Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 10, 2020 | Jun. 30, 2019 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity File Number | 001-37825 | ||
Entity Registrant Name | Talend S.A. | ||
Entity Incorporation, State or Country Code | I0 | ||
Entity Tax Identification Number | 00-0000000 | ||
Entity Address, Address Line One | 9, rue Pages | ||
Entity Address, City or Town | Suresnes | ||
Entity Address, Country | FR | ||
Entity Address, Postal Zip Code | 92150 | ||
Country Region | +33 | ||
City Area Code | (0)1 4 | ||
Local Phone Number | 6 25 06 00 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 31,286,647 | ||
Entity Public Float | $ 1.1 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001668105 | ||
Amendment Flag | false | ||
American Depositary Shares [Member] | |||
Title of 12(b) Security | American Depositary Shares, each representing oneordinary share, nominal value €0.08 per share | ||
Trading Symbol | TLND | ||
Security Exchange Name | NASDAQ | ||
Common Stock | |||
Title of 12(b) Security | Ordinary shares, nominal value €0.08 per share | ||
Trading Symbol | TLND | ||
Security Exchange Name | NASDAQ |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 177,075 | $ 34,104 |
Accounts receivable, net of allowance for doubtful accounts of $1,082 and $1,882, respectively | 80,896 | 67,531 |
Contract acquisition costs | 10,695 | 9,469 |
Other current assets | 11,888 | 9,461 |
Total current assets | 280,554 | 120,565 |
Non-current assets: | ||
Contract acquisition costs | 22,050 | 17,558 |
Operating lease right-of-use assets | 27,821 | |
Property and equipment, net | 5,348 | 6,335 |
Goodwill | 49,744 | 49,659 |
Intangible assets, net | 14,018 | 19,420 |
Other non-current assets | 4,382 | 3,661 |
Total non-current assets | 123,363 | 96,633 |
Total assets | 403,917 | 217,198 |
Current liabilities: | ||
Accounts payable | 4,439 | 5,760 |
Accrued expenses and other current liabilities | 41,182 | 36,475 |
Contract liabilities - deferred revenue, current | 142,616 | 120,329 |
Operating lease liabilities, current | 5,047 | |
Short-term debt | 227 | 208 |
Total current liabilities | 193,511 | 162,772 |
Non-current liabilities: | ||
Deferred income taxes | 768 | 469 |
Other non-current liabilities | 1,137 | 950 |
Contract liabilities - deferred revenue, non-current | 17,807 | 20,784 |
Operating lease liabilities, non-current | 24,252 | |
Long-term debt | 130,490 | 676 |
Total non-current liabilities | 174,454 | 22,879 |
Total liabilities | 367,965 | 185,651 |
Commitments and contingencies (Note 17) | ||
STOCKHOLDERS' EQUITY | ||
Ordinary shares, par value 0.08 per share; 31,017,268 and 30,158,374 shares authorized, issued and outstanding, respectively | 3,205 | 3,128 |
Additional paid-in capital | 309,988 | 244,878 |
Accumulated other comprehensive income | 1,107 | 404 |
Other reserves | 207 | 138 |
Accumulated losses | (278,555) | (217,001) |
Total stockholders' equity | 35,952 | 31,547 |
Total liabilities and stockholders' equity | $ 403,917 | $ 217,198 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (parenthetical) $ in Thousands | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares |
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||
Allowance for doubtful accounts (in dollars) | $ | $ 1,082 | $ 1,882 |
Common stock, shares authorized (in shares) | 31,017,268 | 30,158,374 |
Common stock, shares issued (in shares) | 31,017,268 | 30,158,374 |
Common stock, shares outstanding (in shares) | 31,017,268 | 30,158,374 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue | |||
Total revenue | $ 247,861 | $ 205,799 | $ 148,595 |
Cost of revenue | |||
Total cost of revenue | 60,880 | 49,494 | 34,159 |
Gross profit | 186,981 | 156,305 | 114,436 |
Operating expenses | |||
Sales and marketing | 138,015 | 113,794 | 86,892 |
Research and development | 63,017 | 42,359 | 26,835 |
General and administrative | 44,473 | 40,357 | 29,446 |
Total operating expenses | 245,505 | 196,510 | 143,173 |
Loss from operations | (58,524) | (40,205) | (28,737) |
Interest income (expense), net | (2,540) | 646 | 409 |
Other income (expense), net | (256) | 209 | (2,556) |
Loss before benefit (provision) for income taxes | (61,320) | (39,350) | (30,884) |
Benefit (provision) for income taxes | (149) | 323 | (324) |
Net loss | $ (61,469) | $ (39,027) | $ (31,208) |
Net loss per share attributable to ordinary shareholders: | |||
Basic and diluted net loss per share | $ (2.01) | $ (1.31) | $ (1.08) |
Weighted-average shares outstanding used to compute net loss per share attributable to ordinary shareholders: | 30,563 | 29,841 | 28,966 |
Subscriptions | |||
Revenue | |||
Total revenue | $ 217,047 | $ 176,363 | $ 125,898 |
Cost of revenue | |||
Total cost of revenue | 32,256 | 23,094 | 16,367 |
Professional services | |||
Revenue | |||
Total revenue | 30,814 | 29,436 | 22,697 |
Cost of revenue | |||
Total cost of revenue | $ 28,624 | $ 26,400 | $ 17,792 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | |||
Net loss | $ (61,469) | $ (39,027) | $ (31,208) |
Foreign currency translation adjustment | 703 | (268) | (879) |
Total comprehensive loss | $ (60,766) | $ (39,295) | $ (32,087) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) - USD ($) $ in Thousands | Common Stock | Additional paid-in capital | Accumulated other comprehensive income | Other reserves | Accumulated loss | Total |
Balance at the beginning of the period at Dec. 31, 2016 | $ 2,980 | $ 202,566 | $ 1,551 | $ (189,072) | $ 18,025 | |
Balance at beginning (in shares) at Dec. 31, 2016 | 28,557,153 | |||||
Comprehensive loss: | ||||||
Net loss for the period | (31,208) | (31,208) | ||||
Other comprehensive (loss) gain | (879) | (879) | ||||
Restricted stock units reserve | (49) | $ 49 | ||||
Exercise of stock awards | $ 79 | 6,593 | 6,672 | |||
Exercise of stock awards (in shares) | 882,614 | |||||
Share-based compensation | 6,280 | 6,280 | ||||
Balance at the end of the period at Dec. 31, 2017 | $ 3,059 | 215,390 | 672 | 49 | (220,280) | (1,110) |
Balance at end (in shares) at Dec. 31, 2017 | 29,439,767 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Adjustment on initial application | 42,306 | 42,306 | ||||
Adjusted balance | $ 3,059 | 215,390 | 672 | 49 | (177,974) | 41,196 |
Adjusted balance (in shares) | 29,439,767 | |||||
Comprehensive loss: | ||||||
Net loss for the period | (39,027) | (39,027) | ||||
Other comprehensive (loss) gain | (268) | (268) | ||||
Restricted stock units reserve | (138) | 89 | (49) | |||
Shares issued from restricted stock unit vesting | $ 8 | (8) | ||||
Shares issued from restricted stock unit vesting (in shares) | 92,228 | |||||
Exercise of stock awards | $ 57 | 6,996 | 7,053 | |||
Exercise of stock awards (in shares) | 576,901 | |||||
Issuance of ordinary shares in connection with employee stock purchase plan | $ 4 | 1,801 | 1,805 | |||
Issuance of ordinary shares in connection with employee stock purchase plan (in shares) | 49,478 | |||||
Share-based compensation | 20,837 | 20,837 | ||||
Balance at the end of the period at Dec. 31, 2018 | $ 3,128 | 244,878 | 404 | 138 | (217,001) | 31,547 |
Balance at end (in shares) at Dec. 31, 2018 | 30,158,374 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Adjustment on initial application | (85) | (85) | ||||
Adjusted balance | $ 3,128 | 244,878 | 404 | 138 | (217,086) | 31,462 |
Adjusted balance (in shares) | 30,158,374 | |||||
Comprehensive loss: | ||||||
Net loss for the period | (61,469) | (61,469) | ||||
Other comprehensive (loss) gain | 703 | 703 | ||||
Equity component of 2024 Notes, net of issuance costs | 20,921 | 20,921 | ||||
Restricted stock units reserve | (69) | 69 | ||||
Shares issued from restricted stock unit vesting | $ 27 | (27) | ||||
Shares issued from restricted stock unit vesting (in shares) | 310,132 | |||||
Exercise of stock awards | $ 38 | 5,767 | 5,805 | |||
Exercise of stock awards (in shares) | 417,385 | |||||
Issuance of ordinary shares in connection with employee stock purchase plan | $ 12 | 4,726 | 4,738 | |||
Issuance of ordinary shares in connection with employee stock purchase plan (in shares) | 131,377 | |||||
Share-based compensation | 33,792 | 33,792 | ||||
Balance at the end of the period at Dec. 31, 2019 | $ 3,205 | $ 309,988 | $ 1,107 | $ 207 | $ (278,555) | $ 35,952 |
Balance at end (in shares) at Dec. 31, 2019 | 31,017,268 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net loss for the period | $ (61,469) | $ (39,027) | $ (31,208) |
Adjustments to reconcile net loss to net cash (used in) from operating activities: | |||
Depreciation | 2,779 | 2,034 | 1,527 |
Amortization of intangible assets | 5,295 | 2,521 | 567 |
Amortization of debt discount and issuance costs | 1,534 | ||
Unrealized loss foreign exchange | 617 | 134 | 1,751 |
Interest accrued | 806 | ||
Share-based compensation | 33,792 | 20,837 | 6,280 |
Deferred income taxes | (327) | ||
Income tax for the period | 149 | (323) | 324 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (13,623) | (12,387) | (16,533) |
Operating leases | (85) | ||
Other assets | (8,513) | (6,435) | (1,747) |
Accounts payable | (1,286) | 1,643 | 727 |
Accrued expenses and other current liabilities | 5,758 | 9,987 | 6,902 |
Contract liabilities - deferred revenue | 19,729 | 24,778 | 29,089 |
Net cash (used) from in operating activities | (14,517) | 3,435 | (2,321) |
Cash flows from investing activities: | |||
Acquisition of property and equipment | (2,191) | (5,006) | (2,224) |
Cash consideration for business acquisition, net of cash acquired | (59,493) | (9,189) | |
Net cash used in investing activities | (2,191) | (64,499) | (11,413) |
Cash flows from financing activities: | |||
Proceeds from issuance of convertible senior notes, net of issuance costs | 147,498 | ||
Proceeds from issuance of ordinary shares related to exercise of stock awards | 5,805 | 7,053 | 6,672 |
Proceeds from issuance of ordinary shares related to employee stock purchase plan | 4,738 | 1,805 | |
Repayment of borrowings | (203) | (242) | (153) |
Net cash from financing activities | 157,838 | 8,616 | 6,519 |
Net increase (decrease) in cash and cash equivalents | 141,130 | (52,448) | (7,215) |
Cash and cash equivalents at beginning of the period | 34,104 | 87,388 | 91,387 |
Effect of exchange rate changes on cash and cash equivalents | 1,841 | (836) | 3,216 |
Cash and cash equivalents at end of the period | 177,075 | 34,104 | 87,388 |
Supplemental disclosures | |||
Cash paid for income taxes | $ 377 | $ 302 | $ 158 |
Organization and description of
Organization and description of business | 12 Months Ended |
Dec. 31, 2019 | |
Organization and description of business | |
Organization and description of business | 1. Organization and description of business The Company is incorporated in France and has its registered office located at 9, rue Pages, 92150 Suresnes, France. Talend's software platform, Talend Data Fabric, integrates data and applications in real-time across modern big data and cloud environments, as well as traditional systems, allowing organizations to develop a unified view of their business and customers. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2019 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 2. Summary of significant accounting policies The significant accounting policies adopted in the preparation of these consolidated financial statements are set out below. These accounting policies have been consistently applied to all years presented, unless otherwise stated. (a) Basis of presentation and consolidation The consolidated financial statements as of and for the year ended December 31, 2019 have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The Consolidated Statement of Financial Position as of December 31, 2018 and Consolidated Statements of Cash Flows as of December 31, 2018 and December 31, 2017 have been revised to reflect an immaterial re-classification of restricted cash between cash and cash equivalents and other current assets. The revision, in the amount of $0.4 million, resulted in an increase in cash and cash equivalents and a corresponding decrease in other current assets, compared to what was previously presented. (b) 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 financial statements and accompanying notes. Significant items subject to such estimates include, but are not limited to, revenue recognition (including allocation of the transaction price for on-premise subscription revenue to separate performance obligations, which requires estimates of main assumptions including useful life of intellectual property and appropriate margins), the amortization period for contract acquisition costs, contract period of leases, fair value of acquired intangible assets and goodwill and share-based compensation expense (including achievement of non-market conditions and forfeiture rate). These estimates and assumptions are based on management’s best estimates and judgment. Management regularly evaluates its estimates and assumptions using historical experience and other factors; Actual results, however, could differ significantly from these estimates. (c) Segment reporting We operate as a single operating and reportable segment. (d) Revenue recognition The Group primarily derives revenue from contracts with customers from the sale of subscriptions and professional services engagements. The Group determines revenue recognition through the following steps: i) Identification of the contract, or contracts with a customer – The Group enters into binding agreements with its customers that identify each party’s rights regarding the services to be performed and are evidenced by order forms. The Group determines it has a contract with a customer when an order form has been fully executed and uses judgement in determining when collectability of consideration is probable. For this assessment, the Group considers the size of the transaction, the payment history, the nature of services provided and other relevant customer information. ii) Identification of the performance obligations in the contract – When a contract is identified, the Group considers the terms of its subscription and all other relevant facts, including the economic substance of these transactions. Performance obligations promised in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the performance obligation is separately identifiable from other promises in the contract and a customer can benefit from it on its own or with other resources that are readily available to the customer. The Group applies judgment to determine whether multiple promised products and services in a contract should be accounted for separately. iii) Determination of the transaction price – The transaction price is determined based on the consideration that the Group expects to be entitled in exchange for transferring products and services to the customer. The Group has determined that the order amount in the executed order forms constitutes the transaction price of the contract. Executed order forms do not include variable amounts, non-cash considerations or considerations that are paid to the customers. None of the Group’s contracts contain a significant financing component. iv) Allocation of the transaction price to the performance obligations in the contract - If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. For contracts that contain multiple performance obligations, the Group allocates the transaction price to each performance obligation based on a relative standalone selling price (“SSP”) basis. The Group determined SSPs using the “expected cost plus a margin” approach as it maximizes the use of available observable inputs. v) Recognition of revenue when, or as, the Company satisfies a performance obligation - The Group recognizes revenue when control over performance obligations transfers to customers, in amounts that reflect the consideration the Group expects to be entitled to in exchange for those services. Subscriptions Subscription revenue consists of fees earned from arrangements to provide customers with the right to use our commercial software either in a cloud-based infrastructure that we provide or installed within the customer’s own environment through on-premise licenses. Our subscriptions include unspecified future updates, upgrades and technical product support. Subscription fees are based primarily on the number of users of our software and to a lesser extent the processing power required to operate the software. Our subscription-based arrangements generally have a contractual term of one Additionally, the Group occasionally enters into arrangements to embed its proprietary software or other generated code into a third-party application or service in exchange for sales- or usage-based royalties. As licensees do not generally report and pay royalties owed for sales/usage in any given quarter until after conclusion of that quarter, the Group recognizes royalty revenue based on estimates of licensees’ sales/usage in the quarter, with a booking each quarter and a royalty estimate true up recorded in the following quarter as a separate booking. On-premise Subscriptions for our on-premise licenses include both a right to use the Group’s underlying intellectual property (“IP”) and a right to receive post-contract customer support (“PCS”) during the subscription term. PCS is comprised of maintenance services (including updates and upgrades to the software on a when-and if available basis) and support services (including technical product support such as diagnosis and resolution of implementation and customer success services such as case reviews, integration job design and operational performance metrics). The IP rights and the rights to receive PCS represent two separate performance obligations as they are not highly interdependent or interrelated and they can be transferred independently. The Group does not have observable SSP for its licenses or its PCS as they are not sold separately. The Group developed a model to estimate relative SSP for each performance obligation using a “expected cost plus a margin” approach. This model uses observable datapoints to develop the main assumptions including the estimated useful life of the IP and appropriate margins. Based on this approach, the Group generally allocated 16% of the transaction price to the IP performance obligation and generally allocated 84% of the transaction price to the PCS performance obligation during each of the twelve months periods ended December 31, 2019 and 2018. The Group analyzed the relative allocation that resulted from the Group’s estimated SSP against the relative transaction price allocation of peer companies, including those that also sell, like the Group, software that is principally open-source and those that sell similar software that is proprietary (i.e. not available on an open source basis). Revenue from the rights to use our IP is recognized upon delivery of the license key to the customer. Revenue from the rights to receive post-contract support is recognized ratably over the subscription term. Revenue through resellers follows the same revenue recognition pattern as applied for post-contract support. Cloud-based Subscriptions for our cloud-based offerings represent the right of access to our software as a service for which revenue is recognized ratably over the term of the arrangement. Professional services Professional services revenue consists of fees earned for consulting engagements related to the deployment and configuration of our product offering, training customers and associated expenses. Consulting engagements include implementation support to our customers during subscription setup and consist of time-based arrangements usually paid in advance, on delivery or at the completion of the contract. Training revenue results from contracts to provide educational services to customers and partners regarding the use of the Group’s technologies. The standalone selling price of a consulting or training service component is based on historical pricing for the component or a similar component that has been sold on a standalone basis. Revenue from professional services is recognized as services are rendered. Contracts with multiple performance obligations The Group may enter into transactions that contain multiple performance obligations where a subscription and consulting and training services are sold together. For these contracts, the Group accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. The Group is able to determine reliably the standalone selling price of a consulting or training service component based on historical pricing for the component or a similar component that has been sold on a standalone basis. Contract acquisition costs Contract acquisition costs consist of sales commissions earned by our sales force to initially obtain a contract, and upon renewal of such contracts. Sales commissions to initially obtain a contract are considered incremental and recoverable costs and are deferred and then amortized on a straight-line basis over the period of benefit determined to be five years, which includes the contractual and expected renewal periods. The Group recognizes the incremental costs to initially obtain a contract with a customer on the statement of financial position if the Group expects the benefit of those costs to be longer than one year. Amortization expense is included in sales and marketing expenses in the accompanying consolidated statements of operations. Sales commissions paid upon renewal are substantially lower than the commissions paid to initially obtain the contract and are expensed in the period the contract is renewed. The majority of customer contracts are annual and as a result these renewals commissions are paid on an annual basis. Contract liabilities - deferred revenue Deferred revenue predominantly consists of the portion of the subscription price allocated to support and maintenance services that will be recognized ratably over the remaining subscription term, and prepaid but unused consulting and training services. Disclosures Related to our Contracts with Customers Timing may differ between the satisfaction of performance obligations and the invoicing and collection of amounts related to the Group’s contracts with customers. The Group may record assets for amounts related to performance obligations that are satisfied but not yet billed and/or collected. These assets would be recorded as contract assets rather than receivables when receipt of the consideration is conditional on something other than the passage of time. Liabilities are recorded for amounts that are collected in advance of the satisfaction of performance obligations. These liabilities are classified as current and non-current contract liabilities – deferred revenue in the statement of financial position. The following table reflects the Group’s accounts receivables, contract acquisition costs and contract liabilities – deferred revenue (in thousands): As of December 31, 2019 2018 Assets Accounts receivable, net $ 80,896 $ 67,531 Contract assets - unbilled revenue 2,095 941 Contract acquisition costs - current 10,695 9,469 Contract acquisition costs - non-current 22,050 17,558 Total contract assets $ 115,736 $ 95,498 Liabilities Contract liabilities - deferred revenue - current 142,616 120,329 Contract liabilities - deferred revenue - non-current 17,807 20,784 Total contract liabilities $ 160,423 $ 141,113 (1) Accounts receivable, net represents amounts billed to customers in accordance with contract terms for which payment has not yet been received. It is presented net of the allowance for doubtful accounts as part of current assets. (2) Contract assets – are unbilled revenue, represent timing difference between the satisfaction of performance obligations by the Group and the invoicing and collection of related amounts. (3) Contract acquisition costs represent deferred sales commissions. (4) Contract liabilities – deferred revenue represents amounts received as consideration from the Group’s customers in advance of performance on a portion of the contract as of the end of the reporting period. Significant changes in the contract acquisition costs and the contract liabilities balances during the period are as follows (in thousands): Contract assets - Contract Contract liabilities - unbilled revenue acquisition costs deferred revenue Balances at January 1, 2018 $ 782 $ 23,390 $ 140,217 Transferred to accounts receivable from unbilled revenue (628) — — Increase due to new unbilled revenue 787 — — Additional contract acquisition costs deferred — 12,944 — Amortization of deferred contract acquisition costs — (9,307) — Performance obligations satisfied during the period that were included in the contract liability balance at the beginning of the period — — (117,162) Increases due to invoicing prior to satisfaction of performance obligations, net of amounts recognized as revenue during the period — — 118,058 Balances at December 31, 2018 941 27,027 141,113 Transferred to accounts receivable from unbilled revenue (849) — — Increase due to new unbilled revenue 2,003 — — Additional contract acquisition costs deferred — 15,924 — Amortization of deferred contract acquisition costs — (10,206) — Performance obligations satisfied during the period that were included in the contract liability balance at the beginning of the period — — (116,534) Increases due to invoicing prior to satisfaction of performance obligations, net of amounts recognized as revenue during the period — — 135,844 Balance at December 31, 2019 $ 2,095 $ 32,745 $ 160,423 As of December 31, 2019, $10.7 million of the Group’s contract acquisition costs are expected to be amortized within the next 12 months and therefore are included in current assets. The remaining amount of Group’s contract acquisition costs are included in non-current assets. There were no impairments of assets related to Group’s contract acquisition costs during the year-ended December 31, 2019. Remaining Performance Obligations The Group’s contracts with customers include amounts allocated to performance obligations that will be satisfied at a later date of $206.9 million and $173.2 million as of December 31, 2019 and 2018, respectively. As of December 31, 2019, $155.8 million of deferred revenue and backlog is expected to be recognized from remaining performance obligations over the next 12 months , and approximately $51.1 million thereafter. Revenue from remaining performance obligations for professional services contracts as of December 31, 2019 was not material. Disaggregation of Revenues See Note 8, Geographical information (e) Business combinations Business combinations are accounted for using the acquisition method whereby acquired companies are included in the consolidated financial statements from their acquisition date. