Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-38034 | |
Entity Registrant Name | Alteryx, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 90-0673106 | |
Entity Address, Address Line One | 3345 Michelson Drive, | |
Entity Address, Address Line Two | Suite 400, | |
Entity Address, City or Town | Irvine, | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92612 | |
City Area Code | 888 | |
Local Phone Number | 836-4274 | |
Title of 12(b) Security | Class A Common Stock, $0.0001 par value per share | |
Trading Symbol | AYX | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001689923 | |
Current Fiscal Year End Date | --12-31 | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 52,972,514 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 12,988,715 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue: | ||
Total revenue | $ 108,831 | $ 76,020 |
Cost of revenue: | ||
Total cost of revenue | 13,047 | 8,000 |
Gross profit | 95,784 | 68,020 |
Operating expenses: | ||
Research and development | 26,181 | 14,072 |
Sales and marketing | 65,165 | 38,450 |
General and administrative | 24,543 | 19,900 |
Total operating expenses | 115,889 | 72,422 |
Loss from operations | (20,105) | (4,402) |
Interest expense | (9,303) | (2,986) |
Other income (expense), net | (2,462) | 2,829 |
Loss before benefit of income taxes | (31,870) | (4,559) |
Benefit of income taxes | (16,397) | (10,473) |
Net income (loss) | $ (15,473) | $ 5,914 |
Net income (loss) per share attributable to common stockholders, basic (in dollars per share) | $ (0.24) | $ 0.10 |
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share) | $ (0.24) | $ 0.09 |
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, basic | 65,569 | 61,926 |
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, diluted | 65,569 | 67,478 |
Other comprehensive income (loss), net of tax: | ||
Net unrealized holding income on investments, net of tax | $ 1,243 | $ 702 |
Foreign currency translation adjustments | 998 | (1,011) |
Other comprehensive income (loss), net of tax | 2,241 | (309) |
Total comprehensive income (loss) | (13,232) | 5,605 |
Subscription-based software license | ||
Revenue: | ||
Total revenue | 50,744 | 34,807 |
Cost of revenue: | ||
Total cost of revenue | 1,981 | 597 |
PCS and services | ||
Revenue: | ||
Total revenue | 58,087 | 41,213 |
Cost of revenue: | ||
Total cost of revenue | $ 11,066 | $ 7,403 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 228,020 | $ 409,949 |
Short-term investments | 534,887 | 376,995 |
Accounts receivable, net | 53,824 | 129,912 |
Prepaid expenses and other current assets | 63,547 | 55,129 |
Total current assets | 880,278 | 971,985 |
Property and equipment, net | 24,483 | 20,296 |
Operating lease right-of-use assets | 45,266 | 33,600 |
Long-term investments | 229,027 | 187,921 |
Goodwill | 36,756 | 36,910 |
Intangible assets, net | 18,716 | 22,083 |
Other assets | 88,796 | 69,543 |
Total assets | 1,323,322 | 1,342,338 |
Current liabilities: | ||
Accounts payable | 13,280 | 9,383 |
Accrued payroll and payroll related liabilities | 23,668 | 53,683 |
Accrued expenses and other current liabilities | 29,412 | 31,715 |
Deferred revenue | 78,469 | 83,895 |
Convertible senior notes, net | 69,233 | 68,154 |
Total current liabilities | 214,062 | 246,830 |
Convertible senior notes, net | 636,917 | 630,321 |
Deferred revenue | 2,216 | 2,733 |
Operating lease liabilities | 40,569 | 29,293 |
Other liabilities | 3,173 | 8,254 |
Total liabilities | 896,937 | 917,431 |
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value: 10,000 shares authorized as of March 31, 2020 and December 31, 2019, respectively; no shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively | 0 | 0 |
Common stock, $0.0001 par value: 500,000 Class A shares authorized, 52,847 and 52,056 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively; 500,000 Class B shares authorized, 13,038 and 13,204 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively | 7 | 7 |
Additional paid-in capital | 427,510 | 412,191 |
Retained earnings (accumulated deficit) | (1,847) | 14,235 |
Accumulated other comprehensive income (loss) | 715 | (1,526) |
Total stockholders’ equity | 426,385 | 424,907 |
Total liabilities and stockholders’ equity | $ 1,323,322 | $ 1,342,338 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Class A Common Stock | ||
Common stock par value per share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common Stock shares issued (in shares) | 52,847,000 | 52,056,000 |
Common stock shares outstanding (in shares) | 52,847,000 | 52,056,000 |
Class B Common Stock | ||
Common stock par value per share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common Stock shares issued (in shares) | 13,038,000 | 13,204,000 |
Common stock shares outstanding (in shares) | 13,038,000 | 13,204,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Gain (Loss) | Cumulative effect of adoption of ASC 326 | Cumulative effect of adoption of ASC 326Retained Earnings (Accumulated Deficit) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effect of adoption of ASC 326 | $ 301,818 | $ 6 | $ 315,291 | $ (12,908) | $ (571) | ||
Beginning balance (in shares) at Dec. 31, 2018 | 61,579 | ||||||
Beginning Balance at Dec. 31, 2018 | 301,818 | $ 6 | 315,291 | (12,908) | (571) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effect of adoption of ASC 326 | 325,838 | $ 6 | 333,706 | (6,994) | (880) | ||
Receipt of Section 16(b) disgorgement, net of tax effect | 3,743 | 3,743 | |||||
Shares issued pursuant to stock awards, net of tax withholdings related to vesting of restricted stock units (in shares) | 863 | ||||||
Shares issued pursuant to stock awards, net of tax withholdings related to vesting of restricted stock units | 8,587 | 8,587 | |||||
Stock-based compensation | 5,335 | 5,335 | |||||
Equity settled contingent consideration (in shares) | 21 | ||||||
Equity-settled contingent consideration | 750 | 750 | |||||
Cumulative translation adjustment | (1,011) | (1,011) | |||||
Unrealized gain on investments, net of tax | 702 | 702 | |||||
Net loss | 5,914 | 5,914 | |||||
Ending balance (in shares) at Mar. 31, 2019 | 62,463 | ||||||
Ending Balance at Mar. 31, 2019 | 325,838 | $ 6 | 333,706 | (6,994) | (880) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effect of adoption of ASC 326 | 325,838 | 6 | 333,706 | (6,994) | (880) | ||
Cumulative effect of adoption of ASC 326 | 424,907 | $ 7 | 412,191 | 14,235 | (1,526) | $ (609) | $ (609) |
Beginning balance (in shares) at Dec. 31, 2019 | 65,260 | ||||||
Beginning Balance at Dec. 31, 2019 | 424,907 | $ 7 | 412,191 | 14,235 | (1,526) | (609) | (609) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effect of adoption of ASC 326 | 426,385 | $ 7 | 427,510 | (1,847) | 715 | $ (609) | $ (609) |
Shares issued pursuant to stock awards, net of tax withholdings related to vesting of restricted stock units (in shares) | 625 | ||||||
Shares issued pursuant to stock awards, net of tax withholdings related to vesting of restricted stock units | 1,655 | 1,655 | |||||
Stock-based compensation | 13,664 | 13,664 | |||||
Cumulative translation adjustment | 998 | 998 | |||||
Unrealized gain on investments, net of tax | 1,243 | 1,243 | |||||
Net loss | (15,473) | (15,473) | |||||
Ending balance (in shares) at Mar. 31, 2020 | 65,885 | ||||||
Ending Balance at Mar. 31, 2020 | 426,385 | $ 7 | 427,510 | (1,847) | 715 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effect of adoption of ASC 326 | $ 426,385 | $ 7 | $ 427,510 | $ (1,847) | $ 715 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (15,473) | $ 5,914 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 2,760 | 1,412 |
Non-cash operating lease cost | 1,757 | 1,000 |
Stock-based compensation | 13,664 | 5,335 |
Amortization (accretion) of discounts and premiums on investments, net | (606) | (764) |
Amortization of debt discount and issuance costs | 7,675 | 2,699 |
Deferred income taxes | (16,628) | (10,550) |
Other non-cash operating activities, net | 7,509 | (1,035) |
Changes in operating assets and liabilities, net of effect of business acquisitions: | ||
Accounts receivable | 74,901 | 42,880 |
Deferred commissions | 461 | (1,177) |
Prepaid expenses, other current assets, and other assets | (20,371) | (7,476) |
Accounts payable | 4,285 | 1,762 |
Accrued payroll and payroll related liabilities | (29,690) | (10,543) |
Accrued expenses, other current liabilities, operating lease liabilities, and other liabilities | (4,919) | (595) |
Deferred revenue | (5,350) | (12,824) |
Net cash provided by operating activities | 19,975 | 16,038 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (4,976) | (1,528) |
Purchases of investments | (313,611) | (73,553) |
Sales and maturities of investments | 116,691 | 76,981 |
Net cash provided by (used in) investing activities | (201,896) | 1,900 |
Cash flows from financing activities: | ||
Proceeds from receipt of Section 16(b) disgorgement | 0 | 4,918 |
Proceeds from exercise of stock options and taxes withheld | 11,600 | 18,425 |
Minimum tax withholding paid on behalf of employees for restricted stock units | (9,945) | (2,439) |
Other financing activity | (433) | (1,305) |
Net cash provided by financing activities | 1,222 | 19,599 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,228) | (105) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (181,927) | 37,432 |
Cash, cash equivalents and restricted cash—beginning of period | 411,424 | 90,961 |
Cash, cash equivalents and restricted cash—end of period | 229,497 | 128,393 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 2,817 | 0 |
Cash paid for income taxes | 529 | 0 |
Cash paid for amounts included in the measurement of operating lease liabilities | 2,061 | 1,187 |
Supplemental disclosure of noncash investing and financing activities: | ||
Property and equipment recorded in accounts payable and accrued expenses and other current liabilities | 3,167 | 569 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 14,400 | 1,604 |
Contingent consideration settled through issuance of common stock | $ 0 | $ 750 |
Business
