Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 27, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | JFrog Ltd. | |
Entity Central Index Key | 0001800667 | |
Securities Act File Number | 001-39492 | |
Entity Tax Identification Number | 98-0680649 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | L3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Entity Address, Address Line One | 270 E. Caribbean Drive | |
Entity Address, City or Town | Sunnyvale | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94089 | |
City Area Code | (408) | |
Local Phone Number | 329-1540 | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Ordinary Shares, NIS 0.01 par value | |
Trading Symbol | FROG | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 104,887,026 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 60,984 | $ 45,595 |
Short-term investments | 441,194 | 397,605 |
Accounts receivable, net | 60,922 | 62,117 |
Deferred contract acquisition costs | 10,211 | 8,102 |
Prepaid expenses and other current assets | 13,924 | 18,603 |
Total current assets | 587,235 | 532,022 |
Property and equipment, net | 6,582 | 8,021 |
Deferred contract acquisition costs, noncurrent | 16,161 | 13,501 |
Operating lease right-of-use assets | 25,212 | 24,602 |
Intangible assets, net | 28,657 | 37,544 |
Goodwill | 247,955 | 247,955 |
Other assets, noncurrent | 7,805 | 7,576 |
Total assets | 919,607 | 871,221 |
Current liabilities: | ||
Accounts payable | 14,712 | 14,867 |
Accrued expenses and other current liabilities | 32,083 | 28,848 |
Operating lease liabilities | 8,163 | 7,132 |
Deferred revenue | 179,446 | 158,725 |
Total current liabilities | 234,404 | 209,572 |
Deferred revenue, noncurrent | 12,489 | 16,990 |
Operating lease liabilities, noncurrent | 15,903 | 16,829 |
Other liabilities, noncurrent | 3,713 | 3,057 |
Total liabilities | 266,509 | 246,448 |
Commitments and contingencies (Note 10) | ||
Shareholders' equity: | ||
Preferred shares, NIS 0.01 par value per share; 50,000,000 shares authorized; 0 issued and outstanding as of September 30, 2023 and December 31, 2022 | 0 | 0 |
Ordinary shares, NIS 0.01 par value per share, 500,000,000 shares authorized; 104,864,865 and 100,907,857 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 294 | 283 |
Additional paid-in capital | 935,445 | 856,438 |
Accumulated other comprehensive loss | (3,442) | (2,772) |
Accumulated deficit | (279,199) | (229,176) |
Total shareholders' equity | 653,098 | 624,773 |
Total liabilities and shareholders' equity | $ 919,607 | $ 871,221 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - ₪ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Preferred stock par value | ₪ 0.01 | ₪ 0.01 |
Preferred stock authorized | 50,000,000 | 50,000,000 |
Preferred stock issued | 0 | 0 |
Preferred stock Outstanding | 0 | 0 |
Common stock par value | ₪ 0.01 | ₪ 0.01 |
Common stock Authorized | 500,000,000 | 500,000,000 |
Common stock issued | 104,864,865 | 100,907,857 |
Common stock Outstanding | 104,864,865 | 100,907,857 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue: | ||||
Total subscription revenue | $ 88,636 | $ 71,991 | $ 252,626 | $ 203,494 |
Cost of revenue: | ||||
Total cost of revenue—subscription | 19,750 | 15,898 | 56,620 | 45,005 |
Gross profit | 68,886 | 56,093 | 196,006 | 158,489 |
Operating expenses: | ||||
Research and development | 33,358 | 31,698 | 101,788 | 87,744 |
Sales and marketing | 37,915 | 33,152 | 109,753 | 94,323 |
General and administrative | 15,663 | 14,682 | 44,635 | 41,410 |
Total operating expenses | 86,936 | 79,532 | 256,176 | 223,477 |
Operating loss | (18,050) | (23,439) | (60,170) | (64,988) |
Interest and other income, net | 5,733 | 1,369 | 14,621 | 2,159 |
Loss before income taxes | (12,317) | (22,070) | (45,549) | (62,829) |
Income tax expense | 1,430 | 1,482 | 4,474 | 4,200 |
Net loss | $ (13,747) | $ (23,552) | $ (50,023) | $ (67,029) |
Net loss per share, Basic | $ (0.13) | $ (0.24) | $ (0.49) | $ (0.68) |
Net loss per share, Diluted | $ (0.13) | $ (0.24) | $ (0.49) | $ (0.68) |
Weighted-average shares used in computing net loss per share, basic | 104,134,649 | 99,617,687 | 102,646,453 | 98,825,422 |
Weighted-average shares used in computing net loss per share, diluted | 104,134,649 | 99,617,687 | 102,646,453 | 98,825,422 |
Subscription—self-managed and SaaS | ||||
Revenue: | ||||
Total subscription revenue | $ 84,131 | $ 67,750 | $ 238,141 | $ 190,498 |
Cost of revenue: | ||||
Total cost of revenue—subscription | 19,532 | 15,678 | 55,966 | 44,345 |
License—self-managed | ||||
Revenue: | ||||
Total subscription revenue | 4,505 | 4,241 | 14,485 | 12,996 |
Cost of revenue: | ||||
Total cost of revenue—subscription | $ 218 | $ 220 | $ 654 | $ 660 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss) | $ (13,747) | $ (23,552) | $ (50,023) | $ (67,029) |
