Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 23, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-38600 | |
Entity Registrant Name | TENABLE HOLDINGS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-5580846 | |
Entity Address, Address Line One | 7021 Columbia Gateway Drive | |
Entity Address, Address Line Two | Suite 500 | |
Entity Address, City or Town | Columbia | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 21046 | |
City Area Code | 410 | |
Local Phone Number | 872-0555 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | TENB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 103,115,371 | |
Entity Central Index Key | 0001660280 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 141,387 | $ 74,363 |
Short-term investments | 127,720 | 137,904 |
Accounts receivable (net of allowance for doubtful accounts of $314 and $764 at September 30, 2020 and December 31, 2019, respectively) | 87,502 | 94,827 |
Deferred commissions | 30,131 | 28,499 |
Prepaid expenses and other current assets | 34,236 | 27,369 |
Total current assets | 420,976 | 362,962 |
Property and equipment, net | 39,960 | 26,847 |
Deferred commissions (net of current portion) | 41,753 | 43,766 |
Operating lease right-of-use assets | 41,430 | 42,847 |
Acquired intangible assets, net | 13,771 | 15,508 |
Goodwill | 54,138 | 54,138 |
Other assets | 11,807 | 12,544 |
Total assets | 623,835 | 558,612 |
Current liabilities: | ||
Accounts payable and accrued expenses | 6,248 | 10,168 |
Accrued compensation | 28,244 | 36,634 |
Deferred revenue | 296,360 | 274,348 |
Operating lease liabilities | 6,312 | 5,209 |
Other current liabilities | 1,126 | 1,284 |
Total current liabilities | 338,290 | 327,643 |
Deferred revenue (net of current portion) | 93,842 | 88,779 |
Operating lease liabilities (net of current portion) | 55,645 | 40,663 |
Other liabilities | 4,931 | 2,622 |
Total liabilities | 492,708 | 459,707 |
Stockholders’ equity: | ||
Common stock (par value: $0.01; 500,000 shares authorized; 102,755 and 98,587 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively) | 1,028 | 986 |
Additional paid-in capital | 735,961 | 662,990 |
Accumulated other comprehensive income | 54 | 50 |
Accumulated deficit | (605,916) | (565,121) |
Total stockholders’ equity | 131,127 | 98,905 |
Total liabilities and stockholders’ equity | $ 623,835 | $ 558,612 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 314 | $ 764 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 102,755,000 | 98,587,000 |
Common stock, shares outstanding (in shares) | 102,755,000 | 98,587,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenue | $ 112,282 | $ 91,852 | $ 322,139 | $ 257,537 |
Cost of revenue | 19,394 | 15,245 | 57,237 | 42,389 |
Gross profit | 92,888 | 76,607 | 264,902 | 215,148 |
Operating expenses: | ||||
Sales and marketing | 53,045 | 56,699 | 168,343 | 165,403 |
Research and development | 25,128 | 20,763 | 77,269 | 64,396 |
General and administrative | 18,180 | 17,472 | 54,992 | 48,595 |
Total operating expenses | 96,353 | 94,934 | 300,604 | 278,394 |
Loss from operations | (3,465) | (18,327) | (35,702) | (63,246) |
Interest (expense) income, net | (12) | 1,527 | 1,177 | 4,677 |
Other expense, net | (561) | (240) | (1,819) | (576) |
Loss before income taxes | (4,038) | (17,040) | (36,344) | (59,145) |
Provision for income taxes | 1,820 | 600 | 4,451 | 1,563 |
Net loss | $ (5,858) | $ (17,640) | $ (40,795) | $ (60,708) |
Net loss per share, basic and diluted (in usd per share) | $ (0.06) | $ (0.18) | $ (0.41) | $ (0.64) |
Weighted-average shares used to compute net loss per share, basic and diluted (in shares) | 101,736 | 96,709 | 100,272 | 95,433 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (5,858) | $ (17,640) | $ (40,795) | $ (60,708) |
Other comprehensive (loss) income, net of tax: | ||||
Unrealized (losses) gains on available-for-sale securities | (95) | (20) | 4 | 60 |
Other comprehensive (loss) income | (95) | (20) | 4 | 60 |
Comprehensive loss | $ (5,953) | $ (17,660) | $ (40,791) | $ (60,648) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit |
Balance (in shares) at Dec. 31, 2018 | 93,126 | ||||
Balance at Dec. 31, 2018 | $ 121,763 | $ 931 | $ 586,940 | $ 0 | $ (466,108) |
Increase (Decrease) in Stockholders' Deficit [Roll Forward] | |||||
Exercise of stock options (in shares) | 3,625 | ||||
Exercise of stock options | 15,448 | $ 36 | 15,412 | ||
Vesting of restricted stock units (in shares) | 432 | ||||
Vesting of restricted stock units | 0 | $ 5 | (5) | ||
Issuance of common stock under employee stock purchase plan (in shares) | 777 | ||||
Issuance of common stock under employee stock purchase plan | 15,129 | $ 8 | 15,121 | ||
Stock-based compensation | 31,496 | 31,496 | |||
Other comprehensive income (loss) | 60 | 60 | |||
Net loss | (60,708) | (60,708) | |||
Balance (in shares) at Sep. 30, 2019 | 97,960 | ||||
Balance at Sep. 30, 2019 | 123,188 | $ 980 | 648,964 | 60 | (526,816) |
Balance (in shares) at Jun. 30, 2019 | 96,808 | ||||
Balance at Jun. 30, 2019 | 120,959 | $ 968 | 629,087 | 80 | (509,176) |
Increase (Decrease) in Stockholders' Deficit [Roll Forward] | |||||
Exercise of stock options (in shares) | 383 | ||||
Exercise of stock options | 2,721 | $ 4 | 2,717 | ||
Vesting of restricted stock units (in shares) | 431 | ||||
Vesting of restricted stock units | 0 | $ 5 | (5) | ||
Issuance of common stock under employee stock purchase plan (in shares) | 338 | ||||
Issuance of common stock under employee stock purchase plan | 6,550 | $ 3 | 6,547 | ||
Stock-based compensation | 10,618 | 10,618 | |||
Other comprehensive income (loss) | (20) | (20) | |||
Net loss | (17,640) | (17,640) | |||
Balance (in shares) at Sep. 30, 2019 | 97,960 | ||||
Balance at Sep. 30, 2019 | $ 123,188 | $ 980 | 648,964 | 60 | (526,816) |
Balance (in shares) at Dec. 31, 2019 | 98,587 | 98,587 | |||
Balance at Dec. 31, 2019 | $ 98,905 | $ 986 | 662,990 | 50 | (565,121) |
Increase (Decrease) in Stockholders' Deficit [Roll Forward] | |||||
Exercise of stock options (in shares) | 2,366 | 2,366 | |||
Exercise of stock options | $ 15,782 | $ 24 | 15,758 | ||
Vesting of restricted stock units (in shares) | 1,134 | ||||
Vesting of restricted stock units | 0 | $ 11 | (11) | ||
Issuance of common stock under employee stock purchase plan (in shares) | 668 | ||||
Issuance of common stock under employee stock purchase plan | 13,040 | $ 7 | 13,033 | ||
Stock-based compensation | 44,191 | 44,191 | |||
Other comprehensive income (loss) | 4 | 4 | |||
Net loss | $ (40,795) | (40,795) | |||
Balance (in shares) at Sep. 30, 2020 | 102,755 | 102,755 | |||
Balance at Sep. 30, 2020 | $ 131,127 | $ 1,028 | 735,961 | 54 | (605,916) |
Balance (in shares) at Jun. 30, 2020 | 101,127 | ||||
Balance at Jun. 30, 2020 | 111,168 | $ 1,011 | 710,066 | 149 | (600,058) |
Increase (Decrease) in Stockholders' Deficit [Roll Forward] | |||||
Exercise of stock options (in shares) | 772 | ||||
Exercise of stock options | 4,808 | $ 8 | 4,800 | ||
Vesting of restricted stock units (in shares) | 566 | ||||
Vesting of restricted stock units | 0 | $ 6 | (6) | ||
Issuance of common stock under employee stock purchase plan (in shares) | 290 | ||||
Issuance of common stock under employee stock purchase plan | 5,733 | $ 3 | 5,730 | ||
Stock-based compensation | 15,371 | 15,371 | |||
Other comprehensive income (loss) | (95) | (95) | |||
Net loss | $ (5,858) | (5,858) | |||
Balance (in shares) at Sep. 30, 2020 | 102,755 | 102,755 | |||
