Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 27, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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, $0.0001 par value per share | |
Trading Symbol | AYX | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001689923 | |
Current Fiscal Year End Date | --12-31 | |
Class A common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 59,220,728 | |
Class B common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 7,908,630 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue: | ||
Total revenue | $ 118,759 | $ 108,831 |
Cost of revenue: | ||
Total cost of revenue | 10,841 | 13,047 |
Gross profit | 107,918 | 95,784 |
Operating expenses: | ||
Research and development | 31,322 | 26,181 |
Sales and marketing | 71,907 | 65,165 |
General and administrative | 33,500 | 24,543 |
Total operating expenses | 136,729 | 115,889 |
Loss from operations | (28,811) | (20,105) |
Interest expense | (9,598) | (9,303) |
Other expense, net | (1,254) | (2,462) |
Loss before provision for (benefit of) income taxes | (39,663) | (31,870) |
Provision for (benefit of) income taxes | 993 | (16,397) |
Net loss | $ (40,656) | $ (15,473) |
Net income (loss) per share attributable to common stockholders, basic (in dollars per share) | $ (0.61) | $ (0.24) |
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share) | $ (0.61) | $ (0.24) |
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, basic (in shares) | 66,932 | 65,569 |
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, diluted (in shares) | 66,932 | 65,569 |
Other comprehensive income (loss), net of tax: | ||
Net unrealized holding gain (loss) on investments, net of tax | $ (598) | $ 1,243 |
Foreign currency translation adjustments | (662) | 998 |
Other comprehensive income (loss), net of tax | (1,260) | 2,241 |
Total comprehensive loss | (41,916) | (13,232) |
Subscription-based software license | ||
Revenue: | ||
Total revenue | 43,358 | 50,744 |
Cost of revenue: | ||
Total cost of revenue | 1,249 | 1,981 |
PCS and services | ||
Revenue: | ||
Total revenue | 75,401 | 58,087 |
Cost of revenue: | ||
Total cost of revenue | $ 9,592 | $ 11,066 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 253,760 | $ 171,891 |
Short-term investments | 585,737 | 584,445 |
Accounts receivable, net | 60,502 | 136,985 |
Prepaid expenses and other current assets | 87,725 | 79,144 |
Total current assets | 987,724 | 972,465 |
Property and equipment, net | 43,914 | 40,645 |
Operating lease right-of-use assets | 61,988 | 62,508 |
Long-term investments | 192,330 | 265,800 |
Goodwill | 37,040 | 37,070 |
Intangible assets, net | 15,046 | 16,191 |
Other assets | 77,705 | 70,616 |
Total assets | 1,415,747 | 1,465,295 |
Current liabilities: | ||
Accounts payable | 5,950 | 5,340 |
Accrued payroll and payroll related liabilities | 32,519 | 46,569 |
Accrued expenses and other current liabilities | 31,642 | 34,987 |
Deferred revenue | 95,260 | 108,664 |
Convertible senior notes, net | 73,762 | 72,619 |
Total current liabilities | 239,133 | 268,179 |
Convertible senior notes, net | 664,350 | 657,501 |
Deferred revenue | 3,354 | 3,806 |
Operating lease liabilities | 52,277 | 53,860 |
Other liabilities | 5,147 | 5,158 |
Total liabilities | 964,261 | 988,504 |
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value: 10,000 shares authorized as of March 31, 2021 and December 31, 2020, respectively; no shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | 0 | 0 |
Common stock, $0.0001 par value: 500,000 Class A shares authorized, 59,067 and 58,634 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively; 500,000 Class B shares authorized, 8,004 and 8,108 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | 7 | 7 |
Additional paid-in capital | 505,636 | 489,025 |
Accumulated deficit | (51,404) | (10,748) |
Accumulated other comprehensive loss | (2,753) | (1,493) |
Total stockholders’ equity | 451,486 | 476,791 |
Total liabilities and stockholders’ equity | $ 1,415,747 | $ 1,465,295 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
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 (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) | 59,067,000 | 58,634,000 |
Common stock, shares outstanding (in shares) | 59,067,000 | 58,634,000 |
Class B common stock | ||
Common stock, par value (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) | 8,004,000 | 8,108,000 |
Common stock, shares outstanding (in shares) | 8,004,000 | 8,108,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Cumulative effect of adoption of ASC 326 | Cumulative effect of adoption of ASC 326Accumulated Deficit |
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] | |||||||
Shares issued pursuant to restricted stock awards, net of tax withholdings related to vesting of restricted stock units (in shares) | 143 | ||||||
Shares issued pursuant to restricted stock unit awards, net of tax withholdings related to vesting of restricted stock units | (9,945) | (9,945) | |||||
Exercise of stock options and issuance of shares in connection with employee stock purchase plan (in shares) | 482 | ||||||
Exercise of stock options and issuance of shares in connection with employee stock purchase plan | 11,600 | 11,600 | |||||
Stock-based compensation | 13,664 | 13,664 | |||||
Cumulative translation adjustment | 998 | 998 | |||||
Unrealized gain (loss) 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 | ||
Beginning balance (in shares) at Dec. 31, 2020 | 66,742 | ||||||
Beginning balance at Dec. 31, 2020 | 476,791 | $ 7 | 489,025 | (10,748) | (1,493) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Shares issued pursuant to restricted stock awards, net of tax withholdings related to vesting of restricted stock units (in shares) | 204 | ||||||
Shares issued pursuant to restricted stock unit awards, net of tax withholdings related to vesting of restricted stock units | (13,071) | (13,071) | |||||
Exercise of stock options and issuance of shares in connection with employee stock purchase plan (in shares) | 125 | ||||||
Exercise of stock options and issuance of shares in connection with employee stock purchase plan | 5,243 | 5,243 | |||||
Stock-based compensation | 24,439 | 24,439 | |||||
Cumulative translation adjustment | (662) | (662) | |||||
Unrealized gain (loss) on investments, net of tax | (598) | (598) | |||||
Net loss | (40,656) | (40,656) | |||||
Ending balance (in shares) at Mar. 31, 2021 | 67,071 | ||||||
Ending balance at Mar. 31, 2021 | $ 451,486 | $ 7 | $ 505,636 | $ (51,404) | $ (2,753) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (40,656) | $ (15,473) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 3,683 | 2,760 |
Non-cash operating lease cost | 3,022 | 1,757 |
Stock-based compensation | 24,439 | 13,664 |
Amortization (accretion) of discounts and premiums on investments, net | 1,324 | (606) |
Amortization of debt discount and issuance costs | 7,992 | 7,675 |
