,084 2025 3,284 Thereafter — Total minimum operating lease payments $ 104,914 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Purchase Commitments As of March 31, 2021, the Company had long-term commitments for bandwidth usage with various networks and internet service providers and entered into purchase orders with various vendors. The Company’s purchase commitments have not materially changed since December 31, 2020. Letters of Credit In conjunction with the execution of certain office space operating leases, letters of credit in the aggregate amount of $2,226 were issued and outstanding as of March 31, 2021 and December 31, 2020. No draws have been made under such letters of credit. These funds are included as Restricted cash on the Condensed Consolidated Balance Sheets as they are related to long-term operating leases and are included in beginning and ending Cash, cash equivalents and restricted cash in the Condensed Consolidated Statements of Cash Flows. Certain of the letters of credit can be reduced on an annual basis until 2022, at which point the deposit required will similarly reduce to meet minimum threshold requirements. Legal Proceedings The Company may be involved in various legal proceedings and litigation arising in the ordinary course of business. While it is not feasible to predict or determine the ultimate disposition of any such litigation matters, the Company believes that any such legal proceedings will not have a material adverse effect on its condensed consolidated financial position, results of operations, or liquidity. |
Stockholders_ Equity (Deficit)
Stockholders’ Equity (Deficit) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders’ Equity (Deficit) | Stockholders’ Equity (Deficit) Common Stock The Company’s amended and restated certificate of incorporation authorizes the issuance of common and preferred stock. Holders of common stock are entitled to one vote per share. As of March 31, 2021 and December 31, 2020, the Company was authorized to issue 750,000,000 and 111,400,000 shares of common stock, respectively, with a par value of $0.000025 per share. Common Stock Reserved for Future Issuance The Company is authorized to reserve shares of common stock for potential conversion as follows: March 31, 2021 December 31, 2020 Series Seed preferred stock — 12,517,832 Series A-1 preferred stock (1) — 18,304,108 Series B preferred stock — 10,237,032 Series C preferred stock — 4,721,905 Common stock warrants 308,632 — Stock Plan 30,930,000 34,821,642 Employee Stock Purchase Plan 2,200,000 — Total number of shares for common stock reserved 33,438,632 80,602,519 ___________________ (1) Amount includes 308,632 shares of common stock held in reserve for the redeemable convertible preferred stock warrants which was converted to common stock warrants upon the completion of the IPO. Preferred Stock In connection with the IPO, the Company's amended and restated certificate of incorporation became effective, which authorized the issuance of 10,000,000 shares of preferred stock with a par value of $0.000025 per share with rights and preferences, including voting rights, designated from time to time by the Company's Board of Directors. No shares of preferred stock were issued and outstanding as of March 31, 2021. Redeemable Convertible Preferred Stock Upon completion of the IPO, all shares of Series Seed, Series A, Series B, and Series C redeemable convertible preferred stock then outstanding, totaling 45,472,229 shares, were automatically converted into an equivalent number of shares of common stock. The carrying value of $173,074 was reclassified into Stockholders' equity (deficit). As of March 31, 2021, there were no shares of redeemable convertible preferred stock issued and outstanding. Common Stock Warrants During 2015 and 2014, the Company issued warrants to third parties as partial consideration for property and equipment primarily used in our co-location centers. These warrants allow the holder to purchase 66,668 shares of common stock at $1.50 per share, and 241,964 shares of common stock at $2.0663 per share. The warrants, which are equity classified, are immediately exercisable, have a term of ten years and expire at various dates through 2025. With the conversion of the convertible preferred stock into shares of common stock upon the completion of the IPO, 308,632 shares of the redeemable convertible preferred stock warrants automatically converted into common stock warrants. The warrants were remeasured on the date of the IPO using the public offering price of $47.00 per share, which resulted in a gain of $556 that was recorded to Other (income) expense, net for the period ending March 31, 2021. The warrants are considered indexed to the Company’s own stock and therefore no subsequent remeasurement is required. During April 2021, a warrant holder net exercised their warrants for 64,328 shares of common stock at $42.75 per share. Treasury Stock The Company records treasury stock at the cost to acquire shares and is included as a component of Stockholders’ equity (deficit). At March 31, 2021 and December 31, 2020, the Company had 1,968,228 shares of treasury stock which were carried at its cost basis of $4,598 on the Condensed Consolidated Balance Sheets. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Equity Incentive Plan In March 2021, the Company’s board of directors adopted, and the stockholders approved, the 2021 Equity Incentive Plan. The 2021 Equity Incentive Plan is a successor to and continuation of the 2013 Stock Plan. The 2021 Equity Incentive Plan became effective on the date of the IPO with no further grants being made under the 2013 Stock Plan, however, awards outstanding under our 2013 Stock Plan will continue to be governed by their existing terms. The 2021 Equity Incentive Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units awards (“RSUs”), performance awards, and other awards to employees, directors, and consultants up to an aggregate of 30,930,000 shares of common stock. As of March 31, 2021, there were 30,930,000 shares reserved for future issuance under the 2021 Equity Incentive Plan. Shares issued pursuant to the exercise of these awards are transferable by the holder. Amounts paid by economic interest holders in excess of fair value are recorded as stock-based compensation (see Note 11). Stock Options Stock options granted have a maximum term of ten years from the grant date, are exercisable upon vesting and vest over a period of four years. Stock option activity for the three months ended March 31, 2021 was as follows: Number of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Life in Years Aggregate Intrinsic Value Outstanding at January 1, 2021 16,933,494 $ 6.73 8.44 $ 596,767 Granted — — Exercised (1,033,806) 3.62 Forfeited or cancelled (187,319) 7.41 Outstanding at March 31, 2021 15,712,369 6.93 8.28 $ 553,126 Vested and exercisable at March 31, 2021 5,904,466 4.81 7.53 220,334 Vested and unvested expected to vest at March 31, 2021 12,363,498 $ 6.39 8.13 $ 441,818 The aggregate intrinsic value represents the difference between the fair value of common stock and the exercise price of outstanding in-the-money options. The aggregate intrinsic value of exercised options for the three months ended March 31, 2021 and 2020 was $39,650 and $4,630, respectively. The weighted-average grant date fair value of options granted to participants during the three months ended March 31, 2020 was $3.27 per share. No options were granted during the three months ended March 31, 2021. The aggregate estimated fair value of stock options granted to participants that vested during the three months ended March 31, 2021 and 2020 was $4,998 and $1,618, respectively. As of March 31, 2021, there was $36,363 of unrecognized stock-based compensation expense related to outstanding stock options granted that is expected to be recognized over a weighted-average period of 3.11 years. RSU’s RSUs granted vest over four years. RSU activity for the three months ended March 31, 2021 was as follows: Shares Weighted-Average Fair Value Unvested balance at January 1, 2021 413,750 $ 13.69 Granted 1,654,338 41.97 Forfeited or cancelled (5,000) 41.97 Unvested balance at March 31, 2021 2,063,088 36.30 Vested and expected to vest at March 31, 2021 1,056,761 $ 35.50 As of March 31, 2021, there was $35,537 of unrecognized stock-based compensation expense related to outstanding RSUs granted that is expected to be recognized over a weighted-average period of 3.80 years. Employee Stock Purchase Plan In March 2021, the Company’s board of directors adopted, and the stockholders approved, the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective on the date of the Final Prospectus. The ESPP initially reserved and authorized the issuance of up to a total of 2,200,000 shares of common stock to participating employees. As of March 31, 2021, 2,200,000 shares of common stock remain available for issuance under the ESPP. The initial enrollment period began on the date of the IPO and ended on April 3, 2021. On each purchase date, eligible employees will purchase the shares at a price per share equal to 85% of the lesser of (1) the $47.00 initial public offering price of the Company’s common stock or (2) the fair market value of the Company’s common stock on the purchase date, as defined in the ESPP. As of March 31, 2021, no amounts have been withheld on behalf of employees for a future purchase under the ESPP due to the timing of payroll deductions and the open enrollment. There were no purchases for the three months ended March 31, 2021 related to the ESPP. Stock-Based Compensation Stock-based compensation was included in the Condensed Consolidated Statements of Operations as follows: Three Months Ended March 31, 2021 2020 Cost of revenue $ 196 $ 24 Research and development 2,636 2,221 Sales and marketing 1,137 226 General and administrative 2,655 6,911 Total $ 6,624 $ 9,382 Stock-based compensation related to secondary sales of common stock by certain current and former employees for the three months ended March 31, 2020 was $7,611. There were no such expenses recorded for the three months ended March 31, 2021. |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss per Share Attributable to Common Stockholders | Net Loss per Share Attributable to Common Stockholders The following table presents the calculation of basic and diluted net loss per share: Three Months Ended March 31, 2021 2020 Numerator: Net loss attributable to common stockholders $ (3,339) $ (16,933) Denominator: Weighted average shares, in thousands, used to compute net loss per share, basic and diluted 49,432 39,945 Net loss per share attributable to common stockholders, basic and diluted $ (0.07) $ (0.42) Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: Three Months Ended March 31, 2021 2020 Series Seed — 12,517,832 Series A-1 — 17,995,460 Series B — 10,237,032 Series C — 4,721,905 Warrants 308,632 308,632 Stock Options 15,712,369 17,222,528 RSUs 2,063,088 — Total 18,084,089 63,003,389 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The computation of the provision for or benefit from income taxes for interim periods is determined by applying the estimated annual effective tax rate to year-to-date income (loss) before tax and adjusting for discrete tax items recorded in the period, if any. The Company recorded a tax expense of $996 and $748, which resulted in an effective tax rate of (42.5)% and (4.6)%, for the three months ended March 31, 2021 and 2020, respectively. The effective tax rate differs from the statutory rate primarily as a result of not recognizing deferred tax assets for U.S. losses due to a full valuation allowance against U.S. deferred tax assets. The provision for income taxes consists primarily of income taxes related to international jurisdictions in which the Company conducts business. Based on the available supporting evidence, including the amount and timing of future taxable income, the Company has concluded that it is more likely than not that a significant portion of the deferred tax assets will not be realized. As such, the Company maintains a full valuation allowance on its U.S. deferred tax assets. For the three months ended March 31, 2021 and 2020, uncertain tax positions recorded by the Company resulted in an expense of $68 and $333, respectively. To the extent the remaining uncertain tax positions are ultimately recognized, the Company’s effective tax rate may be impacted in future periods. The Company’s policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsDuring the three months ended March 31, 2020, the Company recorded $7,611 of stock-based compensation associated with secondary sales transactions. There were no such expenses recorded for the three months ended March 31, 2021. The secondary sales transactions were executed primarily between holders of economic interest in the Company and the Company’s employees and former employees at prices in excess of the fair value of such shares. Accordingly, the Company recognized such excess value as stock-based compensation. The Company did not sell any shares or receive any proceeds from the transactions. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation and Principles of ConsolidationThe accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”), the same basis as the audited consolidated financial statements included in the Company’s final prospectus for its IPO dated as of March 23, 2021 and filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, on March 24, 2021 (“Final Prospectus”). |
Principles of Consolidation | The condensed consolidated financial statements include the accounts of DigitalOcean Holdings, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | The preparation of these condensed consolidated financial statements in conformity with U.S. GAAP requires management to make, on an ongoing basis, estimates, judgments and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Such estimates include, but are not limited to, those related to revenue recognition, accounts receivable and related reserves, useful lives and realizability of long lived assets, capitalized internal-use software development costs, assumptions used in the valuation of warrants, accounting for stock-based compensation, and valuation allowances against deferred tax assets. Management bases its estimates on historical experience and on various other assumptions which management believes to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. |
Restricted Cash | Restricted cash includes deposits in financial institutions related to letters of credit used to secure lease agreements. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts receivable primarily represents revenue recognized that was not invoiced at the balance sheet date and is primarily billed and collected in the following month. Trade accounts receivable are carried at the original invoiced amount less an estimated allowance for doubtful accounts based on the probability of future collection. Management determines the adequacy of the allowance based on historical loss patterns, the number of days that customer invoices are past due and an evaluation of the potential risk of loss associated with specific accounts. When management becomes aware of circumstances that may further decrease the likelihood of collection, it records a specific allowance against amounts due, which reduces the receivable to the amount that management reasonably believes will be collected. The Company records changes in the estimate to the allowance for doubtful accounts through bad debt expense and reverses the allowance after the potential for recovery is considered remote. |