Balance at Sep. 30, 2020 | $ 131,127 | $ 1,028 | $ 735,961 | $ 54 | $ (605,916) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (40,795) | $ (60,708) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 7,980 | 4,604 |
Stock-based compensation | 44,001 | 31,191 |
Other | 1,009 | (787) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 7,774 | (13,309) |
Prepaid expenses and other current assets | (6,690) | 820 |
Deferred commissions | 381 | (5,089) |
Other assets | 17,691 | (2,386) |
Accounts payable and accrued expenses | (3,873) | 3,892 |
Accrued compensation | (8,390) | (5,350) |
Deferred revenue | 27,075 | 39,472 |
Other current and noncurrent liabilities | 135 | (22) |
Net cash provided by (used in) operating activities | 46,298 | (7,672) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (19,073) | (10,262) |
Purchases of short-term investments | (157,557) | (179,703) |
Sales and maturities of short-term investments | 168,175 | 174,485 |
Net cash used in investing activities | (8,455) | (15,480) |
Cash flows from financing activities: | ||
Proceeds from loan agreement | 2,000 | 0 |
Principal payments under finance lease obligations | (11) | (12) |
Credit facility issuance costs | (333) | 0 |
Proceeds from stock issued in connection with the employee stock purchase plan | 13,040 | 15,129 |
Proceeds from the exercise of stock options | 15,782 | 15,448 |
Net cash provided by financing activities | 30,478 | 30,565 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (1,359) | (1,226) |
Net increase in cash and cash equivalents and restricted cash | 66,962 | 6,187 |
Cash and cash equivalents and restricted cash at beginning of period | 74,665 | 165,378 |
Cash and cash equivalents and restricted cash at end of period | 141,627 | 171,565 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 254 | 73 |
Cash paid for income taxes | 4,195 | 1,507 |
Supplemental cash flow information related to leases: | ||
Operating cash payments for operating leases | $ 3,916 | $ 3,297 |
Business and Summary of Signifi
Business and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Summary of Significant Accounting Policies | Business and Summary of Significant Accounting Policies Business Description Tenable Holdings, Inc. (the “Company,” “we,” "us," or “our”) is a provider of Cyber Exposure solutions, which is a discipline for managing, measuring and comparing cybersecurity risk in the digital era. Our enterprise software platform enables broad visibility into an organization’s cyber exposure across the modern attack surface and deep insights that help organizations translate technical data into business insights to understand and reduce their cybersecurity risk. Basis of Presentation The accompanying consolidated financial statements include the accounts of Tenable Holdings, Inc. and our wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“GAAP”) for interim financial information. The consolidated statements are unaudited and should be read in conjunction with the consolidated financial statements and related notes included in our 2019 Annual Report on Form 10-K ("10-K") filed with the Securities and Exchange Commission on February 28, 2020. The consolidated financial statements have been prepared on a basis consistent with the audited annual consolidated financial statements included in the 10-K and, in the opinion of management, include all adjustments of a normal recurring nature necessary to fairly state our financial position, our results of operations, and cash flows. The results for the nine months ended September 30, 2020 are not necessarily indicative of the operating results expected for the year ending December 31, 2020 or any other future period. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates include, but are not limited to, the determination of the estimated economic life of perpetual licenses for revenue recognition, the estimated period of benefit for deferred commissions, the useful lives of long-lived assets, the fair value of acquired intangible assets, the valuation of stock-based compensation, including the estimated underlying fair value of our common stock prior to our IPO, the incremental borrowing rate for operating leases, and the valuation of deferred tax assets. We base these estimates on historical experience and on various other assumptions that we believe to be reasonable. Actual results could differ significantly from these estimates. Significant Accounting Policies Our significant accounting policies are described in our 10-K. During the nine months ended September 30, 2020, there were no material changes to our significant accounting policies other than those described below. Recently Adopted Accounting Pronouncements We adopted Accounting Standards Update ("ASU") No. 2016-13 — Financial Instruments-Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments, effective January 1, 2020 using the modified retrospective approach. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements. The new standard replaces the previous incurred loss impairment methodology with a methodology that reflects current expected credit losses for financial assets, including trade receivables, which are not measured at fair value, through net income. Under the new standard, our allowance for doubtful accounts reflects our best estimate of expected future credit losses based on various factors, including our historical collection experience, age of accounts receivable balances, current conditions, reasonable and supportable forecasts of future economic conditions, as well as |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Disaggregation of Revenue The following table presents a summary of revenue: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Subscription revenue $ 96,792 $ 75,503 $ 275,192 $ 209,610 Perpetual license and maintenance revenue 12,448 13,797 38,046 40,877 Professional services and other revenue 3,042 2,552 8,901 7,050 Revenue $ 112,282 $ 91,852 $ 322,139 $ 257,537 Concentrations We sell and market our products and services through our field sales force that works closely with our channel partners, which includes a network of distributors and resellers, in developing sales opportunities. We use a two-tiered channel model whereby we sell our products and services to our distributors, which in turn sell to resellers, which then sell to end-users. We derived 92%, 91%, 91% and 90% of revenue through our channel network in the three months ended September 30, 2020 and 2019 and the nine months ended September 30, 2020 and 2019, respectively. One of our distributors accounted for 43% of revenue in each of the three and nine months ended September 30, 2020 and 2019. That same distributor accounted for 42% and 40% of accounts receivable at September 30, 2020 and December 31, 2019, respectively. Contract Balances We generally bill our customers in advance and accounts receivable are recorded when we have the right to invoice the customer. Contract liabilities consist of deferred revenue and include customer billings and payments received in advance of performance under the contract. In the three months ended September 30, 2020 and 2019 and the nine months ended September 30, 2020 and 2019, we recognized revenue of $102.8 million, $84.6 million, $235.2 million and $184.3 million, respectively, that was included in the deferred revenue balance at the beginning of each of the respective periods. Remaining Performance Obligations At September 30, 2020, the future estimated revenue related to unsatisfied performance obligations was $399.7 million, of which approximately 76% is expected to be recognized as revenue over the succeeding twelve months, and the remainder is expected to be recognized over the four years thereafter. Deferred Commissions The following summarizes the activity of deferred incremental costs of obtaining a contract: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Beginning balance $ 71,768 $ 61,866 $ 72,265 $ 59,434 Capitalization of contract acquisition costs 8,301 9,612 23,314 24,846 Amortization of deferred contract acquisition costs (8,185) (6,955) (23,695) (19,757) Ending balance $ 71,884 $ 64,523 $ 71,884 $ 64,523 |