Deferred income taxes | 433 | (16,628) |
Other non-cash operating activities, net | 153 | 7,509 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 76,680 | 74,901 |
Deferred commissions | 451 | 461 |
Prepaid expenses, other current assets, and other assets | (16,253) | (20,371) |
Accounts payable | 761 | 4,285 |
Accrued payroll and payroll related liabilities | (13,924) | (29,690) |
Accrued expenses, other current liabilities, operating lease liabilities, and other liabilities | (8,271) | (4,919) |
Deferred revenue | (13,866) | (5,350) |
Net cash provided by operating activities | 25,968 | 19,975 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (5,643) | (4,976) |
Purchases of investments | (144,701) | (313,611) |
Sales and maturities of investments | 214,955 | 116,691 |
Net cash provided by (used in) investing activities | 64,611 | (201,896) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 5,243 | 11,600 |
Minimum tax withholding paid on behalf of employees for restricted stock units | (13,071) | (9,945) |
Other financing activity | 0 | (433) |
Net cash provided by (used in) financing activities | (7,828) | 1,222 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (207) | (1,228) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 82,544 | (181,927) |
Cash, cash equivalents and restricted cash—beginning of period | 173,665 | 411,424 |
Cash, cash equivalents and restricted cash—end of period | 256,209 | 229,497 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 3,000 | 2,817 |
Cash paid for income taxes | 716 | 529 |
Cash paid for amounts included in the measurement of operating lease liabilities | 3,447 | 2,061 |
Supplemental disclosure of noncash investing and financing activities: | ||
Property and equipment recorded in accounts payable and accrued expenses and other current liabilities | 2,664 | 3,167 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 2,624 | $ 14,400 |
Business
Business | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | Business Our Company Alteryx, Inc. and its subsidiaries, or we, our, or us, is a leader in Analytic Process Automation, or APA. The Alteryx APA software platform unifies analytics, data science and business process automation in one self-service platform to accelerate digital transformation, deliver high-impact business outcomes, accelerate the democratization of data and rapidly upskill modern workforces. Data workers, regardless of technical acumen, are empowered to be curious and solve problems. With the Alteryx APA software platform, users can automate the full range of analytics, data science and processes, embed intelligent decision-making and actions, and empower their organization to enable top and bottom line impact, efficiency gains, and rapid upskilling. 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, 2020 filed with the Securities and Exchange Commission, or SEC, on February 12, 2021. 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, 2021 are not necessarily indicative of the results expected for the full year ending December 31, 2021. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020. 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, income tax valuations, stock-based compensation, and 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 continued uncertainty and disruption in the global economy and financial markets. The extent of the impact of COVID-19 on our operational and financial performance will depend on certain developments, including the duration and spread of the pandemic and the impact on our customers, prospective customers, sales cycles, and employees as well as the availability, adoption, and efficacy of available vaccines, all of which are uncertain and cannot be predicted. 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 December 2019, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxe s. ASU 2019-12 removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocations and calculating income taxes in interim periods. The standard also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill, allocating taxes to members of a consolidated group, and the recognition of deferred tax liabilities for outside basis differences. We adopted ASU 2019-12 prospectively as of the reporting period beginning January 1, 2021. Adoption of this update did not have a material impact on our condensed consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , or ASU 2020-06, which simplifies the accounting for convertible instruments by removing certain separation models required under current U.S. GAAP, including the beneficial conversion feature and cash conversion models. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. This guidance will be effective for us for annual reporting periods beginning after December 15, 2021 and for interim periods within those annual periods, and can be applied utilizing either a modified or full retrospective transition method. Early adoption is permitted in the first interim period of a fiscal year. We currently account for our Notes (as defined and described in Note 7, Convertible Senior Notes ) utilizing the cash conversion model. We intend to adopt this standard in the first quarter of 2022 and are currently evaluating the impact of adopting this guidance. We currently expect that the adoption will have a material impact on our condensed consolidated financial statements and related disclosures. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 2020 Revenue by region: United States $ 77,237 $ 80,535 International 41,522 28,296 Total $ 118,759 $ 108,831 Revenue attributable to the United Kingdom comprised 13.1% of the total revenue for the three months ended March 31, 2021. Other than the United Kingdom for the three months ended March 31, 2021, no other country 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, 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 related to 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 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 less than 5% 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, 2021, our contract assets are expected to be transferred to receivables within the next 12 to 24 months and, with respect to these contract assets, $31.0 million is included in prepaid expenses and other current assets and $43.5 million is included in other assets on our condensed consolidated balance sheet. As of December 31, 2020, we had contract assets of $25.4 million included in prepaid expenses and other current assets and $37.2 million included in other assets on our consolidated balance sheet. There were no impairments of contract assets during each of the three months ended March 31, 2021 and 2020. During the three months ended March 31, 2021 and 2020, we recognized $51.8 million and $38.1 million, respectively, of revenue related to amounts that were included in deferred revenue as of December 31, 2020 and 2019, 