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition date fair values of the assets transferred to the Group and liabilities assumed by the Group. If contingent consideration is identified in an acquisition, it is recorded at fair value determined on the acquisition date using a discounted cash flow model. Subsequently, contingent consideration that is classified as equity is not re-measured while other contingent consideration is re-measured to fair value at each reporting period with gains or losses recorded in profit and loss. The Group elects on a transaction-by-transaction basis whether to measure non-controlling interest at its fair value, or at its proportionate share of the recognized amount of the identifiable net assets, at the acquisition date. Transaction costs, other than those associated with the issue of debt or equity securities, which are incurred by the Group in connection with a business combination are expensed as incurred and recorded in general and administrative expenses. The Group measures goodwill as the consideration transferred plus the recognized amount of any non-controlling interest in the acquired entity, less the net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, which is not to exceed one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings. Goodwill is subsequently measured at cost less accumulated impairment losses. If the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred plus the amount of any non-controlling interests in the acquired entity, the excess is recognized in the consolidated statements of operations as a bargain purchase gain. (f) Foreign currency Functional and presentation currency The functional currency for the Company is the euro; however, these consolidated financial statements are presented in U.S. dollars, which is the Company's reporting currency. Assets and liabilities that are not denominated in the functional currency are remeasured into the functional currency with any related gain or loss recorded in earnings. The Company translates assets and liabilities of its non-U.S. dollar functional currency foreign operations into the U.S. dollar reporting currency at exchange rates in effect at the balance sheet date. The Company translates income and expense items of such foreign operations into the U.S. dollar reporting currency at average exchange rates for the period. Accumulated translation adjustments are reported in stockholders’ equity, as a component of accumulated other comprehensive income (loss). Foreign currency transactions Transactions in foreign currencies are initially recorded by the Group entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchange at the reporting date. Foreign currency differences arising on translation are generally recognized in the consolidated statements of operations. Long-term monetary assets held by the Company in a foreign subsidiary for which settlement is neither planned or anticipated to occur in the foreseeable future are a part of the entity’s net investment in a foreign operation. Accordingly, pursuant to ASC 830, exchange differences on these items are recorded in other comprehensive income until the investment’s disposal or disqualification. Translation from functional to presentation currency Assets and liabilities of the Company and its subsidiaries are translated from their functional currency into the U.S. dollar presentation currency at the rate of exchange prevailing at the reporting date and their statements of operations are translated at average exchange rates. The average rate is determined by taking the average of the month-end closing rates, unless such method results in a material distortion. The exchange differences arising on translation to the presentation currency for consolidation are recognized in other comprehensive income (loss) and accumulated in the foreign currency translation reserve. (g) Financial instruments Non-derivative financial assets The Group has the following non-derivative financial assets: deposits, trade receivables and certain other receivables and cash and cash equivalents. The Group initially recognizes non-derivative financial assets on the date that they are originated. Loans and receivables Loans and receivables are comprised of deposits, trade receivables and certain other receivables. Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortized cost using the effective interest method, less any impairment losses. A valuation allowance for trade receivables is recognized if the recoverable amount is less than the carrying amount. Amounts deemed uncollectible are recorded to this allowance in the consolidated statements of financial position with an offsetting decrease in related deferred revenue and a charge to general and administrative expense in the consolidated statement of operations. During the year ended December 31, 2019, the Company performed its assessment of the collectability of trade recevaibles, resulting in a decrease in the allowance for trade receivables of $1.3 million to reflect current collectability trends. Cash and cash equivalents Cash and cash equivalents are comprised of cash at banks, restricted cash and highly liquid deposits with original maturities of less than three months that are readily convertible into a known amount of cash and are subject to insignificant risk of changes in value. Restricted cash is related to letters of credit for facility lease arrangements. Non-derivative financial liabilities The Group has the following non-derivative financial liabilities: borrowings and trade and other payables. The Group initially recognizes non-derivative financial liabilities on the date that they are originated. Such financial liabilities are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. Advances for research and development projects that were obtained from Bpifrance are reimbursable should the project be successful (see Note 15, Debt The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in the consolidated statements of operations. (h) Concentration of Credit Risk Financial instruments that potentially expose the Company to a concentration of credit risk consist primarily of cash, cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with financial institutions that management believes are financially sound and have minimal credit risk exposure although the balances will exceed insured limits. The Company generally does not require collateral or other security in support of accounts receivable. Allowances are provided for individual accounts receivable when the Company becomes aware of a customer’s inability to meet its financial obligations, such as in the case of bankruptcy, deterioration in the customer’s operating results or change in financial position. Actual credit losses may differ from the Company's estimates. As of December 31, 2019, no customer represented 10% or more of the Company's gross accounts receivable. As of December 31, 2019, no customer represented 10% or more of the Company's total revenue. (i) Property and equipment Property and equipment are stated at net of accumulated depreciation. Historical cost includes expenditures directly attributable to the acquisition of the assets. Purchased software that is an integral part of the functionality of the related equipment is capitalized as part of that equipment. Depreciation is recognized in the consolidated statements of operations on a straight-line basis over the estimated useful lives of the assets, or in the case of leasehold improvements and certain leased equipment, over the lease term if shorter, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful lives for each asset class are as follows: Computer equipment and software 3 years Fixtures and fittings 3 to 5 years Leasehold improvements Shorter or lease term or useful life Property and equipment is reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. (j) Goodwill, intangible assets and impairment assessments Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired and is evaluated annually, in the fourth quarter, for impairment, or more frequently if circumstances exist that indicate that impairment may exist. When conducting the annual goodwill impairment assessment, the Group first assesses qualitative factors, to determine whether it is necessary to perform the two-step goodwill impairment test. If determined to be necessary, the two-step impairment test shall be used to identify potential goodwill impairment and measure the amount of a goodwill impairment loss to be recognized, if any. Intangible assets include acquired customer relationships and acquired developed technology. Intangibles acquired through a business combination are recognized separately from goodwill, initially at fair value on the acquisition date. Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets acquired separately. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. There were no impairments of goodwill or intangible assets during the years ended December 31, 2019, 2018 or 2017. The useful lives of intangible assets are assessed to be either finite or indefinite. All of our intangible assets have finite useful lives and amortization is recognized in the consolidated statements of operations on a straight-line basis over the estimated useful lives of intangible assets, from the date that they are available for use, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The amortization expense on intangible assets with finite lives is recognized in the consolidated statements of operations in the expense category, consistent with the function of the intangible asset. The estimated useful lives for each intangible asset class are as follows: Customer relationships 2 years Acquired developed technology 5 years Amortization methods, useful lives and residual values are reviewed at each year end and adjusted if appropriate. (k) Convertible notes We account for the issued 1.75% Convertible Senior Notes due September 1, 2024 (the “2024 Notes”) as separate liability and equity components in accordance with ASC 470, Debt (l) Employee benefits plans Defined contribution plan A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognized as an employee benefit expense in the consolidated statements of operations in the periods during which services are rendered by employees. For the fiscal years ended December 31, 2019, 2018 and 2017, the Group made contributions of $3.9 million, $3.0 million and $2.2 million to various contribution plans, respectively. Share-based payments Employees, executives and board members of the Group receive remuneration in the form of share-based payments, whereby they render services as consideration for equity instruments which are considered equity-settled transactions. The cost of equity-settled transactions are recognized, together with a corresponding increase in equity, by reference to the fair value determined at the grant date of the share-based awards, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the beneficiary becomes fully entitled to the award (the "vesting date"). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has lapsed and the Group's best estimate of the number of equity instruments that will ultimately vest. Share-based awards are expensed based on a graded vesting method, over the vesting period as the awards vest in tranches over the vesting period. Determining the fair value of the share-based awards at the grant date requires judgment. The Company calculated the fair value of each option award on the grant date using a Black-Scholes option pricing model. The Black-Scholes model requires the estimation of a number of variables, including, the expected volatility, expected term, risk-free interest rate and dividend yield. The estimation of share awards that will ultimately vest requires judgment, especially awards with non-market performance conditions, and to the extent actual results or updated estimates differ from current estimates, such amounts will be recorded as a cumulative adjustment in the period the estimates are revised. Actual results, and future changes in estimates, may differ substantially from current estimates. Share based payment expense is recorded based on awards that are ultimately expected to vest, and such expense is reduced for estimated forfeitures. When estimating forfeitures, we considered voluntary termination behaviors as well as trends of the actual forfeitures of share-awards. If an equity-settled award is cancelled, as a result of forfeiture when the vesting conditions are not satisfied, it is treated as if it had been forfeited on the date of cancellation, and any expense previously recognized for unvested shares is immediately reversed. (m) Government assistance The Research Tax Credit ( Crédit d'Impôt Recherche (n) Other income and expense Other income and expense mainly include net foreign exchange gains and losses. (o) Income tax Income tax expense is comprised of current income tax and deferred tax. The Company records income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expecte |
Revision of prior period financ
Revision of prior period financial statements | 12 Months Ended |
Dec. 31, 2019 | |
Revision of prior period financial statements | |
Revision of prior period financial statements | 3. Revision of prior period financial statements The Group identified an error relating to one of the assumptions in its model to estimate relative SSP for IP and PCS for on-premise subscription agreements for purposes of recognizing revenue. The error primarily affects the cumulative impact and related contract balances upon the adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). Based on an analysis of Accounting Standards Codification (“ASC”) 250 – “Accounting Changes and Error Corrections” (“ASC 250”), Staff Accounting Bulletin 99 – “Materiality” (“SAB 99”) and Staff Accounting Bulletin 108 – “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements” (“SAB 108”), the Company determined that previously issued financial statements for the fiscal year ended December 31, 2018 should be revised to reflect the correction of this immatieral error. The following tables summarize the effects of the revisions on the consolidated financial statements as of and for the year ended December 31, 2018 (in thousands). The balances after adoption of ASC 606 of contract acquisition costs and contract liabilities – deferred revenue as of January 1, 2018 were $25.2 million and $128.1 million, respectively. The revised balances after adoption of ASC 606 of contract acquisition costs and contract liabilities – deferred revenue as of January 1, 2018 were $23.4 million and $120.5 million, respectively. Statement of Financial Position December 31, 2018 As Previously Reported Adjustment As Revised Contract acquisition costs $ 28,953 $ (1,926) $ 27,027 Total assets 219,124 (1,926) 217,198 Contract liabilities - deferred revenue 150,147 (9,034) 141,113 Total liabilities 194,685 (9,034) 185,651 Accumulated other comprehensive income 607 (203) 404 Accumulated losses (224,312) 7,311 (217,001) Total stockholders’ equity 24,439 7,108 31,547 Statement of Operations Year Ended December 31, 2018 As Previously Reported Adjustment As Revised Subscriptions $ 174,887 $ 1,476 $ 176,363 Total revenue 204,323 1,476 205,799 Sales and marketing 113,650 144 113,794 Total operating expenses 196,366 144 196,510 Loss from operations (41,537) 1,332 (40,205) Loss before income tax expense (40,682) 1,332 (39,350) Net loss for the year (40,359) 1,332 (39,027) Basic and diluted net loss per shares $ (1.35) $ 0.04 $ (1.31) Weighted-average shares outstanding 29,841 — 29,841 |
Fair value measurement
Fair value measurement | 12 Months Ended |
Dec. 31, 2019 | |
Fair value measurement | |
Fair value measurement | 4. Fair value measurement The Group reports assets and liabilities recorded at fair value on the Group’s consolidated balance sheets based upon the level of judgment associated with inputs used to measure their fair value. Hierarchical levels that are directly related to the amount of judgement associated with the inputs to the valuation of these assets or liabilities. ● Level 1: observable quoted prices (unadjusted) in active markets for identical financial assets or liabilities. ● Level 2: inputs other than quoted prices (other than level 1) in active markets, that are observable either directly (i.e. as prices) or indirectly (i.e. derived from prices). ● Level 3: unobservable inputs that are supported by little or no market data, and may require significant management judgment or estimation. The fair value measurement level within the fair value hierarchy for a particular asset or liability is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. Financial instruments not measured at fair value on the Company's consolidated statement of financial position, but which require disclosure of their fair values include: cash and cash equivalents, accounts receivable and certain other receivables, deposits, accounts payable and certain other payables and debt. The fair values of these financial instruments, other than the 2024 Notes, are deemed to approximate their carrying amount. The fair values of cash and cash equivalents, accounts receivable and certain other receivables, deposits, accounts payable and certain other payables are categorized as Level 1. The fair value of debt was categorized as Level 2 and was estimated based on a discounted cash flow method using a market interest rate for similar debt. As of December 31, 2019, the fair value of the 2024 Notes was $133.7 million. There has been no transfer between levels of the fair value |
Cash and cash equivalents and o
Cash and cash equivalents and other assets and liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Cash and cash equivalents and other assets and liabilities | |
Cash and cash equivalents and other assets and liabilities | 5. Cash and cash equivalents and other assets and liabilities Cash and cash equivalents Cash and cash equivalents consisted of the following (in thousands): As of December 31, 2019 2018 Cash at banks $ 120,842 $ 32,437 Cash equivalents 56,233 1,667 Total cash and cash equivalents $ 177,075 $ 34,104 As of December 31, 2019, cash equivalents consist of money market securities, bank deposits and restricted cash. As of December 31, 2019, the total cash and cash equivalents denominated in currencies other than the U.S. Dollar amount to $144.8 million, including $129.5 million denominated in Euros. As of December 31, 2019 and 2018, restricted cash was $0.5 million and $0.4 million, respectively. Other current and non-current assets Prepaid expenses and other current assets consisted of the following (in thousands): As of December 31, Other current assets 2019 2018 Research tax credit $ 581 $ 612 Unbilled revenue 2,095 941 Prepaid expenses 8,178 6,244 Other assets 1,034 1,664 Other current assets $ 11,888 $ 9,461 Other assets primarily relate to advancements from vendors and various deposits. Other non-current assets consisted of the following (in thousands): As of December 31, Other non-current assets 2019 2018 Research tax credit $ 1,848 $ 2,214 Deposits 1,169 793 Other non-current assets 1,365 654 Other non-current assets $ 4,382 $ 3,661 Accrued expenses and other liabilities Accrued expenses and other liabilities consisted of the following (in thousands): As of December 31, Accrued expenses and other liabilities 2019 2018 Accrued compensation and benefits $ 24,201 $ 21,343 VAT payable 6,238 5,051 Other taxes 502 698 Contingent liabilities 578 408 Other current liabilities 9,663 8,975 Accrued expenses and other liabilities $ 41,182 $ 36,475 The contingent liabilities include severance provisions and estimated legal expenses for disputes with former employees. Other current liabilities primarily relate to accrued expenses incurred in the ordinary course of business. |
Property and equipment
Property and equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property and equipment | |
Property and equipment | 6. Property and equipment The cost and accumulated depreciation of property and equipment are as follows (in thousands): As of December 31, Property and equipment 2019 2018 Computer equipment and software $ 8,997 $ 6,778 Fixtures and fittings 1,902 1,925 Leasehold improvements 3,858 4,823 Property and equipment, gross 14,757 13,526 Less: accumulated depreciation (9,409) (7,191) Property and equipment, net $ 5,348 $ 6,335 Depreciation expense related to property and equipment during the years ended December 31, 2019, 2018 and 2017 was $2.8 million, $2.0 million and $1.5 million, respectively. |
Goodwill and intangible assets
Goodwill and intangible assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and intangible assets | |
Goodwill and intangible assets | 7. Goodwill and intangible assets Goodwill Goodwill consisted of the following (in thousands): Year Ended December 31, 2019 2018 Goodwill, beginning of period $ 49,659 $ 6,196 Additions from acquisitions — 43,435 Measurement period adjustment 200 — Effect of change in exchange rates (115) 28 Goodwill, end of period $ 49,744 $ 49,659 Intangible assets Intangible assets as of December 31, 2019 included the following (in thousands): December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Weighted Average Customer relationships $ 4,975 $ (3,600) $ 1,375 1 years Acquired developed technology 19,555 (6,912) 12,643 4 years Total $ 24,530 $ (10,512) $ 14,018 Intangible assets as of December 31, 2018, included the following (in thousands): December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Weighted Average Customer relationships $ 5,009 $ (1,984) $ 3,025 2 years Acquired developed technology 20,087 (3,692) 16,395 5 years Total $ 25,096 $ (5,676) $ 19,420 Amortization expense for intangible assets was $5.3 million, $2.5 million and $0.6 million for the years ended December 31, 2019, 2018 and 2017, respectively. The following table presents the estimated future amortization expense related to intangible assets as of December 31, 2019 (in thousands): Amount 2020 $ 5,023 2021 3,648 2022 3,447 2023 1,900 2024 — Thereafter — Total amortization expense $ 14,018 |
Geographical information
Geographical information | 12 Months Ended |
Dec. 31, 2019 | |
Revenues by geographic region | |
Revenues by geographic region | 8. Geographical information Disaggregation of Revenue We sell our subscription contracts and related services in several primary geographical markets. The following table sets forth the Group's total revenue by region for the periods indicated (in thousands). The revenues by geographic region were determined based on the country where the sale took place. Year Ended December 31, 2019 2018 2017 Americas $ 115,736 $ 93,777 $ 70,671 EMEA 108,664 97,288 71,015 Asia Pacific 23,461 14,734 6,909 Total revenue $ 247,861 $ 205,799 $ 148,595 Revenues from the Company’s country of domicile, based on sales that took place in France, totaled $36.3 million, $33.6 million and $25.1 million for the years ended December 31, 2019, 2018 and 2017, respectively. Long-lived assets The following table sets forth our long-lived assets by geographic area, which consist of property and equipment, net and operating lease right-of-use assets (in thousands): As of December 31, 2019 2018 France $ 6,186 $ 2,230 United States 19,082 2,728 International 7,901 1,377 Total long-lived assets $ 33,169 $ 6,335 |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2019 | |
Income tax | |