Cash and Cash Equivalents and S
Cash and Cash Equivalents and Short-Term Investments | 9 Months Ended |
Sep. 30, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents and Short-Term Investments | Cash and Cash Equivalents and Short-Term Investments The following tables summarize the amortized cost, unrealized gain and loss and estimated fair value of cash equivalents and short-term investments: September 30, 2020 (in thousands) Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: Money market funds $ 51,409 $ — $ — $ 51,409 Total cash equivalents $ 51,409 $ — $ — $ 51,409 Short-term investments: Commercial paper $ 70,641 $ — $ — $ 70,641 Corporate bonds 11,741 28 — 11,769 U.S. Treasury and agency obligations 45,284 26 — 45,310 Total short-term investments $ 127,666 $ 54 $ — $ 127,720 December 31, 2019 (in thousands) Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: Money market funds $ 13,588 $ — $ — $ 13,588 Commercial paper 8,987 — — 8,987 Total cash equivalents $ 22,575 $ — $ — $ 22,575 Short-term investments: Commercial paper $ 61,371 $ — $ — $ 61,371 Corporate bonds 23,856 14 (1) 23,869 U.S. Treasury and agency obligations 52,627 38 (1) 52,664 Total short-term investments $ 137,854 $ 52 $ (2) $ 137,904 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We measure certain financial instruments at fair value using a fair value hierarchy. In the hierarchy, assets are classified based on the lowest level inputs used in valuation into the following categories: • Level 1 — Quoted prices in active markets for identical assets and liabilities; • Level 2 — Observable inputs including quoted market prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in inactive markets, or inputs that are corroborated by observable market data; and • Level 3 — Unobservable inputs. The following tables summarize assets that are measured at fair value on a recurring basis: September 30, 2020 (in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents Money market funds $ 51,409 $ — $ — $ 51,409 $ 51,409 $ — $ — $ 51,409 Short-term investments Commercial paper $ — $ 70,641 $ — $ 70,641 Corporate bonds — 11,769 — 11,769 U.S. Treasury and agency obligations — 45,310 — 45,310 $ — $ 127,720 $ — $ 127,720 December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents Money market funds $ 13,588 $ — $ — $ 13,588 Commercial paper — 8,987 — 8,987 $ 13,588 $ 8,987 $ — $ 22,575 Short-term investments Commercial paper $ — $ 61,371 $ — $ 61,371 Corporate bonds — 23,869 — 23,869 U.S. Treasury and agency obligations — 52,664 — 52,664 $ — $ 137,904 $ — $ 137,904 We did not have any liabilities measured and recorded at fair value at September 30, 2020 or December 31, 2019. |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consisted of the following: (in thousands) September 30, 2020 December 31, 2019 Computer software and equipment $ 23,327 $ 21,234 Furniture and fixtures 7,023 4,504 Leasehold improvements 29,951 16,953 Right-of-use assets under finance leases 1,571 1,866 Total 61,872 44,557 Less: accumulated depreciation and amortization (21,912) (17,710) Property and equipment, net $ 39,960 $ 26,847 Depreciation and amortization related to property and equipment was $2.1 million, $1.4 million, $6.1 million and $4.2 million in the three months ended September 30, 2020 and 2019 and the nine months ended September 30, 2020 and 2019, respectively. |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangible Assets | Goodwill and Acquired Intangible Assets On December 2, 2019, we acquired Indegy, Ltd and recorded $53.9 million of goodwill and $15.7 million of intangible assets. We have not yet finalized the allocation of the purchase price, which may change as additional information becomes available related to any working capital adjustment and income taxes. Acquired intangible assets subject to amortization are as follows: September 30, 2020 December 31, 2019 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired technology $ 17,325 $ (3,670) $ 13,655 $ 17,325 $ (2,009) $ 15,316 Trade name 200 (84) 116 200 (8) 192 $ 17,525 $ (3,754) $ 13,771 $ 17,525 $ (2,017) $ 15,508 Amortization of acquired intangible assets was $0.5 million , $0.1 million, $1.7 million and $0.4 million in the three months ended September 30, 2020 and 2019 and the nine months ended September 30, 2020 and 2019, respectively. At September 30, 2020, estimated future amortization of acquired intangible assets is as follows: (in thousands) Year ending December 31, 2020 (1) $ 577 2021 2,306 2022 2,214 2023 2,214 2024 2,214 Thereafter 4,246 Total $ 13,771 _______________ (1) Represents the three months ending December 31, 2020. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | Leases We have operating leases for office facilities and finance leases for computer and office equipment. The components of lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Operating lease cost $ 2,231 $ 1,763 $ 7,042 $ 3,844 Finance lease cost Amortization of ROU assets $ 49 $ 157 $ 235 $ 465 Interest on lease liabilities 2 2 5 5 Total finance lease cost $ 51 $ 159 $ 240 $ 470 Rent expense for short-term leases in the three and nine months ended September 30, 2020 and 2019 was not material. Supplemental information related to leases was as follows: September 30, 2020 December 31, 2019 Operating leases Weighted average remaining lease term 10.2 years 10.0 years Weighted average discount rate 5.6% 5.8% Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 ROU assets obtained in exchange for lease obligations Operating leases $ 2,484 $ 32,292 $ 3,188 $ 34,490 Finance leases — — — 11 During the three months ended September 30, 2020, we determined that we would not execute our option to terminate one of our operating leases that we previously assumed would be terminated in 2021. This resulted in recognizing $2.5 million of right-of use assets, with an offsetting increase to the lease liability. In the three and nine months ended September 30, 2020, we received proceeds from lease incentives of $5.6 million and $14.2 million, respectively. The proceeds from lease incentives received are included with the change in the right-of-use assets and lease liabilities under the Other assets caption in the operating activities section of the statement of cash flows. Maturities of operating lease liabilities at September 30, 2020 were as follows: (in thousands) Year ending December 31, 2020 (1) $ 1,211 2021 7,612 2022 7,945 2023 7,632 2024 7,786 Thereafter 51,879 Total lease payments 84,065 Less: Imputed interest (22,108) Total $ 61,957 _______________ (1) Represents the three months ending December 31, 2020. |