Other comprehensive income (loss), net of tax: | ||||
Unrealized gains (losses) on available-for-sale marketable securities, net of tax | 449 | (830) | 156 | (1,739) |
Unrealized gains (losses) on derivative instruments, net of tax | (414) | 934 | (826) | (3,114) |
Other comprehensive income (loss) | 35 | 104 | (670) | (4,853) |
Comprehensive loss | $ (13,712) | $ (23,448) | $ (50,693) | $ (71,882) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Ordinary Shares | Additional Paid-in Capital | Accumulated Other Comprehensive Income (loss) | Accumulated Deficit |
Balance (in shares) at Dec. 31, 2021 | 97,312,040 | ||||
Balance at Dec. 31, 2021 | $ 638,581 | $ 272 | $ 776,690 | $ 611 | $ (138,992) |
Issuance of ordinary shares upon exercise of share options (in shares) | 1,764,738 | ||||
Issuance of ordinary shares upon exercise of share options | 4,675 | $ 5 | 4,670 | ||
Issuance of ordinary shares upon release of restricted share units (in shares) | 787,072 | ||||
Issuance of ordinary shares upon release of restricted share units | $ 3 | (3) | |||
Issuance of ordinary shares under the employee share purchase plan (in shares) | 261,494 | ||||
Issuance of ordinary shares under the employee share purchase plan | 5,176 | $ 1 | 5,175 | ||
Issuance of ordinary shares related to business combination (in shares) | 59,134 | ||||
Share-based compensation expense | 48,368 | 48,368 | |||
Other comprehensive income (loss), net of tax | (4,853) | (4,853) | |||
Net Income (Loss) | (67,029) | (67,029) | |||
Balance (in shares) at Sep. 30, 2022 | 100,184,478 | ||||
Balance at Sep. 30, 2022 | 624,918 | $ 281 | 834,900 | (4,242) | (206,021) |
Balance (in shares) at Jun. 30, 2022 | 99,282,527 | ||||
Balance at Jun. 30, 2022 | 625,424 | $ 278 | 811,961 | (4,346) | (182,469) |
Issuance of ordinary shares upon exercise of share options (in shares) | 308,492 | ||||
Issuance of ordinary shares upon exercise of share options | 1,802 | $ 1 | 1,801 | ||
Issuance of ordinary shares upon release of restricted share units (in shares) | 475,564 | ||||
Issuance of ordinary shares upon release of restricted share units | $ 2 | (2) | |||
Issuance of ordinary shares under the employee share purchase plan (in shares) | 106,944 | ||||
Issuance of ordinary shares under the employee share purchase plan | 1,923 | 1,923 | |||
Issuance of ordinary shares related to business combination (in shares) | 10,951 | ||||
Share-based compensation expense | 19,217 | 19,217 | |||
Other comprehensive income (loss), net of tax | 104 | 104 | |||
Net Income (Loss) | (23,552) | (23,552) | |||
Balance (in shares) at Sep. 30, 2022 | 100,184,478 | ||||
Balance at Sep. 30, 2022 | 624,918 | $ 281 | 834,900 | (4,242) | (206,021) |
Balance (in shares) at Dec. 31, 2022 | 100,907,857 | ||||
Balance at Dec. 31, 2022 | $ 624,773 | $ 283 | 856,438 | (2,772) | (229,176) |
Issuance of ordinary shares upon exercise of share options (in shares) | 1,290,378 | 1,290,378 | |||
Issuance of ordinary shares upon exercise of share options | $ 5,433 | $ 4 | 5,429 | ||
Issuance of ordinary shares upon release of restricted share units (in shares) | 2,242,046 | ||||
Issuance of ordinary shares upon release of restricted share units | $ 6 | (6) | |||
Issuance of ordinary shares under the employee share purchase plan (in shares) | 369,118 | ||||
Issuance of ordinary shares under the employee share purchase plan | 6,665 | $ 1 | 6,664 | ||
Issuance of ordinary shares related to business combination (in shares) | 55,466 | ||||
Share-based compensation expense | 66,920 | 66,920 | |||
Other comprehensive income (loss), net of tax | (670) | (670) | |||
Net Income (Loss) | (50,023) | (50,023) | |||
Balance (in shares) at Sep. 30, 2023 | 104,864,865 | ||||
Balance at Sep. 30, 2023 | 653,098 | $ 294 | 935,445 | (3,442) | (279,199) |
Balance (in shares) at Jun. 30, 2023 | 103,620,107 | ||||
Balance at Jun. 30, 2023 | 635,892 | $ 290 | 904,531 | (3,477) | (265,452) |
Issuance of ordinary shares upon exercise of share options (in shares) | 382,742 | ||||
Issuance of ordinary shares upon exercise of share options | 2,066 | $ 2 | 2,064 | ||
Issuance of ordinary shares upon release of restricted share units (in shares) | 644,820 | ||||
Issuance of ordinary shares upon release of restricted share units | $ 2 | (2) | |||
Issuance of ordinary shares under the employee share purchase plan (in shares) | 161,730 | ||||
Issuance of ordinary shares under the employee share purchase plan | 3,166 | 3,166 | |||
Issuance of ordinary shares related to business combination (in shares) | 55,466 | ||||
Share-based compensation expense | 25,686 | 25,686 | |||
Other comprehensive income (loss), net of tax | 35 | 35 | |||
Net Income (Loss) | (13,747) | (13,747) | |||
Balance (in shares) at Sep. 30, 2023 | 104,864,865 | ||||