Business | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | Business Our Company Alteryx, Inc. and its subsidiaries, or we, our, or us, are improving business through data science and analytics by enabling analytic producers, regardless of technical acumen, to quickly and easily transform data into actionable insights and deliver improved data-driven business outcomes. Every day, our users leverage our end-to-end analytic platform to quickly and easily discover, access, prepare, and analyze data from a multitude of sources, then deploy and share analytics at scale. The ease-of-use, speed, and sophistication that our platform provides is enhanced through intuitive and highly repeatable visual workflows. Basis of Presentation Our unaudited interim condensed consolidated financial statements are presented in accordance with accounting standards generally accepted in the United States of America, or U.S. GAAP, for interim financial information. Certain information and disclosures normally included in consolidated financial statements presented in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission, or SEC, on February 14, 2020. The unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with that used to prepare the audited annual consolidated financial statements and reflect all adjustments which are, in the opinion of our management, of a normal recurring nature and necessary for a fair statement of the condensed consolidated financial statements. All intercompany accounts and transactions have been eliminated in consolidation. The operating results for the three months ended March 31, 2020 are not necessarily indicative of the results expected for the full year ending December 31, 2020 . |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies There have been no changes to our accounting policies disclosed in our audited consolidated financial statements and the related notes for the year ended December 31, 2019 , other than, during the three months ended March 31, 2020, we adopted new accounting guidance related to the measurement of credit losses and implementation costs incurred in cloud computing arrangements. See Recently Adopted Accounting Pronouncements below and Note 5, Allowance for Doubtful Accounts and Sales Reserves , for additional information. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates and assumptions. On an ongoing basis, our management evaluates these estimates and assumptions, including those related to determination of standalone selling prices of our products and services, allowance for doubtful account and sales reserves, income tax valuations, stock-based compensation, goodwill, and intangible assets valuations and recoverability. We base our estimates on historical data and experience, as well as various other factors that our management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. Except for the increase in expected credit losses as discussed in Note 5, Allowance for Doubtful Accounts and Sales Reserves, we are not aware of any specific event or circumstance that would require an update to our estimates or assumptions or a revision of the carrying value of our assets or liabilities as of the date of this Quarterly Report on Form 10-Q. These estimates and assumptions may change as new events occur and additional information is obtained. As a result, actual results could differ materially from these estimates and assumptions. Operating Segments Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker, or CODM, who is our chief executive officer, in deciding how to allocate resources and assess our financial and operational performance. Our CODM evaluates our financial information and resources and assesses the performance of these resources on a consolidated and aggregated basis. As a result, we have determined that our business operates in a single operating segment. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2016-13, Financial Instruments - Credit Losses , or ASC 326. The new standard amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology. As a result, we are now required to use a forward-looking expected credit loss model for accounts receivables and other commitments to extend credit. Through December 31, 2019, we calculated our allowance for credit losses using a single pool of trade receivables as the basis for our credit loss rate. Effective January 1, 2020, we adopted ASC 326 and made changes to our accounting policies related to credit loss calculations, including the consideration of forecasted economic data and the pooling of financial assets with similar risk profiles, and now recognize credit losses associated with our available-for-sale securities. We adopted the new allowance for credit losses accounting standard on January 1, 2020 by means of a cumulative-effect adjustment, where we recognized the cumulative effect of initially applying the guidance as a $0.6 million addition to our contract asset reserve with an offsetting adjustment to retained earnings. See Note 4, Fair Value Measurements and Note 5 , Allowance for Doubtful Accounts and Sales Reserves , for additional details. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing costs incurred to develop or obtain internal-use software. We adopted this standard prospectively effective January 1, 2020. As a result of the adoption, we are required to capitalize additional costs related to the implementation of cloud computing arrangements that we have historically expensed as incurred, particularly costs incurred during the application development phase. This policy aligns the accounting for implementation costs associated with cloud computing arrangements with our existing policy related to internal-use software. Capitalized costs related to cloud computing arrangements for the three months ended March 31, 2020, which are included in prepaid expenses and other current assets on our condensed consolidated balance sheets, were not material. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of Revenue The disaggregation of revenue by region was as follows (in thousands): Three Months Ended March 31, 2020 2019 Revenue by region: United States $ 80,535 $ 52,896 International 28,296 23,124 Total $ 108,831 $ 76,020 Revenue attributable to the United Kingdom comprised 10.4% of total revenue for the three months ended March 31, 2019 . Other than the United Kingdom for the three months ended March 31, 2019, no other countries outside the United States comprised more than 10% of revenue for any of the periods presented. Our operations outside the United States include sales offices in Australia, Canada, the Czech Republic, France, Germany, Japan, Singapore, the United Arab Emirates, and the United Kingdom, and a research and development center in Ukraine and the Czech Republic. Revenue by location is determined by the billing address of the customer. Revenue recognized on our subscription-based software licenses is recognized at a point in time when the platform is first made available to the customer, or the beginning of the subscription term, if later. Revenue recognized related to post-contract support, or PCS, service, and hosted services is recognized ratably over the subscription term, with the exception of professional services related to training services. Revenue related to professional services is recognized at a point in time as the services are performed and represents 5% or less of total revenue for all periods presented. Contract Assets and Contract Liabilities Timing may differ between the satisfaction of performance obligations and the invoicing and collection of amounts related to our contracts with customers. Contract assets primarily relate to unbilled amounts for contracts with customers for which the amount of revenue recognized exceeds the amount billed to the customer. Contract assets are transferred to accounts receivable when the right to invoice becomes unconditional. Contract liabilities, or deferred revenue, are recorded for amounts that are collected in advance of the satisfaction of performance obligations. These liabilities are classified as current and non-current deferred revenue. As of March 31, 2020 , our contract assets are expected to be transferred to receivables within the next 12 to 24 months and, with respect to these contract assets, $26.6 million is included in prepaid expenses and other current assets and $49.2 million is included in other assets on our condensed consolidated balance sheet. As of December 31, 2019 , we had contract assets of $18.5 million included in prepaid expenses and other current assets and $39.3 million included in other assets on our consolidated balance sheet. There were no impairments of contract assets during the three months ended March 31, 2020 . During the three months ended March 31, 2020 and 2019 , we recognized $38.1 million and $35.8 million , respectively, of revenue related to amounts that were included in deferred revenue as of December 31, 2019 and 2018, respectively. Assets Recognized from the Costs to Obtain our Contracts with Customers We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. This primarily consists of sales commissions and partner referral fees that are earned upon execution of the related contracts. We amortize these deferred commissions, which include partner referral fees, proportionate with related revenues over the benefit period. A summary of the activity impacting our deferred commissions during the three months ended March 31, 2020 is presented below (in thousands): Balances at December 31, 2019 $ 43,035 Additional deferred commissions 7,899 Amortization of deferred commissions (8,331 ) Effects of foreign currency translation (747 ) Balances at March 31, 2020 $ 41,856 As of March 31, 2020 , $ 17.9 million of our deferred commissions are expected to be amortized within the next 12 months and therefore are included in prepaid expenses and other current assets. The remaining amount of our deferred commissions are included in other assets. There were no impairments of assets related to deferred commissions during the three months ended March 31, 2020 . There were no assets recognized related to the costs to fulfill contracts during the three months ended March 31, 2020 as these costs were not material. Remaining Performance Obligations Transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue on our condensed consolidated balance sheets and unbilled amounts that will be recognized as revenue in future periods. As of March 31, 2020 , we had an aggregate transaction price of $ 400.4 million allocated to unsatisfied performance obligations related primarily to PCS, cloud-based offerings, and subscriptions to third-party syndicated data. We expect to recognize $ 344.1 million as revenue over the next 24 months, with the remaining amount recognized thereafter. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Instruments Measured at Fair Value on a Recurring Basis. The following tables present our cash and cash equivalents’ and investments’ costs, gross unrealized gains (losses), and fair value by major security type recorded as cash and cash equivalents or short-term or long-term investments as of March 31, 2020 and December 31, 2019 (in thousands): As of March 31, 2020 Cost Net Unrealized Gains (Losses) Fair Value Cash and Cash Equivalents Short-term Investments Long-term Investments Cash $ 64,782 $ — $ 64,782 $ 64,782 $ — $ — Level 1: Money market funds $ 77,563 $ — $ 77,563 $ 77,563 $ — $ — Subtotal $ 77,563 $ — $ 77,563 $ 77,563 $ — $ — Level 2: Commercial paper $ 256,539 $ (38 ) $ 256,501 $ 56,966 $ 199,535 $ — Certificates of deposit 1,000 — 1,000 — 1,000 — U.S. Treasury and agency bonds 378,558 2,691 381,249 25,559 161,444 194,246 Corporate bonds 211,374 (535 ) 210,839 3,150 172,908 34,781 Subtotal $ 847,471 $ 2,118 $ 849,589 $ 85,675 $ 534,887 $ 229,027 Level 3: $ — $ — $ — $ — $ — $ — Total $ 989,816 $ 2,118 $ 991,934 $ 228,020 $ 534,887 $ 229,027 As of December 31, 2019 Cost Net Unrealized Gains (Losses) Fair Value Cash and Short-term Investments Long-term Investments Cash $ 53,039 $ — $ 53,039 $ 53,039 $ — $ — Level 1: Money market funds $ 223,580 $ — $ 223,580 $ 223,580 $ — $ — Subtotal $ 223,580 $ — $ 223,580 $ 223,580 $ — $ — Level 2: Commercial paper $ 217,140 $ (6 ) $ 217,134 $ 98,325 $ 118,809 $ — Certificates of deposit 1,000 — 1,000 — — 1,000 U.S. Treasury and agency bonds 294,953 199 295,152 35,005 161,767 98,380 Corporate bonds 184,516 444 184,960 — 96,419 88,541 Subtotal $ 697,609 $ 637 $ 698,246 $ 133,330 $ 376,995 $ 187,921 Level 3: $ — $ — $ — $ — $ — $ — Total $ 974,228 $ 637 $ 974,865 $ 409,949 $ 376,995 $ 187,921 All long-term investments had maturities of between one and two years in duration as of March 31, 2020 . Cash and cash equivalents, restricted cash, and investments as of March 31, 2020 and December 31, 2019 held domestically were approximately $ 977.3 million and $ 963.4 million, respectively. As of January 1, 2020, we did not have an allowance for credit losses related to our available-for-sale securities, which are comprised of fixed income securities, certificates of deposit, and money market funds. Our fixed income securities, which are predominantly high-grade corporate bonds, U.S. Treasury bonds, and U.S. Agency bonds, hold similar risk characteristics in that they are traded infrequently, with contractual interest rates and maturity dates. Our certificates of deposit have infrequent secondary market trades and are priced mathematically based on accretion or amortization from purchase date to maturity. Money market funds are actively traded and short-term, and, as a result, the risk for these securities is lower than the risk associated with fixed income securities and certificates of deposit. As a result of our adoption of ASC 326 effective January 1, 2020, we determined that the gross unrealized losses of $0.1 million as of January 1, 2020 were not related to credit losses and, as a result, were recorded in accumulated other comprehensive income (loss) in our condensed consolidated balance sheets. As of March 31, 2020 , we had gross unrealized losses of $0.9 million with respect to our available-for-sale securities, and we do not intend to sell, nor is it more likely than not that we will be required to sell, these investments before recovery of their amortized cost basis. We determined that $0.1 million of the gross unrealized losses related to the credit quality of our investments and have recorded an equivalent credit loss expense during the three months ended March 31, 2020 in our condensed consolidated statements of operations and comprehensive income (loss). The remaining balance of $0.8 million related to factors other than credit quality and were recorded in accumulated other comprehensive income (loss) in our condensed consolidated balance sheets. Contingent Consideration . The following table presents a reconciliation of the beginning and ending balances of acquisition-related accrued contingent consideration using significant unobservable inputs (Level 3) for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Beginning balance $ 500 $ 2,143 Obligations assumed — — Change in fair value — — Settlements (406 ) (1,750 ) Ending balance $ 94 $ 393 Instruments Not Recorded at Fair Value on a Recurring Basis. As of March 31, 2020 , the fair value of our Notes (as defined in Note 7 , Convertible Senior Notes ) was $912.1 million |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts and Sales Reserves | 3 Months Ended |
Mar. 31, 2020 | |
Credit Loss [Abstract] | |
Allowance for Doubtful Accounts and Sales Reserves | Allowance for Doubtful Accounts and Sales Reserves The following table summarizes the changes in the allowances applied to accounts receivable and contract assets for the three months ended March 31, 2020 (in thousands): Accounts Receivable Reserve Contract Asset Reserve Balance at December 31, 2019 $ 2,662 $ 205 Adoption of new accounting standard — 609 Provision 676 952 Recoveries (306 ) (13 ) Charge-offs (170 ) (10 ) Balance at March 31, 2020 $ 2,862 $ 1,743 During the three months ended March 31, 2020 , we analyzed the risk associated with each portfolio segment within our accounts receivables and contract assets balances. Our historical loss rates have not shown any significant differences between customer industries or geographies, and, upon adoption of ASC 326, we grouped all accounts receivables and contract assets into a single portfolio. Subsequently, however, as a result of the economic uncertainties caused by the impact of the COVID-19 pandemic, we reassessed our portfolio into pools using different risk profiles. We increased our expected credit loss rates for customers in industries that we forecast will be more adversely impacted by the economic downturn caused by the COVID-19 pandemic. As the COVID-19 pandemic has had adverse impacts across all major geographies in which our customers reside, we have not forecasted significant differences in loss rates across geographies. As discussed in Note 3 , Revenue , we do not have significant international geographic concentrations of revenue, and, as a result, we do not have significant concentrations of accounts receivables or contract assets in any single geography outside of the United States. This increase in expected credit losses due to the COVID-19 pandemic resulted in the recognition of an additional $0.8 million |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The change in carrying amount of goodwill for the three months ended March 31, 2020 was as follows (in thousands): Goodwill as of December 31, 2019 $ 36,910 Effects of foreign currency translation (154 ) Goodwill as of March 31, 2020 $ 36,756 Intangible assets consisted of the following (in thousands, except years): As of March 31, 2020 Weighted- Average Useful Life in Years Gross Carrying Value Accumulated Amortization Net Carrying Value Customer relationships 7.0 $ 1,318 $ (400 ) $ 918 Completed technology 5.7 21,674 (3,876 ) 17,798 $ 22,992 $ (4,276 ) $ 18,716 As of December 31, 2019 Weighted- Gross Carrying Value Accumulated Amortization Net Carrying Value Customer relationships 7.0 $ 1,503 $ (402 ) $ 1,101 Completed technology 5.4 27,821 (6,839 ) 20,982 $ 29,324 $ (7,241 ) $ 22,083 During the three months ended March 31, 2020 , we recorded an impairment charge of $2.0 million related to certain completed technology assets, due to our strategic decision to discontinue further investment and enhancements in the standalone existing technology. We classified intangible asset amortization expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss) as follows (in thousands): Three Months Ended March 31, 2020 2019 Cost of revenue $ 1,118 $ 446 Sales and marketing 50 59 Total $ 1,168 $ 505 The following table presents our estimates of remaining amortization expense for finite-lived intangible assets at March 31, 2020 (in thousands): Remainder of 2020 $ 2,777 2021 4,561 2022 4,561 2023 2,569 2024 1,893 Thereafter 2,355 Total amortization expense $ 18,716 |
Convertible Senior Notes
Convertible Senior Notes | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes | Convertible Senior Notes The following table presents details of our convertible senior notes, which are further discussed below (original principal in thousands): Month Issued Maturity Date Original Principal (including over-allotment) Coupon Interest Rate Effective Interest Rate Conversion Rate Initial Conversion Price 2023 Notes May and June 2018 June 1, 2023 $ 230,000 0.5 % 7.00 % $ 22.5572 $ 44.33 2024 Notes August 2019 August 1, 2024 $ 400,000 0.5 % 4.96 % $ 5.2809 $ 189.36 2026 Notes August 2019 August 1, 2026 $ 400,000 1.0 % 5.41 % $ 5.2809 $ 189.36 As further defined and described below, the 2024 Notes and the 2026 Notes are together referred to as the 2024 & 2026 Notes, and the 2023 Notes and the 2024 & 2026 Notes are collectively referred to as the Notes. In May and June 2018, we sold $230.0 million aggregate principal amount of our 0.50% Convertible Senior Notes due 2023, or the 2023 Notes, including the initial purchasers’ exercise in full of their option to purchase an additional $30.0 million of the 2023 Notes, in a private offering to qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended, or the Act. The 2023 Notes are our senior, unsecured obligations, and interest is payable semi-annually in arrears on June 1 and December 1 of each year beginning December 1, 2018. In August 2019, we sold $400.0 million aggregate principal amount of our 0.50% Convertible Senior Notes due 2024, or the 2024 Notes, and $400.0 million aggregate principal amount of our 1.00% Convertible Senior Notes due 2026, or the 2026 Notes, including the initial purchasers’ exercise in full of their options to purchase an additional $50.0 million of the 2024 Notes and an additional $50.0 million of the 2026 Notes, in a private offering to qualified institutional buyers pursuant to Rule 144A promulgated under the Act. The 2024 & 2026 Notes are our senior, unsecured obligations, and interest is payable semi-annually in arrears on February 1 and August 1 of each year beginning February 1, 2020. Prior to the close of business on the business day immediately preceding March 1, 2023, or the 2023 Conversion Date, in the case of the 2023 Notes, or May 1, 2024, or the 2024 Conversion Date, in the case of the 2024 Notes, or May 1, 2026, or the 2026 Conversion Date, in the case of the 2026 Notes, the respective Notes are convertible at the option of holders only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the relevant maturity date. The applicable conversion rate is subject to customary adjustments for certain events as described in the applicable indenture between us and U.S. Bank National Association, as trustee, or, collectively, the Indentures. Upon conversion, the Notes may be settled in shares of our Class A common stock, cash or a combination of cash and shares of our Class A common stock, at our election. It is our current intent to settle the principal amount of the Notes with cash. During the year ended December 31, 2019, a portion of the 2023 Notes were exchanged, as further discussed below. Prior to the close of business on the business day immediately preceding the applicable Conversion Date, the applicable series of Notes is convertible at the option of the holders under the following circumstances: • during any calendar quarter commencing after the calendar quarter subsequent to the calendar quarter in which the applicable series of Notes was issued (and only during such calendar quarter), if the last reported sale price of our Class A common stock 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 applicable conversion price of the applicable series of Notes on each applicable trading day; • during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the applicable series of Notes for each day of that five day consecutive trading day period was less than 98% of the product of the last reported sale price of our Class A common stock and the applicable conversion rate of the applicable series of Notes