Leases | Leases We have operating leases for office facilities and finance leases for computer and office equipment. The components of lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Operating lease cost $ 2,231 $ 1,763 $ 7,042 $ 3,844 Finance lease cost Amortization of ROU assets $ 49 $ 157 $ 235 $ 465 Interest on lease liabilities 2 2 5 5 Total finance lease cost $ 51 $ 159 $ 240 $ 470 Rent expense for short-term leases in the three and nine months ended September 30, 2020 and 2019 was not material. Supplemental information related to leases was as follows: September 30, 2020 December 31, 2019 Operating leases Weighted average remaining lease term 10.2 years 10.0 years Weighted average discount rate 5.6% 5.8% Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 ROU assets obtained in exchange for lease obligations Operating leases $ 2,484 $ 32,292 $ 3,188 $ 34,490 Finance leases — — — 11 During the three months ended September 30, 2020, we determined that we would not execute our option to terminate one of our operating leases that we previously assumed would be terminated in 2021. This resulted in recognizing $2.5 million of right-of use assets, with an offsetting increase to the lease liability. In the three and nine months ended September 30, 2020, we received proceeds from lease incentives of $5.6 million and $14.2 million, respectively. The proceeds from lease incentives received are included with the change in the right-of-use assets and lease liabilities under the Other assets caption in the operating activities section of the statement of cash flows. Maturities of operating lease liabilities at September 30, 2020 were as follows: (in thousands) Year ending December 31, 2020 (1) $ 1,211 2021 7,612 2022 7,945 2023 7,632 2024 7,786 Thereafter 51,879 Total lease payments 84,065 Less: Imputed interest (22,108) Total $ 61,957 _______________ (1) Represents the three months ending December 31, 2020. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt In July 2020, we entered into a new $45.0 million senior secured credit facility (“2020 Credit Facility”) with Silicon Valley Bank in connection with the expiration of our $25.0 million revolving credit facility ("2017 Credit Facility"). The 2020 Credit Facility bears interest at either LIBOR plus 2%, with a 1% LIBOR floor, or the base rate plus 1%, and terminates on July 24, 2022. A commitment fee of 0.35% per annum is payable quarterly in arrears based on the unused portion. The 2020 Credit Facility includes a $45.0 million uncommitted expansion, including a $10.0 million sublimit for the issuance of letters of credit and a swingline sub-facility of up to $10.0 million, and has a financial covenant requiring a minimum consolidated quick ratio of at least 1.5:1.0 on the last day of each quarter.In the nine months ended September 30, 2020, there were no amounts outstanding under the 2020 Credit Facility or, prior to its expiration, the 2017 Credit Facility. At September 30, 2020, we were in compliance with the financial covenant and our borrowing capacity was reduced by $5.5 million related to standby letters of credit. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Under the evergreen provision in our 2018 Equity Incentive Plan ("2018 Plan"), in January 2020 we reserved an additional 4,929,361 shares of our common stock for issuance. At September 30, 2020, there were 17,836,584 shares available for grant under the 2018 Plan. Stock-based compensation expense included in the consolidated statements of operations was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Cost of revenue $ 826 $ 694 $ 2,403 $ 2,088 Sales and marketing 4,806 3,521 14,677 11,102 Research and development 3,953 2,124 10,794 6,595 General and administrative 5,715 4,160 16,127 11,406 Total stock-based compensation expense $ 15,300 $ 10,499 $ 44,001 $ 31,191 At September 30, 2020, the unrecognized stock-based compensation expense related to unvested restricted stock units was $115.3 million, which is expected to be recognized over an estimated remaining weighted average period of 3.0 years. At September 30, 2020, the unrecognized stock-based compensation expense related to outstanding stock options was $13.3 million, which is expected to be recognized over an estimated remaining weighted average period of 1.5 years. At September 30, 2020, the unrecognized stock-based compensation expense related to unvested awards of restricted stock was $0.4 million, which is expected to be recognized over an estimated remaining period of 0.3 years. Restricted Stock and Restricted Stock Units A summary of our restricted stock and restricted stock units activity is presented below: Restricted Stock Restricted Stock Units (in thousands, except for per share data) Number Weighted Number Weighted Unvested balance at December 31, 2019 495 $ 4.25 2,894 $ 26.34 Granted — — 3,453 28.01 Vested (297) 4.25 (1,134) 24.78 Forfeited — — (424) 26.70 Unvested balance at September 30, 2020 198 4.25 4,789 27.88 Stock Options A summary of our stock option activity is presented below: (in thousands, except for exercise prices and years) Number Weighted Weighted-Average Remaining Contractual Term (in years) Outstanding at December 31, 2019 12,939 $ 8.38 7.1 $ 201,608 Granted — — Exercised (2,366) 6.67 55,734 Forfeited/canceled (541) 10.80 Outstanding at September 30, 2020 10,032 8.65 6.6 291,925 Exercisable at September 30, 2020 6,281 6.62 6.3 195,518 At September 30, 2020, there were 10.0 million stock options that were vested and expected to vest. 2018 Employee Stock Purchase Plan Under the evergreen provision in our 2018 Employee Stock Purchase Plan ("2018 ESPP"), in January 2020 we reserved an additional 1,478,808 shares of our common stock for issuance. At September 30, 2020, there were 5,431,176 shares reserved for issuance under the 2018 ESPP. In the nine months ended September 30, 2020, employees purchased 667,719 shares of our common stock at a weighted average price of $19.53 per share, resulting in $13.0 million of cash proceeds. At September 30, 2020, there was $2.7 million of employee contributions to the 2018 ESPP included in accrued compensation. At September 30, 2020, the unrecognized stock-based compensation expense related to our 2018 ESPP was $5.9 million, which is expected to be recognized over the remaining weighted average period of 0.7 years. The fair value of the 2018 ESPP purchase rights was estimated on the offering or modification dates using a Black-Scholes option-pricing model and the following assumptions: Nine Months Ended September 30, 2020 2019 Expected term (in years) 0.5 — 2.0 0.5 — 2.0 Expected volatility 41.6% — 60.1% 34.4% — 44.6% Risk-free interest rate 0.1% — 0.9% 1.5% — 2.5% Expected dividend yield — — |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2020 2019 2020 2019 Net loss $ (5,858) $ (17,640) $ (40,795) $ (60,708) Weighted-average shares used to compute net loss per share 101,736 96,709 100,272 95,433 Net loss per share, basic and diluted $ (0.06) $ (0.18) $ (0.41) $ (0.64) The following potentially dilutive securities have been excluded from the diluted per share calculations because they would have been antidilutive: Three and Nine Months Ended September 30, (in thousands) 2020 2019 Stock options 10,032 13,942 Restricted stock units 4,789 2,860 Restricted shares 198 594 Shares to be issued under the 2018 ESPP 134 64 Total 15,153 17,460 |
Geographic Information