Balance at Sep. 30, 2023 | $ 653,098 | $ 294 | $ 935,445 | $ (3,442) | $ (279,199) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net Income (Loss) | $ (50,023) | $ (67,029) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 11,512 | 10,789 |
Share-based compensation expense | 66,920 | 48,368 |
Non-cash operating lease expense | 6,294 | 5,449 |
Net amortization of premium or discount on investments | (4,588) | 3,014 |
Losses (gains) on foreign exchange | (869) | 1,937 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,337 | 1,215 |
Prepaid expenses and other assets | 530 | 5,105 |
Deferred contract acquisition costs | (4,769) | (5,470) |
Accounts payable | (119) | 2,128 |
Accrued expenses and other liabilities | 4,935 | 3,189 |
Operating lease liabilities | (5,818) | (7,212) |
Deferred revenue | 16,220 | 12,628 |
Net cash provided by operating activities | 41,562 | 14,111 |
Cash flows from investing activities: | ||
Purchases of short-term investments | (303,310) | (305,715) |
Maturities and sales of short-term investments | 266,847 | 273,775 |
Purchases of property and equipment | (1,364) | (3,437) |
Payments related to business combination | 0 | (179) |
Purchase of intangible asset | 0 | (300) |
Net cash used in investing activities | (37,827) | (35,856) |
Cash flows from financing activities: | ||
Proceeds from exercise of share options | 5,433 | 4,675 |
Proceeds from employee share purchase plan | 6,665 | 5,176 |
Payments to tax authorities from employee equity transactions, net | (332) | (160) |
Net cash provided by financing activities | 11,766 | 9,691 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (112) | (2,293) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 15,389 | (14,347) |
Cash, cash equivalents, and restricted cash—beginning of period | 45,607 | 68,540 |
Cash, cash equivalents, and restricted cash—end of period | $ 60,996 | $ 54,193 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Reconciliation of cash, cash equivalents, and restricted cash within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows above: | ||
Cash and cash equivalents | $ 60,984 | $ 53,971 |
Restricted cash included in prepaid expenses and other current assets | 12 | 12 |
Restricted cash included in other assets, noncurrent | 0 | 210 |
Total cash, cash equivalents, and restricted cash | $ 60,996 | $ 54,193 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (13,747) | $ (23,552) | $ (50,023) | $ (67,029) |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Sep. 30, 2023 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | Securities Trading Plans of Directors and Executive Officers During the three months ended September 30, 2023, the following director and officer, as defined in Rule 16a-1(f) of the Exchange Act, adopted a “Rule 10b5-1 trading arrangement” as defined in Item 408 of Regulation S-K, as follows: On August 11, 2023 , Mr. Yoav Landman , our Chief Technology Officer and member of our board of directors , adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 1,500,000 ordinary shares. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until October 11, 2024 , or earlier if all transactions under the trading arrangement are completed. No other officers or directors, as defined in Rule 16a-1(f), adopted or terminated a “ Rule 10b5-1 trading arrangement ” or a “ non-Rule 10b5-1 trading arrangement ,” as defined in Item 408 of Regulation S-K, during the three months ended September 30, 2023 . |
Mr Yoav Landman [Member] | |
Trading Arrangements, by Individual | |
Name | Mr. Yoav Landman |
Title | Chief Technology Officer and member of our board of directors |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | August 11, 2023 |
Termination Date | October 11, 2024 |
Aggregate Available | 1,500,000 |
Other Officers or Directors [Member] | |
Trading Arrangements, by Individual | |
Name | No |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization an d Description of Business JFrog Ltd. (together with its subsidiaries, “JFrog”, or the “Company”) was incorporated under the laws of the State of Israel in 2008. JFrog provides an end-to-end, hybrid, universal DevOps Platform that powers and controls the software supply chain, enabling organizations to continuously and securely deliver software updates across any system. JFrog’s platform is the critical bridge between software development and deployment of that software, paving the way for the modern DevOps paradigm. The Company enables organizations to build and release software faster and more securely while empowering developers to be more efficient. The Company’s solutions are designed to run on-premise, in public or private clouds, or in hybrid environments. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting, and include the accounts of JFrog Ltd. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2022 was derived from the audited consolidated financial statements as of that date, but does not include all of the disclosures, including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 9, 2023. In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of September 30, 2023 and the Company’s consolidated results of operations and shareholders’ equity for the three and nine months ended September 30, 2023 and 2022, and cash flows for the nine months ended September 30, 2023 and 2022. The results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023 or any other future interim or annual period. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods and accompanying notes. Significant items subject to such estimates and assumptions include, but are not limited to, the allocation of transaction price among various performance obligations, the estimated customer life on deferred contract acquisition costs, the allowance for credit losses, the fair value of financial assets and liabilities, including the fair value of derivatives, the fair value of acquired intangible assets and goodwill, the useful lives of acquired intangible assets and property and equipment, the incremental borrowing rate for operating leases, loss contingency, the fair value of share purchase rights granted under the Company’s employee share purchase plan, and the valuation of deferred tax assets and uncertain tax positions. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2, Summary of Significant Accounting Policies, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There have been no significant changes to these policies during the nine months ended September 30, 2023 . Interest and Other Income, Net Interest and other income, net primarily consists of income earned on cash equivalents and short-term investments and foreign exchange gains and losses. Interest income was $ 6.1 million and $ 1.6 million for the three months ended September 30, 2023 and 2022 , respectively and $ 15.6 million and $ 2.8 million for the nine months ended September 30, 2023 and 2022 , respectively. Foreign exchange gains (losses) were not material for the periods presented. Geographical Information Revenue by geographical region can be found in Note 3, Revenue Recognition . The following table presents the Company’s long-lived assets by geographic region, which consist of property and equipment, net and operating lease right-of-use assets: September 30, 2023 December 31, 2022 (in thousands) United States $ 9,103 $ 11,569 Israel 17,843 17,887 India 4,304 2,246 Rest of world 544 921 Total long-lived assets $ 31,794 $ 32,623 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 3. Revenue Recognition Disaggregation of Revenue The following table presents revenue by category: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Amount Percentage Amount Percentage Amount Percentage Amount Percentage (in thousands, except percentages) Self-managed subscription $ 58,022 65 % $ 50,966 71 % $ 169,332 67 % $ 146,457 72 % Subscription 53,517 60 46,725 65 154,847 61 133,461 66 License 4,505 5 4,241 6 14,485 6 12,996 6 SaaS 30,614 35 21,025 29 83,294 33 57,037 28 Total subscription revenue $ 88,636 100 % $ 71,991 100 % $ 252,626 100 % $ 203,494 100 % The following table summarizes revenue by region based on the shipping address of customers: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Amount Percentage Amount Percentage Amount Percentage Amount Percentage (in thousands, except percentages) United States $ 55,162 62 % $ 45,446 63 % $ 156,440 62 % $ 128,185 63 % Israel 2,216 3 1,713 2 6,490 3 5,048 2 Rest of world 31,258 35 24,832 35 89,696 35 70,261 35 Total subscription revenue $ 88,636 100 % $ 71,991 100 % $ 252,626 100 % $ 203,494 100 % Contract Balances Of the $ 184.4 million and $ 157.1 million of deferred revenue recorded as of June 30, 2023 and 2022, respectively, the Company recognize d $ 69.1 million and $ 55.1 million as revenue during the three months ended September 30, 2023 and 2022 , respectively. Of the $ 175.7 million and $ 147.1 million of deferred revenue recorded as of December 31, 2022 and 2021, respectively, the Company recognized $ 146.4 million and $ 112.5 million as revenue during the nine months ended September 30, 2023 and 2022, respectively. Remaining Performance Obligation The Company’s remaining performance obligations are comprised of product and service revenue not yet delivered. As of September 30, 2023, the aggregate a mount of the transaction price allocated to remaining performance obligations was $ 235.1 million, which consists of billed c onsiderations of $ 191.9 million and unbilled consid erations of $ 43.2 million, that the Company expects to recognize as revenue. As of September 30, 2023 , the Company expects to recognize 83 % of its remaining performance obligations as revenue over the next 12 months, and the remainder thereafter. Cost to Obtain a Contract Amortization of deferred contract acquisition costs was $ 2.7 million and $ 1.9 million for the three months ended September 30, 2023 and 2022 , respectively, and $ 7.3 million and $ 5.1 million for the nine months ended September 30, 2023 and 2022 , respectively. |