on such applicable trading day; or • upon the occurrence of specified corporate events described in the applicable Indenture. For at least 20 trading days during the period of 30 consecutive trading days ending March 31, 2020 , the last reported sale price of our Class A common stock was greater than or equal to 130% of the conversion price of the 2023 Notes on each applicable trading day. As a result, the 2023 Notes are convertible at the option of the holders during the quarter ending June 30, 2020 and were classified as current liabilities on the condensed consolidated balance sheet as of March 31, 2020. As of the date of this filing, none of the holders of the 2023 Notes have submitted requests for conversion. As of March 31, 2020 , the if-converted value of the 2023 Notes exceeded its principal amount by $97.2 million . As of March 31, 2020, the 2024 & 2026 Notes were not currently convertible. We may not redeem any series of Notes prior to the relevant maturity date. Holders of any series of Notes have the right to require us to repurchase for cash all or a portion of their applicable series of Notes, at 100% of its respective principal amount, plus any accrued and unpaid interest, upon the occurrence of a fundamental change as defined in the applicable Indenture for such series of Notes. We are also required to increase the conversion rate for holders who convert their Notes in connection with certain corporate events occurring prior to the relevant maturity date. The Notes are our senior unsecured obligations and rank senior in right of payment to any of our indebtedness and other liabilities that are expressly subordinated in right of payment to the Notes, equal in right of payment among all series of Notes and to any other existing and future indebtedness and other liabilities that are not subordinated, effectively junior in right of payment to any of our secured indebtedness and other liabilities to the extent of the value of the assets securing such indebtedness and other liabilities, and structurally junior in right of payment to all of our existing and future indebtedness and other liabilities (including trade payables) of our current or future subsidiaries. Capped Call Transactions In connection with the pricing of the 2023 Notes, we entered into privately negotiated capped call transactions with an affiliate of one of the initial purchasers of the 2023 Notes and other financial institutions. In connection with the pricing of the 2024 & 2026 Notes, we entered into privately negotiated capped call transactions with other financial institutions. The capped call transactions are expected generally to reduce or offset potential dilution to holders of our common stock and/or offset the potential cash payments that we could be required to make in excess of the principal amount upon any conversion of the applicable series of Notes under certain circumstances, with such reduction and/or offset subject to a cap based on the cap price. Under the capped call transactions, we purchased capped call options that in the aggregate relate to the total number of shares of our Class A common stock underlying the applicable series of Notes, with an initial strike price of approximately $44.33 per share in the case of the 2023 Notes, which corresponds to the initial conversion price of the 2023 Notes, and approximately $189.36 per share in the case of the 2024 & 2026 Notes, which corresponds to the initial conversion price of each of the 2024 & 2026 Notes. Further, the capped call options are subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the applicable series of Notes, and have a cap price of $62.22 per share in the case of the 2023 Notes, and $315.60 per share in the case of the 2024 & 2026 Notes. The cost of the purchased capped calls of $19.1 million in the case of the 2023 Notes and $87.4 million in the case of the 2024 & 2026 Notes was recorded as a reduction to additional paid-in-capital. We elected to integrate the applicable capped call options with the applicable series of Notes for federal income tax purposes pursuant to applicable U.S. Treasury Regulations. Accordingly, the $19.1 million gross cost of the purchased capped calls in the case of the 2023 Notes and the $87.4 million gross cost of the purchased capped calls in the case of the 2024 & 2026 Notes will be deductible for income tax purposes as original discount interest over the term of the 2023 Notes and the applicable series of the 2024 & 2026 Notes, respectively. We recorded deferred tax assets of $4.6 million with respect to the 2023 Notes and $20.9 million with respect to the 2024 & 2026 Notes, which represent the tax benefit of these deductions with an offsetting entry to additional paid-in capital. In connection with the exchange agreements discussed below, we terminated a corresponding portion of the existing capped call transactions that we entered into in connection with the issuance of the 2023 Notes, which resulted in the net share settlement and our receipt and retirement of 285,466 shares of Class A common stock. Exchange of 2023 Notes In connection with the issuance of the 2024 & 2026 Notes discussed above, during the year ended December 31, 2019, we entered into exchange agreements with certain holders of our outstanding 2023 Notes and, using a portion of the net proceeds from the issuance of the 2024 & 2026 Notes, we exchanged $145.2 million principal amount, together with accrued and unpaid interest thereon, of the 2023 Notes for aggregate consideration of $145.4 million in cash, representing the principal and accrued interest of the exchanged 2023 Notes, and 2.2 million shares of Class A common stock. The Notes consisted of the following (in thousands): As of March 31, 2020 As of December 31, 2019 2023 Notes 2024 Notes 2026 Notes 2023 Notes 2024 Notes 2026 Notes Liability: Principal $ 84,759 $ 400,000 $ 400,000 $ 84,759 $ 400,000 $ 400,000 Less: debt discount and issuance costs, net of amortization (15,526 ) (69,140 ) (93,943 ) (16,605 ) (72,669 ) (97,010 ) Net carrying amount $ 69,233 $ 330,860 $ 306,057 $ 68,154 $ 327,331 $ 302,990 Equity, net of issuance costs $ 46,474 $ 69,749 $ 93,380 $ 46,474 $ 69,749 $ 93,380 The following table sets forth interest expense recognized related to the Notes (in thousands): Three Months Ended March 31, 2020 2019 Contractual interest expense $ 1,606 $ 287 Amortization of debt issuance costs and discount 7,675 2,699 Total $ 9,281 $ 2,986 |
Equity Awards
Equity Awards | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Equity Awards | Equity Awards Stock Options Stock option activity during the three months ended March 31, 2020 consisted of the following (in thousands, except weighted-average information): Options Outstanding Weighted- Average Exercise Price Options outstanding at December 31, 2019 2,712 $ 22.58 Granted 178 153.26 Exercised (451 ) 18.32 Canceled/forfeited (70 ) 20.79 Options outstanding at March 31, 2020 2,369 $ 33.28 As of March 31, 2020 , there was $ 24.2 million of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.3 years . Valuation Assumptions The following table presents the weighted-average assumptions used for stock options granted under our 2017 Equity Incentive Plan for each of the periods indicated: Three Months Ended March 31, 2020 2019 Expected term (in years) 5.8 5.8 Estimated volatility 43 % 38 % Risk-free interest rate 1 % 3 % Estimated dividend yield — % — % Weighted average fair value $ 64.35 $ 27.41 Restricted Stock Units Restricted stock unit, or RSU, activity during the three months ended March 31, 2020 consisted of the following (in thousands, except weighted-average information): Awards Outstanding Weighted- Average Grant Date Fair Value RSUs outstanding at December 31, 2019 1,576 $ 64.46 Granted 476 146.71 Vested (224 ) 56.89 Canceled/forfeited (52 ) 47.09 RSUs outstanding at March 31, 2020 1,776 $ 87.97 As of March 31, 2020 , total unrecognized compensation expense related to unvested RSUs was approximately $137.5 million , which is expected to be recognized over a weighted-average period of 2.6 years . We classified stock-based compensation expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss) as follows (in thousands): Three Months Ended March 31, 2020 2019 Cost of revenue $ 436 $ 307 Research and development 3,627 839 Sales and marketing 5,149 2,199 General and administrative 4,452 1,990 Total $ 13,664 $ 5,335 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases We have various non-cancelable operating leases for our corporate offices in California, Colorado, Illinois, Massachusetts, Michigan, New York and Texas in the United States and Australia, Brazil, Canada, the Czech Republic, France, Germany, Japan, Singapore, Ukraine, the United Arab Emirates, and the United Kingdom. These leases expire at various times through 2028 . Certain lease agreements contain renewal options, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. Lease Costs The following lease costs were included in our condensed consolidated statements of operations and comprehensive income (loss) as follows (in thousands): Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Operating lease cost $ 2,374 $ 1,422 Short-term lease cost 546 244 Variable lease cost 674 351 Total lease cost $ 3,594 $ 2,017 Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of March 31, 2020 (in thousands): Remainder of 2020 $ 7,553 2021 9,662 2022 9,152 2023 7,790 2024 7,658 2025 6,851 Thereafter 8,969 Total minimum lease payments 57,635 Less imputed interest (9,396 ) Present value of future minimum lease payments 48,239 Less current obligations under leases (1) (7,670 ) Long-term lease obligations $ 40,569 (1) Included in accrued expenses and other current liabilities in our condensed consolidated balance sheets. In addition to the leases included on our condensed consolidated balance sheet as of March 31, 2020, we have four leases that have been executed but not yet commenced as of March 31, 2020 with lease terms that range from three to eight years . As of March 31, 2020, we have either not gained access or have not begun construction for these leased assets nor do we have control of the underlying assets while under construction. We anticipate that these operating leases will commence during the year ended December 31, 2020. We expect to pay approximately $75.5 million in minimum rent payments related to these leases, $17.3 million of which will be paid over the next 24 months. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Indemnification In the ordinary course of business, we enter into agreements in which we may agree to indemnify other parties with respect to certain matters, including losses resulting from claims of intellectual property infringement, damages to property or persons, business losses, or other liabilities. In addition, we have entered into indemnification agreements with our directors, executive officers, and certain other employees that will require us to indemnify them against liabilities that may arise by reason of their status or service as directors, officers, or employees. The term of these indemnification agreements with our directors, executive officers, and other employees are generally perpetual after execution of the agreement. The maximum potential amount of future payments we could be required to make under these indemnification provisions is unlimited; however, we maintain insurance that reduces our exposure and enables us to recover a portion of any future amounts paid. As of March 31, 2020 and December 31, 2019 , we have no t accrued a liability for indemnification provisions we agree to in the ordinary course of business or with our directors, executive officers and certain other employees pursuant to indemnification agreements because the likelihood of incurring a payment obligation, if any, in connection with these arrangements is not probable or reasonably estimable. Litigation From time to time, we may be involved in lawsuits, claims, investigations, and proceedings, consisting of intellectual property, commercial, employment, and other matters, which arise in the ordinary course of business. We are not currently party to any material legal proceedings or claims, nor are we aware of any pending or threatened legal proceedings or claims that could have a material adverse effect on our business, operating results, cash flows, or financial condition should such legal proceedings or claims be resolved unfavorably. Other Contingencies In order to plan and prepare for our annual user conferences in North America, Europe and Asia Pacific, we execute contracts with venues and hotels in advance of the conferences. These contracts may contain provisions that require us to pay a deposit in advance and include cancellation fees. Due to the restrictions on travel related to the COVID-19 pandemic, we have elected to reschedule or cancel certain of our 2020 user conferences. As of March 31, 2020, we had no |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table presents details of the benefit of income taxes and our effective tax rates (in thousands, except percentages): Three Months Ended March 31, 2020 2019 Benefit of income taxes $ (16,397 ) $ (10,473 ) Effective tax rate (51.4 )% (229.7 )% We account for income taxes according to ASC 740, which, among other things, requires that we estimate our annual effective income tax rate for the full year and apply it to pre-tax income (loss) for each interim period, taking into account year-to-date amounts and projected results for the full year. We account for the tax effects of discrete events in the interim period they occur. The provision for income taxes consists of federal, foreign, state, and local income taxes. Our effective tax rate differs from the statutory U.S. income tax rate due to the effect of state and local income taxes, differing tax rates imposed on income earned in foreign jurisdictions and in the United States, losses in foreign jurisdictions, certain nondeductible expenses, excess tax deductions, and the changes in valuation allowances against our deferred tax assets. Our effective tax rate could change significantly from quarter to quarter because of recurring and nonrecurring factors. The benefit of income taxes for the three months ended March 31, 2020 and 2019 was primarily attributable to discrete tax benefits of $11.1 million and $9.5 million , respectively, related to excess tax deductions from settled stock options and RSUs. We had a deferred tax asset of $10.8 million and a deferred tax liability of $5.6 million as of March 31, 2020 and December 31, 2019, respectively, included in other assets and other liabilities, respectively, in our condensed consolidated balance sheets. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, or the CARES Act, was signed into law. The CARES Act includes tax provisions applicable to businesses such as net operating losses, enhanced interest deductibility, optional deferral of deposits of payroll taxes and refundable employee retention payroll tax credit. We have determined that these provisions did not have an impact to our condensed consolidated financial statements for the three months ended March 31, 2020. Neither we nor any of our subsidiaries are currently under examination from tax authorities in the jurisdictions in which we do business. |
Basic and Diluted Net Income (L
Basic and Diluted Net Income (Loss) Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income (Loss) Per Share | Basic and Diluted Net Income (Loss) Per Share The following table presents the computation of net income (loss) per share (in thousands, except per share amounts): Three Months Ended March 31, 2020 2019 Numerator: Net income (loss) attributable to common stockholders $ (15,473 ) $ 5,914 Denominator: Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, basic 65,569 61,926 Effect of dilutive securities: Convertible senior notes — 2,002 Contingently issuable shares — 11 Employee stock awards — 3,539 Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, diluted 65,569 67,478 Net income (loss) per share attributable to common stockholders, basic $ (0.24 ) $ 0.10 Net income (loss) per share attributable to common stockholders, diluted $ (0.24 ) $ 0.09 The following weighted-average equivalent shares of common stock, excluding the impact of the treasury stock method, were excluded from the diluted net income (loss) per share calculation because their inclusion would have been anti-dilutive (in thousands): Three Months Ended March 31, 2020 2019 Stock awards 4,146 203 Convertible senior notes 6,137 — Total shares excluded from net loss per share 10,283 203 It is our current intent to settle the principal amount of each series of the Notes with cash and, therefore, we use the treasury stock method for calculating any potential dilutive effect of the conversion options on diluted net income per share. The conversion options may have a dilutive impact on net income per share of common stock when the average market price per share of our Class A common stock for a given period exceeds the conversion price of the 2023 Notes and 2024 & 2026 Notes of $44.33 and $189.36 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our unaudited interim condensed consolidated financial statements are presented in accordance with accounting standards generally accepted in the United States of America, or U.S. GAAP, for interim financial information. Certain information and disclosures normally included in consolidated financial statements presented in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission, or SEC, on February 14, 2020. The unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with that used to prepare the audited annual consolidated financial statements and reflect all adjustments which are, in the opinion of our management, of a normal recurring nature and necessary for a fair statement of the condensed consolidated financial statements. All intercompany accounts and transactions have been eliminated in consolidation. The operating results for the three months ended March 31, 2020 are not necessarily indicative of the results expected for the full year ending December 31, 2020 . |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates and assumptions. On an ongoing basis, our management evaluates these estimates and assumptions, including those related to determination of standalone selling prices of our products and services, allowance for doubtful account and sales reserves, income tax valuations, stock-based compensation, goodwill, and intangible assets valuations and recoverability. We base our estimates on historical data and experience, as well as various other factors that our management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities. |
Operating Segments | Operating Segments Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker, or CODM, who is our chief executive officer, in deciding how to allocate resources and assess our financial and operational performance. Our CODM evaluates our financial information and resources and assesses the performance of these resources on a consolidated and aggregated basis. As a result, we have determined that our business operates in a single operating segment. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2016-13, Financial Instruments - Credit Losses , or ASC 326. The new standard amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology. As a result, we are now required to use a forward-looking expected credit loss model for accounts receivables and other commitments to extend credit. Through December 31, 2019, we calculated our allowance for credit losses using a single pool of trade receivables as the basis for our credit loss rate. Effective January 1, 2020, we adopted ASC 326 and made changes to our accounting policies related to credit loss calculations, including the consideration of forecasted economic data and the pooling of financial assets with similar risk profiles, and now recognize credit losses associated with our available-for-sale securities. We adopted the new allowance for credit losses accounting standard on January 1, 2020 by means of a cumulative-effect adjustment, where we recognized the cumulative effect of initially applying the guidance as a $0.6 million addition to our contract asset reserve with an offsetting adjustment to retained earnings. See Note 4, Fair Value Measurements and Note 5 , Allowance for Doubtful Accounts and Sales Reserves , for additional details. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing costs incurred to develop or obtain internal-use software. We adopted this standard prospectively effective January 1, 2020. As a result of the adoption, we are required to capitalize additional costs related to the implementation of cloud computing arrangements that we have historically expensed as incurred, particularly costs incurred during the application development phase. This policy aligns the accounting for implementation costs associated with cloud computing arrangements with our existing policy related to internal-use software. Capitalized costs related to cloud computing arrangements for the three months ended March 31, 2020, which are included in prepaid expenses and other current assets on our condensed consolidated balance sheets, were not material. |
Income Taxes | We account for income taxes according to ASC 740, which, among other things, requires that we estimate our annual effective income tax rate for the full year and apply it to pre-tax income (loss) for each interim period, taking into account year-to-date amounts and projected results for the full year. We account for the tax effects of discrete events in the interim period they occur. The provision for income taxes consists of federal, foreign, state, and local income taxes. Our effective tax rate differs from the statutory U.S. income tax rate due to the effect of state and local income taxes, differing tax rates imposed on income earned in foreign jurisdictions and in the United States, losses in foreign jurisdictions, certain nondeductible expenses, excess tax deductions, and the changes in valuation allowances against our deferred tax assets. Our effective tax rate could change significantly from quarter to quarter because of recurring and nonrecurring factors. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The disaggregation of revenue by region was as follows (in thousands): Three Months Ended March 31, 2020 2019 Revenue by region: United States $ 80,535 $ 52,896 International 28,296 23,124 Total $ 108,831 $ 76,020 |