Geographic Information | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Geographic Information | Geographic Information We operate as one operating segment. Our Chief Executive Officer, who is our chief operating decision maker, reviews financial information on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. Revenue by region, based on the address of the end user as specified in our subscription, license or service agreements, was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Americas $ 74,569 $ 62,413 $ 215,829 $ 177,392 Europe, Middle East and Africa 26,193 19,968 74,385 56,123 Asia Pacific 11,520 9,471 31,925 24,022 Revenue $ 112,282 $ 91,852 $ 322,139 $ 257,537 Customers located in the United States accounted for 60%, 63%, 61% and 64% of revenue in the three months ended September 30, 2020 and 2019 and the nine months ended September 30, 2020 and 2019, respectively. No other country accounted for 10% or more of revenue in the periods presented. Our property and equipment, net by geographic area is summarized as follows: (in thousands) September 30, 2020 December 31, 2019 United States $ 36,126 $ 21,464 International 3,834 5,383 Property and equipment, net $ 39,960 $ 26,847 |
Business and Summary of Signi_2
Business and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidations | The accompanying consolidated financial statements include the accounts of Tenable Holdings, Inc. and our wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Basis of Accounting | The consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“GAAP”) for interim financial information. The consolidated statements are unaudited and should be read in conjunction with the consolidated financial statements and related notes included in our 2019 Annual Report on Form 10-K ("10-K") filed with the Securities and Exchange Commission on February 28, 2020. The consolidated financial statements have been prepared on a basis consistent with the audited annual consolidated financial statements included in the 10-K and, in the opinion of management, include all adjustments of a normal recurring nature necessary to fairly state our financial position, our results of operations, and cash flows. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates include, but are not limited to, the determination of the estimated economic life of perpetual licenses for revenue recognition, the estimated period of benefit for deferred commissions, the useful lives of long-lived assets, the fair value of acquired intangible assets, the valuation of stock-based compensation, including the estimated underlying fair value of our common stock prior to our IPO, the incremental borrowing rate for operating leases, and the valuation of deferred tax assets. We base these estimates on historical experience and on various other assumptions that we believe to be reasonable. Actual results could differ significantly from these estimates. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements We adopted Accounting Standards Update ("ASU") No. 2016-13 — Financial Instruments-Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments, effective January 1, 2020 using the modified retrospective approach. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements. The new standard replaces the previous incurred loss impairment methodology with a methodology that reflects current expected credit losses for financial assets, including trade receivables, which are not measured at fair value, through net income. Under the new standard, our allowance for doubtful accounts reflects our best estimate of expected future credit losses based on various factors, including our historical collection experience, age of accounts receivable balances, current conditions, reasonable and supportable forecasts of future economic conditions, as well as |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Summary of revenue | The following table presents a summary of revenue: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Subscription revenue $ 96,792 $ 75,503 $ 275,192 $ 209,610 Perpetual license and maintenance revenue 12,448 13,797 38,046 40,877 Professional services and other revenue 3,042 2,552 8,901 7,050 Revenue $ 112,282 $ 91,852 $ 322,139 $ 257,537 |
Activity of deferred contract costs | The following summarizes the activity of deferred incremental costs of obtaining a contract: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Beginning balance $ 71,768 $ 61,866 $ 72,265 $ 59,434 Capitalization of contract acquisition costs 8,301 9,612 23,314 24,846 Amortization of deferred contract acquisition costs (8,185) (6,955) (23,695) (19,757) Ending balance $ 71,884 $ 64,523 $ 71,884 $ 64,523 |
Cash and Cash Equivalents and_2
Cash and Cash Equivalents and Short-Term Investments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Summary of amortized cost, unrealized gain and loss and estimated fair value | The following tables summarize the amortized cost, unrealized gain and loss and estimated fair value of cash equivalents and short-term investments: September 30, 2020 (in thousands) Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: Money market funds $ 51,409 $ — $ — $ 51,409 Total cash equivalents $ 51,409 $ — $ — $ 51,409 Short-term investments: Commercial paper $ 70,641 $ — $ — $ 70,641 Corporate bonds 11,741 28 — 11,769 U.S. Treasury and agency obligations 45,284 26 — 45,310 Total short-term investments $ 127,666 $ 54 $ — $ 127,720 December 31, 2019 (in thousands) Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: Money market funds $ 13,588 $ — $ — $ 13,588 Commercial paper 8,987 — — 8,987 Total cash equivalents $ 22,575 $ — $ — $ 22,575 Short-term investments: Commercial paper $ 61,371 $ — $ — $ 61,371 Corporate bonds 23,856 14 (1) 23,869 U.S. Treasury and agency obligations 52,627 38 (1) 52,664 Total short-term investments $ 137,854 $ 52 $ (2) $ 137,904 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured at fair value on recurring basis | The following tables summarize assets that are measured at fair value on a recurring basis: September 30, 2020 (in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents Money market funds $ 51,409 $ — $ — $ 51,409 $ 51,409 $ — $ — $ 51,409 Short-term investments Commercial paper $ — $ 70,641 $ — $ 70,641 Corporate bonds — 11,769 — 11,769 U.S. Treasury and agency obligations — 45,310 — 45,310 $ — $ 127,720 $ — $ 127,720 December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents Money market funds $ 13,588 $ — $ — $ 13,588 Commercial paper — 8,987 — 8,987 $ 13,588 $ 8,987 $ — $ 22,575 Short-term investments Commercial paper $ — $ 61,371 $ — $ 61,371 Corporate bonds — 23,869 — 23,869 U.S. Treasury and agency obligations — 52,664 — 52,664 $ — $ 137,904 $ — $ 137,904 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | Property and equipment, net consisted of the following: (in thousands) September 30, 2020 December 31, 2019 Computer software and equipment $ 23,327 $ 21,234 Furniture and fixtures 7,023 4,504 Leasehold improvements 29,951 16,953 Right-of-use assets under finance leases 1,571 1,866 Total 61,872 44,557 Less: accumulated depreciation and amortization (21,912) (17,710) Property and equipment, net $ 39,960 $ 26,847 |
Goodwill and Acquired Intangi_2
Goodwill and Acquired Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of finite-lived intangible assets | Acquired intangible assets subject to amortization are as follows: September 30, 2020 December 31, 2019 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired technology $ 17,325 $ (3,670) $ 13,655 $ 17,325 $ (2,009) $ 15,316 Trade name 200 (84) 116 200 (8) 192 $ 17,525 $ (3,754) $ 13,771 $ 17,525 $ (2,017) $ 15,508 |