Income tax | 9. Income tax The following table presents domestic and foreign components loss before income tax expense (in thousands): Year Ended December 31, 2019 2018 2017 France $ (10,042) $ (9,502) $ (18,811) International (51,278) (29,848) (12,073) Loss before income tax expense $ (61,320) $ (39,350) $ (30,884) The components of the (provision) benefit for income taxes were as follows (in thousands): Year Ended December 31, 2019 2018 2017 Current: France $ — $ — $ — International (20) (311) (324) Total current (20) (311) (324) Deferred: France — — — International (129) 634 — Total deferred (129) 634 — Income tax (expense) benefit $ (149) $ 323 $ (324) The following table provides a reconciliation of the income tax expense calculated at the French statutory tax rate to the income tax expense (in thousands): Year Ended December 31, 2019 2018 2017 Loss before income tax expense $ (61,320) $ (39,350) $ (30,884) Expected tax benefit at France’s statutory income tax rate of 31.00% in fiscal year 2019, 33.33% in fiscal year 2018 and 33.33% plus 1.1% surcharge in fiscal year 2017 19,009 13,116 10,633 Effect of different tax rates of subsidiaries operating in countries other than France (2,067) (2,794) 2,154 Non-deductible expenses (2,443) (1,714) 231 Effective change in tax rates (692) (319) (13,056) Share-based compensation 2,543 (851) 1,741 Change in valuation allowance (17,539) (7,842) (2,261) Other items, net 1,040 727 234 Income tax (expense) benefit $ (149) $ 323 $ (324) The components of deferred tax assets (liabilities) are as follows (in thousands): Year Ended December 31, 2019 2018 Deferred tax assets: Accruals and reserves $ 1,101 $ 1,072 Net operating loss carryforwards 74,278 59,793 Share-based compensation 4,212 2,702 Other 1,718 2,316 Total deferred tax assets 81,309 65,883 Less: valuation allowance (65,219) (53,158) Net deferred tax assets 16,090 12,725 Deferred tax liability: Intangibles (2,186) (6,032) Deferred revenue (1,012) (132) Deferred compensation (7,880) (7,031) French Convertible Note Discount (5,780) — Total deferred tax liabilities (16,858) (13,195) Total net deferred tax assets (liabilities) $ (768) $ (470) Realization of deferred tax assets is dependent upon the generation of future taxable income, if any, the timing and amount of which are uncertain. Due to the history of losses the Company has generated in the past, the Company believes that it is more likely than not that its France and international deferred tax assets will not be realized as of December 31, 2019. Accordingly, the Company has recorded a valuation allowance on such deferred tax assets. The valuation allowance increased by $12.1 million for the year ended December 31, 2019, primarily related to the current year net operating losses. The Company regularly assesses the realizability of its deferred tax assets and establishes a valuation allowance if it is more-likely-than-not that some portion of the deferred tax assets will not be realized. The Company considers all available positive and negative evidence, including earnings history and results of recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategies. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, an adjustment to the deferred tax asset valuation allowance will be made, which would reduce the provision for income taxes. The Company recognized a deferred tax liability upon the issuance of convertible debt that may be settled in cash upon conversion. The deferred tax liability represents a source of future taxable income and the Company has determined that upon the issuance of the convertible debt instrument it can release a preexisting valuation allowance to offset the deferred tax liability. The release of the valuation allowance is recognized as an adjustment to Additional-Paid-in-Capital. As of December 31, 2019, the Company had net operating loss carryforwards for French income tax return purposes of approximately $154.9 million, which can be carried forward indefinitely. The Company had net operating loss carryforwards for U.S. federal income tax return purposes of approximately $43.1 million, which expire at various dates beginning in the year 2028, if not utilized. The Company also had net operating loss carryforwards for U.S. federal income tax return purposes of approximately $62 million, which can be carried forward indefinitely. The Company had net operating loss carryforwards of approximately $31.7 million for California income tax return purposes, which expire at various dates beginning in the year 2028, if not utilized, and approximately $54.1 million for other U.S. state income tax return purposes which expire at various dates beginning in the year 2022, if not utilized. The Company had net operating loss carryforwards of approximately $28.4 million for foreign income tax return purposes, which can be carried forward indefinitely and approximately $2.0 million for foreign income tax return purposes, which expire at various dates beginning in the year 2020, if not utilized. As of December 31, 2019, the Company had research and development credit carryforwards for U.S. federal income tax return purposes of approximately $1.9 million, which expire at various dates beginning in the year 2030, if not utilized. The Company had research and development credit carryforwards for U.S. state income tax return purposes of approximately $1.1 million, which can be carried forward indefinitely. Utilization of the net operating loss carryforwards and credits may be subject to a substantial annual limitation due to the ownership change limitations provided by Section 382 of the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before utilization. As of December 31, 2019, the Company had approximately $1.9 million in total unrecognized tax benefits. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Year Ended December 31, 2019 2018 Unrecognized tax benefits, beginning of year $ 1,084 $ 566 Gross increase for tax positions of prior year 170 — Gross decrease for tax positions of prior year — — Gross increase for tax positions of current year 602 518 Settlements — — Gross unrecognized tax benefits, end of year $ 1,856 $ 1,084 If recognized, only $0.1 million of the $1.9 million of unrecognized tax benefits as of December 31, 2019 would ndecrease the effective tax rate in the period in which each of the benefits is recognized. The remainder $1.8 million have no impact on the effective tax rate as the entire benefit would be offset by the establishment of valuation allowance on the resulting increase in the related deferred tax asset. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2019 and 2018, penalties and interest were immaterial. The Company files income tax returns in the France, the U.S. federal jurisdiction as well, many U.S. states,as well as many foreign jurisdictions. The tax years 2005 to 2019 remain open to examination by the various jurisdictions in which the Company is subject to tax. Fiscal years outside the normal statute of limitation remain open to audit by tax authorities due to tax attributes generated in those early years which have been carried forward and may be audited in subsequent years when utilized. The Company is subject to the continuous examination of income tax returns by various worldwide taxing authorities. The Company regularly assesses the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of the provision for income taxes. The Company believes that adequate amounts have been reserved for any adjustments that may ultimately result from these examinations and does not anticipate a significant impact to the gross unrecognized tax benefits within the next 12 months related to these years. The Group identified an error relating to one of the assumptions in its model to estimate relative SSP for IP and PCS for on-premise subscription agreements for purposes of recognizing revenue. The error primarily affects the cumulative impact and related contract balances upon the adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). The total tax effect of the adjustments resulting from the error were inconsequential. This is primarily because for current provision purposes the Company remained in losses after the adjustment, and for deferred purposes any movement was offset by valuation allowances. |
Accounts receivables
Accounts receivables | 12 Months Ended |
Dec. 31, 2019 | |
Accounts receivables | |
Accounts receivables | 10. Accounts receivables The Group's accounts receivables consisted of the following (in thousands): As of December 31, 2019 2018 Accounts receivables $ 81,978 $ 69,413 Less: Allowance for doubtful accounts (1,082) (1,882) Accounts receivable, net $ 80,896 $ 67,531 The movements in the allowance for doubtful accounts of receivables were as follows (in thousands): As of December 31, 2019 2018 2017 Allowance for doubtful accounts, beginning of period $ 1,882 $ 1,409 $ 664 Additions/Deductions (1) (808) 517 674 Write-off of receivable (8) — — Effect of change in exchange rates 16 (44) 71 Allowance for doubtful accounts, end of period $ 1,082 $ 1,882 $ 1,409 (1) The net decrease of $0.8 million in 2019 includes the impact of the updated estimate of the loss from uncollectible receivables resulting from observed collectability trends. As of December 31, 2019 and 2018, the aging analysis of net trade receivables that were not impaired is as follows (in thousands): As of December 31, 2019 2018 Neither past due nor impaired $ 67,922 $ 59,951 Past due but not impaired <30 days 7,295 4,829 Past due but not impaired 30 - 90 days 3,427 2,543 Past due but not impaired > 90 days 2,252 208 Total $ 80,896 $ 67,531 As of December 31, 2019 and 2018, the past due balances totaled 16% and 11%, respectively, of the total net trade receivable (net of allowance for doubtful accounts). The related balances are not considered to be impaired. |
Business combinations
Business combinations | 12 Months Ended |
Dec. 31, 2019 | |
Business combinations | |
Business combinations | 11. Business combinations Acquisition of Stitch Inc. On November 9, 2018, the Talend, Inc., a wholly-owned subsidiary of the Company acquired all of the outstanding shares of Stitch Inc., (“Stitch”), a leading cloud-based service to seamlessly load data to cloud data warehouses, for a cash payment of $59.5 million. Talend, Inc, also recognized transaction costs of approximately $0.7 million, which is included in general and administrative expense in its consolidated statements of operations for the year ended December 31, 2018. Stitch’s self-service solution for efficiently moving data from cloud applications into cloud data warehouses and the Group’s frictionless sales strategy further enhances the Group’s alignment with cloud platforms such as Microsoft Azure, Amazon AWS and Snowflake. In addition, the acquisition of Stitch further addresses the growing demand from data engineers and analyst for self-service cloud data integration solutions. The Group has included the financial results of Stitch in its consolidated financial statements from the date of acquisition. The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition (in thousands): Fair Value Cash $ 1,625 Acquired developed technology 11,400 Customer relationships 3,300 Goodwill 43,635 Other assets, net (57) Deferred revenue (410) Total consideration transferred $ 59,493 The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill. The goodwill balance is primarily attributed to the assembled workforce and expanded market share within the data integration industry, which is moving towards cloud data warehouses. The goodwill balance is not deductible for income tax purposes. The fair values assigned to tangible assets acquired, liabilities assumed and identifiable intangible assets were based on management’s estimates and assumptions. During the second quarter of 2019, the Company adjusted the preliminary amount of the acquisition date fair value assigned to goodwill by $0.2 million to reflect measurement period adjustments related to accrued liabilities. There were no adjustments to the preliminary amounts during the third quarter or fourth quarter of 2019. The fair value of acquired developed technology was determined using an excess earnings method based on revenue forecasts related to the expected evolution of the technology over time. The fair value of customer relationships was determined using the with-and-without method, whereby the value of existing customer relationships is determined using two different scenarios: (1) net revenues less related costs with the customer relationships and (2) net revenues less related costs without the customer relationships. The incremental difference between the two scenarios was then used to estimate the fair value of the Stitch’s existing customer relationships. Both methods used a discounted cash flow method at the discounted rate of 13.5%. The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition. Fair Value Useful Life Acquired developed technology $ 11,400 5 Customer relationships 3,300 2 Total intangible assets subject to amortization $ 14,700 |
Share capital and reserves
Share capital and reserves | 12 Months Ended |
Dec. 31, 2019 | |
Share capital and reserves | |
Share capital and reserves | 12. Share capital and reserves (a) Movements in the periods presented As of December 31, 2019, there were 31,017,268 ordinary shares outstanding, each with a nominal value of €0.08. On March 16, 2017, the Company closed a follow-on public offering of 3,783,111 ordinary shares sold by existing shareholders, including 493,449 shares sold upon full exercise of the underwriters’ option to purchase additional ordinary shares, at a price to the public of $28.50 per share. The Company did not receive any proceeds from the sale of the ordinary shares. The Company incurred offering expenses of $0.7 million, which are recorded as general and administrative expenses. On November 17, 2017, the Company closed a follow-on public offering of 2,750,000 ordinary shares sold by existing shareholders at a price to the public of $40.00 per share. The Company did not receive any proceeds from the sale of the ordinary shares. The Company incurred offering expenses of $0.7 million, which are recorded as general and administrative expense. On March 8, 2018, the Company closed a follow-on public offering of 3,916,474 ordinary shares sold by existing shareholders, at a price to the public of $48.60 per share. The Company did not receive any proceeds from the sale of these ordinary shares. The Company incurred offering expenses of $0.3 million, which are recorded as general and administrative expenses. (b) Ordinary shares Shares have a nominal value of €0.08. Each ordinary share is entitled to one vote. (c) Other reserves The Company’s board of directors, acting upon delegation of the shareholders' meetings held to date, has granted restricted stock units or free shares ( actions gratuites |
Share-based payment plans
Share-based payment plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-based payment plans | |
Share-based payment plans | 13. Share-based payment plans The Company grants all future Restricted Stock Units (RSU) and warrants (BSA) under the 2019 Free Share Plan (the “Free Share Plan”), which was adopted by the Company’s board of directors on August 2, 2019, under the delegation approved by its shareholders at a meeting held on June 25, 2019. The following table illustrates the number of stock options and warrants outstanding (in thousands): Number of Number of employee Number of stock options BSPCE warrants BSA warrants Balance as of December 31, 2018 1,707 229 131 Granted during the year — — 79 Exercised during the year (351) (66) — Forfeited during the year (141) (8) — Balance as of December 31, 2019 1,215 155 210 As of December 31, 2019, there were 1,639,200 stock options, warrants (BSA) and restricted stock units available for grant under the Company’s share pool reserve. As of December 31, 2018, there were 1,721,294 stock options, employee warrants (BSPCE) and warrants (BSA) available for grant under the Company's share pool reserve. In general, vesting of stock options and employee warrants (BSPCE) occurs over four years, with 25% on the one year anniversary of the grant and 1/16th (a) Stock options The Company’s board of directors has approved Stock Option Plans for the granting of stock options to employees outside of France. The terms of the Stock Option Plans are substantially the same and at this time new share option grants may only be made pursuant to the 2017 Plan. Stock options may be granted to any individual employed by the Group. In addition, under French law, the maximum number of shares issuable upon exercise of outstanding employee stock options may not exceed one A summary of stock option activity and related weighted-average exercise prices ("WAEP") and weighted-average remaining contractual term (“WACT”) under all of the plans as of December 31, 2019 are presented in the following table (in thousands, except exercise price per option): Number of WAEP per share WACT (in years) Aggregate Balance as of December 31, 2018 1,707 $ 11.95 6.3 $ 42,769 Granted — — Exercised (351) 13.39 Forfeited (141) 19.21 Balance as of December 31, 2019 1,215 $ 10.36 4.5 $ 34,944 Vested and expected to vest as of December 31, 2019 1,204 $ 10.34 4.5 $ 34,643 Exercisable as of December 31, 2019 1,094 $ 9.30 4.3 $ 32,606 The total intrinsic value of stock options exercised during the years ended December 31, 2019, 2018 and 2017 was $10.3 million, $12.4 million and $11.9 million, respectively. There were no stock option grants during the year ended December 31, 2019. The weighted-average grant date fair value of options granted during the years ended December 31, 2018 and 2017 was $10.62 and $11.97 per share, respectively. The total grant date fair value of options vested during years ended December 31, 2019, 2018 and 2017 was $1.4 million, $2.5 million and $2.4 million, respectively. (b) Employee warrants (BSPCE) The Company’s board of directors has been authorized by the shareholders' general meeting to grant BSPCE (“ bons de souscription de parts de créateur d'entreprise The Company no longer grants employee warrants (BSPCE) as they are no longer authorized for grant by the Board. A summary of employee warrants (BSPCE) activity and related WAEP and WACT under all of the plans as of December 31, 2019 are presented in the following table (in thousands, except exercise price per warrant): Number of WAEP per warrant WACT (in years) Aggregate Balance as of December 31, 2018 229 $ 15.49 6.7 $ 4,922 Granted — — Exercised (66) 13.03 Forfeited (8) 26.42 Balance as of December 31, 2019 155 $ 15.52 5.7 $ 3,653 Vested and expected to vest as of December 31, 2019 151 $ 15.65 5.8 $ 3,547 Exercisable as of December 31, 2019 132 $ 14.31 5.5 $ 3,271 The total intrinsic values of employee warrants (BSPCE) exercised during the years ended December 31, 2019, 2018 and 2017 were $1.9 million, $3.9 million and $4.5 million, respectively. There were no employee warrants (BSPCE) grants during the years ended December 31, 2019 and 2018. The weighted-average grant date fair value of employee warrants (BSPCE) granted during the years ended December 31, 2017 was $12.59 per share. The total grant date fair value of employee warrants (BSPCE) vested during years ended December 31, 2019, 2018 and 2017 was $0.2 million, $0.5 million and $0.4 million, respectively. (c) Restricted Stock Units (RSU) Restricted stock units vest upon either a performance-based or only a service-based criteria. Performance-based RSUs vest based on the satisfaction of specific non-market performance criteria and a four-year service period. At each vesting date, the holder of the award is issued shares of the Company’s ordinary shares. Compensation expense from these awards is equal to the fair market value of the Company’s ordinary shares on the date of grant and is recognized over the remaining service period based on the probable outcome of achievement of the financial metrics used in the specific grant's performance criteria. Management’s estimate of the number of shares expected to vest is based on the anticipated achievement of the specified non-market performance criteria, which are assessed at each reporting period. Performance-based RSUs are typically granted such that they vest upon the achievement of certain software subscription sales targets, during a specified performance period and the completion of a four year service period. In general, service-based RSUs vest over a four-year period, with 25% on the one year anniversary of the grant and equal quarterly installments thereafter. A summary of performance and service based RSU activity and related weighted-average grant date fair value and weighted-average remaining contractual term (“WACT”) under all of the plans as of December 31, 2019 are presented in the following table (in thousands, except weighted-averag grant date fair value): Number of service- Number of performance- Weighted-average based RSUs based RSUs grant date fair value Balance as of December 31, 2018 1,210 301 $ 44.90 Granted 1,287 351 44.06 Vested and released (273) (37) 37.75 Forfeited (300) (231) 43.75 Balance as of December 31, 2019 1,924 384 $ 44.96 Expected to vest as of December 31, 2019 1,551 70 $ 44.87 The tax benefits realized by the Company in connection with vested and released RSUs for the years-ended December 31, 2019 and 2018, was $13.2 million and $2.8 million, respectively. The Company realized no tax benefits in connection with vested and released restricted stock units for the year ended December 31, 2017. The weighted-average grant date fair value of RSUs granted during the years ended December 31, 2019, 2018 and 2017 was $44.06, $49.12 and $36.32 per share, respectively. The total grant date fair value of RSUs vested during years ended December 31, 2019, 2018 and 2017 was $11.7 million, $3.1 million and $0.1 million, respectively. (d) Warrants (BSA) The Company's board of directors has granted warrants (otherwise known as “ bons de souscription d'actions In the second quarter of 2019, the Company’s board of directors granted 74,760 warrants (BSA), with an exercise price of $47.79 and grant date fair value of $14.98 per warrant. In the fourth quarter of 2019, the Company’s board of directors granted 4,500 warrants (BSA), with an exercise price of $33.37 and grant date fair value of $10.08 per warrant. The warrants (BSA) vest quarterly over a one-year period and as of December 31, 2019, 167,740 of the warrants (BSA) are exercisable. (e) Restricted shares The Company entered into agreements with certain current and former executives of the Company, which allowed the executives to purchase ordinary shares at the nominal price of €0.08. The shares are restricted in that the Company has the right to repurchase the shares back from the executives and cancel such shares during a four year vesting period in which the executives have service conditions to meet. The Company is able to repurchase the shares from the executives at the nominal price of €0.08 during a vesting period. The Company's right to repurchase the shares lapses over a four year period, with 25% on the one year anniversary of the grant and either monthly or 1/16th (f) Employee Stock Purchase Plan In the fourth quarter of 2017, the Company established the 2017 Employee Stock Purchase Plan, as amended and restated in September 2019 (the “ESPP”), which is intended to qualify under Section 423 of the Internal Revenue Code of 1986. The ESPP allows eligible employee participants to purchase ADSs, with each ADS representing one ordinary share of the Company, at a discount through payroll deductions. The Company’s executive officers and all of its other employees will be allowed to participate in the ESPP. A total of 498,522 ADSs of the Company’s ordinary shares are available for sale under the ESPP as of December 31, 2019. In addition, with shareholder approval, the ESPP provides for increases by the Company’s board of directors in the number of ADSs available for issuance under the ESPP. Under the ESPP, employees are eligible to purchase ADSs through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. The ESPP has two consecutive offering periods of approximately six months in length during the year and the purchase price of the ADSs will be 85% of the lower of the fair value of the Company’s ADSs on the first trading day of the offering period or on the last day of the offering period. Under applicable tax rules, an employee may purchase no more than $25,000 worth of ADSs, valued at the start of the offering period, under the ESPP in any calendar year. As of December 31, 2019, $2.0 million has been withheld on behalf of employees for a future purchase under the ESPP and is recorded in accrued compensation and benefits. As of December 31, 2019, 180,855 shares of common stock had been purchased under the ESPP. The Company selected the Black-Scholes option-pricing model as the method for determining the estimated fair value for the Company’s ESPP. As of December 31, 2019, total unrecognized compensation cost related to ESPP was $0.2 million which will be amortized over a weighted-average period of approximately 0.2 years. (g) Fair value of stock options, warrants and ESPP Determining the fair value of the share-based payments at the grant date requires judgment. The Company calculated the fair value of each instrument on the grant date using the Black-Scholes option pricing model. The Black-Scholes model requires the input of highly subjective assumptions, including the expected volatility, expected term, risk-free interest rate and dividend yield. Exercise price The exercise price of the Company’s stock awards is based on the fair market value of our ordinary shares. Risk-free interest rate The risk-free interest rate represents the implied yield currently available on zero-coupon government issued securities over the expected term of the option. Expected term The Company determines the expected term based on the average period the share options are expected to remain outstanding. Expected Volatility The Group considered historical volatility of the Company’s share price since the IPO and also considered the historical volatility of similar entities following a comparable period in their lives. Expected Dividend yield The Company has never declared or paid any cash dividends and it does not presently plan to pay cash dividends in the foreseeable future. Consequently, the Company uses an expected dividend yield of zero. The Company estimated the following assumptions for the calculation of the fair value of the share options and warrants: Year Ended December 31, 2019 2018 2017 Stock options and warrants Weighted average fair value of underlying shares $ 46.97 $ 52.65 $ 27.82 Weighted average expected volatility 42.4 % 42.0 % 50.5 % Weighted average risk-free interest rate 2.14 % 2.63 % 1.69 % Weighted average expected term (in years) 2.78 3.23 3.73 Dividend yield — % — % — % ESPP Weighted average fair value of underlying shares $ 41.49 $ 50.39 $ — Weighted average expected volatility 40.2 % 41.7 % — % Weighted average risk-free interest rate 2.20 % 2.06 % — % Weighted average expected term (in years) 0.50 0.50 — Dividend yield — % — % — % (h) Compensation expense Cost of revenue and operating expenses include employee stock-based compensation expense as follows (in thousands): Year Ended December 31, 2019 2018 2017 Cost of revenue - subscriptions $ 3,115 $ 1,432 $ 315 Cost of revenue - professional services 2,132 1,024 207 Sales and marketing 10,227 7,198 2,271 Research and development 10,353 5,808 1,263 General and administrative 7,965 5,375 2,224 Total share-based compensation expense $ 33,792 $ 20,837 $ 6,280 As of December 31, 2019, the Company had $40.5 million of total unrecognized share-based compensation expense relating to stock options, employee warrants (BSPCE), warrants (BSA) and RSUs, which is expected to be recognized over a weighted average period of 1.8 years. |