Short-Term Investments
Short-Term Investments | 9 Months Ended |
Sep. 30, 2023 | |
Investments, All Other Investments [Abstract] | |
Short-Term Investments | 4. Short-Term Investments Short-term investments consisted of the following: September 30, 2023 Amortized Gross Gross Estimated (in thousands) Bank deposits $ 106,117 $ — $ — $ 106,117 Certificates of deposit 2,467 — ( 42 ) 2,425 Commercial paper 20,697 — ( 26 ) 20,671 Corporate debt securities 151,554 15 ( 810 ) 150,759 Municipal securities 27,774 — ( 121 ) 27,653 Government and agency debt 134,219 4 ( 654 ) 133,569 Marketable securities 336,711 19 ( 1,653 ) 335,077 Total short-term investments $ 442,828 $ 19 $ ( 1,653 ) $ 441,194 December 31, 2022 Amortized Gross Gross Estimated (in thousands) Bank deposits $ 96,034 $ — $ — $ 96,034 Certificates of deposit 2,204 — ( 51 ) 2,153 Commercial paper 38,164 2 ( 137 ) 38,029 Corporate debt securities 137,191 41 ( 859 ) 136,373 Municipal securities 38,543 23 ( 222 ) 38,344 Government and agency debt 87,149 7 ( 484 ) 86,672 Marketable securities 303,251 73 ( 1,753 ) 301,571 Total short-term investments $ 399,285 $ 73 $ ( 1,753 ) $ 397,605 The following table summarizes the Company’s marketable securities by contractual maturities: September 30, 2023 (in thousands) Due in 1 year or less $ 267,996 Due in 1 year through 2 years 67,081 Total $ 335,077 The following table presents fair value and gross unrealized losses of the Company’s marketable securities that have been in a continuous loss position, aggregated by length of time: September 30, 2023 Less Than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (in thousands) Certificates of deposit $ 247 $ ( 3 ) $ 2,157 $ ( 39 ) $ 2,404 $ ( 42 ) Commercial paper 20,671 ( 26 ) — — 20,671 ( 26 ) Corporate debt securities 108,649 ( 566 ) 26,762 ( 244 ) 135,411 ( 810 ) Municipal securities 15,500 ( 45 ) 8,624 ( 76 ) 24,124 ( 121 ) Government and agency debt 114,626 ( 519 ) 11,509 ( 135 ) 126,135 ( 654 ) Total $ 259,693 $ ( 1,159 ) $ 49,052 $ ( 494 ) $ 308,745 $ ( 1,653 ) December 31, 2022 Less Than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (in thousands) Certificates of deposit $ 2,153 $ ( 51 ) $ — $ — $ 2,153 $ ( 51 ) Commercial paper 31,838 ( 137 ) — — 31,838 ( 137 ) Corporate debt securities 123,540 ( 859 ) — — 123,540 ( 859 ) Municipal securities 25,336 ( 222 ) — — 25,336 ( 222 ) Government and agency debt 71,781 ( 484 ) — — 71,781 ( 484 ) Total $ 254,648 $ ( 1,753 ) $ — $ — $ 254,648 $ ( 1,753 ) As of September 30, 2023 and December 31, 2022 , the unrealized losses related to marketable securities were determined to be not due to credit related losses. Therefore, the Company did no t recognize an allowance for credit losses. See Note 12, Accumulated Other Comprehensive Income (Loss) , for the realized gains or losses from available-for-sale marketable securities that were reclassified out of accumulated other comprehensive income (loss) (“AOCI”) during the periods presented. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis: September 30, 2023 Fair Value Level 1 Level 2 (in thousands) Financial Assets: Money market funds $ 27,834 $ 27,834 $ — Cash equivalents 27,834 27,834 — Bank deposits 106,117 — 106,117 Certificates of deposit 2,425 — 2,425 Commercial paper 20,671 — 20,671 Corporate debt securities 150,759 — 150,759 Municipal securities 27,653 — 27,653 Government and agency debt 133,569 — 133,569 Short-term investments 441,194 — 441,194 Foreign currency contracts designated as hedging instruments included in prepaid expenses and other current assets 72 — 72 Foreign currency contracts not designated as hedging instruments included in prepaid expenses and other current assets 18 — 18 Restricted bank deposits included in prepaid expenses and other current assets 12 — 12 Total financial assets $ 469,130 $ 27,834 $ 441,296 Financial Liabilities: Foreign currency contracts designated as hedging instruments included in accrued expenses and other current liabilities $ 1,976 $ — $ 1,976 Foreign currency contracts not designated as hedging instruments included in accrued expenses and other current liabilities 142 — 142 Total financial liabilities $ 2,118 $ — $ 2,118 December 31, 2022 Fair Value Level 1 Level 2 (in thousands) Financial Assets: Money market funds $ 9,562 $ 9,562 $ — Cash equivalents 9,562 9,562 — Bank deposits 96,034 — 96,034 Certificates of deposit 2,153 — 2,153 Commercial paper 38,029 — 38,029 Corporate debt securities 136,373 — 136,373 Municipal