Schedule of finite-lived intangible assets, future amortization expense | At September 30, 2020, estimated future amortization of acquired intangible assets is as follows: (in thousands) Year ending December 31, 2020 (1) $ 577 2021 2,306 2022 2,214 2023 2,214 2024 2,214 Thereafter 4,246 Total $ 13,771 _______________ (1) Represents the three months ending December 31, 2020. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Components of lease expense and supplemental information | The components of lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Operating lease cost $ 2,231 $ 1,763 $ 7,042 $ 3,844 Finance lease cost Amortization of ROU assets $ 49 $ 157 $ 235 $ 465 Interest on lease liabilities 2 2 5 5 Total finance lease cost $ 51 $ 159 $ 240 $ 470 Supplemental information related to leases was as follows: September 30, 2020 December 31, 2019 Operating leases Weighted average remaining lease term 10.2 years 10.0 years Weighted average discount rate 5.6% 5.8% Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 ROU assets obtained in exchange for lease obligations Operating leases $ 2,484 $ 32,292 $ 3,188 $ 34,490 Finance leases — — — 11 |
Schedule of maturities of operating lease liabilities | Maturities of operating lease liabilities at September 30, 2020 were as follows: (in thousands) Year ending December 31, 2020 (1) $ 1,211 2021 7,612 2022 7,945 2023 7,632 2024 7,786 Thereafter 51,879 Total lease payments 84,065 Less: Imputed interest (22,108) Total $ 61,957 _______________ (1) Represents the three months ending December 31, 2020. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based compensation expense | Stock-based compensation expense included in the consolidated statements of operations was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Cost of revenue $ 826 $ 694 $ 2,403 $ 2,088 Sales and marketing 4,806 3,521 14,677 11,102 Research and development 3,953 2,124 10,794 6,595 General and administrative 5,715 4,160 16,127 11,406 Total stock-based compensation expense $ 15,300 $ 10,499 $ 44,001 $ 31,191 |
Summary of restricted stock and restricted stock units | A summary of our restricted stock and restricted stock units activity is presented below: Restricted Stock Restricted Stock Units (in thousands, except for per share data) Number Weighted Number Weighted Unvested balance at December 31, 2019 495 $ 4.25 2,894 $ 26.34 Granted — — 3,453 28.01 Vested (297) 4.25 (1,134) 24.78 Forfeited — — (424) 26.70 Unvested balance at September 30, 2020 198 4.25 4,789 27.88 |
Stock option activity | A summary of our stock option activity is presented below: (in thousands, except for exercise prices and years) Number Weighted Weighted-Average Remaining Contractual Term (in years) Outstanding at December 31, 2019 12,939 $ 8.38 7.1 $ 201,608 Granted — — Exercised (2,366) 6.67 55,734 Forfeited/canceled (541) 10.80 Outstanding at September 30, 2020 10,032 8.65 6.6 291,925 Exercisable at September 30, 2020 6,281 6.62 6.3 195,518 |
ESPP valuation assumptions | The fair value of the 2018 ESPP purchase rights was estimated on the offering or modification dates using a Black-Scholes option-pricing model and the following assumptions: Nine Months Ended September 30, 2020 2019 Expected term (in years) 0.5 — 2.0 0.5 — 2.0 Expected volatility 41.6% — 60.1% 34.4% — 44.6% Risk-free interest rate 0.1% — 0.9% 1.5% — 2.5% Expected dividend yield — — |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted net loss per share | The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2020 2019 2020 2019 Net loss $ (5,858) $ (17,640) $ (40,795) $ (60,708) Weighted-average shares used to compute net loss per share 101,736 96,709 100,272 95,433 Net loss per share, basic and diluted $ (0.06) $ (0.18) $ (0.41) $ (0.64) |
Potentially dilutive securities | The following potentially dilutive securities have been excluded from the diluted per share calculations because they would have been antidilutive: Three and Nine Months Ended September 30, (in thousands) 2020 2019 Stock options 10,032 13,942 Restricted stock units 4,789 2,860 Restricted shares 198 594 Shares to be issued under the 2018 ESPP 134 64 Total 15,153 17,460 |
Geographic Information (Tables)
Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Revenue by region | Revenue by region, based on the address of the end user as specified in our subscription, license or service agreements, was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Americas $ 74,569 $ 62,413 $ 215,829 $ 177,392 Europe, Middle East and Africa 26,193 19,968 74,385 56,123 Asia Pacific 11,520 9,471 31,925 24,022 Revenue $ 112,282 $ 91,852 $ 322,139 $ 257,537 |
Property and equipment, net by geographic area | Our property and equipment, net by geographic area is summarized as follows: (in thousands) September 30, 2020 December 31, 2019 United States $ 36,126 $ 21,464 International 3,834 5,383 Property and equipment, net $ 39,960 $ 26,847 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 112,282 | $ 91,852 | $ 322,139 | $ 257,537 |
Subscription revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 96,792 | 75,503 | 275,192 | 209,610 |
Perpetual license and maintenance revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 12,448 | 13,797 | 38,046 | 40,877 |
Professional services and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 3,042 | $ 2,552 | $ 8,901 | $ 7,050 |
Revenue Recognition - Concentra
Revenue Recognition - Concentrations (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
One distributor | Revenue | Customer concentration risk | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 43.00% | 43.00% | 43.00% | 43.00% | |
One distributor | Accounts receivable | Customer concentration risk | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 42.00% | 40.00% | |||
Channel network | Revenue | Sales method risk | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 92.00% | 91.00% | 91.00% | 90.00% |
Revenue Recognition - Contract
Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | ||||
Revenue recognized that was included in deferred revenue | $ 102.8 | $ 84.6 | $ 235.2 | $ 184.3 |
Revenue Recognition - Remaining
Revenue Recognition - Remaining Performance Obligations (Details) $ in Millions | Sep. 30, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Future estimated revenue | $ 399.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected recognized percentage over succeeding 12 months | 76.00% |
Expected timing of satisfaction | 4 years |
Revenue Recognition - Activity
Revenue Recognition - Activity of Deferred Contract Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Capitalized Contract Cost [Roll Forward] | ||||
Beginning balance | $ 71,768 | $ 61,866 | $ 72,265 | $ 59,434 |
Capitalization of contract acquisition costs | 8,301 | 9,612 | 23,314 | 24,846 |
Amortization of deferred contract acquisition costs | (8,185) | (6,955) | (23,695) | (19,757) |
Ending balance | $ 71,884 | $ 64,523 | $ 71,884 | $ 64,523 |
Cash and Cash Equivalents and_3
Cash and Cash Equivalents and Short-Term Investments - Summary of Amortized Cost, Unrealized Gain and Loss and Estimated Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | $ 127,666 | $ 137,854 |
Unrealized Gain | 54 | 52 |
Unrealized Loss | 0 | (2) |
Estimated Fair Value | 127,720 | 137,904 |
Commercial paper | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 70,641 | 61,371 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | 0 | 0 |
Estimated Fair Value | 70,641 | 61,371 |
Corporate bonds | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 11,741 | 23,856 |
Unrealized Gain | 28 | 14 |
Unrealized Loss | 0 | (1) |
Estimated Fair Value | 11,769 | 23,869 |