Net loss per share
Net loss per share | 12 Months Ended |
Dec. 31, 2019 | |
Net loss per share | |
Net loss per share | 14. Net loss per share Basic net income (loss) per share is computed by dividing net income (loss) for the period by the weighted-average number of shares outstanding during the period. In periods of net income, diluted net income per share is computed by dividing net income for the period by the basic weighted-average number of shares plus any dilutive potential ordinary shares outstanding during the period. As the Company was in a loss position for the years ended December 31, 2019, 2018 and 2017, the diluted loss per share is equal to basic loss per share because of the effects of potentially dilutive shares, which include shares from share-based awards and convertible senior notes, were anti-dilutive given the Company’s net loss. In the third quarter of 2019, the Company issued 1.75% Convertible Senior Notes due September 1, 2024 (see Note 15, Debt The net loss and weighted average number of shares used in the calculation of basic and diluted earnings per share are as follows (in thousands, except per share data): Year Ended December 31, 2019 2018 2017 Numerator (basic and diluted): Net loss $ (61,469) $ (39,027) (31,208) Denominator (basic and diluted): Weighted-average ordinary shares outstanding 30,563 29,841 28,966 Basic and diluted net loss per share $ (2.01) $ (1.31) (1.08) The following shares subject to outstanding awards were excluded from the computation of diluted net loss per share for the periods presented as their effect would have been antidilutive (in thousands): Year Ended December 31, 2019 2018 2017 Stock options to purchase ordinary shares 1,215 1,707 2,282 Employee warrants (BSPCE) to purchase ordinary shares 155 229 343 Warrants (BSA) to purchase ordinary shares 210 130 88 Restricted stock units 2,308 1,511 509 Employee stock purchase plan 83 53 — Convertible senior notes 2,700 — — |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt | |
Debt | 15. Debt The principal balances of convertible senior notes and outstanding borrowings under lines of credit with banks and financial institutions were as follows (in thousands): As of December 31, 2019 2018 Convertible notes $ 130,045 $ — BPIfrance $ 665 $ 877 Other 7 7 Total $ 130,717 $ 884 Short-term debt $ 227 $ 208 Long-term debt $ 130,490 $ 676 As part of the Restlet SAS acquisition in 2016, the Company assumed debt totaling $1.2 million related to advances for research and development projects from Bpifrance to Restlet SAS. As of December 31, 2019, the debt had a carrying value of $0.7 million, of which $0.2 million is due within twelve months. The debt balance as of December 31, 2018 was $0.9 million, of which $0.2 million was due within twelve months. Line of credit On February 14, 2019, Talend, Inc., Talend USA, Inc. and Stitch Inc. (the “Borrowers”), all wholly-owned subsidiaries of the Company, entered into a secured revolving credit facility with Square 1 Bank, a division of Pacific Western Bank (“PWB) (the “Loan Agreement”). In September 2019, in connection with the issuance of the 1.75% Convertible Senior Notes due September 1, 2024 (the “2024 Notes”), the Company terminated the Loan Agreement. Prior to the termination date, no amounts had been drawn on the credit facility under the Loan Agreement. Convertible Senior Notes due in 2024 In September 2019, the Company issued an aggregate principal amount of €125.0 million of the 2024 Notes and an additional 12% or €14.8 million, pursuant to the partial exercise of the option to purchase additional 2024 Notes granted to the initial purchasers, in a private placement, pursuant to an exemption from the registration requirements afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), to qualified institutional buyers (as defined in Rule144A promulgated under the Securities Act). The net proceeds from the issuance, after deducting initial purchaser discounts and debt issuance costs of €6.0 million, were €133.8 million. The 2024 Notes mature on September 1, 2024, unless earlier repurchased, redeemed or converted, and bear interest at a fixed rate of 1.75% per year payable semi-annually on March 1 and September 1 of each year, beginning on March 1, 2020. Each €1,000 of principal amount of the 2024 Notes will initially be convertible, subject to adjustment upon the occurrence of specified events, into 19.3234 ADSs, corresponding to 19.3234 of the Company’s ordinary shares per €1,000 principal amount of the 2024 Notes as of the date hereof, which initial conversion rate is equivalent to an initial conversion price of approximately €51.75 per ADS calculated on the basis of the closing price of the Company’s ADSs of $38.72 and an euro to U.S. Dollar exchange rate of €1 to $1.1036 on the pricing date of the 2024 Notes. The conversion rate for the 2024 Notes will be subject to adjustment in some events, but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events set forth in the indenture for the 2024 Notes that occur prior to maturity or if the Company calls any 2024 Notes for redemption, the Company will increase the conversion rate of the 2024 Notes for a holder who elects to convert its 2024 Notes in connection with such a corporate event or during the related redemption period in certain circumstances under the indenture for the 2024 Notes. Holders may convert all or any portion of their 2024 Notes at their option at any time on or after 9:00 a.m. (New York City time) on the business day immediately preceding June 1, 2024 until 9:00 a.m. (New York City time) on the second business day immediately preceding the maturity date of the 2024 Notes. Further, holders may convert their 2024 Notes at their option prior to 9:00 a.m. (New York City time) on the business day immediately preceding June 1, 2024, only under the following circumstances: ● During, but prior to 9:00 a.m. (New York City time) on the last business day of, any calendar quarter commencing after the calendar quarter ending on December 31, 2019 (and only during such calendar quarter), if the last reported sale price of the ADSs (converted into euros in the manner specified in the indenture for the 2024 Notes) for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price for the 2024 Notes on each applicable trading day; ● During the six business day period prior to 9:00 a.m. (New York City time) on the last business day of such period after any five consecutive trading day period (the “measurement period”) in which the trading price per €1,000 principal amount of the 2024 Notes, for each trading day of the measurement period, was less than 98% of the product of the last reported sale price of our ADSs (converted into euros at 4:00 p.m. New York City time on such trading day) and the conversion rate for the 2024 Notes on each such trading day; ● If the Company calls any or all of the 2024 Notes for redemption, at any time prior to 9:00 a.m. (New York City time) on the second business day immediately preceding the redemption date; and ● upon the occurrence of certain specified corporate events. Upon conversion, the Company will pay or deliver, as the case may be, a cash amount in euros, ADSs or a combination of a cash amount in euros and ADSs, at the Company’s election, to the holder. If the Company satisfies its conversion obligation solely in cash or through payment and delivery, as the case may be, of a combination of cash and ADSs, the amount of cash and ADSs, if any, due upon conversion will be based on a settlement amount equal to the sum of the daily conversion values for each of the 40 consecutive trading days during the related observation period (in the manner set forth in the indenture for the 2024 Notes). The Company may redeem for cash all, but not less than all, of the 2024 Notes at its option upon certain changes in the tax law of any relevant taxing jurisdiction at a redemption price equal to 100% of the principal amount of 2024 Notes to be redeemed, plus accrued and unpaid interest, including any additional amounts, to, but excluding, the redemption date. Other than in connection with a tax redemption, the Company may not redeem the 2024 Notes prior to September 6, 2022. The Company may redeem for cash all or any portion of the 2024 Notes, at its option, on or after September 6, 2022 if the last reported sale price of its ADSs (converted into euros in the manner specified in the indenture for the 2024 Notes) has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on and including the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2024 Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. If the Company undergoes a “fundamental change” (as defined in the indenture for the 2024 Notes) prior to the maturity date, holders may require the Company to repurchase for cash all or any portion of their 2024 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2024 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2024 Notes are senior unsecured obligations and rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 2024 Notes, and equal in right of payment to any of the Company’s existing and future liabilities that are not so subordinated. The 2024 Notes are effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s current or future subsidiaries . In accounting for the issuance of the 2024 Notes, the Company separated the 2024 Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the par value of the 2024 Notes as a whole. The difference between the principal amount of the 2024 Notes and the liability component, equal to $21.7 million (the “debt discount”), was initially recorded in Additional paid-in capital. The equity component will not be remeasured as long as it continues to meet the conditions for equity classification. The debt discount is amortized to interest expense at an effective interest rate of 5.00% over the contractual term of the 2024 Notes. The interest rate was based on the interest rates of similar debt instrument that does not have an associated convertible feature and was determined with the assistance of a third party valuation specialist. The Company allocated $0.9 million of debt issuance costs to the equity component and the remaining debt issuance costs of $5.7 million are amortized to interest expense under the effective interest rate method over the contractual term of the 2024 Notes. The net carrying amount of the 2024 Notes was as follows as of December 31, 2019 (in thousands): Principal Balance Unamortized debt discount Unamortized debt issuance costs Net Carrying Amount Liability Component $ 156,716 $ (21,227) $ (5,443) $ 130,046 The net carrying amount of the equity component of the 2024 Notes was as follows as of December 31, 2019 (in thousands): Gross Amount Allocated debt issuance costs Net Carrying Amount Equity Component $ 21,866 $ (945) $ 20,921 During the year ended December 31, 2019, the Company recognized $2.3 million of interest expense of which $1.5 million relate to the amortization of debt discount and issuance costs and $0.8 million relate to the accrual of coupon expense. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases | |
Leases | 16. Leases The Group has adopted ASC 842 utilizing the optional modified retrospective transition method, as of the effective date of ASC 842, which for the Group is January 1, 2019, with a cumulative-effect adjustment to equity. The Group determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in the Company’s consolidated statement of financial position. ROU assets represent the Group’s right to use an underlying asset for the lease term and lease liabilities represent the Group’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Group’s leases do not provide an implicit rate, the Group uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Group’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Group has lease agreements with lease and non-lease components, which are generally accounted for separately, but the Group has made an accounting policy decision to account for the lease and non-lease components as a single lease component. The Group also made an accounting policy decision not to record ROU assets or lease liabilities for leases with terms of 12 months or less. The Group has operating leases for corporate offices, none of which have variable lease payments. The components of lease expense for the year ended December 31, 2019 were as follows (in thousands): Amount Operating lease cost $ 5,856 The balances for our operating leases are presented within our consolidated balance sheet as follows (in thousands): December 31, 2019 Operating lease right-of-use assets $ 27,821 Operating lease liabilities $ 29,299 Other information related to our operating leases is as follows (dollars in thousands): Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 5,066 Right-of-use assets obtained in exchange for lease obligations 2,749 Weighted average remaining lease term for operating leases 6.3 years Weighted average discount rate 5.4% Maturities of lease liabilities as of December 31, 2019 were as follows (in thousands): Amount 2020 $ 5,906 2021 5,536 2022 5,104 2023 3,936 2024 3,824 Thereafter 10,202 Total lease payments 34,508 Less imputed interest (5,209) Total $ 29,299 Future minimum undiscounted lease payments as of December 31, 2018 accounted for under guidance ASC 840 were as follows (in thousands): Amount 2019 $ 5,286 2020 5,757 2021 5,591 2022 5,320 2023 4,014 Thereafter 14,832 Total future minimum lease payments $ 40,800 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and contingencies | |
Commitments and contingencies | 17. Commitments and contingencies Capital commitments As of December 31, 2019, the Company had no capital commitments to acquire fixed or other long-lived assets. Contingencies From time to time, the Group has been, and may become, involved in claims or legal proceedings which arise in the ordinary course of its business. The Group provides for a reserve against such third-party contingent liabilities when a loss is probable and can be reasonably estimated. The Group currently believes that resolving the claims and legal proceedings pending as of December 31, 2019, will neither individually nor in the aggregate have a material adverse effect on the results of operations, cash flow or the financial position of the Group. Purchase obligations As of December 31, 2019, the Company had purchase obligations related to purchase commitments of IT-related services totaling $16.8 million. Guarantees As of December 31, 2019, the Company had agreed to guarantee several business contract obligations totaling $2.1 million. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related party transactions | |
Related party transactions | 18. Related party transactions There is no single investor who has the ability to control the Company. As part of the Restlet SAS acquisition, the Company assumed debt totaling $1.2 million related to advances for research and development projects from Bpifrance to Restlet SAS. As of December 31, 2019, the debt had a carrying value of $0.7 million, see Note 15, Debt |
Selected quarterly results of o
Selected quarterly results of operations (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Selected quarterly results of operations (Unaudited) | |
Selected quarterly results of operations (Unaudited) | 19. Selected quarterly results of operations (Unaudited) The following table sets forth selected unaudited quarterly results of operations data for each of the eight quarters ended December 31, 2019 (in thousands, except per share data). The quarterly results of operations have been revised to reflect the correction of the immaterial error relating to one of the assumptions in the Company’s model to estimate relative SSPs for IP and PCS for on-premise subscription agreements for purposes of recognizing revenue. See Note 3, Revision of prior period financial statements Three Months Ended March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, As previously reported 2018 2018 2018 2018 2019 2019 2019 2019 Total Revenue $ 46,813 $ 49,755 $ 52,065 $ 55,690 $ 57,838 $ 60,591 $ 62,625 $ 66,925 Gross profit $ 35,564 $ 37,882 $ 39,072 $ 42,311 $ 42,638 $ 44,832 $ 47,877 $ 51,752 Operating expenses $ 45,745 $ 46,712 $ 48,474 $ 55,435 $ 59,996 $ 62,772 $ 60,992 $ 61,879 Loss from operations $ (10,181) $ (8,830) $ (9,402) $ (13,124) $ (17,358) $ (17,940) $ (13,115) $ (10,127) Net loss for the period $ (10,115) $ (8,739) $ (9,249) $ (12,256) $ (17,638) $ (18,290) $ (13,359) $ (12,198) Net loss per share attributable to ordinary shareholders: Basic and diluted net loss per share $ (0.34) $ (0.29) $ (0.31) $ (0.41) $ (0.58) $ (0.60) $ (0.44) $ (0.39) Adjustments Total Revenue $ 239 $ 344 $ 164 $ 729 $ (172) $ (286) $ (189) $ 529 Gross profit $ 240 $ 344 $ 164 $ 728 $ (172) $ (285) $ (189) $ 528 Operating expenses $ (27) $ (9) $ 31 $ 149 $ (66) $ (51) $ (37) $ 20 Loss from operations $ 267 $ 353 $ 134 $ 578 $ (107) $ (234) $ (152) $ 509 Net loss for the period $ 266 $ 353 $ 133 $ 580 $ (107) $ (235) $ (151) $ 509 Net loss per share attributable to ordinary shareholders: Basic and diluted net loss per share $ 0.01 $ 0.01 $ 0.01 $ 0.02 $ (0.01) $ (0.01) $ — $ 0.01 As Revised Total Revenue $ 47,052 $ 50,099 $ 52,229 $ 56,419 $ 57,666 $ 60,305 $ 62,436 $ 67,454 Gross profit $ 35,804 $ 38,226 $ 39,236 $ 43,039 $ 42,466 $ 44,547 $ 47,688 $ 52,280 Operating expenses $ 45,718 $ 46,703 $ 48,505 $ 55,584 $ 59,930 $ 62,721 $ 60,955 $ 61,899 Loss from operations $ (9,914) $ (8,477) $ (9,268) $ (12,546) $ (17,465) $ (18,174) $ (13,267) $ (9,618) Net loss for the period $ (9,849) $ (8,386) $ (9,116) $ (11,676) $ (17,745) $ (18,525) $ (13,510) $ (11,689) Net loss per share attributable to ordinary shareholders: Basic and diluted net loss per share $ (0.33) $ (0.28) $ (0.30) $ (0.39) $ (0.59) $ (0.61) $ (0.44) $ (0.38) |
Subsequent event
Subsequent event | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent event | |
Subsequent event | 20. Subsequent event In March 2020, the Company entered into a lease agreement for approximately 58,000 square feet of office space in Suresnes, France. The lease commences on April 1, 2020 and expires on March 31, 2026, subject to the Company’s right to continue the Lease under its terms until March 31, 2029. The Lease requires the Company to make a security deposit in the amount of €341,460 at signing and establishes an initial annual rent of €1,365,840 , subject to an abatement of the first fourteen months worth of rent. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of significant accounting policies | |
Basis of presentation and consolidation | (a) Basis of presentation and consolidation The consolidated financial statements as of and for the year ended December 31, 2019 have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The Consolidated Statement of Financial Position as of December 31, 2018 and Consolidated Statements of Cash Flows as of December 31, 2018 and December 31, 2017 have been revised to reflect an immaterial re-classification of restricted cash between cash and cash equivalents and other current assets. The revision, in the amount of $0.4 million, resulted in an increase in cash and cash equivalents and a corresponding decrease in other current assets, compared to what was previously presented. |
Use of estimates | (b) 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 financial statements and accompanying notes. Significant items subject to such estimates include, but are not limited to, revenue recognition (including allocation of the transaction price for on-premise subscription revenue to separate performance obligations, which requires estimates of main assumptions including useful life of intellectual property and appropriate margins), the amortization period for contract acquisition costs, contract period of leases, fair value of acquired intangible assets and goodwill and share-based compensation expense (including achievement of non-market conditions and forfeiture rate). These estimates and assumptions are based on management’s best estimates and judgment. Management regularly evaluates its estimates and assumptions using historical experience and other factors; Actual results, however, could differ significantly from these estimates. |
Segment reporting | (c) Segment reporting We operate as a single operating and reportable segment. |