Deferred Revenue | Deferred revenue was $4,920 and $4,873 as of March 31, 2021 and December 31, 2020, respectively. Revenue recognized during the three months ended March 31, 2021 and 2020 was $1,725 and $1,444, respectively, which was included in each deferred revenue balance at the beginning of each respective period. |
Segment Information | The Company’s chief operating decision maker, the chief executive officer, reviews discrete financial information presented on a consolidated basis for purposes of regularly making operating decisions, allocation of resources, and assessing financial performance. Accordingly, the Company has one operating and reporting segment. |
Concentration of Credit Risk | The amounts reflected in the condensed consolidated balance sheets for cash and cash equivalents, restricted cash, and trade accounts receivable are exposed to concentrations of credit risk. Although the Company maintains cash and cash equivalents with multiple financial institutions, the deposits, at times, may exceed federally insured limits. The Company believes that the financial institutions that hold its cash and cash equivalents are financially sound and, accordingly, minimal credit risk exists with respect to these balances. The Company’s customer base consists of a significant number of geographically dispersed customers. |
Recent Accounting Pronouncements – Pending Adoption | The following effective dates represent the requirements for private companies which the Company has elected as an emerging growth company. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-02, Leases (Topic 842), and additional changes, modifications, clarifications, or interpretations related to this guidance thereafter (“ASU 2016-02”). ASU 2016-02 requires a reporting entity to recognize right-of-use assets and lease liabilities on the balance sheet for operating leases to increase transparency and comparability. ASU 2016-02 is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022 with early adoption permitted. The Company will record a right of use asset and liability, and is currently evaluating the impact of adoption on the condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, with subsequent amendments, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires immediate recognition of management’s estimates of current expected credit losses. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2022, and interim periods within annual periods beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of adoption on the condensed consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 eliminates certain exceptions in FASB Topic 740: Income Taxes (“ASC 740”) related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact of adoption on the condensed consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Reconciliation of Cash and Cash Equivalents | The following table reconciles cash, cash equivalents and restricted cash per the Condensed Consolidated Statements of Cash Flows: March 31, 2021 2020 Cash and cash equivalents $ 560,053 $ 91,023 Restricted cash 2,226 2,415 Total cash, cash equivalents and restricted cash $ 562,279 $ 93,438 |
Reconciliation of Restricted Cash | The following table reconciles cash, cash equivalents and restricted cash per the Condensed Consolidated Statements of Cash Flows: March 31, 2021 2020 Cash and cash equivalents $ 560,053 $ 91,023 Restricted cash 2,226 2,415 Total cash, cash equivalents and restricted cash $ 562,279 $ 93,438 |
Disclosure of Changes in Allowance for Doubtful Accounts | The following table presents the changes in our allowance for doubtful accounts for the period presented: Amount Balance as of December 31, 2020 $ 3,104 Bad debt expense, net of recoveries 1,607 Write-offs (1,818) Balance as of March 31, 2021 $ 2,893 |
Revenue by Geographic Areas | Revenue, as determined based on the billing address of the Company’s customers, was as follows: Three Months Ended March 31, 2021 2020 North America 38 % 37 % Europe 29 28 Asia 23 25 Other 10 10 Total 100 % 100 % |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: March 31, 2021 December 31, 2020 Computers and equipment $ 461,106 $ 442,778 Furniture and fixtures 1,511 1,511 Leasehold improvements 6,820 6,820 Internal-use software 63,072 61,640 Property and equipment, gross $ 532,509 $ 512,749 Less: accumulated amortization $ (39,843) $ (36,186) Less: accumulated depreciation (249,944) (237,607) Property and equipment, net $ 242,722 $ 238,956 |
Schedule of Accrued and Other Expenses | Accrued other expenses consisted of the following: March 31, 2021 December 31, 2020 Accrued bonuses $ 2,975 $ 12,512 Accrued capital expenditures 6,007 8,478 Other accrued expenses 7,774 6,035 Total accrued other expenses $ 16,756 $ 27,025 |
Schedule of Other Current Liabilities | Other current liabilities consisted of the following: March 31, 2021 December 31, 2020 Accrued taxes $ 8,457 $ 7,758 Warrant liability — 14,463 Other 767 765 Total other current liabilities $ 9,224 $ 22,986 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt consisted of the following: March 31, 2021 December 31, 2020 Credit Facility Term Loan (1) $ — $ 165,051 Revolving Credit Facility — 63,200 Notes payable — 31,432 Total debt $ — $ 259,683 Less: current portion Credit Facility $ — $ (7,438) Notes payable — (10,030) Current portion of long-term debt — (17,468) Total long-term debt $ — $ 242,215 ___________________ (1) Amount is net of unamortized discount and debt issuance costs of $1,761 as of December 31, 2020. |