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, 2021 and 2020 is presented below (in thousands): Three Months Ended March 31, 2021 2020 Beginning balance $ 51,186 $ 43,035 Additional deferred commissions 9,101 7,899 Amortization of deferred commissions (9,558) (8,331) Effects of foreign currency translation (102) (747) Ending balance $ 50,627 $ 41,856 As of March 31, 2021 and 2020, $25.2 million and $17.9 million, respectively, of our deferred commissions were expected to be amortized within the next 12 months and therefore were included in prepaid expenses and other current assets. The remaining amount of our deferred commissions is included in other assets. There were no impairments of assets related to deferred commissions during each of the three months ended March 31, 2021 and 2020. There were no assets recognized related to the costs to fulfill contracts during each of the three months ended March 31, 2021 and 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, 2021, we had an aggregate transaction price of $452.6 million allocated to unsatisfied performance obligations related primarily to PCS, cloud-based offerings, and subscriptions to third-party syndicated data. We expect to recognize $412.0 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, 2021 | |
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, 2021 and December 31, 2020 (in thousands): As of March 31, 2021 Cost Net Fair Value Cash and Short-term Long-term Cash $ 97,419 $ — $ 97,419 $ 97,419 $ — $ — Level 1: Money market funds $ 82,249 $ — $ 82,249 $ 82,249 $ — $ — Subtotal $ 82,249 $ — $ 82,249 $ 82,249 $ — $ — Level 2: Commercial paper $ 201,966 $ (5) $ 201,961 $ 74,092 $ 127,869 $ — Certificates of deposit 5,095 1 5,096 — 1,595 3,501 U.S. Treasury and agency bonds 503,602 842 504,444 — 382,554 121,890 Corporate bonds 140,533 125 140,658 — 73,719 66,939 Subtotal $ 851,196 $ 963 $ 852,159 $ 74,092 $ 585,737 $ 192,330 Level 3: $ — $ — $ — $ — $ — $ — Total $ 1,030,864 $ 963 $ 1,031,827 $ 253,760 $ 585,737 $ 192,330 As of December 31, 2020 Cost Net Fair Value Cash and Short-term Long-term Cash $ 88,991 $ — $ 88,991 $ 88,991 $ — $ — Level 1: Money market funds $ 35,010 $ — $ 35,010 $ 35,010 $ — $ — Subtotal $ 35,010 $ — $ 35,010 $ 35,010 $ — $ — Level 2: Commercial paper $ 161,124 $ (8) $ 161,116 $ 46,491 $ 114,625 $ — Certificates of deposit 2,800 — 2,800 — 2,800 — U.S. Treasury and agency bonds 554,860 1,220 556,080 1,399 358,822 195,859 Corporate bonds 177,790 349 178,139 — 108,198 69,941 Subtotal $ 896,574 $ 1,561 $ 898,135 $ 47,890 $ 584,445 $ 265,800 Level 3: $ — $ — $ — $ — $ — $ — Total $ 1,020,575 $ 1,561 $ 1,022,136 $ 171,891 $ 584,445 $ 265,800 All long-term investments had maturities of between one As of March 31, 2021, we had gross unrealized losses of less than $0.1 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. These gross unrealized losses were classified in accumulated other comprehensive loss in our condensed consolidated balance sheets as of March 31, 2021. |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts and Sales Reserves | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 (in thousands): Accounts Receivable Reserve Contract Asset Reserve Balance at December 31, 2020 $ 3,114 $ 2,438 Provision 371 574 Recoveries (359) (64) Charge-offs (148) (8) Balance at March 31, 2021 $ 2,978 $ 2,940 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 was as follows (in thousands): Goodwill as of December 31, 2020 $ 37,070 Effects of foreign currency translation (30) Goodwill as of March 31, 2021 $ 37,040 Intangible assets consisted of the following (in thousands, except years): As of March 31, 2021 Weighted- Gross Carrying Accumulated Net Carrying Customer relationships 7.0 $ 1,634 $ (729) $ 905 Developed technology 5.7 21,790 (7,649) 14,141 $ 23,424 $ (8,378) $ 15,046 As of December 31, 2020 Weighted- Gross Carrying Accumulated Net Carrying Customer relationships 7.0 $ 1,652 $ (678) $ 974 Developed technology 5.7 21,780 (6,563) 15,217 $ 23,432 $ (7,241) $ 16,191 During the three months ended March 31, 2020, we recorded an impairment charge of $2.0 million related to certain developed 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 loss as follows (in thousands): Three Months Ended March 31, 2021 2020 Cost of revenue $ 1,082 $ 1,118 Sales and marketing 58 50 Total $ 1,140 $ 1,168 The following table presents our estimates of remaining amortization expense for finite-lived intangible assets at March 31, 2021 (in thousands): Remainder of 2021 $ 3,481 2022 4,620 2023 2,628 2024 1,952 2025 1,377 Thereafter 988 Total amortization expense $ 15,046 |
Convertible Senior Notes
Convertible Senior Notes | 3 Months Ended |
Mar. 31, 2021 | |
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 years ended December 31, 2019 and 2020, 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, 2021, 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, 2021 and were classified as current liabilities on the condensed consolidated balance sheet as of March 31, 2021. As of March 31, 2021, the if-converted value of the 2023 Notes exceeded its principal amount by $73.8 million. As of March 31, 2021, 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. Other than this exchange, we have received immaterial requests for conversion since the 2023 Notes initially became convertible but did not receive any additional requests for conversion during the three months ended March 31, 2021. The Notes consisted of the following (in thousands): As of March 31, 2021 As of December 31, 2020 2023 Notes 2024 Notes 2026 Notes 2023 Notes 2024 Notes 2026 Notes Liability: Principal $ 84,748 $ 400,000 $ 400,000 $ 84,748 $ 400,000 $ 400,000 Less: debt discount and issuance costs, net of amortization (10,986) (54,487) (81,163) (12,129) (58,148) (84,351) Net carrying amount $ 73,762 $ 345,513 $ 318,837 $ 72,619 $ 341,852 $ 315,649 Equity, net of issuance costs $ 46,473 $ 69,749 $ 93,380 $ 46,473 $ 69,749 $ 93,380 The following table sets forth interest expense recognized related to the Notes (in thousands): Three Months Ended March 31, 2021 2020 Contractual interest expense $ 1,606 $ 1,606 Amortization of debt issuance costs and discount 7,992 7,675 Total $ 9,598 $ 9,281 |
Equity Awards