Revenue recognition | (d) Revenue recognition The Group primarily derives revenue from contracts with customers from the sale of subscriptions and professional services engagements. The Group determines revenue recognition through the following steps: i) Identification of the contract, or contracts with a customer – The Group enters into binding agreements with its customers that identify each party’s rights regarding the services to be performed and are evidenced by order forms. The Group determines it has a contract with a customer when an order form has been fully executed and uses judgement in determining when collectability of consideration is probable. For this assessment, the Group considers the size of the transaction, the payment history, the nature of services provided and other relevant customer information. ii) Identification of the performance obligations in the contract – When a contract is identified, the Group considers the terms of its subscription and all other relevant facts, including the economic substance of these transactions. Performance obligations promised in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the performance obligation is separately identifiable from other promises in the contract and a customer can benefit from it on its own or with other resources that are readily available to the customer. The Group applies judgment to determine whether multiple promised products and services in a contract should be accounted for separately. iii) Determination of the transaction price – The transaction price is determined based on the consideration that the Group expects to be entitled in exchange for transferring products and services to the customer. The Group has determined that the order amount in the executed order forms constitutes the transaction price of the contract. Executed order forms do not include variable amounts, non-cash considerations or considerations that are paid to the customers. None of the Group’s contracts contain a significant financing component. iv) Allocation of the transaction price to the performance obligations in the contract - If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. For contracts that contain multiple performance obligations, the Group allocates the transaction price to each performance obligation based on a relative standalone selling price (“SSP”) basis. The Group determined SSPs using the “expected cost plus a margin” approach as it maximizes the use of available observable inputs. v) Recognition of revenue when, or as, the Company satisfies a performance obligation - The Group recognizes revenue when control over performance obligations transfers to customers, in amounts that reflect the consideration the Group expects to be entitled to in exchange for those services. Subscriptions Subscription revenue consists of fees earned from arrangements to provide customers with the right to use our commercial software either in a cloud-based infrastructure that we provide or installed within the customer’s own environment through on-premise licenses. Our subscriptions include unspecified future updates, upgrades and technical product support. Subscription fees are based primarily on the number of users of our software and to a lesser extent the processing power required to operate the software. Our subscription-based arrangements generally have a contractual term of one Additionally, the Group occasionally enters into arrangements to embed its proprietary software or other generated code into a third-party application or service in exchange for sales- or usage-based royalties. As licensees do not generally report and pay royalties owed for sales/usage in any given quarter until after conclusion of that quarter, the Group recognizes royalty revenue based on estimates of licensees’ sales/usage in the quarter, with a booking each quarter and a royalty estimate true up recorded in the following quarter as a separate booking. On-premise Subscriptions for our on-premise licenses include both a right to use the Group’s underlying intellectual property (“IP”) and a right to receive post-contract customer support (“PCS”) during the subscription term. PCS is comprised of maintenance services (including updates and upgrades to the software on a when-and if available basis) and support services (including technical product support such as diagnosis and resolution of implementation and customer success services such as case reviews, integration job design and operational performance metrics). The IP rights and the rights to receive PCS represent two separate performance obligations as they are not highly interdependent or interrelated and they can be transferred independently. The Group does not have observable SSP for its licenses or its PCS as they are not sold separately. The Group developed a model to estimate relative SSP for each performance obligation using a “expected cost plus a margin” approach. This model uses observable datapoints to develop the main assumptions including the estimated useful life of the IP and appropriate margins. Based on this approach, the Group generally allocated 16% of the transaction price to the IP performance obligation and generally allocated 84% of the transaction price to the PCS performance obligation during each of the twelve months periods ended December 31, 2019 and 2018. The Group analyzed the relative allocation that resulted from the Group’s estimated SSP against the relative transaction price allocation of peer companies, including those that also sell, like the Group, software that is principally open-source and those that sell similar software that is proprietary (i.e. not available on an open source basis). Revenue from the rights to use our IP is recognized upon delivery of the license key to the customer. Revenue from the rights to receive post-contract support is recognized ratably over the subscription term. Revenue through resellers follows the same revenue recognition pattern as applied for post-contract support. Cloud-based Subscriptions for our cloud-based offerings represent the right of access to our software as a service for which revenue is recognized ratably over the term of the arrangement. Professional services Professional services revenue consists of fees earned for consulting engagements related to the deployment and configuration of our product offering, training customers and associated expenses. Consulting engagements include implementation support to our customers during subscription setup and consist of time-based arrangements usually paid in advance, on delivery or at the completion of the contract. Training revenue results from contracts to provide educational services to customers and partners regarding the use of the Group’s technologies. The standalone selling price of a consulting or training service component is based on historical pricing for the component or a similar component that has been sold on a standalone basis. Revenue from professional services is recognized as services are rendered. Contracts with multiple performance obligations The Group may enter into transactions that contain multiple performance obligations where a subscription and consulting and training services are sold together. For these contracts, the Group accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. The Group is able to determine reliably the standalone selling price of a consulting or training service component based on historical pricing for the component or a similar component that has been sold on a standalone basis. Contract acquisition costs Contract acquisition costs consist of sales commissions earned by our sales force to initially obtain a contract, and upon renewal of such contracts. Sales commissions to initially obtain a contract are considered incremental and recoverable costs and are deferred and then amortized on a straight-line basis over the period of benefit determined to be five years, which includes the contractual and expected renewal periods. The Group recognizes the incremental costs to initially obtain a contract with a customer on the statement of financial position if the Group expects the benefit of those costs to be longer than one year. Amortization expense is included in sales and marketing expenses in the accompanying consolidated statements of operations. Sales commissions paid upon renewal are substantially lower than the commissions paid to initially obtain the contract and are expensed in the period the contract is renewed. The majority of customer contracts are annual and as a result these renewals commissions are paid on an annual basis. Contract liabilities - deferred revenue Deferred revenue predominantly consists of the portion of the subscription price allocated to support and maintenance services that will be recognized ratably over the remaining subscription term, and prepaid but unused consulting and training services. Disclosures Related to our Contracts with Customers Timing may differ between the satisfaction of performance obligations and the invoicing and collection of amounts related to the Group’s contracts with customers. The Group may record assets for amounts related to performance obligations that are satisfied but not yet billed and/or collected. These assets would be recorded as contract assets rather than receivables when receipt of the consideration is conditional on something other than the passage of time. Liabilities are recorded for amounts that are collected in advance of the satisfaction of performance obligations. These liabilities are classified as current and non-current contract liabilities – deferred revenue in the statement of financial position. The following table reflects the Group’s accounts receivables, contract acquisition costs and contract liabilities – deferred revenue (in thousands): As of December 31, 2019 2018 Assets Accounts receivable, net $ 80,896 $ 67,531 Contract assets - unbilled revenue 2,095 941 Contract acquisition costs - current 10,695 9,469 Contract acquisition costs - non-current 22,050 17,558 Total contract assets $ 115,736 $ 95,498 Liabilities Contract liabilities - deferred revenue - current 142,616 120,329 Contract liabilities - deferred revenue - non-current 17,807 20,784 Total contract liabilities $ 160,423 $ 141,113 (1) Accounts receivable, net represents amounts billed to customers in accordance with contract terms for which payment has not yet been received. It is presented net of the allowance for doubtful accounts as part of current assets. (2) Contract assets – are unbilled revenue, represent timing difference between the satisfaction of performance obligations by the Group and the invoicing and collection of related amounts. (3) Contract acquisition costs represent deferred sales commissions. (4) Contract liabilities – deferred revenue represents amounts received as consideration from the Group’s customers in advance of performance on a portion of the contract as of the end of the reporting period. Significant changes in the contract acquisition costs and the contract liabilities balances during the period are as follows (in thousands): Contract assets - Contract Contract liabilities - unbilled revenue acquisition costs deferred revenue Balances at January 1, 2018 $ 782 $ 23,390 $ 140,217 Transferred to accounts receivable from unbilled revenue (628) — — Increase due to new unbilled revenue 787 — — Additional contract acquisition costs deferred — 12,944 — Amortization of deferred contract acquisition costs — (9,307) — Performance obligations satisfied during the period that were included in the contract liability balance at the beginning of the period — — (117,162) Increases due to invoicing prior to satisfaction of performance obligations, net of amounts recognized as revenue during the period — — 118,058 Balances at December 31, 2018 941 27,027 141,113 Transferred to accounts receivable from unbilled revenue (849) — — Increase due to new unbilled revenue 2,003 — — Additional contract acquisition costs deferred — 15,924 — Amortization of deferred contract acquisition costs — (10,206) — Performance obligations satisfied during the period that were included in the contract liability balance at the beginning of the period — — (116,534) Increases due to invoicing prior to satisfaction of performance obligations, net of amounts recognized as revenue during the period — — 135,844 Balance at December 31, 2019 $ 2,095 $ 32,745 $ 160,423 As of December 31, 2019, $10.7 million of the Group’s contract acquisition costs are expected to be amortized within the next 12 months and therefore are included in current assets. The remaining amount of Group’s contract acquisition costs are included in non-current assets. There were no impairments of assets related to Group’s contract acquisition costs during the year-ended December 31, 2019. Remaining Performance Obligations The Group’s contracts with customers include amounts allocated to performance obligations that will be satisfied at a later date of $206.9 million and $173.2 million as of December 31, 2019 and 2018, respectively. As of December 31, 2019, $155.8 million of deferred revenue and backlog is expected to be recognized from remaining performance obligations over the next 12 months , and approximately $51.1 million thereafter. Revenue from remaining performance obligations for professional services contracts as of December 31, 2019 was not material. Disaggregation of Revenues See Note 8, Geographical information |
Business combinations | (e) Business combinations Business combinations are accounted for using the acquisition method whereby acquired companies are included in the consolidated financial statements from their acquisition date. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition date fair values of the assets transferred to the Group and liabilities assumed by the Group. If contingent consideration is identified in an acquisition, it is recorded at fair value determined on the acquisition date using a discounted cash flow model. Subsequently, contingent consideration that is classified as equity is not re-measured while other contingent consideration is re-measured to fair value at each reporting period with gains or losses recorded in profit and loss. The Group elects on a transaction-by-transaction basis whether to measure non-controlling interest at its fair value, or at its proportionate share of the recognized amount of the identifiable net assets, at the acquisition date. Transaction costs, other than those associated with the issue of debt or equity securities, which are incurred by the Group in connection with a business combination are expensed as incurred and recorded in general and administrative expenses. The Group measures goodwill as the consideration transferred plus the recognized amount of any non-controlling interest in the acquired entity, less the net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, which is not to exceed one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings. Goodwill is subsequently measured at cost less accumulated impairment losses. If the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred plus the amount of any non-controlling interests in the acquired entity, the excess is recognized in the consolidated statements of operations as a bargain purchase gain. |
Foreign currency | (f) Foreign currency Functional and presentation currency The functional currency for the Company is the euro; however, these consolidated financial statements are presented in U.S. dollars, which is the Company's reporting currency. Assets and liabilities that are not denominated in the functional currency are remeasured into the functional currency with any related gain or loss recorded in earnings. The Company translates assets and liabilities of its non-U.S. dollar functional currency foreign operations into the U.S. dollar reporting currency at exchange rates in effect at the balance sheet date. The Company translates income and expense items of such foreign operations into the U.S. dollar reporting currency at average exchange rates for the period. Accumulated translation adjustments are reported in stockholders’ equity, as a component of accumulated other comprehensive income (loss). Foreign currency transactions Transactions in foreign currencies are initially recorded by the Group entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchange at the reporting date. Foreign currency differences arising on translation are generally recognized in the consolidated statements of operations. Long-term monetary assets held by the Company in a foreign subsidiary for which settlement is neither planned or anticipated to occur in the foreseeable future are a part of the entity’s net investment in a foreign operation. Accordingly, pursuant to ASC 830, exchange differences on these items are recorded in other comprehensive income until the investment’s disposal or disqualification. Translation from functional to presentation currency Assets and liabilities of the Company and its subsidiaries are translated from their functional currency into the U.S. dollar presentation currency at the rate of exchange prevailing at the reporting date and their statements of operations are translated at average exchange rates. The average rate is determined by taking the average of the month-end closing rates, unless such method results in a material distortion. The exchange differences arising on translation to the presentation currency for consolidation are recognized in other comprehensive income (loss) and accumulated in the foreign currency translation reserve. |
Financial instruments | (g) Financial instruments Non-derivative financial assets The Group has the following non-derivative financial assets: deposits, trade receivables and certain other receivables and cash and cash equivalents. The Group initially recognizes non-derivative financial assets on the date that they are originated. Loans and receivables Loans and receivables are comprised of deposits, trade receivables and certain other receivables. Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortized cost using the effective interest method, less any impairment losses. A valuation allowance for trade receivables is recognized if the recoverable amount is less than the carrying amount. Amounts deemed uncollectible are recorded to this allowance in the consolidated statements of financial position with an offsetting decrease in related deferred revenue and a charge to general and administrative expense in the consolidated statement of operations. During the year ended December 31, 2019, the Company performed its assessment of the collectability of trade recevaibles, resulting in a decrease in the allowance for trade receivables of $1.3 million to reflect current collectability trends. Cash and cash equivalents Cash and cash equivalents are comprised of cash at banks, restricted cash and highly liquid deposits with original maturities of less than three months that are readily convertible into a known amount of cash and are subject to insignificant risk of changes in value. Restricted cash is related to letters of credit for facility lease arrangements. Non-derivative financial liabilities The Group has the following non-derivative financial liabilities: borrowings and trade and other payables. The Group initially recognizes non-derivative financial liabilities on the date that they are originated. Such financial liabilities are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. Advances for research and development projects that were obtained from Bpifrance are reimbursable should the project be successful (see Note 15, Debt The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in the consolidated statements of operations. |
Concentration of Credit Risk | (h) Concentration of Credit Risk Financial instruments that potentially expose the Company to a concentration of credit risk consist primarily of cash, cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with financial institutions that management believes are financially sound and have minimal credit risk exposure although the balances will exceed insured limits. The Company generally does not require collateral or other security in support of accounts receivable. Allowances are provided for individual accounts receivable when the Company becomes aware of a customer’s inability to meet its financial obligations, such as in the case of bankruptcy, deterioration in the customer’s operating results or change in financial position. Actual credit losses may differ from the Company's estimates. As of December 31, 2019, no customer represented 10% or more of the Company's gross accounts receivable. As of December 31, 2019, no customer represented 10% or more of the Company's total revenue. |
Property and equipment | (i) Property and equipment Property and equipment are stated at net of accumulated depreciation. Historical cost includes expenditures directly attributable to the acquisition of the assets. Purchased software that is an integral part of the functionality of the related equipment is capitalized as part of that equipment. Depreciation is recognized in the consolidated statements of operations on a straight-line basis over the estimated useful lives of the assets, or in the case of leasehold improvements and certain leased equipment, over the lease term if shorter, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful lives for each asset class are as follows: Computer equipment and software 3 years Fixtures and fittings 3 to 5 years Leasehold improvements Shorter or lease term or useful life Property and equipment is reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. |
Goodwill, intangible assets and impairment assessments | (j) Goodwill, intangible assets and impairment assessments Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired and is evaluated annually, in the fourth quarter, for impairment, or more frequently if circumstances exist that indicate that impairment may exist. When conducting the annual goodwill impairment assessment, the Group first assesses qualitative factors, to determine whether it is necessary to perform the two-step goodwill impairment test. If determined to be necessary, the two-step impairment test shall be used to identify potential goodwill impairment and measure the amount of a goodwill impairment loss to be recognized, if any. Intangible assets include acquired customer relationships and acquired developed technology. Intangibles acquired through a business combination are recognized separately from goodwill, initially at fair value on the acquisition date. Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets acquired separately. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. There were no impairments of goodwill or intangible assets during the years ended December 31, 2019, 2018 or 2017. The useful lives of intangible assets are assessed to be either finite or indefinite. All of our intangible assets have finite useful lives and amortization is recognized in the consolidated statements of operations on a straight-line basis over the estimated useful lives of intangible assets, from the date that they are available for use, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The amortization expense on intangible assets with finite lives is recognized in the consolidated statements of operations in the expense category, consistent with the function of the intangible asset. The estimated useful lives for each intangible asset class are as follows: Customer relationships 2 years Acquired developed technology 5 years Amortization methods, useful lives and residual values are reviewed at each year end and adjusted if appropriate. |
Convertible notes | (k) Convertible notes We account for the issued 1.75% Convertible Senior Notes due September 1, 2024 (the “2024 Notes”) as separate liability and equity components in accordance with ASC 470, Debt |
Employee benefits plans | (l) Employee benefits plans Defined contribution plan A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognized as an employee benefit expense in the consolidated statements of operations in the periods during which services are rendered by employees. For the fiscal years ended December 31, 2019, 2018 and 2017, the Group made contributions of $3.9 million, $3.0 million and $2.2 million to various contribution plans, respectively. Share-based payments Employees, executives and board members of the Group receive remuneration in the form of share-based payments, whereby they render services as consideration for equity instruments which are considered equity-settled transactions. The cost of equity-settled transactions are recognized, together with a corresponding increase in equity, by reference to the fair value determined at the grant date of the share-based awards, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the beneficiary becomes fully entitled to the award (the "vesting date"). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has lapsed and the Group's best estimate of the number of equity instruments that will ultimately vest. Share-based awards are expensed based on a graded vesting method, over the vesting period as the awards vest in tranches over the vesting period. Determining the fair value of the share-based awards at the grant date requires judgment. The Company calculated the fair value of each option award on the grant date using a Black-Scholes option pricing model. The Black-Scholes model requires the estimation of a number of variables, including, the expected volatility, expected term, risk-free interest rate and dividend yield. The estimation of share awards that will ultimately vest requires judgment, especially awards with non-market performance conditions, and to the extent actual results or updated estimates differ from current estimates, such amounts will be recorded as a cumulative adjustment in the period the estimates are revised. Actual results, and future changes in estimates, may differ substantially from current estimates. Share based payment expense is recorded based on awards that are ultimately expected to vest, and such expense is reduced for estimated forfeitures. When estimating forfeitures, we considered voluntary termination behaviors as well as trends of the actual forfeitures of share-awards. If an equity-settled award is cancelled, as a result of forfeiture when the vesting conditions are not satisfied, it is treated as if it had been forfeited on the date of cancellation, and any expense previously recognized for unvested shares is immediately reversed. |
Government assistance | (m) Government assistance The Research Tax Credit ( Crédit d'Impôt Recherche |
Other income and expense | (n) Other income and expense Other income and expense mainly include net foreign exchange gains and losses. |
Income tax | (o) Income tax Income tax expense is comprised of current income tax and deferred tax. The Company records income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s consolidated financial statements or tax returns, and for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that will be in effect for the years in which those tax assets and liabilities are expected to be realized or settled. The estimation of future tax consequences is based on provisions of the enacted tax law; the effects of future changes in tax laws or rates are not anticipated. Valuation allowances are provided when necessary to reduce deferred tax assets to the amount expected to be realized. All deferred income taxes are classified as long-term in our consolidated balance sheets. |
Software development costs | (p) Software development costs The Group expenses software development costs, including costs to develop software products or the software component of products to be sold, leased, or marketed to external users, before technological feasibility is reached. Technological feasibility is typically reached shortly before the release of such products and as a result, development costs that meet the criteria for capitalization were not material for the periods presented. The Group may in the future capitalize certain development costs incurred in connection with internal use software. Any costs incurred in the preliminary stages of development would be expensed as incurred. Once an application has reached the development stage, internal and external costs, if direct and incremental, could be capitalized until the software is substantially complete and ready for its intended use. Capitalization ceases upon completion of all substantial testing. Maintenance costs are expensed as incurred. The Group has assessed the conditions for recognition of an internally generated asset from software development activities and concluded that up to now all criteria were not fulfilled; therefore, no research and development costs have been capitalized. |