Operating Leases (Tables)
Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Maturities of Operating Leases | As of March 31, 2021, future minimum rental payments under operating lease agreements were as follows: 2021 (nine months remaining) $ 32,044 2022 27,935 2023 21,567 2024 20,084 2025 3,284 Thereafter — Total minimum operating lease payments $ 104,914 |
Stockholders_ Equity (Deficit)
Stockholders’ Equity (Deficit) (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Stock by Class | The Company is authorized to reserve shares of common stock for potential conversion as follows: March 31, 2021 December 31, 2020 Series Seed preferred stock — 12,517,832 Series A-1 preferred stock (1) — 18,304,108 Series B preferred stock — 10,237,032 Series C preferred stock — 4,721,905 Common stock warrants 308,632 — Stock Plan 30,930,000 34,821,642 Employee Stock Purchase Plan 2,200,000 — Total number of shares for common stock reserved 33,438,632 80,602,519 ___________________ (1) Amount includes 308,632 shares of common stock held in reserve for the redeemable convertible preferred stock warrants which was converted to common stock warrants upon the completion of the IPO. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | Stock option activity for the three months ended March 31, 2021 was as follows: Number of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Life in Years Aggregate Intrinsic Value Outstanding at January 1, 2021 16,933,494 $ 6.73 8.44 $ 596,767 Granted — — Exercised (1,033,806) 3.62 Forfeited or cancelled (187,319) 7.41 Outstanding at March 31, 2021 15,712,369 6.93 8.28 $ 553,126 Vested and exercisable at March 31, 2021 5,904,466 4.81 7.53 220,334 Vested and unvested expected to vest at March 31, 2021 12,363,498 $ 6.39 8.13 $ 441,818 |
Schedule of RSU Activity | RSU activity for the three months ended March 31, 2021 was as follows: Shares Weighted-Average Fair Value Unvested balance at January 1, 2021 413,750 $ 13.69 Granted 1,654,338 41.97 Forfeited or cancelled (5,000) 41.97 Unvested balance at March 31, 2021 2,063,088 36.30 Vested and expected to vest at March 31, 2021 1,056,761 $ 35.50 |
Summary of Stock-Based Compensation Expenses | Stock-based compensation was included in the Condensed Consolidated Statements of Operations as follows: Three Months Ended March 31, 2021 2020 Cost of revenue $ 196 $ 24 Research and development 2,636 2,221 Sales and marketing 1,137 226 General and administrative 2,655 6,911 Total $ 6,624 $ 9,382 |
Net Loss per Share Attributab_2
Net Loss per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Net Loss Per Share, Basic and Diluted | The following table presents the calculation of basic and diluted net loss per share: Three Months Ended March 31, 2021 2020 Numerator: Net loss attributable to common stockholders $ (3,339) $ (16,933) Denominator: Weighted average shares, in thousands, used to compute net loss per share, basic and diluted 49,432 39,945 Net loss per share attributable to common stockholders, basic and diluted $ (0.07) $ (0.42) |
Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share | Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: Three Months Ended March 31, 2021 2020 Series Seed — 12,517,832 Series A-1 — 17,995,460 Series B — 10,237,032 Series C — 4,721,905 Warrants 308,632 308,632 Stock Options 15,712,369 17,222,528 RSUs 2,063,088 — Total 18,084,089 63,003,389 |
Nature of the Business and Or_2
Nature of the Business and Organization (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 26, 2021 | Mar. 31, 2021 |
Common Stock | ||
Subsidiary, Sale of Stock [Line Items] | ||
Conversion of convertible preferred stock in common stock (in shares) | 45,472,229 | |
IPO | ||
Subsidiary, Sale of Stock [Line Items] | ||
Sale of stock, shares issued in transaction (in shares) | 16,500,000 | |
Sale of stock, price per share (in dollars per share) | $ 47 | |
Consideration received on transaction | $ 723,125 | |
Deferred offering costs reclassified into stockholders' equity | $ 1,403 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 560,053 | $ 100,311 | $ 91,023 | |
Restricted cash | 2,226 | 2,415 | ||
Total cash, cash equivalents and restricted cash | $ 562,279 | $ 102,537 | $ 93,438 | $ 35,886 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Disclosure of Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance as of December 31, 2020 | $ 3,104 | |
Bad debt expense, net of recoveries | 1,607 | $ 2,654 |
Write-offs | (1,818) | |
Balance as of March 31, 2021 | $ 2,893 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2021USD ($)segment | Mar. 31, 2020USD ($) |
Accounting Policies [Abstract] | ||||
Deferred revenue | $ | $ 4,920 | $ 4,873 | $ 4,920 | |
Revenue recognized during period | $ | $ 1,725 | $ 1,444 | ||
Number of operating segments | segment | 1 | |||
Number of reportable segments | segment | 1 | |||
Geographic Concentration Risk | Revenue from Contract with Customer Benchmark | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 100.00% | 100.00% | ||
U.S. | Geographic Concentration Risk | Revenue from Contract with Customer Benchmark | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 31.00% | 30.00% | ||