Equity Awards | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity Awards | Equity Awards Stock Options Stock option activity during the three months ended March 31, 2021 consisted of the following (in thousands, except weighted-average information): Options Weighted- Options outstanding at December 31, 2020 2,071 $ 60.22 Granted 178 94.86 Exercised (84) 15.41 Canceled/forfeited (128) 97.82 Options outstanding at March 31, 2021 2,037 $ 62.71 As of March 31, 2021, there was $37.4 million of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.2 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, 2021 2020 Expected term (in years) 5.8 5.8 Estimated volatility 57 % 43 % Risk-free interest rate 1 % 1 % Estimated dividend yield — % — % Weighted-average fair value $ 49.08 $ 64.35 Restricted Stock Units Restricted stock unit, or RSU, activity during the three months ended March 31, 2021 consisted of the following (in thousands, except weighted-average information): Awards Weighted- RSUs outstanding at December 31, 2020 1,960 $ 105.04 Granted 1,153 86.56 Vested (323) 94.73 Canceled/forfeited (215) 98.32 RSUs outstanding at March 31, 2021 2,575 $ 98.62 As of March 31, 2021, total unrecognized compensation expense related to unvested RSUs was approximately $216.3 million, which is expected to be recognized over a weighted-average period of 2.3 years. We classified stock-based compensation expense in the accompanying condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended March 31, 2021 2020 Cost of revenue $ 1,108 $ 436 Research and development 6,325 3,627 Sales and marketing 7,045 5,149 General and administrative 9,961 4,452 Total $ 24,439 $ 13,664 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
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 2029. 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 loss as follows (in thousands): Three Months Ended March 31, 2021 2020 Operating lease cost $ 3,876 $ 2,374 Short-term lease cost 25 546 Variable lease cost 1,153 674 Total lease cost $ 5,054 $ 3,594 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, 2021 (in thousands): Remainder of 2021 $ 11,860 2022 14,748 2023 12,907 2024 11,221 2025 10,551 2026 7,411 Thereafter 6,066 Total minimum lease payments 74,764 Less imputed interest (9,704) Present value of future minimum lease payments 65,060 Less current obligations under leases (1) (12,783) Long-term lease obligations $ 52,277 (1) Included in accrued expenses and other current liabilities in our condensed consolidated balance sheets. six |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 and December 31, 2020, we have not 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. Other than the matters described below, 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. As of the date of this filing, three putative securities class action lawsuits have been filed against us and certain of our executive officers in U.S. federal court relating to alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and Rule 10b-5 promulgated thereunder: (1) Smith v. Alteryx, Inc. , Case No. 8:20-cv-01540 (CD Cal.), filed on August 19, 2020; (2) Chau v. Alteryx, Inc. , Case No. 8:20-cv-01886 (CD Cal.), filed on September 30, 2020; and (3) Lalgudi v. Alteryx, Inc. , Case No. 8:20-cv-01910 (CD Cal.), filed on October 2, 2020. On November 13, 2020, lead plaintiffs were appointed, or the Lead Plaintiffs, and the three cases were consolidated into one action, In re Alteryx, Inc. Securities Litigation , Case No. 8:20-cv-01540 (C.D. Cal). On January 28, 2021, a first amended complaint was filed asserting claims on behalf of persons and entities that purchased or otherwise acquired our securities between February 13, 2020 and August 7, 2020. Lead Plaintiffs allege that such persons and entities were harmed as a result of certain alleged false or misleading statements, or omissions, made by us and certain of our executive officers. On March 19, 2021, we filed a motion to dismiss the consolidated complaint, which is set to be heard on June 21, 2021. We intend to vigorously defend against these claims. Because of the early stages of these matters, we are unable to estimate a reasonably possible range of loss, if any, that may result from these matters. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table presents details of the provision for (benefit of) income taxes and our effective tax rates (in thousands, except percentages): Three Months Ended March 31, 2021 2020 Provision for (benefit of) income taxes $ 993 $ (16,397) Effective tax rate 2.5 % (51.4) % 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 periodically evaluate whether we will recover a portion or all of our deferred tax assets. We record a valuation allowance against our deferred tax assets if and to the extent it is more likely than not that we will not recover our deferred tax assets. In evaluating the need for a valuation allowance, we weight all relevant positive and negative evidence, including among other factors, historical financial performance, forecasts of income over the applicable carryforward periods, and our market environment, with each piece weighted based on its reliability. As of March 31, 2021, we had insufficient objective positive evidence that we will generate sufficient future pre-tax income to overcome the negative evidence of cumulative losses. Accordingly, we continue to record a full valuation allowance against our U.S. and U.K deferred tax assets as of March 31, 2021. 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 was primarily attributable to discrete tax benefits related to excess tax deductions from settled stock options and RSUs and tax benefits related to losses. Since we have a full valuation allowance against our U.S. and U.K. deferred tax assets as of March 31, 2021, we did not recognize benefits from excess tax deductions from settled stock options and RSUs or losses for the three months ended March 31, 2021. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security 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 a refundable employee retention payroll tax credit. We have determined that these provisions did not have an impact on our condensed consolidated financial statements for the three months ended March 31, 2021. 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 Loss Per
Basic and Diluted Net Loss Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Loss Per Share | Basic and Diluted Net Loss Per Share The following table presents the computation of net loss per share (in thousands, except per share amounts): Three Months Ended March 31, 2021 2020 Numerator: Net loss attributable to common stockholders $ (40,656) $ (15,473) Denominator: Weighted-average shares used to compute net loss per share 66,932 65,569 Effect of dilutive securities: Convertible senior notes — — Employee stock awards — — Weighted-average shares used to compute net loss per share 66,932 65,569 Net loss per share attributable to common stockholders, basic $ (0.61) $ (0.24) Net loss per share attributable to common stockholders, diluted $ (0.61) $ (0.24) The following weighted-average equivalent shares of common stock, excluding the impact of the treasury stock method, were excluded from the diluted net loss per share calculation because their inclusion would have been anti-dilutive (in thousands): Three Months Ended March 31, 2021 2020 Stock awards 4,197 4,146 Convertible senior notes 6,136 6,137 Total shares excluded from net loss per share 10,333 10,283 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020 filed with the Securities and Exchange Commission, or SEC, on February 12, 2021. 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, 2021 are not necessarily indicative of the results expected for the full year ending December 31, 2021. |