Research and development costs | (q) Research and development costs Research and development costs are expensed as incurred and consist primarily of salaries and related expenses, including share-based payment expense, contractor software development costs and related overhead, as well as amortization of acquired developed technology, less any research and development subsidies. |
Advertising costs | (r) Advertising costs Advertising costs are expensed as incurred and are classified as sales and marketing expense. The Group has incurred advertising expense of $0.3 million and $0.1 million during the years ended December 31, 2019 and 2018, respectively, and less than $0.1 million for the year ended December 31, 2017. |
Off-balance sheet arrangements | (s) Off-balance sheet arrangements The Company has no off-balance sheet arrangements other than those disclosed as operating leases in Note 17, Commitments and Contingencies |
Recently adopted accounting standards | (t) Recently adopted accounting standards In March 2014, the Financial Accounting Standards Board (“FASB”) issued ASC 2014-09, Revenue from Contracts with Customers Other Assets and Deferred Costs – Contracts with Customers In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), The Group has adopted the standard utilizing the modified retrospective transition method, as of the effective date of ASC 842, which for the Group is January 1, 2019, with a cumulative-effect adjustment to equity. As a result, the Group recognized $27.1 million of operating lease assets and $27.7 million of operating lease liabilities. This method allows entities to continue to apply the legacy guidance in ASC 840, including disclosure requirements in the comparative periods presented in the year of adoption. Please see Note 16, Leases In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718), Improvements to Nonemployee Share-based Payments (u) Accounting standards issued not yet adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updated (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments—Credit Losses In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework (Topic 820) In August 2018, the FASB issued ASU 2018-15, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes There have been no other recent accounting pronouncements or changes in accounting pronouncements that would be significant, or potentially significant, to the Group. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of significant accounting policies | |
Schedule of trade receivables, contract acquisition costs and contract liabilities - deferred revenue | The following table reflects the Group’s accounts receivables, contract acquisition costs and contract liabilities – deferred revenue (in thousands): As of December 31, 2019 2018 Assets Accounts receivable, net $ 80,896 $ 67,531 Contract assets - unbilled revenue 2,095 941 Contract acquisition costs - current 10,695 9,469 Contract acquisition costs - non-current 22,050 17,558 Total contract assets $ 115,736 $ 95,498 Liabilities Contract liabilities - deferred revenue - current 142,616 120,329 Contract liabilities - deferred revenue - non-current 17,807 20,784 Total contract liabilities $ 160,423 $ 141,113 (1) Accounts receivable, net represents amounts billed to customers in accordance with contract terms for which payment has not yet been received. It is presented net of the allowance for doubtful accounts as part of current assets. (2) Contract assets – are unbilled revenue, represent timing difference between the satisfaction of performance obligations by the Group and the invoicing and collection of related amounts. (3) Contract acquisition costs represent deferred sales commissions. (4) Contract liabilities – deferred revenue represents amounts received as consideration from the Group’s customers in advance of performance on a portion of the contract as of the end of the reporting period. |
Schedule of significant changes in contract acquisition costs and contract liabilities balances | Significant changes in the contract acquisition costs and the contract liabilities balances during the period are as follows (in thousands): Contract assets - Contract Contract liabilities - unbilled revenue acquisition costs deferred revenue Balances at January 1, 2018 $ 782 $ 23,390 $ 140,217 Transferred to accounts receivable from unbilled revenue (628) — — Increase due to new unbilled revenue 787 — — Additional contract acquisition costs deferred — 12,944 — Amortization of deferred contract acquisition costs — (9,307) — Performance obligations satisfied during the period that were included in the contract liability balance at the beginning of the period — — (117,162) Increases due to invoicing prior to satisfaction of performance obligations, net of amounts recognized as revenue during the period — — 118,058 Balances at December 31, 2018 941 27,027 141,113 Transferred to accounts receivable from unbilled revenue (849) — — Increase due to new unbilled revenue 2,003 — — Additional contract acquisition costs deferred — 15,924 — Amortization of deferred contract acquisition costs — (10,206) — Performance obligations satisfied during the period that were included in the contract liability balance at the beginning of the period — — (116,534) Increases due to invoicing prior to satisfaction of performance obligations, net of amounts recognized as revenue during the period — — 135,844 Balance at December 31, 2019 $ 2,095 $ 32,745 $ 160,423 |
Schedule of property and equipment, estimated useful lives | Computer equipment and software 3 years Fixtures and fittings 3 to 5 years Leasehold improvements Shorter or lease term or useful life |
Schedule of estimated useful lives of intangible assets | Customer relationships 2 years Acquired developed technology 5 years |
Revision of prior period fina_2
Revision of prior period financial statements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revision of prior period financial statements | |
Schedule of effects of the revisions on the consolidated financial statements | The following tables summarize the effects of the revisions on the consolidated financial statements as of and for the year ended December 31, 2018 (in thousands). The balances after adoption of ASC 606 of contract acquisition costs and contract liabilities – deferred revenue as of January 1, 2018 were $25.2 million and $128.1 million, respectively. The revised balances after adoption of ASC 606 of contract acquisition costs and contract liabilities – deferred revenue as of January 1, 2018 were $23.4 million and $120.5 million, respectively. Statement of Financial Position December 31, 2018 As Previously Reported Adjustment As Revised Contract acquisition costs $ 28,953 $ (1,926) $ 27,027 Total assets 219,124 (1,926) 217,198 Contract liabilities - deferred revenue 150,147 (9,034) 141,113 Total liabilities 194,685 (9,034) 185,651 Accumulated other comprehensive income 607 (203) 404 Accumulated losses (224,312) 7,311 (217,001) Total stockholders’ equity 24,439 7,108 31,547 Statement of Operations Year Ended December 31, 2018 As Previously Reported Adjustment As Revised Subscriptions $ 174,887 $ 1,476 $ 176,363 Total revenue 204,323 1,476 205,799 Sales and marketing 113,650 144 113,794 Total operating expenses 196,366 144 196,510 Loss from operations (41,537) 1,332 (40,205) Loss before income tax expense (40,682) 1,332 (39,350) Net loss for the year (40,359) 1,332 (39,027) Basic and diluted net loss per shares $ (1.35) $ 0.04 $ (1.31) Weighted-average shares outstanding 29,841 — 29,841 |
Cash and cash equivalents and_2
Cash and cash equivalents and other assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash and cash equivalents and other assets and liabilities | |
Schedule of cash and cash equivalents | Cash and cash equivalents consisted of the following (in thousands): As of December 31, 2019 2018 Cash at banks $ 120,842 $ 32,437 Cash equivalents 56,233 1,667 Total cash and cash equivalents $ 177,075 $ 34,104 |
Schedule of other current assets | Prepaid expenses and other current assets consisted of the following (in thousands): As of December 31, Other current assets 2019 2018 Research tax credit $ 581 $ 612 Unbilled revenue 2,095 941 Prepaid expenses 8,178 6,244 Other assets 1,034 1,664 Other current assets $ 11,888 $ 9,461 |
Schedule of other non-current assets | Other non-current assets consisted of the following (in thousands): As of December 31, Other non-current assets 2019 2018 Research tax credit $ 1,848 $ 2,214 Deposits 1,169 793 Other non-current assets 1,365 654 Other non-current assets $ 4,382 $ 3,661 |
Schedule of accrued expenses and other liabilities | Accrued expenses and other liabilities consisted of the following (in thousands): As of December 31, Accrued expenses and other liabilities 2019 2018 Accrued compensation and benefits $ 24,201 $ 21,343 VAT payable 6,238 5,051 Other taxes 502 698 Contingent liabilities 578 408 Other current liabilities 9,663 8,975 Accrued expenses and other liabilities $ 41,182 $ 36,475 |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property and equipment | |
Schedule of property and equipment | The cost and accumulated depreciation of property and equipment are as follows (in thousands): As of December 31, Property and equipment 2019 2018 Computer equipment and software $ 8,997 $ 6,778 Fixtures and fittings 1,902 1,925 Leasehold improvements 3,858 4,823 Property and equipment, gross 14,757 13,526 Less: accumulated depreciation (9,409) (7,191) Property and equipment, net $ 5,348 $ 6,335 |
Goodwill and intangible assets
Goodwill and intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and intangible assets | |
Schedule of goodwill | Goodwill consisted of the following (in thousands): Year Ended December 31, 2019 2018 Goodwill, beginning of period $ 49,659 $ 6,196 Additions from acquisitions — 43,435 Measurement period adjustment 200 — Effect of change in exchange rates (115) 28 Goodwill, end of period $ 49,744 $ 49,659 |
Schedule of intangible assets | Intangible assets as of December 31, 2019 included the following (in thousands): December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Weighted Average Customer relationships $ 4,975 $ (3,600) $ 1,375 1 years Acquired developed technology 19,555 (6,912) 12,643 4 years Total $ 24,530 $ (10,512) $ 14,018 Intangible assets as of December 31, 2018, included the following (in thousands): December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Weighted Average Customer relationships $ 5,009 $ (1,984) $ 3,025 2 years Acquired developed technology 20,087 (3,692) 16,395 5 years Total $ 25,096 $ (5,676) $ 19,420 |
Schedule of estimated future amortization expense related to intangible assets | The following table presents the estimated future amortization expense related to intangible assets as of December 31, 2019 (in thousands): Amount 2020 $ 5,023 2021 3,648 2022 3,447 2023 1,900 2024 — Thereafter — Total amortization expense $ 14,018 |
Geographical information (Table
Geographical information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenues by geographic region | |
Disclosure of revenues by region | Year Ended December 31, 2019 2018 2017 Americas $ 115,736 $ 93,777 $ 70,671 EMEA 108,664 97,288 71,015 Asia Pacific 23,461 14,734 6,909 Total revenue $ 247,861 $ 205,799 $ 148,595 The following table sets forth our long-lived assets by geographic area, which consist of property and equipment, net and operating lease right-of-use assets (in thousands): As of December 31, 2019 2018 France $ 6,186 $ 2,230 United States 19,082 2,728 International 7,901 1,377 Total long-lived assets $ 33,169 $ 6,335 |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income tax | |
Schedule of domestic and foreign components loss before income tax expense | The following table presents domestic and foreign components loss before income tax expense (in thousands): Year Ended December 31, 2019 2018 2017 France $ (10,042) $ (9,502) $ (18,811) International (51,278) (29,848) (12,073) Loss before income tax expense $ (61,320) $ (39,350) $ (30,884) |
Schedule of components of (provision) benefit for income taxes | The components of the (provision) benefit for income taxes were as follows (in thousands): Year Ended December 31, 2019 2018 2017 Current: France $ — $ — $ — International (20) (311) (324) Total current (20) (311) (324) Deferred: France — — — International (129) 634 — Total deferred (129) 634 — Income tax (expense) benefit $ (149) $ 323 $ (324) |
Schedule of reconciliation of income tax expense | The following table provides a reconciliation of the income tax expense calculated at the French statutory tax rate to the income tax expense (in thousands): Year Ended December 31, 2019 2018 2017 Loss before income tax expense $ (61,320) $ (39,350) $ (30,884) Expected tax benefit at France’s statutory income tax rate of 31.00% in fiscal year 2019, 33.33% in fiscal year 2018 and 33.33% plus 1.1% surcharge in fiscal year 2017 19,009 13,116 10,633 Effect of different tax rates of subsidiaries operating in countries other than France (2,067) (2,794) 2,154 Non-deductible expenses (2,443) (1,714) 231 Effective change in tax rates (692) (319) (13,056) Share-based compensation 2,543 (851) 1,741 Change in valuation allowance (17,539) (7,842) (2,261) Other items, net 1,040 727 234 Income tax (expense) benefit $ (149) $ 323 $ (324) |
Schedule of components of deferred tax assets (liabilities) | The components of deferred tax assets (liabilities) are as follows (in thousands): Year Ended December 31, 2019 2018 Deferred tax assets: Accruals and reserves $ 1,101 $ 1,072 Net operating loss carryforwards 74,278 59,793 Share-based compensation 4,212 2,702 Other 1,718 2,316 Total deferred tax assets 81,309 65,883 Less: valuation allowance (65,219) (53,158) Net deferred tax assets 16,090 12,725 Deferred tax liability: Intangibles (2,186) (6,032) Deferred revenue (1,012) (132) Deferred compensation (7,880) (7,031) French Convertible Note Discount (5,780) — Total deferred tax liabilities (16,858) (13,195) Total net deferred tax assets (liabilities) $ (768) $ (470) |
Schedule of reconciliation of beginning and ending amount of unrecognized tax benefits | Year Ended December 31, 2019 2018 Unrecognized tax benefits, beginning of year $ 1,084 $ 566 Gross increase for tax positions of prior year 170 — Gross decrease for tax positions of prior year — — Gross increase for tax positions of current year 602 518 Settlements — — Gross unrecognized tax benefits, end of year $ 1,856 $ 1,084 |
Accounts receivables (Tables)
Accounts receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounts receivables | |
Schedule of trade receivables | The Group's accounts receivables consisted of the following (in thousands): As of December 31, 2019 2018 Accounts receivables $ 81,978 $ 69,413 Less: Allowance for doubtful accounts (1,082) (1,882) Accounts receivable, net $ 80,896 $ 67,531 |
Schedule of movements in the allowance for doubtful accounts of receivables | The movements in the allowance for doubtful accounts of receivables were as follows (in thousands): As of December 31, 2019 2018 2017 Allowance for doubtful accounts, beginning of period $ 1,882 $ 1,409 $ 664 Additions/Deductions (1) (808) 517 674 Write-off of receivable (8) — — Effect of change in exchange rates 16 (44) 71 Allowance for doubtful accounts, end of period $ 1,082 $ 1,882 $ 1,409 (1) The net decrease of $0.8 million in 2019 includes the impact of the updated estimate of the loss from uncollectible receivables resulting from observed collectability trends. |
Schedule of aging analysis allowance for net trade receivables | As of December 31, 2019 and 2018, the aging analysis of net trade receivables that were not impaired is as follows (in thousands): As of December 31, 2019 2018 Neither past due nor impaired $ 67,922 $ 59,951 Past due but not impaired <30 days 7,295 4,829 Past due but not impaired 30 - 90 days 3,427 2,543 Past due but not impaired > 90 days 2,252 208 Total $ 80,896 $ 67,531 |
Business combinations (Tables)
Business combinations (Tables) - Stitch, Inc | 12 Months Ended |
Dec. 31, 2019 | |
Business combinations | |
Schedule of fair values of assets acquired and liabilities assumed | The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition (in thousands): Fair Value Cash $ 1,625 Acquired developed technology 11,400 Customer relationships 3,300 Goodwill 43,635 Other assets, net (57) Deferred revenue (410) Total consideration transferred $ 59,493 |
Schedule of identified intangible assets acquired and their estimated useful lives | Fair Value Useful Life Acquired developed technology $ 11,400 5 Customer relationships 3,300 2 Total intangible assets subject to amortization $ 14,700 |
Share-based payment plans (Tabl
Share-based payment plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based payment plans | |
Schedule of number of options and warrants outstanding and weighted-average exercise prices ("WAEP") of share options and warrants | Number of Number of employee Number of stock options BSPCE warrants BSA warrants Balance as of December 31, 2018 1,707 229 131 Granted during the year — — 79 Exercised during the year (351) (66) — Forfeited during the year (141) (8) — Balance as of December 31, 2019 1,215 155 210 |
Schedule summarizes information about stock options outstanding | Number of WAEP per share WACT (in years) Aggregate Balance as of December 31, 2018 1,707 $ 11.95 6.3 $ 42,769 Granted — — Exercised (351) 13.39 Forfeited (141) 19.21 Balance as of December 31, 2019 1,215 $ 10.36 4.5 $ 34,944 Vested and expected to vest as of December 31, 2019 1,204 $ 10.34 4.5 $ 34,643 Exercisable as of December 31, 2019 1,094 $ 9.30 4.3 $ 32,606 |
Schedule of information about employee warrants outstanding | Number of WAEP per warrant WACT (in years) Aggregate Balance as of December 31, 2018 229 $ 15.49 6.7 $ 4,922 Granted — — Exercised (66) 13.03 Forfeited (8) 26.42 Balance as of December 31, 2019 155 $ 15.52 5.7 $ 3,653 Vested and expected to vest as of December 31, 2019 151 $ 15.65 5.8 $ 3,547 Exercisable as of December 31, 2019 132 $ 14.31 5.5 $ 3,271 |
Schedule of assumptions used to calculate fair value of share options and warrants | Year Ended December 31, 2019 2018 2017 Stock options and warrants Weighted average fair value of underlying shares $ 46.97 $ 52.65 $ 27.82 Weighted average expected volatility 42.4 % 42.0 % 50.5 % Weighted average risk-free interest rate 2.14 % 2.63 % 1.69 % Weighted average expected term (in years) 2.78 3.23 3.73 Dividend yield — % — % — % ESPP Weighted average fair value of underlying shares $ 41.49 $ 50.39 $ — Weighted average expected volatility 40.2 % 41.7 % — % Weighted average risk-free interest rate 2.20 % 2.06 % — % Weighted average expected term (in years) 0.50 0.50 — Dividend yield — % — % — % |
Schedule of compensation expenses by cost | Year Ended December 31, 2019 2018 2017 Cost of revenue - subscriptions $ 3,115 $ 1,432 $ 315 Cost of revenue - professional services 2,132 1,024 207 Sales and marketing 10,227 7,198 2,271 Research and development 10,353 5,808 1,263 General and administrative 7,965 5,375 2,224 Total share-based compensation expense $ 33,792 $ 20,837 $ 6,280 |
RSUs | |
Share-based payment plans | |
Schedule of number of options and warrants outstanding and weighted-average exercise prices ("WAEP") of share options and warrants | Number of service- Number of performance- Weighted-average based RSUs based RSUs grant date fair value Balance as of December 31, 2018 1,210 301 $ 44.90 Granted 1,287 351 44.06 Vested and released (273) (37) 37.75 Forfeited (300) (231) 43.75 Balance as of December 31, 2019 1,924 384 $ 44.96 Expected to vest as of December 31, 2019 1,551 70 $ 44.87 |
Net loss per share (Tables)
Net loss per share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Net loss per share | |
Schedule of net loss and weighted average number of shares used in the calculation of basic and diluted earnings per share | The net loss and weighted average number of shares used in the calculation of basic and diluted earnings per share are as follows (in thousands, except per share data): Year Ended December 31, 2019 2018 2017 Numerator (basic and diluted): Net loss $ (61,469) $ (39,027) (31,208) Denominator (basic and diluted): Weighted-average ordinary shares outstanding 30,563 29,841 28,966 Basic and diluted net loss per share $ (2.01) $ (1.31) (1.08) |
Summary of shares subject to outstanding awards were excluded from the computation of diluted net loss per share as they were anti-dilutive | The following shares subject to outstanding awards were excluded from the computation of diluted net loss per share for the periods presented as their effect would have been antidilutive (in thousands): Year Ended December 31, 2019 2018 2017 Stock options to purchase ordinary shares 1,215 1,707 2,282 Employee warrants (BSPCE) to purchase ordinary shares 155 229 343 Warrants (BSA) to purchase ordinary shares 210 130 88 Restricted stock units 2,308 1,511 509 Employee stock purchase plan 83 53 — Convertible senior notes 2,700 — — |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt | |
Summary of principal balances of outstanding borrowings under lines of credit with banks and financial institutions | The principal balances of convertible senior notes and outstanding borrowings under lines of credit with banks and financial institutions were as follows (in thousands): As of December 31, 2019 2018 Convertible notes $ 130,045 $ — BPIfrance $ 665 $ 877 Other 7 7 Total $ 130,717 $ 884 Short-term debt $ 227 $ 208 Long-term debt $ 130,490 $ 676 |
Schedule of carrying amount of notes and equity components of debt | The net carrying amount of the 2024 Notes was as follows as of December 31, 2019 (in thousands): Principal Balance Unamortized debt discount Unamortized debt issuance costs Net Carrying Amount Liability Component $ 156,716 $ (21,227) $ (5,443) $ 130,046 The net carrying amount of the equity component of the 2024 Notes was as follows as of December 31, 2019 (in thousands): Gross Amount Allocated debt issuance costs Net Carrying Amount Equity Component $ 21,866 $ (945) $ 20,921 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases | |
Schedule of components of lease expense | The components of lease expense for the year ended December 31, 2019 were as follows (in thousands): Amount Operating lease cost $ 5,856 The balances for our operating leases are presented within our consolidated balance sheet as follows (in thousands): December 31, 2019 Operating lease right-of-use assets $ 27,821 Operating lease liabilities $ 29,299 Other information related to our operating leases is as follows (dollars in thousands): Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 5,066 Right-of-use assets obtained in exchange for lease obligations 2,749 Weighted average remaining lease term for operating leases 6.3 years Weighted average discount rate 5.4% |
Schedule of maturities of lease liabilities | Maturities of lease liabilities as of December 31, 2019 were as follows (in thousands): Amount 2020 $ 5,906 2021 5,536 2022 5,104 2023 3,936 2024 3,824 Thereafter 10,202 Total lease payments 34,508 Less imputed interest (5,209) Total $ 29,299 |
Schedule of future minimum undiscounted lease payments under operating leases | Future minimum undiscounted lease payments as of December 31, 2018 accounted for under guidance ASC 840 were as follows (in thousands): Amount 2019 $ 5,286 2020 5,757 2021 5,591 2022 5,320 2023 4,014 Thereafter 14,832 Total future minimum lease payments $ 40,800 |
Selected quarterly results of_2
Selected quarterly results of operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Selected quarterly results of operations (Unaudited) | |
Schedule Of Quarterly Financial Information | Three Months Ended March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, As previously reported 2018 2018 2018 2018 2019 2019 2019 2019 Total Revenue $ 46,813 $ 49,755 $ 52,065 $ 55,690 $ 57,838 $ 60,591 $ 62,625 $ 66,925 Gross profit $ 35,564 $ 37,882 $ 39,072 $ 42,311 $ 42,638 $ 44,832 $ 47,877 $ 51,752 Operating expenses $ 45,745 $ 46,712 $ 48,474 $ 55,435 $ 59,996 $ 62,772 $ 60,992 $ 61,879 Loss from operations $ (10,181) $ (8,830) $ (9,402) $ (13,124) $ (17,358) $ (17,940) $ (13,115) $ (10,127) Net loss for the period $ (10,115) $ (8,739) $ (9,249) $ (12,256) $ (17,638) $ (18,290) $ (13,359) $ (12,198) Net loss per share attributable to ordinary shareholders: Basic and diluted net loss per share $ (0.34) $ (0.29) $ (0.31) $ (0.41) $ (0.58) $ (0.60) $ (0.44) $ (0.39) Adjustments Total Revenue $ 239 $ 344 $ 164 $ 729 $ (172) $ (286) $ (189) $ 529 Gross profit $ 240 $ 344 $ 164 $ 728 $ (172) $ (285) $ (189) $ 528 Operating expenses $ (27) $ (9) $ 31 $ 149 $ (66) $ (51) $ (37) $ 20 Loss from operations $ 267 $ 353 $ 134 $ 578 $ (107) $ (234) $ (152) $ 509 Net loss for the period $ 266 $ 353 $ 133 $ 580 $ (107) $ (235) $ (151) $ 509 Net loss per share attributable to ordinary shareholders: Basic and diluted net loss per share $ 0.01 $ 0.01 $ 0.01 $ 0.02 $ (0.01) $ (0.01) $ — $ 0.01 As Revised Total Revenue $ 47,052 $ 50,099 $ 52,229 $ 56,419 $ 57,666 $ 60,305 $ 62,436 $ 67,454 Gross profit $ 35,804 $ 38,226 $ 39,236 $ 43,039 $ 42,466 $ 44,547 $ 47,688 $ 52,280 Operating expenses $ 45,718 $ 46,703 $ 48,505 $ 55,584 $ 59,930 $ 62,721 $ 60,955 $ 61,899 Loss from operations $ (9,914) $ (8,477) $ (9,268) $ (12,546) $ (17,465) $ (18,174) $ (13,267) $ (9,618) Net loss for the period $ (9,849) $ (8,386) $ (9,116) $ (11,676) $ (17,745) $ (18,525) $ (13,510) $ (11,689) Net loss per share attributable to ordinary shareholders: Basic and diluted net loss per share $ (0.33) $ (0.28) $ (0.30) $ (0.39) $ (0.59) $ (0.61) $ (0.44) $ (0.38) |