Deferred Contract Costs | A summary of the activity impacting our deferred commissions during the three months ended March 31, 2020 is presented below (in thousands): Balances at December 31, 2019 $ 43,035 Additional deferred commissions 7,899 Amortization of deferred commissions (8,331 ) Effects of foreign currency translation (747 ) Balances at March 31, 2020 $ 41,856 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Cash and Cash Equivalents and Investments' Costs, Gross Unrealized Gains (Losses), and Fair Value by Major Security Type Recorded as Cash and Cash Equivalents or Short-Term or Long-Term Investments | The following tables present our cash and cash equivalents’ and investments’ costs, gross unrealized gains (losses), and fair value by major security type recorded as cash and cash equivalents or short-term or long-term investments as of March 31, 2020 and December 31, 2019 (in thousands): As of March 31, 2020 Cost Net Unrealized Gains (Losses) Fair Value Cash and Cash Equivalents Short-term Investments Long-term Investments Cash $ 64,782 $ — $ 64,782 $ 64,782 $ — $ — Level 1: Money market funds $ 77,563 $ — $ 77,563 $ 77,563 $ — $ — Subtotal $ 77,563 $ — $ 77,563 $ 77,563 $ — $ — Level 2: Commercial paper $ 256,539 $ (38 ) $ 256,501 $ 56,966 $ 199,535 $ — Certificates of deposit 1,000 — 1,000 — 1,000 — U.S. Treasury and agency bonds 378,558 2,691 381,249 25,559 161,444 194,246 Corporate bonds 211,374 (535 ) 210,839 3,150 172,908 34,781 Subtotal $ 847,471 $ 2,118 $ 849,589 $ 85,675 $ 534,887 $ 229,027 Level 3: $ — $ — $ — $ — $ — $ — Total $ 989,816 $ 2,118 $ 991,934 $ 228,020 $ 534,887 $ 229,027 As of December 31, 2019 Cost Net Unrealized Gains (Losses) Fair Value Cash and Short-term Investments Long-term Investments Cash $ 53,039 $ — $ 53,039 $ 53,039 $ — $ — Level 1: Money market funds $ 223,580 $ — $ 223,580 $ 223,580 $ — $ — Subtotal $ 223,580 $ — $ 223,580 $ 223,580 $ — $ — Level 2: Commercial paper $ 217,140 $ (6 ) $ 217,134 $ 98,325 $ 118,809 $ — Certificates of deposit 1,000 — 1,000 — — 1,000 U.S. Treasury and agency bonds 294,953 199 295,152 35,005 161,767 98,380 Corporate bonds 184,516 444 184,960 — 96,419 88,541 Subtotal $ 697,609 $ 637 $ 698,246 $ 133,330 $ 376,995 $ 187,921 Level 3: $ — $ — $ — $ — $ — $ — Total $ 974,228 $ 637 $ 974,865 $ 409,949 $ 376,995 $ 187,921 |
Reconciliation of Beginning and Ending Balances of Acquisition-Related Accrued Contingent Consideration | The following table presents a reconciliation of the beginning and ending balances of acquisition-related accrued contingent consideration using significant unobservable inputs (Level 3) for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Beginning balance $ 500 $ 2,143 Obligations assumed — — Change in fair value — — Settlements (406 ) (1,750 ) Ending balance $ 94 $ 393 |
Allowance for Doubtful Accoun_2
Allowance for Doubtful Accounts and Sales Reserves (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Credit Loss [Abstract] | |
Accounts Receivable and Contract with Customer, Asset, Allowance for Credit Loss | The following table summarizes the changes in the allowances applied to accounts receivable and contract assets for the three months ended March 31, 2020 (in thousands): Accounts Receivable Reserve Contract Asset Reserve Balance at December 31, 2019 $ 2,662 $ 205 Adoption of new accounting standard — 609 Provision 676 952 Recoveries (306 ) (13 ) Charge-offs (170 ) (10 ) Balance at March 31, 2020 $ 2,862 $ 1,743 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Change in Carrying Amount of Goodwill | The change in carrying amount of goodwill for the three months ended March 31, 2020 was as follows (in thousands): Goodwill as of December 31, 2019 $ 36,910 Effects of foreign currency translation (154 ) Goodwill as of March 31, 2020 $ 36,756 |
Schedule of Intangible Assets | Intangible assets consisted of the following (in thousands, except years): As of March 31, 2020 Weighted- Average Useful Life in Years Gross Carrying Value Accumulated Amortization Net Carrying Value Customer relationships 7.0 $ 1,318 $ (400 ) $ 918 Completed technology 5.7 21,674 (3,876 ) 17,798 $ 22,992 $ (4,276 ) $ 18,716 As of December 31, 2019 Weighted- Gross Carrying Value Accumulated Amortization Net Carrying Value Customer relationships 7.0 $ 1,503 $ (402 ) $ 1,101 Completed technology 5.4 27,821 (6,839 ) 20,982 $ 29,324 $ (7,241 ) $ 22,083 |
Schedule of Intangible Asset Amortization Expense | We classified intangible asset amortization expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss) as follows (in thousands): Three Months Ended March 31, 2020 2019 Cost of revenue $ 1,118 $ 446 Sales and marketing 50 59 Total $ 1,168 $ 505 |
Schedule of Finite-Lived Intangible Assets Estimated Remaining Amortization Expense | The following table presents our estimates of remaining amortization expense for finite-lived intangible assets at March 31, 2020 (in thousands): Remainder of 2020 $ 2,777 2021 4,561 2022 4,561 2023 2,569 2024 1,893 Thereafter 2,355 Total amortization expense $ 18,716 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Convertible Debt | The Notes consisted of the following (in thousands): As of March 31, 2020 As of December 31, 2019 2023 Notes 2024 Notes 2026 Notes 2023 Notes 2024 Notes 2026 Notes Liability: Principal $ 84,759 $ 400,000 $ 400,000 $ 84,759 $ 400,000 $ 400,000 Less: debt discount and issuance costs, net of amortization (15,526 ) (69,140 ) (93,943 ) (16,605 ) (72,669 ) (97,010 ) Net carrying amount $ 69,233 $ 330,860 $ 306,057 $ 68,154 $ 327,331 $ 302,990 Equity, net of issuance costs $ 46,474 $ 69,749 $ 93,380 $ 46,474 $ 69,749 $ 93,380 The following table presents details of our convertible senior notes, which are further discussed below (original principal in thousands): Month Issued Maturity Date Original Principal (including over-allotment) Coupon Interest Rate Effective Interest Rate Conversion Rate Initial Conversion Price 2023 Notes May and June 2018 June 1, 2023 $ 230,000 0.5 % 7.00 % $ 22.5572 $ 44.33 2024 Notes August 2019 August 1, 2024 $ 400,000 0.5 % 4.96 % $ 5.2809 $ 189.36 2026 Notes August 2019 August 1, 2026 $ 400,000 1.0 % 5.41 % $ 5.2809 $ 189.36 |
Summary of Interest Expense | The following table sets forth interest expense recognized related to the Notes (in thousands): Three Months Ended March 31, 2020 2019 Contractual interest expense $ 1,606 $ 287 Amortization of debt issuance costs and discount 7,675 2,699 Total $ 9,281 $ 2,986 |
Equity Awards (Tables)
Equity Awards (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | Stock option activity during the three months ended March 31, 2020 consisted of the following (in thousands, except weighted-average information): Options Outstanding Weighted- Average Exercise Price Options outstanding at December 31, 2019 2,712 $ 22.58 Granted 178 153.26 Exercised (451 ) 18.32 Canceled/forfeited (70 ) 20.79 Options outstanding at March 31, 2020 2,369 $ 33.28 |
Schedule of Valuation Assumptions | The following table presents the weighted-average assumptions used for stock options granted under our 2017 Equity Incentive Plan for each of the periods indicated: Three Months Ended March 31, 2020 2019 Expected term (in years) 5.8 5.8 Estimated volatility 43 % 38 % Risk-free interest rate 1 % 3 % Estimated dividend yield — % — % Weighted average fair value $ 64.35 $ 27.41 |
Schedule of RSU Activity | Restricted stock unit, or RSU, activity during the three months ended March 31, 2020 consisted of the following (in thousands, except weighted-average information): Awards Outstanding Weighted- Average Grant Date Fair Value RSUs outstanding at December 31, 2019 1,576 $ 64.46 Granted 476 146.71 Vested (224 ) 56.89 Canceled/forfeited (52 ) 47.09 RSUs outstanding at March 31, 2020 1,776 $ 87.97 |
Schedule of Stock-based Compensation Expense | We classified stock-based compensation expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss) as follows (in thousands): Three Months Ended March 31, 2020 2019 Cost of revenue $ 436 $ 307 Research and development 3,627 839 Sales and marketing 5,149 2,199 General and administrative 4,452 1,990 Total $ 13,664 $ 5,335 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lease Costs | The following lease costs were included in our condensed consolidated statements of operations and comprehensive income (loss) as follows (in thousands): Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Operating lease cost $ 2,374 $ 1,422 Short-term lease cost 546 244 Variable lease cost 674 351 Total lease cost $ 3,594 $ 2,017 |
Undiscounted Cash Flows for Operating Lease Liabilities | The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of March 31, 2020 (in thousands): Remainder of 2020 $ 7,553 2021 9,662 2022 9,152 2023 7,790 2024 7,658 2025 6,851 Thereafter 8,969 Total minimum lease payments 57,635 Less imputed interest (9,396 ) Present value of future minimum lease payments 48,239 Less current obligations under leases (1) (7,670 ) Long-term lease obligations $ 40,569 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes and Effective Tax Rates | The following table presents details of the benefit of income taxes and our effective tax rates (in thousands, except percentages): Three Months Ended March 31, 2020 2019 Benefit of income taxes $ (16,397 ) $ (10,473 ) Effective tax rate (51.4 )% (229.7 )% |
Basic and Diluted Net Income _2
Basic and Diluted Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income Per Share | The following table presents the computation of net income (loss) per share (in thousands, except per share amounts): Three Months Ended March 31, 2020 2019 Numerator: Net income (loss) attributable to common stockholders $ (15,473 ) $ 5,914 Denominator: Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, basic 65,569 61,926 Effect of dilutive securities: Convertible senior notes — 2,002 Contingently issuable shares — 11 Employee stock awards — 3,539 Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, diluted 65,569 67,478 Net income (loss) per share attributable to common stockholders, basic $ (0.24 ) $ 0.10 Net income (loss) per share attributable to common stockholders, diluted $ (0.24 ) $ 0.09 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following weighted-average equivalent shares of common stock, excluding the impact of the treasury stock method, were excluded from the diluted net income (loss) per share calculation because their inclusion would have been anti-dilutive (in thousands): Three Months Ended March 31, 2020 2019 Stock awards 4,146 203 Convertible senior notes 6,137 — Total shares excluded from net loss per share 10,283 203 |