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, income tax valuations, stock-based compensation, and 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 and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxe s. ASU 2019-12 removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocations and calculating income taxes in interim periods. The standard also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill, allocating taxes to members of a consolidated group, and the recognition of deferred tax liabilities for outside basis differences. We adopted ASU 2019-12 prospectively as of the reporting period beginning January 1, 2021. Adoption of this update did not have a material impact on our condensed consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , or ASU 2020-06, which simplifies the accounting for convertible instruments by removing certain separation models required under current U.S. GAAP, including the beneficial conversion feature and cash conversion models. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. This guidance will be effective for us for annual reporting periods beginning after December 15, 2021 and for interim periods within those annual periods, and can be applied utilizing either a modified or full retrospective transition method. Early adoption is permitted in the first interim period of a fiscal year. We currently account for our Notes (as defined and described in Note 7, Convertible Senior Notes ) utilizing the cash conversion model. We intend to adopt this standard in the first quarter of 2022 and are currently evaluating the impact of adopting this guidance. We currently expect that the adoption will have a material impact on our condensed consolidated financial statements and related disclosures. |
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 periodically evaluate whether we will recover a portion or all of our deferred tax assets. We record a valuation allowance against our deferred tax assets if and to the extent it is more likely than not that we will not recover our deferred tax assets. In evaluating the need for a valuation allowance, we weight all relevant positive and negative evidence, including among other factors, historical financial performance, forecasts of income over the applicable carryforward periods, and our market environment, with each piece weighted based on its reliability. As of March 31, 2021, we had insufficient objective positive evidence that we will generate sufficient future pre-tax income to overcome the negative evidence of cumulative losses. Accordingly, we continue to record a full valuation allowance against our U.S. and U.K deferred tax assets as of March 31, 2021. 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, 2021 | |
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, 2021 2020 Revenue by region: United States $ 77,237 $ 80,535 International 41,522 28,296 Total $ 118,759 $ 108,831 |
Deferred Contract Costs | A summary of the activity impacting our deferred commissions during the three months ended March 31, 2021 and 2020 is presented below (in thousands): Three Months Ended March 31, 2021 2020 Beginning balance $ 51,186 $ 43,035 Additional deferred commissions 9,101 7,899 Amortization of deferred commissions (9,558) (8,331) Effects of foreign currency translation (102) (747) Ending balance $ 50,627 $ 41,856 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 and December 31, 2020 (in thousands): As of March 31, 2021 Cost Net Fair Value Cash and Short-term Long-term Cash $ 97,419 $ — $ 97,419 $ 97,419 $ — $ — Level 1: Money market funds $ 82,249 $ — $ 82,249 $ 82,249 $ — $ — Subtotal $ 82,249 $ — $ 82,249 $ 82,249 $ — $ — Level 2: Commercial paper $ 201,966 $ (5) $ 201,961 $ 74,092 $ 127,869 $ — Certificates of deposit 5,095 1 5,096 — 1,595 3,501 U.S. Treasury and agency bonds 503,602 842 504,444 — 382,554 121,890 Corporate bonds 140,533 125 140,658 — 73,719 66,939 Subtotal $ 851,196 $ 963 $ 852,159 $ 74,092 $ 585,737 $ 192,330 Level 3: $ — $ — $ — $ — $ — $ — Total $ 1,030,864 $ 963 $ 1,031,827 $ 253,760 $ 585,737 $ 192,330 As of December 31, 2020 Cost Net Fair Value Cash and Short-term Long-term Cash $ 88,991 $ — $ 88,991 $ 88,991 $ — $ — Level 1: Money market funds $ 35,010 $ — $ 35,010 $ 35,010 $ — $ — Subtotal $ 35,010 $ — $ 35,010 $ 35,010 $ — $ — Level 2: Commercial paper $ 161,124 $ (8) $ 161,116 $ 46,491 $ 114,625 $ — Certificates of deposit 2,800 — 2,800 — 2,800 — U.S. Treasury and agency bonds 554,860 1,220 556,080 1,399 358,822 195,859 Corporate bonds 177,790 349 178,139 — 108,198 69,941 Subtotal $ 896,574 $ 1,561 $ 898,135 $ 47,890 $ 584,445 $ 265,800 Level 3: $ — $ — $ — $ — $ — $ — Total $ 1,020,575 $ 1,561 $ 1,022,136 $ 171,891 $ 584,445 $ 265,800 |
Allowance for Doubtful Accoun_2
Allowance for Doubtful Accounts and Sales Reserves (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 (in thousands): Accounts Receivable Reserve Contract Asset Reserve Balance at December 31, 2020 $ 3,114 $ 2,438 Provision 371 574 Recoveries (359) (64) Charge-offs (148) (8) Balance at March 31, 2021 $ 2,978 $ 2,940 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 was as follows (in thousands): Goodwill as of December 31, 2020 $ 37,070 Effects of foreign currency translation (30) Goodwill as of March 31, 2021 $ 37,040 |
Schedule of Intangible Assets | Intangible assets consisted of the following (in thousands, except years): As of March 31, 2021 Weighted- Gross Carrying Accumulated Net Carrying Customer relationships 7.0 $ 1,634 $ (729) $ 905 Developed technology 5.7 21,790 (7,649) 14,141 $ 23,424 $ (8,378) $ 15,046 As of December 31, 2020 Weighted- Gross Carrying Accumulated Net Carrying Customer relationships 7.0 $ 1,652 $ (678) $ 974 Developed technology 5.7 21,780 (6,563) 15,217 $ 23,432 $ (7,241) $ 16,191 |
Schedule of Intangible Asset Amortization Expense | We classified intangible asset amortization expense in the accompanying condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended March 31, 2021 2020 Cost of revenue $ 1,082 $ 1,118 Sales and marketing 58 50 Total $ 1,140 $ 1,168 |
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, 2021 (in thousands): Remainder of 2021 $ 3,481 2022 4,620 2023 2,628 2024 1,952 2025 1,377 Thereafter 988 Total amortization expense $ 15,046 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Convertible Debt | 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 The Notes consisted of the following (in thousands): As of March 31, 2021 As of December 31, 2020 2023 Notes 2024 Notes 2026 Notes 2023 Notes 2024 Notes 2026 Notes Liability: Principal $ 84,748 $ 400,000 $ 400,000 $ 84,748 $ 400,000 $ 400,000 Less: debt discount and issuance costs, net of amortization (10,986) (54,487) (81,163) (12,129) (58,148) (84,351) Net carrying amount $ 73,762 $ 345,513 $ 318,837 $ 72,619 $ 341,852 $ 315,649 Equity, net of issuance costs $ 46,473 $ 69,749 $ 93,380 $ 46,473 $ 69,749 $ 93,380 |