U.S. Treasury and agency obligations | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 45,284 | 52,627 |
Unrealized Gain | 26 | 38 |
Unrealized Loss | 0 | (1) |
Estimated Fair Value | 45,310 | 52,664 |
Money market funds | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 51,409 | 13,588 |
Commercial paper | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 8,987 | |
Cash equivalents | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 51,409 | $ 22,575 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 127,720 | $ 137,904 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 70,641 | 61,371 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 11,769 | 23,869 |
U.S. Treasury and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 45,310 | 52,664 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 51,409 | 13,588 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 8,987 | |
Cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 51,409 | 22,575 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Level 1 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Level 1 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Level 1 | U.S. Treasury and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 51,409 | 13,588 |
Level 1 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | |
Level 1 | Cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 51,409 | 13,588 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 127,720 | 137,904 |
Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 70,641 | 61,371 |
Level 2 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 11,769 | 23,869 |
Level 2 | U.S. Treasury and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 45,310 | 52,664 |
Level 2 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 8,987 | |
Level 2 | Cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 8,987 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Level 3 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Level 3 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Level 3 | U.S. Treasury and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Level 3 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Level 3 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | |
Level 3 | Cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 0 | $ 0 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||||
Total | $ 61,872 | $ 61,872 | $ 44,557 | ||
Less: accumulated depreciation and amortization | (21,912) | (21,912) | (17,710) | ||
Property and equipment, net | 39,960 | 39,960 | 26,847 | ||
Depreciation and amortization | 2,100 | $ 1,400 | 6,100 | $ 4,200 | |
Computer software and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Total | 23,327 | 23,327 | 21,234 | ||
Furniture and fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Total | 7,023 | 7,023 | 4,504 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Total | 29,951 | 29,951 | 16,953 | ||
Right-of-use assets under finance leases | |||||
Property, Plant and Equipment [Line Items] | |||||
Total | $ 1,571 | $ 1,571 | $ 1,866 |
Goodwill and Acquired Intangi_3
Goodwill and Acquired Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 02, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | $ 54,138 | $ 54,138 | $ 54,138 | |||
Amortization of acquired intangible assets | $ 500 | $ 100 | $ 1,700 | $ 400 | ||
Indegy, Ltd | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | $ 53,900 | |||||
Intangible assets acquired | $ 15,700 |
Goodwill and Acquired Intangi_4
Goodwill and Acquired Intangible Assets - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 17,525 | $ 17,525 |
Accumulated Amortization | (3,754) | (2,017) |
Total | 13,771 | 15,508 |
Acquired technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 17,325 | 17,325 |
Accumulated Amortization | (3,670) | (2,009) |
Total | 13,655 | 15,316 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 200 | 200 |
Accumulated Amortization | (84) | (8) |
Total | $ 116 | $ 192 |
Goodwill and Acquired Intangi_5
Goodwill and Acquired Intangible Assets - Schedule of Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2020 | $ 577 | |
2021 | 2,306 | |
2022 | 2,214 | |
2023 | 2,214 | |
2024 | 2,214 | |
Thereafter | 4,246 | |
Total | $ 13,771 | $ 15,508 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Leases [Abstract] | ||||
Right-of-use asset obtained in exchange for additional lease obligation | $ 2,484 | $ 32,292 | $ 3,188 | $ 34,490 |
Proceeds from lease incentives | $ 5,600 | $ 14,200 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Leases [Abstract] | ||||
Operating lease cost | $ 2,231 | $ 1,763 | $ 7,042 | $ 3,844 |
Finance lease cost | ||||
Amortization of ROU assets | 49 | 157 | 235 | 465 |
Interest on lease liabilities | 2 | 2 | 5 | 5 |
Total finance lease cost | $ 51 | $ 159 | $ 240 | $ 470 |
Leases - Supplemental Informati
Leases - Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Operating leases | |||||
Weighted average remaining lease term | 10 years 2 months 12 days | 10 years 2 months 12 days | 10 years | ||
Weighted average discount rate | 5.60% | 5.60% | 5.80% | ||
ROU assets obtained in exchange for lease obligations | |||||
Operating leases | $ 2,484 | $ 32,292 | $ 3,188 | $ 34,490 | |
Finance leases | $ 0 | $ 0 | $ 0 | $ 11 |
Leases - Operating Lease Liabil
Leases - Operating Lease Liability Maturities (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Leases [Abstract] | |
2020 | $ 1,211 |
2021 | 7,612 |
2022 | 7,945 |
2023 | 7,632 |
2024 | 7,786 |
Thereafter | 51,879 |
Total lease payments | 84,065 |
Less: Imputed interest | (22,108) |
Total | $ 61,957 |
Debt (Details)
Debt (Details) | Jul. 24, 2020USD ($) | Sep. 30, 2020USD ($) |
2020 Credit Facility | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Credit facility, maximum borrowing capacity | $ 45,000,000 | |
Commitment fee percentage | 0.35% | |
Uncommitted expansion | $ 45,000,000 | |
Uncommitted expansion, minimum quick ratio covenant | 1.5 | |
2020 Credit Facility | Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Credit facility, maximum borrowing capacity | $ 10,000,000 | |
2020 Credit Facility | Bridge Loan | ||
Line of Credit Facility [Line Items] | ||
Credit facility, maximum borrowing capacity | $ 10,000,000 | |
LIBOR | 2020 Credit Facility | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.00% | |
Debt instrument, basis spread on variable rate, variable rate floor | 1.00% | |
Adjusted Base Rate | 2020 Credit Facility | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.00% | |
Silicon Valley Bank | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Credit facility, maximum borrowing capacity | $ 25,000,000 | |
Proceeds from line of credit | $ 0 | |
Line of credit facility, decrease in borrowing capacity | $ 5,500,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Jan. 01, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized stock-based compensation expense, outstanding stock options | $ 13.3 | |
Restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized stock-based compensation expense, unvested restricted stock or RSUs | $ 115.3 | |
Estimated remaining weighted average period | 3 years | |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Estimated remaining weighted average period | 1 year 6 months | |
Restricted shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized stock-based compensation expense, unvested restricted stock or RSUs | $ 0.4 | |
Estimated remaining weighted average period | 3 months 18 days | |