Significant Accounting Polici_3
Significant Accounting Policies (Detail) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Accounting Policies [Abstract] | ||||
Number of operating segments | Segment | 1 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Decrease to retained earnings | $ (426,385) | $ (424,907) | $ (325,838) | $ (301,818) |
Cumulative effect of adoption of ASC 326 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Decrease to retained earnings | 609 | |||
Retained Earnings (Accumulated Deficit) | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Decrease to retained earnings | $ 1,847 | (14,235) | $ 6,994 | $ 12,908 |
Retained Earnings (Accumulated Deficit) | Cumulative effect of adoption of ASC 326 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Decrease to retained earnings | $ 609 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 108,831 | $ 76,020 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 80,535 | 52,896 |
International | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 28,296 | $ 23,124 |
Geographic Concentration Risk | Revenue from Contract with Customer | United Kingdom | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percent | 10.40% |
Revenue - Contract Assets and C
Revenue - Contract Assets and Contract Liabilities (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Contract assets, current | $ 17,900,000 | ||
Contract assets, impairment | 0 | ||
Revenue recognized related to amounts that were included in deferred revenue | $ 38,100,000 | $ 35,800,000 | |
Minimum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Transferred to receivables period | 12 months | ||
Maximum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Transferred to receivables period | 24 months | ||
Prepaid Expenses and Other Current Assets | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Contract assets, current | $ 26,600,000 | $ 18,500,000 | |
Other Noncurrent Assets | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Contract assets, noncurrent | $ 49,200,000 | $ 39,300,000 |
Revenue - Assets Recognized fro
Revenue - Assets Recognized from Costs to Obtain Contracts with Customers (Details) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Change in Capitalized Contract Costs [Roll Forward] | |
Balances at December 31, 2019 | $ 43,035,000 |
Additional deferred commissions | 7,899,000 |
Amortization of deferred commissions | (8,331,000) |
Effects of foreign currency translation | (747,000) |
Balances at March 31, 2020 | 41,856,000 |
Deferred commissions | 17,900,000 |
Impairments of assets related to deferred contract costs | $ 0 |
Revenue - Remaining Performance
Revenue - Remaining Performance Obligation (Details) $ in Millions | Mar. 31, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation, amount | $ 400.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation, amount | $ 344.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, period |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Cash and Cash Equivalents and Investments' Costs, Gross Unrealized Gains (Losses), and Fair Value by Major Security Type Recorded as Cash and Cash Equivalents or Short-Term or Long-Term Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 228,020 | $ 409,949 |
Short-term Investments | 534,887 | 376,995 |
Long-term Investments | 229,027 | 187,921 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 228,020 | 409,949 |
Gross unrealized gains (losses) | 2,118 | 637 |
Cash and cash equivalents and investment, cost | 989,816 | 974,228 |
Cash and cash equivalents and investments, fair value | 991,934 | 974,865 |
Short-term Investments | 534,887 | 376,995 |
Long-term Investments | 229,027 | 187,921 |
Fair Value, Measurements, Recurring | Cash | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 64,782 | 53,039 |
Cash and cash equivalents, fair value | 64,782 | 53,039 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 77,563 | 223,580 |
Cash and cash equivalents, fair value | 77,563 | 223,580 |
Fair Value, Measurements, Recurring | Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 77,563 | 223,580 |
Cash and cash equivalents, fair value | 77,563 | 223,580 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 85,675 | 133,330 |
Investments, cost | 847,471 | 697,609 |
Gross unrealized gains (losses) | 2,118 | 637 |
Investments, fair value | 849,589 | 698,246 |
Short-term Investments | 534,887 | 376,995 |
Long-term Investments | 229,027 | 187,921 |
Fair Value, Measurements, Recurring | Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 56,966 | 98,325 |
Investments, cost | 256,539 | 217,140 |
Gross unrealized gains (losses) | (38) | (6) |
Investments, fair value | 256,501 | 217,134 |
Short-term Investments | 199,535 | 118,809 |
Long-term Investments | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, cost | 1,000 | 1,000 |
Gross unrealized gains (losses) | 0 | 0 |
Investments, fair value | 1,000 | 1,000 |
Short-term Investments | 1,000 | 0 |
Long-term Investments | 0 | 1,000 |
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury and agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 25,559 | 35,005 |
Investments, cost | 378,558 | 294,953 |
Gross unrealized gains (losses) | 2,691 | 199 |
Investments, fair value | 381,249 | 295,152 |
Short-term Investments | 161,444 | 161,767 |
Long-term Investments | 194,246 | 98,380 |
Fair Value, Measurements, Recurring | Level 2 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 3,150 | |
Investments, cost | 211,374 | 184,516 |
Gross unrealized gains (losses) | (535) | 444 |
Investments, fair value | 210,839 | 184,960 |
Short-term Investments | 172,908 | 96,419 |
Long-term Investments | 34,781 | 88,541 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, cost | 0 | 0 |
Gross unrealized gains (losses) | 0 | 0 |
Investments, fair value | 0 | 0 |
Short-term Investments | 0 | 0 |
Long-term Investments | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Jan. 01, 2020 | Mar. 31, 2019 | |
Fair Value Disclosures [Line Items] | |||
Available-for-sale Securities, Gross Unrealized Loss | $ 0.9 | ||
Fair value of convertible senior notes | 912.1 | ||
Domestic Cash and Investments | |||
Fair Value Disclosures [Line Items] | |||
Cash, cash equivalents and restricted cash | $ 977.3 | $ 963.4 | |
Minimum | |||
Fair Value Disclosures [Line Items] | |||
Long-term investments maturity period | 1 year | ||
Maximum | |||
Fair Value Disclosures [Line Items] | |||
Long-term investments maturity period | 2 years | ||
Accumulated Other Comprehensive Gain (Loss) | |||
Fair Value Disclosures [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss | $ 0.8 | ||
Comprehensive Income | |||
Fair Value Disclosures [Line Items] | |||
Gross unrealized losses, no intent to sell | $ 0.1 | ||
Cumulative effect of adoption of ASC 326 | Accumulated Other Comprehensive Gain (Loss) | |||
Fair Value Disclosures [Line Items] | |||
Gross unrealized losses | $ 0.1 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Beginning and Ending Balances of Acquisition-Related Accrued Contingent Consideration (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 500 | $ 2,143 |
Obligations assumed | 0 | 0 |
Change in fair value | 0 | 0 |
Settlements | (406) | (1,750) |
Ending balance | $ 94 | $ 393 |
Allowance for Doubtful Accoun_3
Allowance for Doubtful Accounts and Sales Reserves (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Jan. 01, 2020 | |
Accounts Receivable Reserve | ||
Balance at December 31, 2019 | $ 2,662 | |
Adoption of new accounting standard | 2,862 | |
Provision | 676 | |
Recoveries | (306) | |
Charge-offs | (170) | |
Balance at March 31, 2020 | 2,862 | |
Contract Asset Reserve | ||
Balance at December 31, 2019 | 205 | |
Adoption of new accounting standard | 1,743 | |
Provision | 952 | |
Recoveries | (13) | |
Charge-offs | (10) | |
Balance at March 31, 2020 | 1,743 | |
Increase in expected credit losses | $ 800 | |
Cumulative effect of adoption of ASC 326 | Contract with customer asset current and noncurrent [Member] | ||
Contract Asset Reserve | ||
Adoption of new accounting standard | $ 609 | |
Cumulative effect of adoption of ASC 326 | Accounts Receivable [Member] | ||
Accounts Receivable Reserve | ||
Adoption of new accounting standard | $ 0 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Change in Carrying Amount of Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Goodwill [Roll Forward] | |
Goodwill as of December 31, 2019 | $ 36,910 |
Effects of foreign currency translation | (154) |
Goodwill as of March 31, 2020 | $ 36,756 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 22,992 | $ 29,324 |
Accumulated Amortization | (4,276) | (7,241) |
Net Carrying Value | $ 18,716 | $ 22,083 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Useful Life in Years | 7 years | 7 years |
Gross Carrying Value | $ 1,318 | $ 1,503 |
Accumulated Amortization | (400) | (402) |
Net Carrying Value | $ 918 | $ 1,101 |
Completed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Useful Life in Years | 5 years 8 months 12 days | 5 years 4 months 24 days |
Gross Carrying Value | $ 21,674 | $ 27,821 |
Accumulated Amortization | (3,876) | (6,839) |
Net Carrying Value | 17,798 | $ 20,982 |
Impairment charge related to completed technology assets | $ 2,000 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Intangible Asset Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 1,168 | $ 505 |
Cost of revenue | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | 1,118 | 446 |
Sales and marketing | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 50 | $ 59 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets Estimated Remaining Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2020 | $ 2,777 | |
2021 | 4,561 | |
2022 | 4,561 | |
2023 | 2,569 | |
2024 | 1,893 | |
Thereafter | 2,355 | |
Net Carrying Value | $ 18,716 | $ 22,083 |
Convertible Senior Notes - Summ
Convertible Senior Notes - Summary of Debt (Details) - Convertible Senior Notes | 1 Months Ended | 3 Months Ended | ||
Aug. 31, 2019USD ($)$ / shares | Jun. 30, 2018USD ($)$ / shares | Mar. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($) | |
Convertible Senior Note due 2023, 0.5% | ||||
Debt Instrument [Line Items] | ||||
Original Principal (including over-allotment) | $ 230,000,000 | $ 84,759,000 | $ 84,759,000 | |
Coupon Interest Rate | 0.50% | |||
Effective Interest Rate | 7.00% | |||
Conversion Rate | 0.0225572 | |||
Initial Conversion Price | $ / shares | $ 44.33 | $ 44.33 | ||
Principal | $ 230,000,000 | $ 84,759,000 | 84,759,000 | |
Less: debt discount and issuance costs, net of amortization | (15,526,000) | (16,605,000) | ||
Net carrying amount | 69,233,000 | 68,154,000 | ||
Equity, net of issuance costs | 46,474,000 | 46,474,000 | ||
Convertible Senior Note due 2024, 0.50% | ||||
Debt Instrument [Line Items] | ||||
Original Principal (including over-allotment) | $ 400,000,000 | 400,000,000 | 400,000,000 | |
Coupon Interest Rate | 0.50% | |||
Effective Interest Rate | 4.96% | |||
Conversion Rate | 0.0052809 | |||
Initial Conversion Price | $ / shares | $ 189.36 | |||