Summary of Interest Expense | The following table sets forth interest expense recognized related to the Notes (in thousands): Three Months Ended March 31, 2021 2020 Contractual interest expense $ 1,606 $ 1,606 Amortization of debt issuance costs and discount 7,992 7,675 Total $ 9,598 $ 9,281 |
Equity Awards (Tables)
Equity Awards (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | Stock option activity during the three months ended March 31, 2021 consisted of the following (in thousands, except weighted-average information): Options Weighted- Options outstanding at December 31, 2020 2,071 $ 60.22 Granted 178 94.86 Exercised (84) 15.41 Canceled/forfeited (128) 97.82 Options outstanding at March 31, 2021 2,037 $ 62.71 |
Schedule of Share-based Payment Award, Stock Options, 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, 2021 2020 Expected term (in years) 5.8 5.8 Estimated volatility 57 % 43 % Risk-free interest rate 1 % 1 % Estimated dividend yield — % — % Weighted-average fair value $ 49.08 $ 64.35 |
Schedule of RSU Activity | Restricted stock unit, or RSU, activity during the three months ended March 31, 2021 consisted of the following (in thousands, except weighted-average information): Awards Weighted- RSUs outstanding at December 31, 2020 1,960 $ 105.04 Granted 1,153 86.56 Vested (323) 94.73 Canceled/forfeited (215) 98.32 RSUs outstanding at March 31, 2021 2,575 $ 98.62 |
Schedule of Stock-based Compensation Expense | We classified stock-based compensation expense in the accompanying condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended March 31, 2021 2020 Cost of revenue $ 1,108 $ 436 Research and development 6,325 3,627 Sales and marketing 7,045 5,149 General and administrative 9,961 4,452 Total $ 24,439 $ 13,664 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Lease Costs | The following lease costs were included in our condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended March 31, 2021 2020 Operating lease cost $ 3,876 $ 2,374 Short-term lease cost 25 546 Variable lease cost 1,153 674 Total lease cost $ 5,054 $ 3,594 |
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, 2021 (in thousands): Remainder of 2021 $ 11,860 2022 14,748 2023 12,907 2024 11,221 2025 10,551 2026 7,411 Thereafter 6,066 Total minimum lease payments 74,764 Less imputed interest (9,704) Present value of future minimum lease payments 65,060 Less current obligations under leases (1) (12,783) Long-term lease obligations $ 52,277 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes and Effective Tax Rates | The following table presents details of the provision for (benefit of) income taxes and our effective tax rates (in thousands, except percentages): Three Months Ended March 31, 2021 2020 Provision for (benefit of) income taxes $ 993 $ (16,397) Effective tax rate 2.5 % (51.4) % |
Basic and Diluted Net Loss Pe_2
Basic and Diluted Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income Per Share | The following table presents the computation of net loss per share (in thousands, except per share amounts): Three Months Ended March 31, 2021 2020 Numerator: Net loss attributable to common stockholders $ (40,656) $ (15,473) Denominator: Weighted-average shares used to compute net loss per share 66,932 65,569 Effect of dilutive securities: Convertible senior notes — — Employee stock awards — — Weighted-average shares used to compute net loss per share 66,932 65,569 Net loss per share attributable to common stockholders, basic $ (0.61) $ (0.24) Net loss per share attributable to common stockholders, diluted $ (0.61) $ (0.24) |
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 loss per share calculation because their inclusion would have been anti-dilutive (in thousands): Three Months Ended March 31, 2021 2020 Stock awards 4,197 4,146 Convertible senior notes 6,136 6,137 Total shares excluded from net loss per share 10,333 10,283 |
Significant Accounting Polici_3
Significant Accounting Policies (Detail) | 3 Months Ended |
Mar. 31, 2021Segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 118,759 | $ 108,831 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 77,237 | 80,535 |
International | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 41,522 | $ 28,296 |
Geographic concentration risk | Revenue from contract with customer | United Kingdom | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percent | 13.10% |
Revenue - Contract Assets and C
Revenue - Contract Assets and Contract Liabilities (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Contract With Customer, Contract Assets and Contract Liabilities [Line Items] | |||
Contract assets, impairment | $ 0 | $ 0 | |
Revenue recognized related to amounts that were included in deferred revenue | $ 51,800,000 | $ 38,100,000 | |
Minimum | |||
Contract With Customer, Contract Assets and Contract Liabilities [Line Items] | |||
Transferred to receivables period | 12 months | ||
Maximum | |||
Contract With Customer, Contract Assets and Contract Liabilities [Line Items] | |||
Transferred to receivables period | 24 months | ||
Prepaid expenses and other current assets | |||
Contract With Customer, Contract Assets and Contract Liabilities [Line Items] | |||
Contract assets, current | $ 31,000,000 | $ 25,400,000 | |
Other noncurrent assets | |||
Contract With Customer, Contract Assets and Contract Liabilities [Line Items] | |||
Contract assets, noncurrent | $ 43,500,000 | $ 37,200,000 |
Revenue - Assets Recognized fro
Revenue - Assets Recognized from Costs to Obtain Contracts with Customers (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Change in Capitalized Contract Costs [Roll Forward] | ||
Beginning balance | $ 51,186,000 | $ 43,035,000 |
Additional deferred commissions | 9,101,000 | 7,899,000 |
Amortization of deferred commissions | (9,558,000) | (8,331,000) |
Effects of foreign currency translation | (102,000) | (747,000) |
Ending balance | 50,627,000 | 41,856,000 |
Capitalized contract cost, net, current | 25,200,000 | 17,900,000 |
Impairments of assets related to deferred contract costs | $ 0 | $ 0 |
Revenue - Remaining Performance
Revenue - Remaining Performance Obligation (Details) $ in Millions | Mar. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 452.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 412 |
Remaining performance obligation, period | 24 months |
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, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 253,760 | $ 171,891 |
Short-term Investments | 585,737 | 584,445 |
Long-term Investments | 192,330 | 265,800 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 253,760 | 171,891 |
Gross unrealized gains (losses) | 963 | 1,561 |
Cash and cash equivalents and investment, cost | 1,030,864 | 1,020,575 |