U.S. | Geographic Concentration Risk | Property and Equipment | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 47.00% | 48.00% |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Revenue by Geographic Areas (Details) - Geographic Concentration Risk - Revenue from Contract with Customer Benchmark | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration risk, percentage | 100.00% | 100.00% |
North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration risk, percentage | 38.00% | 37.00% |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration risk, percentage | 29.00% | 28.00% |
Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration risk, percentage | 23.00% | 25.00% |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration risk, percentage | 10.00% | 10.00% |
Balance Sheet Details - Schedul
Balance Sheet Details - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 532,509 | $ 512,749 | |
Less: accumulated amortization | (39,843) | (36,186) | |
Less: accumulated depreciation | (249,944) | (237,607) | |
Property and equipment, net | 242,722 | $ 238,956 | 238,956 |
Computers and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 461,106 | 442,778 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,511 | 1,511 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 6,820 | 6,820 | |
Internal-use software | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 63,072 | $ 61,640 |
Balance Sheet Details - Narrati
Balance Sheet Details - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Depreciation | $ 17,219 | $ 14,476 |
Capitalized computer software, additions | 1,432 | 4,056 |
Amortization expense related to internal-use software | 3,657 | 2,842 |
Impairment loss | $ 0 | $ 538 |
Balance Sheet Details - Summary
Balance Sheet Details - Summary of Accrued Other Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued bonuses | $ 2,975 | $ 12,512 |
Accrued capital expenditures | 6,007 | 8,478 |
Other Accrued Liabilities, Current | 7,774 | 6,035 |
Total accrued other expenses | $ 16,756 | $ 27,025 |
Balance Sheet Details - Summa_2
Balance Sheet Details - Summary of Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accrued taxes | $ 8,457 | $ 7,758 | |
Warrant liability | 0 | 14,463 | |
Other | 767 | 765 | |
Total other current liabilities | $ 9,224 | $ 22,986 | $ 22,986 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total debt | $ 0 | $ 259,683 |
Less: current portion | 0 | (17,468) |
Long-term debt | 0 | 242,215 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 165,051 |
Unamortized discount and debt issuance costs | 1,761 | |
Credit Facility | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 63,200 |
Less: current portion | 0 | (7,438) |
Notes payable | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 31,432 |
Less: current portion | $ 0 | $ (10,030) |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Instrument [Line Items] | ||
Loss on extinguishment of debt | $ 3,435 | $ 259 |
Interest expense | 2,256 | 3,516 |
Credit Facility | ||
Debt Instrument [Line Items] | ||
Available borrowing capacity | 150,000 | |
Commitment fees on unused balance | 67 | 67 |
Interest expense | 1,973 | 2,360 |
Notes payable | ||
Debt Instrument [Line Items] | ||
Loss on extinguishment of debt | 1,783 | |
Interest expense | 216 | $ 523 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Loss on extinguishment of debt | $ 1,652 |
Operating Leases - Additional I
Operating Leases - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating leases, rent expense | $ 3,055 | $ 3,134 |
Operating Leases - Maturities o
Operating Leases - Maturities of Operating Leases (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Leases [Abstract] | |
2021 (nine months remaining) | $ 32,044 |
2022 | 27,935 |
2022 | 21,567 |
2023 | 20,084 |
2024 | 3,284 |
Thereafter | 0 |
Total minimum operating lease payments | $ 104,914 |
Commitment and Contingencies (D
Commitment and Contingencies (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Letters of credit outstanding, amount | $ 2,226 | $ 2,226 |
Stockholders_ Equity (Deficit_2
Stockholders’ Equity (Deficit) - Common Stock (Details) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Common stock, shares authorized (in shares) | 750,000,000 | 111,400,000 |
Common stock, par value (in dollars per share) | $ 0.000025 | $ 0.000025 |
Stockholders_ Equity (Deficit_3
Stockholders’ Equity (Deficit) - Common Stock Reserved for Future Issuance (Details) - shares | Mar. 31, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuance (in shares) | 33,438,632 | 80,602,519 |
Stock Plan | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuance (in shares) | 30,930,000 | 34,821,642 |
Employee Stock Purchase Plan | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuance (in shares) | 2,200,000 | 0 |
Series Seed preferred stock | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuance (in shares) | 0 | 12,517,832 |
Series A-1 preferred stock | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuance (in shares) | 0 | 18,304,108 |
Series B preferred stock | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuance (in shares) | 0 | 10,237,032 |