securities 38,344 — 38,344 Government and agency debt 86,672 — 86,672 Short-term investments 397,605 — 397,605 Foreign currency contracts designated as hedging instruments included in prepaid expenses and other current assets 20 — 20 Foreign currency contracts not designated as hedging instruments included in prepaid expenses and other current assets 21 — 21 Restricted bank deposits included in prepaid expenses and other current assets 12 — 12 Total financial assets $ 407,220 $ 9,562 $ 397,658 Financial Liabilities: Foreign currency contracts designated as hedging instruments included in accrued expenses and other current liabilities $ 1,098 $ — $ 1,098 Foreign currency contracts not designated as hedging instruments included in accrued expenses and other current liabilities 379 — 379 Total financial liabilities $ 1,477 $ — $ 1,477 The Company classifies its money market fund within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its bank deposits, certificates of deposit, commercial paper, corporate debt securities, municipal securities, government and agency debt, and derivative financial instruments within Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. As of September 30, 2023 and December 31, 2022 , the Company did no t have any assets or liabilities valued based on Level 3 valuations. |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging | 6. Derivative Financial Instruments and Hedging The Company enters into foreign currency forward and option contracts with financial institutions to protect against foreign exchange risks, mainly the exposure to changes in the exchange rate of the New Israeli Shekel (“NIS”) against the U.S. dollar that are associated with forecasted future cash flows and certain existing assets and liabilities for up to twelve months. The Company’s primary objective in entering into these contracts is to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates. The Company does not use derivative instruments for trading or speculative purposes. Notional Amount of Foreign Currency Contracts The notional amounts of outstanding foreign currency contracts in U.S. dollar as of the periods presented were as follows: September 30, 2023 December 31, 2022 (in thousands) Derivatives Designated as Hedging Instruments: Foreign currency contracts $ 54,653 $ 42,854 Derivatives Not Designated as Hedging Instruments: Foreign currency contracts 18,637 17,555 Total derivative instruments $ 73,290 $ 60,409 Effect of Foreign Currency Contracts on the Condensed Consolidated Statements of Operations Derivative instruments that hedge the exposure to variability in expected future cash flows are designated as cash flow hedges. The Company records changes in the fair value of these derivatives in AOCI in the Condensed Consolidated Balance Sheets, until the forecasted transaction occurs. Upon occurrence, the Company reclassifies the related gains or losses on the derivative to the same financial statement line item in the Condensed Consolidated Statements of Operations to which the derivative relates. In case the Company discontinues cash flow hedges, it records the related amount in interest and other income, net, on the Condensed Consolidated Statements of Operations. Derivative instruments that hedge the exposure to variability in the fair value of assets or liabilities are currently not designated as hedges for financial reporting purposes. The Company records changes in the fair value of these derivatives in interest and other income, net in the Condensed Consolidated Statements of Operations. The gains (losses) on foreign currency contracts were presented on the Condensed Consolidated Statements of Operations during the periods presented as follows: Derivatives Designated as Hedging Instruments Derivatives Not Designated as Hedging Instruments Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 2023 2022 2023 2022 Condensed Statement of Operations Location: (in thousands) Cost of revenue: subscription–self-managed and SaaS $ ( 111 ) $ ( 97 ) $ ( 292 ) $ ( 224 ) $ — $ — $ — $ — Research and development ( 929 ) ( 935 ) ( 2,422 ) ( 1,844 ) — — — — Sales and marketing ( 219 ) ( 178 ) ( 559 ) ( 380 ) — — — — General and administrative ( 252 ) ( 214 ) ( 648 ) ( 464 ) — — — — Interest and other income, net — — — 8 ( 506 ) 65 ( 1,325 ) ( 335 ) Total gains (losses) recognized in earnings $ ( 1,511 ) $ ( 1,424 ) $ ( 3,921 ) $ ( 2,904 ) $ ( 506 ) $ 65 $ ( 1,325 ) $ ( 335 ) Effect of Foreign Currency Contracts on Accumulated Other Comprehensive Income Net unrealized gains (losses) of foreign currency contracts designated as hedging instruments, net of tax, are recorded in AOCI. See Note 12, Accumulated Other Comprehensive Income (Loss) , for the effect on other comprehensive income (loss) and the reclassification out of AOCI during the periods presented. All of net deferred losses in AOCI as of September 30, 2023 are expected to be recognized as operating expenses in the same financial statement line item in the Condensed Consolidated Statements of Operations to which the derivative relates over the next twelve months. |