Principal | $ 400,000,000 | 400,000,000 | 400,000,000 | |
Less: debt discount and issuance costs, net of amortization | (69,140,000) | (72,669,000) | ||
Net carrying amount | 330,860,000 | 327,331,000 | ||
Equity, net of issuance costs | 69,749,000 | 69,749,000 | ||
Convertible Senior Note due 2026, 1.0% | ||||
Debt Instrument [Line Items] | ||||
Original Principal (including over-allotment) | $ 400,000,000 | 400,000,000 | 400,000,000 | |
Coupon Interest Rate | 1.00% | |||
Effective Interest Rate | 5.41% | |||
Conversion Rate | 0.0052809 | |||
Initial Conversion Price | $ / shares | $ 189.36 | |||
Principal | $ 400,000,000 | 400,000,000 | 400,000,000 | |
Less: debt discount and issuance costs, net of amortization | (93,943,000) | (97,010,000) | ||
Net carrying amount | 306,057,000 | 302,990,000 | ||
Equity, net of issuance costs | $ 93,380,000 | $ 93,380,000 |
Convertible Senior Notes - Addi
Convertible Senior Notes - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Aug. 31, 2019USD ($)$ / optionshares | Mar. 31, 2020USD ($)day | Jun. 30, 2018USD ($)day$ / option | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | |
Derivative [Line Items] | |||||
Capped calls, cost | $ 87,400,000 | $ 19,100,000 | |||
Capped calls, deferred tax asset | $ 20,900,000 | $ 4,600,000 | |||
Price Risk Derivative | |||||
Derivative [Line Items] | |||||
Capped calls, initial strike price (in dollars per share) | $ / option | 189.36 | 44.33 | |||
Capped calls, cap price (in dollars per share) | $ / option | 315.60 | 62.22 | |||
Convertible Senior Notes | Convertible Senior Note due 2023, 0.5% | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 84,759,000 | $ 230,000,000 | $ 84,759,000 | ||
Coupon interest rate | 0.50% | ||||
If-converted value in excess of principal | $ 97,200,000 | ||||
Convertible Senior Notes | Convertible Senior Note due 2023, 0.5% | Debt Instrument, Conversion, Option One | |||||
Debt Instrument [Line Items] | |||||
Convertible debt, threshold trading days | day | 20 | ||||
Convertible debt, threshold consecutive trading days | day | 30 | ||||
Convertible debt, threshold percentage of stock price trigger | 130.00% | ||||
Convertible debt, converted instrument, original amount | $ 145,200,000 | ||||
Debt extinguishment with interest | 145,400,000 | ||||
Convertible Senior Notes | Convertible Senior Notes due 2023, Over-Allotment Option, 0.5% | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 30,000,000 | ||||
Convertible Senior Notes | Convertible Senior Note due 2024, 0.50% | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 400,000,000 | $ 400,000,000 | 400,000,000 | ||
Coupon interest rate | 0.50% | ||||
Convertible Senior Notes | Convertible Senior Note due 2026, 1.0% | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | ||
Coupon interest rate | 1.00% | ||||
Convertible Senior Notes | Convertible Senior Notes due 2024, Over-Allotment Option, 0.5% | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 50,000,000 | ||||
Convertible Senior Notes | Convertible Senior Notes due 2026, Over-Allotment Option, 1.0% | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 50,000,000 | ||||
Convertible Senior Notes | Convertible Senior Notes Due 2023, 2024, 2026 | Debt Instrument, Conversion, Option One | |||||
Debt Instrument [Line Items] | |||||
Convertible debt, threshold trading days | day | 20 | ||||
Convertible debt, threshold consecutive trading days | day | 30 | ||||
Convertible debt, threshold percentage of stock price trigger | 130.00% | ||||
Convertible Senior Notes | Convertible Senior Notes Due 2023, 2024, 2026 | Debt Instrument, Conversion, Option Two | |||||
Debt Instrument [Line Items] | |||||
Convertible debt, threshold trading days | day | 5 | ||||
Convertible debt, threshold consecutive trading days | day | 5 | ||||
Convertible debt, threshold percentage of stock price trigger | 98.00% | ||||
Class A Common Stock | |||||
Derivative [Line Items] | |||||
Capped calls, retirement of common stock (in shares) | shares | 285,466 | ||||
Class A Common Stock | Debt Instrument, Conversion, Option Two | |||||
Debt Instrument [Line Items] | |||||
Convertible debt, converted instrument, shares issued | shares | 2,200,000 |
Convertible Senior Notes - Su_2
Convertible Senior Notes - Summary of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Debt Instrument [Line Items] | ||
Amortization of debt issuance costs and discount | $ 7,675 | $ 2,699 |
Convertible Senior Notes | Convertible senior notes | ||
Debt Instrument [Line Items] | ||
Contractual interest expense | 1,606 | 287 |
Amortization of debt issuance costs and discount | 7,675 | 2,699 |
Total | $ 9,281 | $ 2,986 |
Equity Awards - Schedule of Sto
Equity Awards - Schedule of Stock Option Activity (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Options Outstanding | |
Options outstanding, beginning balance (in shares) | shares | 2,712 |
Granted (in shares) | shares | 178 |
Exercised (in shares) | shares | (451) |
Canceled/forfeited (in shares) | shares | (70) |
Options outstanding, ending balance (in shares) | shares | 2,369 |
Weighted-Average Exercise Price | |
Weighted-average exercise price, beginning balance (in dollars per share) | $ / shares | $ 22.58 |
Weighted-average exercise price, granted (in dollars per share) | $ / shares | 153.26 |
Weighted-average exercise price, exercised (in dollars per share) | $ / shares | 18.32 |
Weighted-average exercise price, canceled/forfeited (in dollars per share) | $ / shares | 20.79 |
Weighted-average exercise price, ending balance (in dollars per share) | $ / shares | $ 33.28 |
Equity Awards - Additional Info
Equity Awards - Additional Information (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost related to unvested stock options | $ 24.2 |
Weighted-average period, expected to be recognized | 2 years 3 months 18 days |
Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-average period, expected to be recognized | 2 years 7 months 6 days |
Unrecognized compensation expense, related to unvested RSUs | $ 137.5 |
Equity Awards - Schedule of Val
Equity Awards - Schedule of Valuation Assumptions (Details) - Two Thousand Seventeen Equity Incentive Plan - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 9 months 18 days | 5 years 9 months 18 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 43.00% | 38.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.00% | 3.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Expected Dividend | 0.00% | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 64.35 | $ 27.41 |
Equity Awards - Schedule of RSU
Equity Awards - Schedule of RSU Activity (Details) - Restricted Stock Units shares in Thousands | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Awards Outstanding | |
Beginning balance (in shares) | shares | 1,576 |
Granted (in shares) | shares | 476 |
Vested (in shares) | shares | (224) |
Canceled/forfeited (in shares) | shares | (52) |
Ending balance (in shares) | shares | 1,776 |
Weighted-Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 64.46 |
Granted (in dollars per share) | $ / shares | 146.71 |
Vested (in dollars per share) | $ / shares | 56.89 |
Canceled/forfeited (in dollars per share) | $ / shares | 47.09 |
Ending balance (in dollars per share) | $ / shares | $ 87.97 |
Equity Awards - Schedule of S_2
Equity Awards - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total | $ 13,664 | $ 5,335 |
Cost of revenue | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total | 436 | 307 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total | 3,627 | 839 |
Sales and marketing | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total | 5,149 | 2,199 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total | $ 4,452 | $ 1,990 |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 2,374 | $ 1,422 |
Short-term lease cost | 546 | 244 |
Variable lease cost | 674 | 351 |
Total lease cost | $ 3,594 | $ 2,017 |
Leases - Undiscounted Cash Flow
Leases - Undiscounted Cash Flows (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Remainder of 2020 | $ 7,553 | |
2021 | 9,662 | |
2022 | 9,152 | |
2023 | 7,790 | |
2024 | 7,658 | |
2025 | 6,851 | |
Thereafter | 8,969 | |
Total minimum lease payments | 57,635 | |
Less imputed interest | (9,396) | |
Present value of future minimum lease payments | 48,239 | |
Less current obligations under leases (1) | (7,670) | |
Operating lease liabilities | $ 40,569 | $ 29,293 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | Mar. 31, 2020USD ($) |
Lessee, Lease, Description [Line Items] | |
Lease not yet commenced, liability | $ 75.5 |
Lease not yet commenced, liability, due next 24 months | $ 17.3 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, term of contract | 3 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, term of contract | 8 years |
Contingencies (Details)
Contingencies (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Indemnification | ||
Commitments And Contingencies [Line Items] | ||
Loss contingency accrual | $ 0 | $ 0 |
Sales and marketing | Contract Termination | ||
Commitments And Contingencies [Line Items] | ||
Cancellation fees related to contract termination | $ 0 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes and Effective Tax Rates (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Benefit of income taxes | $ (16,397) | $ (10,473) | |
Effective tax rate | (51.40%) | (229.70%) | |
Discrete tax benefit related to excess tax benefits from stock option deductions | $ 11,100 | $ 9,500 | |
Deferred tax asset | $ 10,800 | ||
Deferred tax liability | $ 5,600 |
Basic and Diluted Net Income _3
Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2018 | |
Numerator: | |||
Net income (loss) attributable to common stockholders | $ (15,473) | $ 5,914 | |
Denominator: | |||
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, basic | 65,569 | 61,926 | |
Effect of dilutive securities: | |||
Convertible senior notes | 0 | 2,002 | |
Contingently issuable shares (in shares) | 0 | 11 | |
Employee stock awards (in shares) | 0 | 3,539 | |
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, diluted | 65,569 | 67,478 | |
Net income (loss) per share attributable to common stockholders, basic (in dollars per share) | $ (0.24) | $ 0.10 | |
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share) | $ (0.24) | $ 0.09 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded from calculation of earnings per share (in shares) | 10,283 | 203 | |
Stock awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded from calculation of earnings per share (in shares) | 4,146 | 203 | |
Convertible senior notes | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded from calculation of earnings per share (in shares) | 6,137 | 0 | |
Convertible Senior Notes | Convertible Senior Note due 2023, 0.5% | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Initial Conversion Price | $ 44.33 | $ 44.33 | |
Convertible Senior Notes | Convertible Senior Notes due 2024 & 2026, 0.50%, 1.0% | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Initial Conversion Price | $ 189.36 |