Series C preferred stock | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuance (in shares) | 0 | 4,721,905 |
Common stock warrants | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuance (in shares) | 308,632 | 0 |
Redeemable Preferred Stock Warrant | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuance (in shares) | 308,632 |
Stockholders_ Equity (Deficit_4
Stockholders’ Equity (Deficit) - Preferred Stock (Details) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Preferred stock, shares authorized (in shares) | 10,000,000 | 0 |
Preferred stock, par value (in dollars per share) | $ 0.000025 | $ 0.000025 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Stockholders_ Equity (Deficit_5
Stockholders’ Equity (Deficit) - Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands | Mar. 23, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | |||||
Conversion of convertible preferred stock to common stock in connection with initial public offering (in shares) | 45,472,229 | ||||
Conversion of convertible preferred stock | $ 173,074 | ||||
Redeemable convertible preferred stock, issued (in shares) | 0 | ||||
Redeemable convertible preferred stock, outstanding (in shares) | 0 | 45,472,229 | 40,750,324 | 40,750,324 | |
Common Stock | |||||
Class of Stock [Line Items] | |||||
Conversion of convertible preferred stock | $ 173,074 |
Stockholders_ Equity (Deficit_6
Stockholders’ Equity (Deficit) - Common Stock Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||||
Apr. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 26, 2021 | Dec. 31, 2020 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | |||||||
Number of shares called by warrants (in shares) | 66,668 | 241,964 | |||||
Exercise price of shares called by warrants (in dollars per share) | $ 1.50 | $ 2.0663 | |||||
Shares of common stock reserved for future issuance (in shares) | 33,438,632 | 80,602,519 | |||||
Warrants, term | 10 years | ||||||
Gain on remeasurement of warrants | $ 556 | $ (3) | |||||
Subsequent Event | Common Stock | Warrants Exercised | |||||||
Class of Stock [Line Items] | |||||||
Exercise price of shares called by warrants (in dollars per share) | $ 42.75 | ||||||
Conversion of stock, shares issued (in shares) | 64,328 | ||||||
IPO | |||||||
Class of Stock [Line Items] | |||||||
Sale of stock, price per share (in dollars per share) | $ 47 |
Stockholders_ Equity (Deficit_7
Stockholders’ Equity (Deficit) - Treasury Stock (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Treasury stock, shares (in shares) | 1,968,228 | 1,968,228 |
Treasury Stock, Value | $ 4,598 | $ 4,598 |
Stock-Based Compensation - Equi
Stock-Based Compensation - Equity Incentive Plan (Details) - shares | Mar. 31, 2021 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved for future issuance (in shares) | 33,438,632 | 80,602,519 |
2021 Stock Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate number of shares of common stock provided for grant (in shares) | 30,930,000 | |
Shares of common stock reserved for future issuance (in shares) | 30,930,000 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options, exercised in period, intrinsic value | $ 39,650 | $ 4,630 | |
Stock options, granted in period, weighted average grant date fair value (in dollars per share) | $ 3.27 | ||
Options, granted, number (in shares) | 0 | ||
Stock options, granted in period, aggregate estimated fair value | $ 4,998 | $ 1,618 | |
Stock options, unrecognized stock-based compensation expense | $ 36,363 | $ 36,363 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options, expiration period | 10 years | ||
Stock options, vesting period | 4 years | ||
Stock options, unrecognized stock-based compensation expense, average recognition period | 3 years 1 month 9 days |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 |
Number of Options Outstanding | |||
Options, outstanding number at beginning of period (in shares) | 16,933,494 | ||
Options, granted, number (in shares) | 0 | ||
Options, exercised, number (in shares) | (1,033,806) | ||
Options, forfeited or cancelled, number (in shares) | (187,319) | ||
Options, outstanding number at end of period (in shares) | 15,712,369 | 16,933,494 | 15,712,369 |
Options, vested and exercisable, number (in shares) | 5,904,466 | 5,904,466 | |
Options, vested and unvested expected to vest, number (in shares) | 12,363,498 | 12,363,498 | |
Weighted-Average Exercise Price | |||
Options, outstanding, weighted average exercise price at beginning of period (in dollars per share) | $ 6.73 | ||
Options, granted, weighted average exercise price (in dollars per share) | 0 | ||
Options, exercised, weighted average exercise price (in dollars per share) | 3.62 | ||
Options, forfeited or cancelled, weighted average exercise price (in dollars per share) | 7.41 | ||
Options, outstanding, weighted average exercise price at end of period (in dollars per share) | $ 6.93 | $ 6.73 | 6.93 |
Options, vested and exercisable, weighted average exercise price (in dollars per share) | 4.81 | 4.81 | |
Options, vested and unvested expected to vest, weighted average exercise price (in dollars per share) | $ 6.39 | $ 6.39 | |
Options, outstanding, weighted average remaining life (in years) | 8 years 3 months 10 days | 8 years 5 months 8 days | |