Condensed Consolidated Balanc_3
Condensed Consolidated Balance Sheet Components | 9 Months Ended |
Sep. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Condensed Consolidated Balance Sheet Components | 7. Condensed Consolidated Balance Sheet Components Property and Equipment, Net Property and equipment, net consisted of the following: September 30, 2023 December 31, 2022 (in thousands) Computer and software $ 9,216 $ 8,330 Furniture and office equipment 3,042 2,802 Leasehold improvements 5,804 5,748 Property and equipment, gross 18,062 16,880 Less: accumulated depreciation and amortization ( 11,480 ) ( 8,859 ) Property and equipment, net $ 6,582 $ 8,021 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: September 30, 2023 December 31, 2022 (in thousands) Accrued compensation and benefits $ 22,097 $ 20,892 Accrued expenses 9,986 7,956 Accrued expenses and other current liabilities $ 32,083 $ 28,848 |
Intangible Assets, Net
Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 8. Intangible Assets, Net Intangible assets consisted of the following as of September 30, 2023: Gross Carrying Accumulated Net Carrying Weighted- (in thousands) (in years) Developed technology $ 50,347 $ ( 25,248 ) $ 25,099 2.6 Customer relationships 5,541 ( 2,549 ) 2,992 3.4 Other intangible assets 1,132 ( 566 ) 566 1.2 Total $ 57,020 $ ( 28,363 ) $ 28,657 Intangible assets consisted of the following as of December 31, 2022: Gross Carrying Accumulated Net Carrying Weighted- (in thousands) (in years) Developed technology $ 50,347 $ ( 17,434 ) $ 32,913 3.3 Customer relationships 5,541 ( 1,840 ) 3,701 4.1 Other intangible assets 1,132 ( 202 ) 930 1.9 Total $ 57,020 $ ( 19,476 ) $ 37,544 Amortization expenses for intangible assets were $ 3.0 million and $ 2.9 million for the three months ended September 30, 2023 and 2022 , respectively, and $ 8.9 million and $ 8.6 million for the nine months ended September 30, 2023 and 2022, respectively. The expected future amortization expenses by year related to the intangible assets as of September 30, 2023 are as follows: September 30, 2023 (in thousands) Year Ending December 31, 2023 (Remainder) $ 2,889 2024 11,034 2025 9,110 2026 5,241 2027 383 Total $ 28,657 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Leases | 9. Leases The Company has entered into non-cancelable lease agreements for its offices with lease periods expiring at various dates through March 2028. Components of operating lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Operating lease cost $ 2,350 $ 1,918 $ 6,843 $ 5,669 Short-term lease cost 148 172 462 427 Variable lease cost 96 92 302 284 Total operating lease cost $ 2,594 $ 2,182 $ 7,607 $ 6,380 Supplementary cash flow information related to operating leases was as follows: Nine Months Ended September 30, 2023 2022 (in thousands) Cash paid for operating leases $ 6,369 $ 5,628 ROU assets obtained in exchange for new operating lease liabilities $ 2,867 $ 1,236 Adjustment to ROU assets upon modification of existing lease $ 4,037 $ 1,952 As of September 30, 2023 , the weighted-average discount rate is 3.3 % and the weighted-average remaining term is 3.1 years. Maturities of the Company’s operating lease liabilities as of September 30, 2023 were as follows: September 30, 2023 (in thousands) Year Ending December 31, 2023 (Remainder) $ 2,223 2024 8,746 2025 7,989 2026 4,748 2027 1,606 Thereafter 156 Total operating lease payments 25,468 Less: imputed interest ( 1,402 ) Total operating lease liabilities $ 24,066 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Non-cancelable Purchase Obligations In the normal course of business, the Company enters into non-cancelable purchase commitments with various parties mainly for hosting services, as well as software products and services. As of September 30, 2023, the Company had outstanding non-cancelable purchase obligations with a term of 12 months or longer as follows: September 30, 2023 (in thousands) Year Ending December 31, 2023 (Remainder) $ 1,357 2024 21,242 2025 16,499 2026 107 Total $ 39,205 Indemnifications and Contingencies The Company enters into indemnification provisions under certain agreements with other parties in the ordinary course of business. In its customer agreements, the Company has agreed to indemnify, defend and hold harmless the indemnified party for third party claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party intellectual property infringement claims. For certain large or strategic customers, the Company has agreed to indemnify, defend and hold harmless