Cash and cash equivalents and investments, fair value | 1,031,827 | 1,022,136 |
Short-term Investments | 585,737 | 584,445 |
Long-term Investments | 192,330 | 265,800 |
Fair Value, Measurements, Recurring | Cash | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 97,419 | 88,991 |
Cash and cash equivalents, fair value | 97,419 | 88,991 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 82,249 | 35,010 |
Cash and cash equivalents, fair value | 82,249 | 35,010 |
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 | 82,249 | 35,010 |
Cash and cash equivalents, fair value | 82,249 | 35,010 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 74,092 | 47,890 |
Investments, cost | 851,196 | 896,574 |
Gross unrealized gains (losses) | 963 | 1,561 |
Investments, fair value | 852,159 | 898,135 |
Short-term Investments | 585,737 | 584,445 |
Long-term Investments | 192,330 | 265,800 |
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 | 74,092 | 46,491 |
Investments, cost | 201,966 | 161,124 |
Gross unrealized gains (losses) | (5) | (8) |
Investments, fair value | 201,961 | 161,116 |
Short-term Investments | 127,869 | 114,625 |
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] | ||
Cash and cash equivalents | 0 | 0 |
Investments, cost | 5,095 | 2,800 |
Gross unrealized gains (losses) | 1 | 0 |
Investments, fair value | 5,096 | 2,800 |
Short-term Investments | 1,595 | 2,800 |
Long-term Investments | 3,501 | 0 |
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 | 0 | 1,399 |
Investments, cost | 503,602 | 554,860 |
Gross unrealized gains (losses) | 842 | 1,220 |
Investments, fair value | 504,444 | 556,080 |
Short-term Investments | 382,554 | 358,822 |
Long-term Investments | 121,890 | 195,859 |
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 | 0 | 0 |
Investments, cost | 140,533 | 177,790 |
Gross unrealized gains (losses) | 125 | 349 |
Investments, fair value | 140,658 | 178,139 |
Short-term Investments | 73,719 | 108,198 |
Long-term Investments | 66,939 | 69,941 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
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, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Line Items] | ||
Gross unrealized losses | $ 0.1 | |
Fair value of convertible senior notes | 902.7 | |
Domestic cash and investments | ||
Fair Value Disclosures [Line Items] | ||
Cash, restricted cash and investments | $ 1,000 | $ 1,000 |
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 |
Allowance for Doubtful Accoun_3
Allowance for Doubtful Accounts and Sales Reserves (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Accounts Receivable Reserve | |
Balance at December 31, 2020 | $ 3,114 |
Provision | 371 |
Recoveries | (359) |
Charge-offs | (148) |
Balance at March 31, 2021 | 2,978 |
Contract Asset Reserve | |
Balance at December 31, 2020 | 2,438 |
Provision | 574 |
Recoveries | (64) |
Charge-offs | (8) |
Balance at March 31, 2021 | $ 2,940 |
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, 2021USD ($) | |
Goodwill [Roll Forward] | |
Goodwill as of December 31, 2020 | $ 37,070 |
Effects of foreign currency translation | (30) |
Goodwill as of March 31, 2021 | $ 37,040 |
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, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | $ 23,424 | $ 23,432 | |
Accumulated Amortization | (8,378) | (7,241) | |
Net Carrying Value | $ 15,046 | $ 16,191 | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted- Average Useful Life in Years | 7 years | 7 years | |
Gross Carrying Value | $ 1,634 | $ 1,652 | |
Accumulated Amortization | (729) | (678) | |
Net Carrying Value | $ 905 | $ 974 | |
Developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted- Average Useful Life in Years | 5 years 8 months 12 days | 5 years 8 months 12 days | |
Gross Carrying Value | $ 21,790 | $ 21,780 | |
Accumulated Amortization | (7,649) | (6,563) | |
Net Carrying Value | $ 14,141 | $ 15,217 | |
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, 2021 | Mar. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 1,140 | $ 1,168 |
Cost of revenue | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | 1,082 | 1,118 |
Sales and marketing | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 58 | $ 50 |
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, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2021 | $ 3,481 | |
2022 | 4,620 | |
2023 | 2,628 | |
2024 | 1,952 | |
2025 | 1,377 | |
Thereafter | 988 | |
Net Carrying Value | $ 15,046 | $ 16,191 |
Convertible Senior Notes - Summ
Convertible Senior Notes - Summary of Debt (Details) - Convertible senior notes | 1 Months Ended | |||
Aug. 31, 2019USD ($)$ / shares | Jun. 30, 2018USD ($)$ / shares | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Convertible senior note due 2023, 0.5% | ||||
Debt Instrument [Line Items] | ||||
Original Principal (including over-allotment) | $ 230,000,000 | $ 84,748,000 | $ 84,748,000 | |
Coupon Interest Rate | 0.50% | |||
Effective Interest Rate | 7.00% | |||
Conversion Rate | 0.0225572 | |||
Initial Conversion Price | $ / shares | $ 44.33 | |||
Principal | $ 230,000,000 | 84,748,000 | 84,748,000 | |
Less: debt discount and issuance costs, net of amortization | (10,986,000) | (12,129,000) | ||
Net carrying amount | 73,762,000 | 72,619,000 | ||
Equity, net of issuance costs | 46,473,000 | 46,473,000 | ||
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 | (54,487,000) | (58,148,000) | ||
Net carrying amount | 345,513,000 | 341,852,000 | ||
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 | (81,163,000) | (84,351,000) | ||
Net carrying amount | 318,837,000 | 315,649,000 | ||
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 | ||
Aug. 31, 2019USD ($)$ / optionshares | Jun. 30, 2018USD ($)$ / option | Mar. 31, 2021USD ($)d | Dec. 31, 2020USD ($) | |
Derivative [Line Items] | ||||
Capped calls, cost | $ 87,400,000 | $ 19,100,000 | ||
Capped calls, deferred tax asset | $ 20,900,000 | $ 4,600,000 | ||
Class A common stock | ||||
Derivative [Line Items] | ||||
Capped calls, retirement of common stock (in shares) | shares | 285,466 | |||
Debt instrument, conversion, option two | Class A common stock | ||||
Debt Instrument [Line Items] | ||||
Convertible debt, converted instrument, shares issued (in shares) | shares | 2,200,000 | |||
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 | $ 230,000,000 | $ 84,748,000 | $ 84,748,000 | |
Coupon interest rate | 0.50% | |||
If-converted value in excess of principal | $ 73,800,000 | |||
Convertible senior notes | Convertible senior note due 2023, 0.5% | Debt instrument, conversion, option one | ||||
Debt Instrument [Line Items] | ||||
Convertible debt, threshold trading days | d | 20 | |||
Convertible debt, threshold consecutive trading days | d | 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 | d | 20 | |||
Convertible debt, threshold consecutive trading days | d | 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 | d | 5 | |||