Options, vested and exercisable, weighted average remaining life (in years) | 7 years 6 months 10 days | ||
Options, vested and unvested expected to vest, weighted average remaining life (in years) | 8 years 1 month 17 days | ||
Options, outstanding, intrinsic value | $ 553,126 | $ 596,767 | $ 553,126 |
Options, vested and exercisable, intrinsic value | 220,334 | 220,334 | |
Stock options, granted in period, aggregate estimated fair value | $ 441,818 | $ 441,818 |
Stock-Based Compensation - RSU_
Stock-Based Compensation - RSU’s (Details) - RSUs $ in Thousands | Mar. 31, 2021USD ($) | Mar. 31, 2021USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSU's, vesting period | 4 years | |
RSU's, unrecognized stock-based compensation expense | $ 35,537 | $ 35,537 |
RSU's, unrecognized stock-based compensation expense, average recognition period | 3 years 9 months 18 days |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of RSU Activity (Details) - RSUs | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Shares | |
RSU, unvested, number at beginning of period (in shares) | shares | 413,750 |
RSU, granted, number (in shares) | shares | 1,654,338 |
RSU, forfeited or cancelled, number (in shares) | shares | (5,000) |
RSU, unvested, number at end of period (in shares) | shares | 2,063,088 |
Weighted-Average Fair Value | |
RSU, unvested, weighted average grant date fair value at beginning of period (in dollars per share) | $ / shares | $ 13.69 |
RSU, granted, weighted average grant date fair value (in dollars per share) | $ / shares | 41.97 |
RSU, forfeited or cancelled, weighted average grant date fair value (in dollars per share) | $ / shares | 41.97 |
RSU, unvested, weighted average grant date fair value at end of period (in dollars per share) | $ / shares | $ 36.30 |
RSU, vested and expected to vest, number (in shares) | shares | 1,056,761 |
RSU, vested and expected to vest, weighted average grant date fair value (in dollars per share) | $ / shares | $ 35.50 |
Stock-Based Compensation - Empl
Stock-Based Compensation - Employee Stock Purchase Plan (Details) - $ / shares | 1 Months Ended | |
Mar. 31, 2021 | Mar. 26, 2021 | |
IPO | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Sale of stock, price per share (in dollars per share) | $ 47 | |
2021 Employee Stock Purchase Plan | Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock authorized for future issuance (in shares) | 2,200,000 | |
Shares of common stock reserved for future issuance, number available for grant (in shares) | 2,200,000 | |
Purchase price of common stock, percent | 85.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 6,624 | $ 9,382 |
Cost of revenue | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 196 | 24 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 2,636 | 2,221 |
Sales and marketing | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 1,137 | 226 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 2,655 | $ 6,911 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 6,624 | $ 9,382 |
Current and former employees | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 0 | $ 7,611 |
Net Loss per Share Attributab_3
Net Loss per Share Attributable to Common Stockholder - Schedule of Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator | ||
Net loss attributable to common stockholders, basic | $ (3,339) | $ (16,933) |
Net loss attributable to common stockholders, diluted | $ (3,339) | $ (16,933) |
Denominator | ||
Weighted average shares used to compute net loss per share, basic (in shares) | 49,432,000 | 39,945,000 |
Weighted average shares used to compute net loss per share, diluted (in shares) | 49,432,000 | 39,945,000 |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.07) | $ (0.42) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.07) | $ (0.42) |
Net Loss per Share Attributab_4
Net Loss per Share Attributable to Common Stockholder - Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of loss per share, amount (in shares) | 18,084,089 | 63,003,389 |
Series Seed preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of loss per share, amount (in shares) | 0 | 12,517,832 |
Series A-1 preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of loss per share, amount (in shares) | 0 | 17,995,460 |
Series B preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of loss per share, amount (in shares) | 0 | 10,237,032 |
Series C preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of loss per share, amount (in shares) | 0 | 4,721,905 |
Common stock warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of loss per share, amount (in shares) | 308,632 | 308,632 |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of loss per share, amount (in shares) | 15,712,369 | 17,222,528 |
RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of loss per share, amount (in shares) | 2,063,088 | 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 996 | $ 748 |
Effective income tax rate | (42.50%) | (4.60%) |
Uncertain tax positions expense | $ 68 | $ 333 |
Related Party Disclosures (Deta
Related Party Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Stock-based compensation expense | $ 6,624 | $ 9,382 |
Current and former employees | ||
Related Party Transaction [Line Items] | ||
Stock-based compensation expense | $ 0 | $ 7,611 |