Summary of significant accoun_4
Summary of significant accounting policies - Basis of presentation and consolidation (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Restatement | ||
Organization and summary of significant accounting policies | ||
Reclassification of restricted cash | $ 0.4 | $ 0.4 |
Summary of significant accoun_5
Summary of significant accounting policies - Subscriptions and Contracts (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Contract acquisition costs, amortization period | 5 years | |
Revenue recognition | ||
Minimum contractual term | 1 year | |
Maximum contractual term | 3 years | |
Average pre-billed duration for new subscription sales | 1 year 1 month 6 days | 1 year 1 month 6 days |
Performance Obligation, Right To Use Software | ||
Revenue recognition | ||
Performance Obligation | 16.00% | 16.00% |
Post Contract Performance Obligation | ||
Revenue recognition | ||
Performance Obligation | 84.00% | 84.00% |
Summary of significant accoun_6
Summary of significant accounting policies - Disclosures Related to our Contracts with Customers (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of significant accounting policies | |
Incremental cost of obtaining a contract | true |
Amortization period | 5 years |
Summary of significant accoun_7
Summary of significant accounting policies - Trade receivables, contract acquisition costs and contract liabilities - deferred revenue (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | |||
Accounts receivable, net | $ 80,896 | $ 67,531 | |
Contract assets - unbilled revenue | 2,095 | 941 | |
Contract acquisition costs - current | 10,695 | 9,469 | |
Contract acquisition costs - non-current | 22,050 | 17,558 | |
Total contract assets | 115,736 | 95,498 | |
Liabilities | |||
Contract liabilities - deferred revenue, current | 142,616 | 120,329 | |
Contract liabilities - deferred revenue - non-current | 17,807 | 20,784 | |
Total contract liabilities | $ 160,423 | $ 141,113 | $ 140,217 |
Summary of significant accoun_8
Summary of significant accounting policies - Significant changes in contract acquisition costs and contract liabilities balances (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Contract assets - unbilled revenue | ||
Balance at beginning of period | $ 941,000 | $ 782,000 |
Transferred to accounts receivable from unbilled revenue | (849,000) | (628,000) |
Increase due to new unbilled revenue | 2,003,000 | 787,000 |
Balance at end of period | 2,095,000 | 941,000 |
Contract acquisition costs | ||
Balance at beginning of period | 27,027,000 | 23,390,000 |
Additional contract acquisition costs deferred | 15,924,000 | 12,944,000 |
Amortization of deferred contract acquisition costs | (10,206,000) | (9,307,000) |
Balance at end of period | 32,745,000 | 27,027,000 |
Contract liabilities - deferred revenue | ||
Balance at beginning of period | 141,113,000 | 140,217,000 |
Performance obligations satisfied during the period that were included in the contract liability balance at the beginning of the period | (116,534,000) | (117,162,000) |
Increases due to invoicing prior to satisfaction of performance obligations, net of amounts recognized as revenue during the period | 135,844,000 | 118,058,000 |
Balance at end of period | 160,423,000 | 141,113,000 |
Contract acquisition costs - additional details | ||
Contract acquisition costs - current | 10,695,000 | $ 9,469,000 |
Impairment of assets related to contract acquisition cost | $ 0 |
Summary of significant accoun_9
Summary of significant accounting policies - Remaining Performance Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Summary of significant accounting policies | ||
Remaining performance obligations | $ 206.9 | $ 173.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | ||
Summary of significant accounting policies | ||
Remaining performance obligations | $ 155.8 | |
Remaining performance obligations | ||
Remaining performance obligations period | 12 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | ||
Summary of significant accounting policies | ||
Remaining performance obligations | $ 51.1 | |
Remaining performance obligations | ||
Remaining performance obligations period |
Summary of significant accou_10
Summary of significant accounting policies - Loans and receivables (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Summary of significant accounting policies | |
Accounts Receivable Valuation Allowance | $ 1.3 |
Summary of significant accou_11
Summary of significant accounting policies - Concentration of Credit Risk (Details) | 12 Months Ended |
Dec. 31, 2019customer | |
Credit Concentration Risk | Accounts receivable | |
Number of customers that represented more than 10% of Company's gross accounts receivable | 0 |
Customer | Revenue from Contract with Customer Benchmark [Member] | |
Number of customers that represented more than 10% of Company's gross accounts receivable | 0 |
Summary of significant accou_12
Summary of significant accounting policies - Property and equipment (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Computer equipment and software | |
Property and equipment | |
Estimated useful lives | 3 years |
Fixtures and fittings | Minimum | |
Property and equipment | |
Estimated useful lives | 3 years |
Fixtures and fittings | Maximum | |
Property and equipment | |
Estimated useful lives | 5 years |
Summary of significant accou_13
Summary of significant accounting policies - Goodwill, intangible assets and impairment assessments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance sheet components | |||
Impairments of goodwill or intangible assets | $ 0 | $ 0 | $ 0 |
Customer relationships | |||
Balance sheet components | |||
Useful Life (Years) | 2 years | ||
Acquired developed technology | |||
Balance sheet components | |||
Useful Life (Years) | 5 years |
Summary of significant accou_14
Summary of significant accounting policies - Convertible notes (Details) | Dec. 31, 2019 |
Summary of significant accounting policies | |
Interest rate on debt | 1.75% |
Summary of significant accou_15
Summary of significant accounting policies - Employee benefits plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of significant accounting policies | |||
Defined contribution plan expense | $ 3.9 | $ 3 | $ 2.2 |
Summary of significant accou_16
Summary of significant accounting policies - Software development costs (Details) $ in Millions | Dec. 31, 2019USD ($) |
Summary of significant accounting policies | |
Research and development costs capitalized | $ 0 |
Summary of significant accou_17
Summary of significant accounting policies - Advertising costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of significant accounting policies | |||
Advertising expense | $ 0.3 | $ 0.1 | $ 0.1 |
Summary of significant accou_18
Summary of significant accounting policies - Recently adopted accounting standards (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Organization and summary of significant accounting policies | ||
Right-of-use asset | $ 27,821 | |
Operating lease liabilities | $ 29,299 | |
ASU 2016-02 | Restatement | ||
Organization and summary of significant accounting policies | ||
Right-of-use asset | $ 27,100 | |
Operating lease liabilities | $ 27,700 |
Revision of prior period fina_3
Revision of prior period financial statements - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Revision of prior period financial statements | |||||
Contract acquisition costs | $ 27,027 | ||||
Total assets | $ 403,917 | 217,198 | |||
Contract liabilities - deferred revenue | 160,423 | 141,113 | $ 140,217 | ||
Total liabilities | 367,965 | 185,651 | |||
Accumulated other comprehensive income | 1,107 | 404 | |||
Accumulated losses | (278,555) | (217,001) | |||
Total stockholders' equity | $ 35,952 | 31,547 | $ (1,110) | $ 18,025 | |
Previously reported | |||||
Revision of prior period financial statements | |||||
Contract acquisition costs | 28,953 | $ 25,200 | |||
Total assets | 219,124 | ||||
Contract liabilities - deferred revenue | 150,147 | 128,100 | |||
Total liabilities | 194,685 | ||||
Accumulated other comprehensive income | 607 | ||||
Accumulated losses | (224,312) | ||||
Total stockholders' equity | 24,439 | ||||
Restatement | |||||
Revision of prior period financial statements | |||||
Contract acquisition costs | (1,926) | 23,400 | |||
Total assets | (1,926) | ||||
Contract liabilities - deferred revenue | (9,034) | $ 120,500 | |||
Total liabilities | (9,034) | ||||
Accumulated other comprehensive income | (203) | ||||
Accumulated losses | 7,311 | ||||
Total stockholders' equity | $ 7,108 |
Revision of prior period fina_4
Revision of prior period financial statements - Statement of Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Subscriptions | $ 67,454 | $ 62,436 | $ 60,305 | $ 57,666 | $ 56,419 | $ 52,229 | $ 50,099 | $ 47,052 | $ 247,861 | $ 205,799 | $ 148,595 |
Total revenue | 67,454 | 62,436 | 60,305 | 57,666 | 56,419 | 52,229 | 50,099 | 47,052 | 247,861 | 205,799 | 148,595 |
Sales and marketing | 138,015 | 113,794 | 86,892 | ||||||||
Operating Expenses | 61,899 | 60,955 | 62,721 | 59,930 | 55,584 | 48,505 | 46,703 | 45,718 | 245,505 | 196,510 | 143,173 |
Loss from operations | (9,618) | (13,267) | (18,174) | (17,465) | (12,546) | (9,268) | (8,477) | (9,914) | (58,524) | (40,205) | (28,737) |
Loss before income tax expense | (61,320) | (39,350) | (30,884) | ||||||||
Net loss for the period | $ (11,689) | $ (13,510) | $ (18,525) | $ (17,745) | $ (11,676) | $ (9,116) | $ (8,386) | $ (9,849) | $ (61,469) | $ (39,027) | $ (31,208) |
Basic and diluted net loss per shares | $ (0.38) | $ (0.44) | $ (0.61) | $ (0.59) | $ (0.39) | $ (0.30) | $ (0.28) | $ (0.33) | $ (2.01) | $ (1.31) | $ (1.08) |
Weighted-average shares outstanding | 30,563 | 29,841 | 28,966 | ||||||||
Subscriptions | |||||||||||
Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Subscriptions | $ 217,047 | $ 176,363 | $ 125,898 | ||||||||
Total revenue | 217,047 | 176,363 | 125,898 | ||||||||
Professional services | |||||||||||
Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Subscriptions | 30,814 | 29,436 | 22,697 | ||||||||
Total revenue | $ 30,814 | 29,436 | $ 22,697 | ||||||||
Previously reported | |||||||||||
Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Subscriptions | $ 66,925 | $ 62,625 | $ 60,591 | $ 57,838 | $ 55,690 | $ 52,065 | $ 49,755 | $ 46,813 | 204,323 | ||
Total revenue | 66,925 | 62,625 | 60,591 | 57,838 | 55,690 | 52,065 | 49,755 | 46,813 | 204,323 | ||
Sales and marketing | 113,650 | ||||||||||
Operating Expenses | 61,879 | 60,992 | 62,772 | 59,996 | 55,435 | 48,474 | 46,712 | 45,745 | 196,366 | ||
Loss from operations | (10,127) | (13,115) | (17,940) | (17,358) | (13,124) | (9,402) | (8,830) | (10,181) | (41,537) | ||
Loss before income tax expense | (40,682) | ||||||||||
Net loss for the period | $ (12,198) | $ (13,359) | $ (18,290) | $ (17,638) | $ (12,256) | $ (9,249) | $ (8,739) | $ (10,115) | $ (40,359) | ||
Basic and diluted net loss per shares | $ (0.39) | $ (0.44) | $ (0.60) | $ (0.58) | $ (0.41) | $ (0.31) | $ (0.29) | $ (0.34) | $ (1.35) | ||
Weighted-average shares outstanding | 29,841 | ||||||||||
Previously reported | Subscriptions | |||||||||||
Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Subscriptions | $ 174,887 | ||||||||||
Total revenue | 174,887 | ||||||||||
Restatement | |||||||||||
Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Subscriptions | $ 529 | $ (189) | $ (286) | $ (172) | $ 729 | $ 164 | $ 344 | $ 239 | 1,476 | ||
Total revenue | 529 | (189) | (286) | (172) | 729 | 164 | 344 | 239 | 1,476 | ||
Sales and marketing | 144 | ||||||||||
Operating Expenses | 20 | (37) | (51) | (66) | 149 | 31 | (9) | (27) | 144 | ||
Loss from operations | 509 | (152) | (234) | (107) | 578 | 134 | 353 | 267 | 1,332 | ||
Loss before income tax expense | 1,332 | ||||||||||
Net loss for the period | $ 509 | $ (151) | $ (235) | $ (107) | $ 580 | $ 133 | $ 353 | $ 266 | $ 1,332 | ||
Basic and diluted net loss per shares | $ 0.01 | $ (0.01) | $ (0.01) | $ 0.02 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.04 | |||
Restatement | Subscriptions | |||||||||||
Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Subscriptions | $ 1,476 | ||||||||||
Total revenue | $ 1,476 |
Fair value measurement - Transf
Fair value measurement - Transfers between levels (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair value measurement | ||
Transfers from Level 1 to Level 2, Assets | $ 0 | $ 0 |
Transfers from Level 2 to Level 1, Assets | 0 | 0 |
Transfers into Level 3, Assets | 0 | 0 |
Transfers from Level 3, Assets | 0 | 0 |
Transfers from Level 1 to Level 2, Liability | 0 | 0 |
Transfers from Level 2 to Level 1, Liability | 0 | 0 |
Transfers into Level 3, Liability | 0 | 0 |
Transfers from Level 3, Liability | 0 | $ 0 |
Convertible Senior Notes due in 2024 | ||
Fair value measurement | ||
Debt Instrument, Fair Value Disclosure | $ 133,700 |
Cash and cash equivalents and_3
Cash and cash equivalents and other assets and liabilities - Cash and cash equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents | ||||
Cash at banks | $ 120,842 | $ 32,437 | ||
Cash equivalents | 56,233 | 1,667 | ||
Total cash and cash equivalents | 177,075 | 34,104 | $ 87,388 | $ 91,387 |
Restricted Cash | 500 | $ 400 | ||
U.S | ||||
Cash and cash equivalents | ||||
Total cash and cash equivalents | 144,800 | |||
Euro | ||||
Cash and cash equivalents | ||||
Total cash and cash equivalents | $ 129,500 |
Cash and cash equivalents and_4
Cash and cash equivalents and other assets and liabilities - Other current and non-current assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Balance sheet components | |||
Research tax credit | $ 581 | $ 612 | |
Unbilled revenue | 2,095 | 941 | $ 782 |
Prepaid expenses | 8,178 | 6,244 | |
Other assets | 1,034 | 1,664 | |
Other current assets | 11,888 | 9,461 | |
Research tax credit | 1,848 | 2,214 | |
Deposits | 1,169 | 793 | |
Other non-current assets | 1,365 | 654 | |
Other non-current assets | $ 4,382 | $ 3,661 |
Cash and cash equivalents and_5
Cash and cash equivalents and other assets and liabilities - Accrued expenses and other liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Balance sheet components | ||
Accrued compensation and benefits | $ 24,201 | $ 21,343 |
VAT payable | 6,238 | 5,051 |
Other taxes | 502 | 698 |
Contingent liabilities | 578 | 408 |
Other current liabilities | 9,663 | 8,975 |
Accrued expenses and other liabilities | $ 41,182 | $ 36,475 |
Property and equipment (Details
Property and equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property and equipment | |||
Property and equipment, gross | $ 14,757 | $ 13,526 | |
Less: accumulated depreciation | (9,409) | (7,191) | |
Property and equipment, net | 5,348 | 6,335 | |
Depreciation | 2,779 | 2,034 | $ 1,527 |
Computer equipment and software | |||
Property and equipment | |||
Property and equipment, gross | 8,997 | 6,778 | |
Fixtures and fittings | |||
Property and equipment | |||
Property and equipment, gross | 1,902 | 1,925 | |
Leasehold improvements | |||
Property and equipment | |||
Property and equipment, gross | $ 3,858 | $ 4,823 |
Goodwill and intangible asset_2
Goodwill and intangible assets - Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and intangible assets | ||
Goodwill, beginning of period | $ 49,659 | $ 6,196 |
Additions from acquisitions | 43,435 | |
Measurement period adjustment | 200 | |
Effect of change in exchange rates | (115) | 28 |
Goodwill, end of period | $ 49,744 | $ 49,659 |
Goodwill and intangible asset_3
Goodwill and intangible assets - Intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance sheet components | |||
Gross Carrying Amount | $ 24,530 | $ 25,096 | |
Accumulated Amortization | (10,512) | (5,676) | |
Net | 14,018 | 19,420 | |
Amortization of intangible assets | 5,295 | 2,521 | $ 567 |
Customer relationships | |||
Balance sheet components | |||
Gross Carrying Amount | 4,975 | 5,009 | |
Accumulated Amortization | (3,600) | (1,984) | |
Net | $ 1,375 | $ 3,025 | |
Weighted Average Remaining Useful Life | 1 year | 2 years | |
Acquired developed technology | |||
Balance sheet components | |||
Gross Carrying Amount | $ 19,555 | $ 20,087 | |
Accumulated Amortization | (6,912) | (3,692) | |
Net | $ 12,643 | $ 16,395 | |
Weighted Average Remaining Useful Life | 4 years | 5 years |
Goodwill and intangible asset_4
Goodwill and intangible assets - future amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill and intangible assets | ||
2020 | $ 5,023 | |
2021 | 3,648 | |
2022 | 3,447 | |
2023 | 1,900 | |
Net | $ 14,018 | $ 19,420 |
Geographical information (Detai
Geographical information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues by geographic region | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 67,454 | $ 62,436 | $ 60,305 | $ 57,666 | $ 56,419 | $ 52,229 | $ 50,099 | $ 47,052 | $ 247,861 | $ 205,799 | $ 148,595 |
Long-lived assets | 33,169 | 6,335 | 33,169 | 6,335 | |||||||
Americas | |||||||||||
Revenues by geographic region | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 115,736 | 93,777 | 70,671 | ||||||||
EMEA | |||||||||||
Revenues by geographic region | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 108,664 | 97,288 | 71,015 | ||||||||
Asia Pacific | |||||||||||
Revenues by geographic region | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 23,461 | 14,734 | 6,909 | ||||||||
France | |||||||||||
Revenues by geographic region | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 36,300 | 33,600 | $ 25,100 | ||||||||
Long-lived assets | 6,186 | 2,230 | 6,186 | 2,230 | |||||||
United States | |||||||||||
Revenues by geographic region | |||||||||||
Long-lived assets | 19,082 | 2,728 | 19,082 | 2,728 | |||||||
International | |||||||||||
Revenues by geographic region | |||||||||||
Long-lived assets | $ 7,901 | $ 1,377 | $ 7,901 | $ 1,377 |
Income tax - Loss before income
Income tax - Loss before income tax expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loss before income tax expense | |||
France | $ (10,042) | $ (9,502) | $ (18,811) |
International | (51,278) | (29,848) | (12,073) |
Loss before benefit (provision) for income taxes | $ (61,320) | $ (39,350) | $ (30,884) |
Income tax - (Provision) benefi
Income tax - (Provision) benefit for income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
International | $ (20) | $ (311) | $ (324) |
Total current | (20) | (311) | (324) |
Deferred: | |||
International | (129) | 634 | |
Total deferred | (129) | 634 | |
Income tax (expense) benefit | $ (149) | $ 323 | $ (324) |
Income tax - Reconciliation of
Income tax - Reconciliation of the income tax expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of income tax expense | |||
Loss before income tax expense | $ (61,320) | $ (39,350) | $ (30,884) |
Expected tax benefit at France's statutory income tax rate of 31.00% in fiscal year 2019, 33.33% in fiscal year 2018 and 33.33% plus 1.1% surcharge in fiscal year 2017 | 19,009 | 13,116 | 10,633 |
Effect of different tax rates of subsidiaries operating in countries other than France | (2,067) | (2,794) | 2,154 |
Non-deductible expenses | (2,443) | (1,714) | 231 |
Effective change in tax rates | (692) | (319) | (13,056) |
Share-based compensation | 2,543 | (851) | 1,741 |
Change in valuation allowance | (17,539) | (7,842) | (2,261) |
Other items, net | 1,040 | 727 | 234 |
Income tax (expense) benefit | $ 149 | $ (323) | $ 324 |
Statutory income tax rate (as a percent) | 31.00% | 33.33% | 33.33% |
Surcharge (as a percent) | 1.10% |
Income tax - Deferred tax asset
Income tax - Deferred tax assets (liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Accruals and reserves | $ 1,101 | $ 1,072 |
Net operating loss carryforwards | 74,278 | 59,793 |
Share-based compensation | 4,212 | 2,702 |
Other | 1,718 | 2,316 |
Total deferred tax assets | 81,309 | 65,883 |
Less: valuation allowance | (65,219) | (53,158) |
Net deferred tax assets | 16,090 | 12,725 |
Deferred tax liability: | ||
Intangibles | (2,186) | (6,032) |
Deferred revenue | (1,012) | (132) |
Deferred compensation | (7,880) | (7,031) |
French Convertible Note Discount | (5,780) | |
Total deferred tax liabilities | (16,858) | (13,195) |
Total net deferred tax assets (liabilities) | $ (768) | $ (470) |
Income tax - Valuation allowanc
Income tax - Valuation allowance (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Income tax | |
Decrease in valuation allowance | $ 12.1 |
Income tax - NOL carryforwards
Income tax - NOL carryforwards (Details) $ in Millions | Dec. 31, 2019USD ($) |
Income tax | |
Net operating loss carryforwards | $ 154.9 |
Federal | Internal Revenue Service (IRS) | |
Income tax | |
Net operating loss carryforwards, not subject to expiration | 62 |
Net operating loss carryforwards, subject to expiration | 43.1 |
Federal | California | |
Income tax | |
Net operating loss carryforwards, subject to expiration | 31.7 |
Federal | Other U.S. | |
Income tax | |
Net operating loss carryforwards, subject to expiration | 54.1 |
Foreign | |
Income tax | |
Net operating loss carryforwards, not subject to expiration | 28.4 |
Net operating loss carryforwards, subject to expiration | $ 2 |
Income tax - Tax credit carryfo
Income tax - Tax credit carryforwards (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income tax | |||
Unrecognized tax benefits | $ 1,856 | $ 1,084 | $ 566 |
Effective Tax Rate | 100 | ||
Remainder Effective Tax Rate | 1,800 | ||
Research and development. | Federal | |||
Income tax | |||
Tax credit carryforward | 1,900 | ||
Research and development. | State | |||
Income tax | |||
Tax credit carryforward | $ 1,100 |
Income tax - Unrecognized tax b
Income tax - Unrecognized tax benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Unrecognized tax benefit | ||
Unrecognized tax benefits, beginning of year | $ 1,084 | $ 566 |
Gross increase for tax positions of prior year | 170 | |
Gross increase for tax positions of current year | 602 | 518 |
Gross unrecognized tax benefits, end of year | $ 1,856 | $ 1,084 |
Accounts receivables (Details)
Accounts receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts receivables | |||||
Accounts receivables | $ 81,978 | $ 69,413 | |||
Less: Allowance for doubtful accounts | $ (1,882) | $ (1,409) | $ (1,409) | (1,082) | (1,882) |
Accounts receivable, net | $ 80,896 | $ 67,531 | |||
Movements in allowance for doubtful accounts of receivables | |||||
Allowance for doubtful accounts, beginning of period | 1,882 | 1,409 | 664 | ||
Additions/Deductions | (808) | 517 | 674 | ||
Write-off of receivable | (8) | ||||
Effect of change in exchange rates | 16 | (44) | 71 | ||
Allowance for doubtful accounts, end of period | 1,082 | $ 1,882 | $ 1,409 | ||
Accounts Receivable Valuation Allowance | $ 1,300 |
Accounts receivables - Aging an
Accounts receivables - Aging analysis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Aging analysis of net trade receivables | ||
Total | $ 80,896 | $ 67,531 |
Past due balances as a percentage of total net trade receivable net of allowance for doubtful accounts | 16.00% | 11.00% |
Neither past due nor impaired | ||
Aging analysis of net trade receivables | ||
Total | $ 67,922 | $ 59,951 |
Past due but not impaired less than 30 days | ||
Aging analysis of net trade receivables | ||
Total | 7,295 | 4,829 |
Past due but not impaired 30 - 90 days | ||
Aging analysis of net trade receivables | ||
Total | 3,427 | 2,543 |
Past due but not impaired over 90 days | ||
Aging analysis of net trade receivables | ||
Total | $ 2,252 | $ 208 |
Business combinations - Stitch,
Business combinations - Stitch, Inc (Details) $ in Thousands | Nov. 09, 2018USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Estimated fair values of assets acquired and liabilities assumed: | ||||||
Goodwill | $ 49,744 | $ 49,659 | $ 6,196 | |||
Goodwill adjustment | $ 0 | $ 0 | $ 200 | |||
Stitch, Inc | ||||||
Business combinations | ||||||
Cash payment | $ 59,500 | |||||
Transaction costs recognized | 700 | |||||
Estimated fair values of assets acquired and liabilities assumed: | ||||||
Cash | 1,625 | |||||
Intangible assets | 14,700 | |||||
Goodwill | 43,635 | |||||
Other assets, net | (57) | |||||
Deferred revenue | (410) | |||||
Total consideration transferred | 59,493 | |||||
Acquired developed technology | Stitch, Inc | ||||||
Estimated fair values of assets acquired and liabilities assumed: | ||||||
Intangible assets | 11,400 | |||||
Customer relationships | Stitch, Inc | ||||||
Estimated fair values of assets acquired and liabilities assumed: | ||||||
Intangible assets | $ 3,300 | |||||
Customer relationships | Stitch, Inc | Discount rate | ||||||
Estimated fair values of assets acquired and liabilities assumed: | ||||||
Intangible assets (as a percent) | 13.5 |
Business combinations - Compone
Business combinations - Components of Stitch, Inc intangible assets (Details) - USD ($) $ in Thousands | Nov. 09, 2018 | Dec. 31, 2019 |
Acquired developed technology | ||
Intangible assets | ||
Useful Life (Years) | 5 years | |
Customer relationships | ||
Intangible assets | ||
Useful Life (Years) | 2 years | |
Stitch, Inc | ||
Intangible assets | ||
Total intangible assets subject to amortization | $ 14,700 | |
Stitch, Inc | Acquired developed technology | ||