Convertible debt, threshold consecutive trading days | d | 5 | |||
Convertible debt, threshold percentage of stock price trigger | 98.00% |
Convertible Senior Notes - Su_2
Convertible Senior Notes - Summary of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Instrument [Line Items] | ||
Amortization of debt issuance costs and discount | $ 7,992 | $ 7,675 |
Convertible senior notes | Convertible senior notes | ||
Debt Instrument [Line Items] | ||
Contractual interest expense | 1,606 | 1,606 |
Amortization of debt issuance costs and discount | 7,992 | 7,675 |
Total | $ 9,598 | $ 9,281 |
Equity Awards - Schedule of Sto
Equity Awards - Schedule of Stock Option Activity (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Options Outstanding | |
Options outstanding, beginning balance (in shares) | shares | 2,071 |
Granted (in shares) | shares | 178 |
Exercised (in shares) | shares | (84) |
Canceled/forfeited (in shares) | shares | (128) |
Options outstanding, ending balance (in shares) | shares | 2,037 |
Weighted- Average Exercise Price | |
Weighted-average exercise price, beginning balance (in dollars per share) | $ / shares | $ 60.22 |
Weighted-average exercise price, granted (in dollars per share) | $ / shares | 94.86 |
Weighted-average exercise price, exercised (in dollars per share) | $ / shares | 15.41 |
Weighted-average exercise price, canceled/forfeited (in dollars per share) | $ / shares | 97.82 |
Weighted-average exercise price, ending balance (in dollars per share) | $ / shares | $ 62.71 |
Equity Awards - Additional Info
Equity Awards - Additional Information (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost related to unvested stock options | $ 37.4 |
Weighted-average period, expected to be recognized | 2 years 2 months 12 days |
Restricted stock units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-average period, expected to be recognized | 2 years 3 months 18 days |
Unrecognized compensation expense, related to unvested RSUs | $ 216.3 |
Equity Awards - Schedule of Val
Equity Awards - Schedule of Valuation Assumptions (Details) - 2017 Equity Incentive Plan - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 5 years 9 months 18 days | 5 years 9 months 18 days |
Estimated volatility | 57.00% | 43.00% |
Risk-free interest rate | 1.00% | 1.00% |
Estimated dividend yield | 0.00% | 0.00% |
Weighted average fair value (in dollars per share) | $ 49.08 | $ 64.35 |
Equity Awards - Schedule of RSU
Equity Awards - Schedule of RSU Activity (Details) - Restricted stock units shares in Thousands | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Awards Outstanding | |
Beginning balance (in shares) | shares | 1,960 |
Granted (in shares) | shares | 1,153 |
Vested (in shares) | shares | (323) |
Canceled/forfeited (in shares) | shares | (215) |
Ending balance (in shares) | shares | 2,575 |
Weighted- Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 105.04 |
Granted (in dollars per share) | $ / shares | 86.56 |
Vested (in dollars per share) | $ / shares | 94.73 |
Canceled/forfeited (in dollars per share) | $ / shares | 98.32 |
Ending balance (in dollars per share) | $ / shares | $ 98.62 |
Equity Awards - Schedule of S_2
Equity Awards - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total | $ 24,439 | $ 13,664 |
Cost of revenue | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total | 1,108 | 436 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total | 6,325 | 3,627 |
Sales and marketing | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total | 7,045 | 5,149 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total | $ 9,961 | $ 4,452 |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 3,876 | $ 2,374 |
Short-term lease cost | 25 | 546 |
Variable lease cost | 1,153 | 674 |
Total lease cost | $ 5,054 | $ 3,594 |
Leases - Undiscounted Cash Flow
Leases - Undiscounted Cash Flows (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Remainder of 2021 | $ 11,860 | |
2022 | 14,748 | |
2023 | 12,907 | |
2024 | 11,221 | |
2025 | 10,551 | |
2026 | 7,411 | |
Thereafter | 6,066 | |
Total minimum lease payments | 74,764 | |
Less imputed interest | (9,704) | |
Present value of future minimum lease payments | 65,060 | |
Less current obligations under leases | (12,783) | |
Operating lease liabilities | $ 52,277 | $ 53,860 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | Mar. 31, 2021USD ($)lease |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, lease executed but not yet commenced, number of leases | lease | 3 |
Lease not yet commenced, liability | $ 56,700 |
Lease not yet commenced, liability, due next 24 months | 15,300 |
Present value of future minimum lease payments | 65,060 |
Corporate headquarters | |
Lessee, Lease, Description [Line Items] | |
Present value of future minimum lease payments | $ 11,700 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, term of contract | 6 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, term of contract | 8 years |
Contingencies (Details)
Contingencies (Details) | May 04, 2021lawsuit | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Subsequent event | |||
Commitments And Contingencies [Line Items] | |||
Number of claims | lawsuit | 3 | ||
Indemnification | |||
Commitments And Contingencies [Line Items] | |||
Loss contingency accrual | $ | $ 0 | $ 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, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Provision for (benefit of) income taxes | $ 993 | $ (16,397) |
Effective tax rate | 2.50% | (51.40%) |
Basic and Diluted Net Loss Pe_3
Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Aug. 31, 2019 | Jun. 30, 2018 | |
Numerator: | ||||
Net loss attributable to common stockholders | $ (40,656) | $ (15,473) | ||
Denominator: | ||||
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, basic (in shares) | 66,932 | 65,569 | ||
Effect of dilutive securities: | ||||
Convertible senior notes (in shares) | 0 | 0 | ||
Employee stock awards (in shares) | 0 | 0 | ||
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, diluted (in shares) | 66,932 | 65,569 | ||
Net income (loss) per share attributable to common stockholders, basic (in dollars per share) | $ (0.61) | $ (0.24) | ||
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share) | $ (0.61) | $ (0.24) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from calculation of earnings per share (in shares) | 10,333 | 10,283 | ||
Stock awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from calculation of earnings per share (in shares) | 4,197 | 4,146 | ||
Convertible senior notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from calculation of earnings per share (in shares) | 6,136 | 6,137 | ||
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 | |||
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 |
Uncategorized Items - ayx-20210
Label | Element | Value |
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201613Member |