2018 Equity Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock reserved for issuance (in shares) | 4,929,361 | |
Shares available for grant (in shares) | 17,836,584 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation | $ 15,300 | $ 10,499 | $ 44,001 | $ 31,191 |
Cost of revenue | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation | 826 | 694 | 2,403 | 2,088 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation | 4,806 | 3,521 | 14,677 | 11,102 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation | 3,953 | 2,124 | 10,794 | 6,595 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation | $ 5,715 | $ 4,160 | $ 16,127 | $ 11,406 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock and Restricted Stock Units (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Restricted shares | |
Number of Shares | |
Number of shares unvested, beginning of period (in shares) | shares | 495 |
Number of shares, granted (in shares) | shares | 0 |
Number of shares, vested (in shares) | shares | (297) |
Number of shares, forfeited (in shares) | shares | 0 |
Number of shares unvested, end of period (in shares) | shares | 198 |
Weighted Average Grant Date Fair Value | |
Weighted average grant date fair value, beginning of period (in usd per share) | $ / shares | $ 4.25 |
Weighted average grant date fair value, granted (in usd per share) | $ / shares | 0 |
Weighted average grant date fair value, vested (in usd per share) | $ / shares | 4.25 |
Weighted average grant date fair value, forfeited (in usd per share) | $ / shares | 0 |
Weighted average grant date fair value, end of period (in usd per share) | $ / shares | $ 4.25 |
Restricted stock units | |
Number of Shares | |
Number of shares unvested, beginning of period (in shares) | shares | 2,894 |
Number of shares, granted (in shares) | shares | 3,453 |
Number of shares, vested (in shares) | shares | (1,134) |
Number of shares, forfeited (in shares) | shares | (424) |
Number of shares unvested, end of period (in shares) | shares | 4,789 |
Weighted Average Grant Date Fair Value | |
Weighted average grant date fair value, beginning of period (in usd per share) | $ / shares | $ 26.34 |
Weighted average grant date fair value, granted (in usd per share) | $ / shares | 28.01 |
Weighted average grant date fair value, vested (in usd per share) | $ / shares | 24.78 |
Weighted average grant date fair value, forfeited (in usd per share) | $ / shares | 26.70 |
Weighted average grant date fair value, end of period (in usd per share) | $ / shares | $ 27.88 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | |
Number of Shares | ||
Number of shares outstanding, beginning of period (in shares) | shares | 12,939 | |
Number of shares, granted (in shares) | shares | 0 | |
Number of shares, exercised (in shares) | shares | (2,366) | |
Number of shares, forfeited/canceled (in shares) | shares | (541) | |
Number of shares outstanding, end of period (in shares) | shares | 10,032 | 12,939 |
Number of shares exercisable (in shares) | shares | 6,281 | |
Weighted Average Exercise Price | ||
Weighted average exercise price, outstanding, beginning of period (in usd per share) | $ / shares | $ 8.38 | |
Weighted average exercise price, granted (in usd per share) | $ / shares | 0 | |
Weighted average exercise price, exercised (in usd per share) | $ / shares | 6.67 | |
Weighted average exercise price, forfeited/canceled (in usd per share) | $ / shares | 10.80 | |
Weighted average exercise price, outstanding, end of period (in usd per share) | $ / shares | 8.65 | $ 8.38 |
Weighted average exercise price, exercisable (in usd per share) | $ / shares | $ 6.62 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Weighted average remaining contractual term (in years), outstanding | 6 years 7 months 6 days | 7 years 1 month 6 days |
Weighted average remaining contractual term (in years), exercisable | 6 years 3 months 18 days | |
Aggregate intrinsic value, outstanding | $ | $ 291,925 | $ 201,608 |
Aggregate intrinsic value, exercised | $ | 55,734 | |
Aggregate intrinsic value, exercisable | $ | $ 195,518 |
Stock-Based Compensation - St_3
Stock-Based Compensation - Stock Option Activity (Narrative) (Details) shares in Millions | Sep. 30, 2020shares |
Share-based Payment Arrangement [Abstract] | |
Stock options vested and expected to vest (in shares) | 10 |
Stock-Based Compensation - Empl
Stock-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Jan. 01, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Proceeds from stock issued in connection with the employee stock purchase plan | $ 13,040 | $ 15,129 | |
Employee stock purchase plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock reserved for issuance (in shares) | 5,431,176 | 1,478,808 | |
Common stock purchased (in shares) | 667,719 | ||
Share price (in usd per share) | $ 19.53 | ||
Employee contributions | $ 2,700 | ||
Unrecognized stock-based compensation expense | $ 5,900 | ||
Remaining offering period | 8 months 12 days |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value Assumptions (Details) - Employee stock purchase plan | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility, minimum | 41.60% | 34.40% |
Expected volatility, maximum | 60.10% | 44.60% |
Risk-free interest rate, minimum | 0.10% | 1.50% |
Risk-free interest rate, maximum | 0.90% | 2.50% |
Expected dividend yield | 0.00% | 0.00% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 6 months | 6 months |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 2 years | 2 years |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net loss | $ (5,858) | $ (17,640) | $ (40,795) | $ (60,708) |
Weighted-average shares used to compute net loss per share (in shares) | 101,736 | 96,709 | 100,272 | 95,433 |
Net loss per share, basic and diluted (in usd per share) | $ (0.06) | $ (0.18) | $ (0.41) | $ (0.64) |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Potentially Dilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 15,153 | 17,460 | 15,153 | 17,460 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 10,032 | 13,942 | 10,032 | 13,942 |
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 4,789 | 2,860 | 4,789 | 2,860 |
Restricted shares | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 198 | 594 | 198 | 594 |
ESPP | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 134 | 64 | 134 | 64 |
Geographic Information - Narrat
Geographic Information - Narrative (Details) - segment | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting [Abstract] | ||||
Number of operating segments | 1 | |||
United States | Revenue | Geographic concentration risk | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 60.00% | 63.00% | 61.00% | 64.00% |
Geographic Information - Revenu
Geographic Information - Revenue by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 112,282 | $ 91,852 | $ 322,139 | $ 257,537 |
Americas | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 74,569 | 62,413 | 215,829 | 177,392 |
Europe, Middle East and Africa | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 26,193 | 19,968 | 74,385 | 56,123 |
Asia Pacific | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 11,520 | $ 9,471 | $ 31,925 | $ 24,022 |
Geographic Information - Proper
Geographic Information - Property And Equipment, Net By Geographic Area (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | $ 39,960 | $ 26,847 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 36,126 | 21,464 |
International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | $ 3,834 | $ 5,383 |