Intangible assets | ||
Total intangible assets subject to amortization | $ 11,400 | |
Useful Life (Years) | 5 years | |
Stitch, Inc | Customer relationships | ||
Intangible assets | ||
Total intangible assets subject to amortization | $ 3,300 | |
Useful Life (Years) | 2 years |
Share capital and reserves - Mo
Share capital and reserves - Movements in Shares (Details) $ / shares in Units, $ in Millions | Mar. 08, 2018USD ($)$ / sharesshares | Nov. 17, 2017USD ($)$ / sharesshares | Mar. 16, 2017USD ($)$ / sharesshares | Dec. 31, 2019€ / sharesshares | Dec. 31, 2018shares |
Movement in ordinary shares and non-redeemable convertible preferred shares | |||||
Ordinary shares outstanding | 31,017,268 | 30,158,374 | |||
Ordinary shares nominal value per share | € / shares | € 0.08 | ||||
Shares issued | 3,916,474 | 2,750,000 | 3,783,111 | ||
Share price | $ / shares | $ 48.60 | $ 40 | $ 28.50 | ||
General and administrative | |||||
Movement in ordinary shares and non-redeemable convertible preferred shares | |||||
Offering expenses | $ | $ 0.3 | $ 0.7 | $ 0.7 | ||
Over allotment | |||||
Movement in ordinary shares and non-redeemable convertible preferred shares | |||||
Shares issued | 493,449 |
Share capital and reserves - Or
Share capital and reserves - Ordinary shares (Details) | 12 Months Ended |
Dec. 31, 2019Vote€ / shares | |
Share capital and reserves | |
Ordinary shares nominal value per share | € / shares | € 0.08 |
Number of votes per ordinary share | Vote | 1 |
Share capital and reserves - Ot
Share capital and reserves - Other reserves (Details) € / shares in Units, € in Thousands | 12 Months Ended |
Dec. 31, 2019EUR (€)€ / shares | |
Share capital and reserves | |
Restricted reserve | € | € 184,637 |
Amount withdrawn from the restricted reserve upon vesting of each share | € / shares | € 0.08 |
Share-based payment plans - Opt
Share-based payment plans - Options and warrants outstanding and weighted-average exercise prices (Details) | 12 Months Ended |
Dec. 31, 2019shares | |
Warrants (BSA) | |
Stock Options | |
Number of stock options outstanding at beginning of period (in shares) | 131,000 |
Granted during the period (in shares) | 79,000 |
Number of stock options outstanding at end of period (in shares) | 210,000 |
Stock Options | |
Stock Options | |
Number of stock options outstanding at beginning of period (in shares) | 1,707,000 |
Granted during the period (in shares) | 0 |
Exercised during the period (in shares) | (351,000) |
Forfeited during the period (in shares) | (141,000) |
Number of stock options outstanding at end of period (in shares) | 1,215,000 |
Employee warrants (BSPCE) | |
Stock Options | |
Number of stock options outstanding at beginning of period (in shares) | 229,000 |
Exercised during the period (in shares) | (66,000) |
Forfeited during the period (in shares) | (8,000) |
Number of stock options outstanding at end of period (in shares) | 155,000 |
Share-based payment plans - Con
Share-based payment plans - Contractual life and Authorized shares (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based payment plans | ||
Number of stock options, warrants (BSA) and restricted stock units available for grant under the Company's share pool reserve | 1,639,200 | 1,721,294 |
Vesting period | 4 years | |
One year anniversary of grant | ||
Share-based payment plans | ||
Vesting percentage | 25.00% | |
Quarterly after one year | ||
Share-based payment plans | ||
Vesting percentage | 0.0625% | |
Stock Options | ||
Share-based payment plans | ||
Vesting period | 10 years | |
Contractual life of share-based awards | 3 months |
Share-based payment plans - Sto
Share-based payment plans - Stock Options (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based payment plans | |||
The threshold that percentage of maximum number of shares issuable upon exercise of outstanding employee stock options over the outstanding share capital | 33.33% | ||
Stock Options | |||
Number of stock options outstanding at beginning of period (in shares) | 1,707,000 | ||
Granted during the period (in shares) | 0 | ||
Exercised during the period (in shares) | (351,000) | ||
Forfeited during the period (in shares) | (141,000) | ||
Number of stock options outstanding at end of period (in shares) | 1,215,000 | 1,707,000 | |
Vested and expected to vest at end of period (in shares) | 1,204,000 | ||
Exercisable at end of period (in shares) | 1,094,000 | ||
WAEP per share | |||
Balance at beginning of period (in dollars per share) | $ 11.95 | ||
Exercised (in dollars per share) | 13.39 | ||
Forfeited (in dollars per share) | 19.21 | ||
Balance at end of period (in dollars per share) | 10.36 | $ 11.95 | |
Vested and expected to vest at end of period (in dollars per share) | 10.34 | ||
Exercisable at end of period (in dollars per share) | $ 9.30 | ||
WACT and Aggregate intrinsic value | |||
Outstanding WACT (in years) | 4 years 6 months | 6 years 3 months 18 days | |
Vested and expected to vest at end of period (in years) | 4 years 6 months | ||
Exercisable at end of period (in years) | 4 years 3 months 18 days | ||
Outstanding Aggregate intrinsic value | $ 34,944 | $ 42,769 | |
Vested and expected to vest aggregate intrinsic value | 34,643 | ||
Exercisable aggregate intrinsic value | 32,606 | ||
Total intrinsic value of stock options exercised | 10,300 | $ 12,400 | $ 11,900 |
Weighted-average grant date fair value of options granted (in dollars per share) | $ 10.62 | $ 11.97 | |
Grant date fair value of options vested | $ 1,400 | $ 2,500 | $ 2,400 |
Share-based payment plans - Emp
Share-based payment plans - Employee warrants (BSPCE) (Details) - Employee warrants (BSPCE) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Warrants | |||
Unvested balance at beginning of period (in shares) | 229,000 | ||
Granted during the period (in shares) | 0 | 0 | |
Exercised during the year (in shares) | (66,000) | ||
Forfeited during the year (in shares) | (8,000) | ||
Unvested balance at end of period (in shares) | 155,000 | 229,000 | |
Vested and expected to vest at end of period (in shares) | 151,000 | ||
Exercisable at end of period (in shares) | 132,000 | ||
WAEP per warrant | |||
Unvested balance at beginning of period (in dollars per share) | $ 15.49 | ||
Weighted-average grant date fair value during the period (in dollars per share) | $ 12.59 | ||
Exercised during the period (in dollars per share) | 13.03 | ||
Forfeited during the period (in dollars per share) | 26.42 | ||
Unvested balance at end of period (in dollars per share) | 15.52 | $ 15.49 | |
Vested and expected to vest at end of period (in dollars per share) | 15.65 | ||
Exercisable at end of period (in dollars per share) | $ 14.31 | ||
WACT (in years) | |||
Outstanding WACT (in years) | 5 years 8 months 12 days | 6 years 8 months 12 days | |
Vested and expected to vest at end of period (in years) | 5 years 9 months 18 days | ||
Exercisable at end of period (in years) | 5 years 6 months | ||
Aggregate intrinsic value | |||
Outstanding aggregate intrinsic value | $ 3,653 | $ 4,922 | |
Vested and expected to vest aggregate intrinsic value | 3,547 | ||
Exercisable aggregate intrinsic value | 3,271 | ||
Total intrinsic values of BPSCE warrants exercised | 1,900 | 3,900 | $ 4,500 |
Grant date fair value of employee warrants | $ 200 | $ 500 | $ 400 |
Share-based payment plans - Res
Share-based payment plans - Restricted Stock Units (RSU) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based payment plans | |||
Vesting period | 4 years | ||
RSUs | |||
Weighted-average grant date fair value | |||
Granted during the period (in dollars per share) | $ 44.06 | $ 49.12 | $ 36.32 |
Tax benefits realized | $ 13.2 | $ 2.8 | $ 0 |
Weighted-average grant date fair value during the period (in dollars per share) | $ 44.06 | $ 49.12 | $ 36.32 |
Grant date fair value of RSUs vested during the period | $ 11.7 | $ 3.1 | $ 0.1 |
Service-based RSUs | |||
Share-based payment plans | |||
Vesting period | 4 years | ||
Restricted Stock Units (RSU) | |||
Unvested balance at beginning of period (in shares) | 1,210 | ||
Granted during the period (in shares) | 1,287 | ||
Vested and released during the period (in shares) | (273) | ||
Forfeited during the year (in shares) | (300) | ||
Unvested balance at end of period (in shares) | 1,924 | 1,210 | |
Expected to vest at end of period (in shares) | 1,551 | ||
Performance-based RSUs | |||
Share-based payment plans | |||
Vesting period | 4 years | ||
Restricted Stock Units (RSU) | |||
Unvested balance at beginning of period (in shares) | 301 | ||
Granted during the period (in shares) | 351 | ||
Vested and released during the period (in shares) | (37) | ||
Forfeited during the year (in shares) | (231) | ||
Unvested balance at end of period (in shares) | 384 | 301 | |
Expected to vest at end of period (in shares) | 70 | ||
Weighted-average grant date fair value | |||
Unvested balance at beginning of period (in dollars per share) | $ 44.90 | ||
Granted during the period (in dollars per share) | 44.06 | ||
Vested and released during the period (in dollars per share) | 37.75 | ||
Forfeited during the period (in dollars per share) | 43.75 | ||
Unvested balance at end of period (in dollars per share) | 44.96 | $ 44.90 | |
Expected to vest at end of period (in dollars per share) | 44.87 | ||
Weighted-average grant date fair value during the period (in dollars per share) | $ 44.06 | ||
One year anniversary of grant | |||
Share-based payment plans | |||
Vesting percentage | 25.00% | ||
One year anniversary of grant | Service-based RSUs | |||
Share-based payment plans | |||
Vesting percentage | 25.00% |
Share-based payment plans - War
Share-based payment plans - Warrants (BSA) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2019 | |
Share-based payment plans | |||
Vesting period | 4 years | ||
Warrants (BSA) | |||
Share-based payment plans | |||
Minimum percentage of subscribed price over the exercise price | 5.00% | 5.00% | |
Number of warrants granted | 4,500 | 74,760 | |
Exercise price per employee warrant | $ 33.37 | $ 47.79 | |
Grant date fair value per employee warrant | $ 10.08 | $ 14.98 | |
Vesting period | 1 year | ||
Number of employee warrants exercisable | 167,740 | 167,740 | |
Warrants (BSA) | |||
Share-based payment plans | |||
Number of warrants granted | 79,000 |
Share-based payment plans - R_2
Share-based payment plans - Restricted Shares (Details) - EUR (€) € / shares in Units, € in Thousands | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based payment plans | |||
Nominal price per ordinary share | € 0.08 | € 0.08 | |
Vesting period | 4 years | ||
Repurchase the restricted shares lapsing rate for the first year | 25.00% | ||
Repurchase the restricted shares lapsing rate quarterly after first year | 0.0625% | ||
Restricted Shares | |||
Share-based payment plans | |||
The period over that the Company can repurchase or cancel unvested shares as well as its right to repurchase the restricted shares from the executives will lapse | 4 years | ||
Number of restricted shares outstanding | 0 | 13,785 | |
Restricted Shares | Executive Officer [Member] | |||
Share-based payment plans | |||
Vesting period | 4 years | ||
Common Stock | |||
Share-based payment plans | |||
Number of shares issued for restricted shares | 110,281 | ||
Subscription amount | € 8 | ||
Common Stock | Restricted Shares | |||
Share-based payment plans | |||
Nominal price per ordinary share | € 0.08 | € 0.08 | |
Common Stock | Restricted Shares | Executive Officer [Member] | |||
Share-based payment plans | |||
Nominal price per ordinary share | € 0.08 |
Share-based payment plans - E_2
Share-based payment plans - Employee stock purchase plan (Details) | 12 Months Ended |
Dec. 31, 2019USD ($)periodshares | |
Share-based payment plans | |
Vesting period | 4 years |
Unrecognized compensation expenses | $ 40,500,000 |
Employee Stock Purchase Plan | |
Share-based payment plans | |
Unrecognized compensation expenses | $ 200,000 |
Period of amortization | 2 months 12 days |
American Depositary Shares [Member] | Employee Stock Purchase Plan | |
Share-based payment plans | |
Number of ordinary shares | 1 |
Ordinary shares available for the sale of ESPP | shares | 498,522 |
Payroll deduction percentage | 15.00% |
Number of consecutive offering periods | period | 2 |
Vesting period | 6 months |
Fair value Of ADSs To calculate Purchase Price | 85.00% |
Maximum value Of ADSs that can be purchased by employee | $ 25,000 |
Future Employee purchase under the ESPP | $ 2,000,000 |
Number of shares of common stock purchased under the ESPP | shares | 180,855 |
Share-based payment plans - Fai
Share-based payment plans - Fair value of stock options and warrants (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair value of stock options and warrants | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Employee Stock Purchase Plan | |||
Fair value of stock options and warrants | |||
Weighted average fair value of underlying shares | $ 41.49 | $ 50.39 | |
Weighted average expected volatility | 40.20% | 41.70% | |
Weighted average risk-free interest rate | 2.20% | 2.06% | |
Weighted average expected term (in years) | 6 months | 6 months | |
Stock options and warrants | |||
Fair value of stock options and warrants | |||
Weighted average fair value of underlying shares | $ 46.97 | $ 52.65 | $ 27.82 |
Weighted average expected volatility | 42.40% | 42.00% | 50.50% |
Weighted average risk-free interest rate | 2.14% | 2.63% | 1.69% |
Weighted average expected term (in years) | 2 years 9 months 10 days | 3 years 2 months 23 days | 3 years 8 months 23 days |
Share-based payment plans - Com
Share-based payment plans - Compensation expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based payment plans | |||
Total stock-based compensation expense | $ 33,792 | $ 20,837 | $ 6,280 |
Unrecognized compensation expenses | $ 40,500 | ||
Period of recognition for unrecognized compensation expense | 1 year 9 months 18 days | ||
Cost of revenue | Subscriptions | |||
Share-based payment plans | |||
Total stock-based compensation expense | $ 3,115 | 1,432 | 315 |
Cost of revenue | Professional services | |||
Share-based payment plans | |||
Total stock-based compensation expense | 2,132 | 1,024 | 207 |
Sales and marketing | |||
Share-based payment plans | |||
Total stock-based compensation expense | 10,227 | 7,198 | 2,271 |
Research and development | |||
Share-based payment plans | |||
Total stock-based compensation expense | 10,353 | 5,808 | 1,263 |
General and administrative | |||
Share-based payment plans | |||
Total stock-based compensation expense | $ 7,965 | $ 5,375 | $ 2,224 |
Net loss per share (Details)
Net loss per share (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019USD ($)$ / shares | Sep. 30, 2019USD ($)$ / shares | Jun. 30, 2019USD ($)$ / shares | Mar. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)$ / shares | Sep. 30, 2018USD ($)$ / shares | Jun. 30, 2018USD ($)$ / shares | Mar. 31, 2018USD ($)$ / shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Sep. 30, 2019€ / shares | |
Interest rate on debt | 1.75% | 1.75% | ||||||||||
Numerator (basic and diluted): | ||||||||||||
Net loss | $ | $ (11,689) | $ (13,510) | $ (18,525) | $ (17,745) | $ (11,676) | $ (9,116) | $ (8,386) | $ (9,849) | $ (61,469) | $ (39,027) | $ (31,208) | |
Denominator (basic and diluted): | ||||||||||||
Weighted-average shares outstanding | shares | 30,563 | 29,841 | 28,966 | |||||||||
Basic and diluted net loss per shares | $ / shares | $ (0.38) | $ (0.44) | $ (0.61) | $ (0.59) | $ (0.39) | $ (0.30) | $ (0.28) | $ (0.33) | $ (2.01) | $ (1.31) | $ (1.08) | |
Convertible Senior Notes due in 2024 | ||||||||||||
Interest rate on debt | 1.75% | |||||||||||
Initial conversion price (in dollars per share) | € / shares | € 51.75 |
Net loss per share - Antidiluti
Net loss per share - Antidilutive (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Options | |||
Net loss per share | |||
Shares subject to outstanding ordinary share awards | 1,215 | 1,707 | 2,282 |
Employee warrants (BSPCE) | |||
Net loss per share | |||
Shares subject to outstanding ordinary share awards | 155 | 229 | 343 |
Warrants (BSA) | |||
Net loss per share | |||
Shares subject to outstanding ordinary share awards | 210 | 130 | 88 |
RSUs | |||
Net loss per share | |||
Shares subject to outstanding ordinary share awards | 2,308 | 1,511 | 509 |
Employee Stock Purchase Plan | |||
Net loss per share | |||
Shares subject to outstanding ordinary share awards | 83 | 53 | |
Convertible Senior Notes | |||
Net loss per share | |||
Shares subject to outstanding ordinary share awards | 2,700 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt | ||
Total | $ 130,717 | $ 884 |
Short-term debt | 227 | 208 |
Long-term debt | 130,490 | 676 |
Convertible Senior Notes due in 2024 | ||
Debt | ||
Total | 130,045 | |
BPI France | ||
Debt | ||
Total | 665 | 877 |
Other | ||
Debt | ||
Total | $ 7 | $ 7 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt | |||
Debt outstanding | $ 130,717 | $ 884 | |
Short-term debt | $ 227 | 208 | |
Interest rate on debt | 1.75% | ||
Amount drawn on credit facility | $ 0 | ||
Convertible Senior Notes due in 2024 | |||
Debt | |||
Debt outstanding | $ 130,045 | ||
Interest rate on debt | 1.75% | ||
Bpifrance Financing | Restlet | |||
Debt | |||
Net debt assumed | 1,200 | ||
Debt outstanding | 700 | 900 | |
Short-term debt | $ 200 | $ 200 |
Debt - Convertible Senior Notes
Debt - Convertible Senior Notes due in 2024 (Details) € / shares in Units, $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Sep. 30, 2019EUR (€)D | Dec. 31, 2019USD ($) | Sep. 30, 2019$ / shares | Sep. 30, 2019EUR (€)€ / shares | Mar. 08, 2018$ / shares | Nov. 17, 2017$ / shares | Mar. 16, 2017$ / shares | |
Debt Instrument [Line Items] | |||||||
Interest rate on debt | 1.75% | ||||||
Closing Price | $ / shares | $ 48.60 | $ 40 | $ 28.50 | ||||
Consecutive trading days | D | 40 | ||||||
Amortization of debt discount and issuance costs | $ 1,534 | ||||||
Accrual coupon expense | 800 | ||||||
Convertible Senior Notes due in 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of notes issued | € | € 125,000,000 | ||||||
Principal amount of notes initially be convertible | € | € 1,000 | ||||||
Additional Debt Issued, Percentage | 12.00% | ||||||
Additional Debt Issued | € | € 14,800,000 | ||||||
Debt Issuance costs | € | 6,000,000 | ||||||
Net proceed received | € | € 133,800,000 | ||||||
Interest rate on debt | 1.75% | ||||||
Frequency of payment | semi-annually | ||||||
Initial conversion rate, number of shares to be issued per 1000 of principal amount (in shares) | 19.3234 | ||||||
Initial conversion price (in dollars per share) | € / shares | € 51.75 | ||||||
Closing Price | $ / shares | $ 38.72 | ||||||
Exchange rate | 1.1036 | ||||||
Number of trading days | D | 20 | ||||||
Consecutive trading days | D | 30 | ||||||
Percentage of stock conversion price | 130.00% | ||||||
Number of business days immediately after any five consecutive trading day period during the measurement period | D | 6 | ||||||
Number of consecutive trading days before six business days during the measurement period | D | 5 | ||||||
Percentage of the trading price to the product of the sale price of the ADSs and the conversion price | 98.00% | ||||||
Percentage of redemption price | 100.00% | ||||||
Equity component of 2024 notes | $ 21,700 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.00% | ||||||
Equity Portion of Issuance Cost | $ 900 | ||||||
Debt issuance costs amortized to interest expense | 5,700 | ||||||
Interest expense related to the amortization of debt discount and issuance costs | 2,300 | ||||||
Principal Balance | 156,716 | ||||||
Net Carrying Amount | (21,227) | ||||||
Unamortized debt issuance costs | (5,443) | ||||||
Net Carrying Amount | 130,046 | ||||||
Gross Amount | 21,866 | ||||||
Allocated debt issuance costs | (945) | ||||||
Net Carrying Amount | $ 20,921 | ||||||
Convertible Senior Notes due in 2024 | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of stock conversion price | 130.00% | ||||||
American Depositary Shares [Member] | Convertible Senior Notes due in 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Initial conversion rate, number of shares to be issued per 1000 of principal amount (in shares) | 19.3234 |
Leases (Details)
Leases (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Leases | |
Options to extend | true |
Options to terminate | true |
Leases - Components of lease ex
Leases - Components of lease expense (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lease Expense | |
Operating lease cost | $ 5,856 |
Operating lease right-of-use assets | 27,821 |
Operating lease liabilities | 29,299 |
Cash paid for amounts included in the measurement of lease liabilities | 5,066 |
Right-of-use assets obtained in exchange for lease obligations | $ 2,749 |
Weighted average remaining lease term for operating leases | 6 years 3 months 18 days |
Weighted average discount rate | 5.40% |
Leases - Maturities of lease li
Leases - Maturities of lease liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Maturities of lease liabilities | |
2020 | $ 5,906 |
2021 | 5,536 |
2022 | 5,104 |
2023 | 3,936 |
2024 | 3,824 |
Thereafter | 10,202 |
Total lease payments | 34,508 |
Less imputed interest | (5,209) |
Total | $ 29,299 |
Leases - Future minimum undisco
Leases - Future minimum undiscounted lease payment prior to adoption of new lease standard (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Future minimum undiscounted lease payments prior to adoption of new lease standard | |
2019 | $ 5,286 |
2020 | 5,757 |
2021 | 5,591 |
2022 | 5,320 |
2023 | 4,014 |
Thereafter | 14,832 |
Total future minimum lease payments | $ 40,800 |
Commitments and contingencies -
Commitments and contingencies - Capital commitments (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Commitments and contingencies | |
Capital commitments to acquire fixed or other long-lived assets | $ 0 |
Commitments and contingencies_2
Commitments and contingencies - Guarantees (Details) $ in Millions | Dec. 31, 2019USD ($) |
Commitments and contingencies | |
Purchase obligations related to IT | $ 16.8 |
Contract obligations | $ 2.1 |
Related party transactions (Det
Related party transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Related party transactions | ||
Debt carrying value | $ 130,717 | $ 884 |
Bpifrance Financing | Restlet | ||
Related party transactions | ||
Net debt assumed | 1,200 | |
Debt carrying value | $ 700 | $ 900 |
Selected quarterly results of_3
Selected quarterly results of operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue | |||||||||||
Total revenue | $ 67,454 | $ 62,436 | $ 60,305 | $ 57,666 | $ 56,419 | $ 52,229 | $ 50,099 | $ 47,052 | $ 247,861 | $ 205,799 | $ 148,595 |
Cost of revenue | |||||||||||
Gross profit | 52,280 | 47,688 | 44,547 | 42,466 | 43,039 | 39,236 | 38,226 | 35,804 | 186,981 | 156,305 | 114,436 |
Operating expenses | |||||||||||
Operating Expenses | 61,899 | 60,955 | 62,721 | 59,930 | 55,584 | 48,505 | 46,703 | 45,718 | 245,505 | 196,510 | 143,173 |
Loss from operations | (9,618) | (13,267) | (18,174) | (17,465) | (12,546) | (9,268) | (8,477) | (9,914) | (58,524) | (40,205) | (28,737) |
Net loss for the period | $ (11,689) | $ (13,510) | $ (18,525) | $ (17,745) | $ (11,676) | $ (9,116) | $ (8,386) | $ (9,849) | $ (61,469) | $ (39,027) | $ (31,208) |
Net loss per share attributable to ordinary shareholders: | |||||||||||
Basic and diluted net loss per share | $ (0.38) | $ (0.44) | $ (0.61) | $ (0.59) | $ (0.39) | $ (0.30) | $ (0.28) | $ (0.33) | $ (2.01) | $ (1.31) | $ (1.08) |
Previously reported | |||||||||||
Revenue | |||||||||||
Total revenue | $ 66,925 | $ 62,625 | $ 60,591 | $ 57,838 | $ 55,690 | $ 52,065 | $ 49,755 | $ 46,813 | $ 204,323 | ||
Cost of revenue | |||||||||||
Gross profit | 51,752 | 47,877 | 44,832 | 42,638 | 42,311 | 39,072 | 37,882 | 35,564 | |||
Operating expenses | |||||||||||
Operating Expenses | 61,879 | 60,992 | 62,772 | 59,996 | 55,435 | 48,474 | 46,712 | 45,745 | 196,366 | ||
Loss from operations | (10,127) | (13,115) | (17,940) | (17,358) | (13,124) | (9,402) | (8,830) | (10,181) | (41,537) | ||
Net loss for the period | $ (12,198) | $ (13,359) | $ (18,290) | $ (17,638) | $ (12,256) | $ (9,249) | $ (8,739) | $ (10,115) | $ (40,359) | ||
Net loss per share attributable to ordinary shareholders: | |||||||||||
Basic and diluted net loss per share | $ (0.39) | $ (0.44) | $ (0.60) | $ (0.58) | $ (0.41) | $ (0.31) | $ (0.29) | $ (0.34) | $ (1.35) | ||
Restatement | |||||||||||
Revenue | |||||||||||
Total revenue | $ 529 | $ (189) | $ (286) | $ (172) | $ 729 | $ 164 | $ 344 | $ 239 | $ 1,476 | ||
Cost of revenue | |||||||||||
Gross profit | 528 | (189) | (285) | (172) | 728 | 164 | 344 | 240 | |||
Operating expenses | |||||||||||
Operating Expenses | 20 | (37) | (51) | (66) | 149 | 31 | (9) | (27) | 144 | ||
Loss from operations | 509 | (152) | (234) | (107) | 578 | 134 | 353 | 267 | 1,332 | ||
Net loss for the period | $ 509 | $ (151) | $ (235) | $ (107) | $ 580 | $ 133 | $ 353 | $ 266 | $ 1,332 | ||
Net loss per share attributable to ordinary shareholders: | |||||||||||
Basic and diluted net loss per share | $ 0.01 | $ (0.01) | $ (0.01) | $ 0.02 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.04 |
Subsequent event (Details)
Subsequent event (Details) - Subsequent Event | 1 Months Ended |
Mar. 31, 2020EUR (€)ft² | |
Subsequent event | |
Office space area under lease | ft² | 58,000 |
Security Deposit | € 341,460 |
Initial annual rent | € 1,365,840 |
Abatement Period | 14 months |