the indemnified party for certain additional matters including but not limited to non-compliance with certain representations and warranties made by the Company. Grants from Israeli Innovation Authority The Company has received in the past grants from the Israeli Innovation Authority (“IIA”) and repaid them in full. Still, as any grant recipient, the Company is subject to the provisions of the Israeli Law for the Encouragement of Research, Development and Technological Innovation in the Industry and the regulations and guidelines thereunder (the “Innovation Law”). Pursuant to the Innovation Law, there are restrictions related to transferring intellectual property outside of Israel. Such transfer requires the approval from the IIA. The approval may be subject to a maximum additional payment amount of approximately $ 6.0 million. In the past, the Company received an approval from the IIA to perform a limited development of IIA funded know-how outside of Israel , subject to the terms specified in the IIA approval, including that all of its core R&D activities will remain in Israel. Legal Proceedings In the ordinary course of business, the Co mpany may be subject from time to time to various proceedings, lawsuits, disputes, or claims. The Company investigates these claims as they arise. Although claims are inherently unpredictable, the Company is currently not aware of any matters that, if determined adversely to the Company, would individually or taken together, have a material adverse effect on its business, financial position, results of operations, or cash flows. |
Shareholders' Equity and Equity
Shareholders' Equity and Equity Incentive Plans | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Shareholders' Equity and Equity Incentive Plans | 11. Shareholders’ Equity and Equity Incentive Plans Equity Incentive Plans Effective January 1, 2023 , the number of ordinary shares authorized for issuance under the 2020 Equity Incentive Plan (the “2020 Plan”) automatically increased by 5,819,265 shares pursuant to the terms of the 2020 Plan. Share Options A summary of share option activity under the Company’s equity incentive plans and related information is as follows: Options Outstanding Outstanding Weighted-Average Exercise Weighted-Average Remaining Aggregate (in thousands, except share, life and per share data) Balance as of December 31, 2022 7,205,324 $ 7.88 5.4 $ 101,334 Exercised ( 1,290,378 ) $ 4.21 $ 26,135 Forfeited ( 115,611 ) $ 14.65 Balance as of September 30, 2023 5,799,335 $ 8.56 4.7 $ 99,709 Exercisable as of September 30, 2023 4,795,660 $ 6.80 4.4 $ 90,423 Restricted Share Units A summary of restricted share units (“RSU”) activity under the Company's equity incentive plan and related information is as follows, including RSUs with a market-based condition for which the fair value was determined using a Monte Carlo simulation model: RSUs Unvested RSUs Weighted-Average Unvested as of December 31, 2022 7,981,147 $ 26.90 Granted 5,721,837 $ 25.82 Vested ( 2,242,046 ) $ 26.85 Forfeited ( 1,013,170 ) $ 25.85 Unvested as of September 30, 2023 10,447,768 $ 26.42 The total release date fair value of RSUs was $ 57.1 million during the nine months ended September 30, 2023. Employee Share Purchase Plan Effective January 1, 2023 , the number of ordinary shares authorized for issuance under the 2020 Employee Share Purchase Plan (“ESPP”) automatically increased by 1,009,633 shares pursuant to the terms of ESPP. Shares Reserved for Future Issuance The Company has the following ordinary shares reserved for future issuance: September 30, 2023 Outstanding share options 5,799,335 Outstanding RSUs 10,447,768 Shares available for future issuance under the 2020 Plan 14,335,295 Shares available for future issuance under ESPP 4,281,665 Total ordinary shares reserved 34,864,063 Share-Based Compensation The share-based compensation expense by line item in the accompanying condensed consolidated statements of operations is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Cost of revenue: subscription–self-managed and SaaS $ 2,650 $ 1,903 $ 6,865 $ 4,822 Research and development 8,596 6,806 23,566 17,268 Sales and marketing 8,248 6,548 21,461 16,095 General and administrative 6,192 3,960 15,028 10,183 Total share-based compensation expense $ 25,686 $ 19,217 $ 66,920 $ 48,368 As of September 30, 2023 , unrecognized share-based compensation cost related to unvested share-based compensation awards was $ 268.8 million, which is expected to be recognized over a weighted-average period of 3.0 years. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 12. Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in AOCI by component, net of tax, during the periods presented: Net Unrealized Net Unrealized Total (in thousands) Balance as of December 31, 2022 $ ( 1,694 ) $ ( 1,078 ) $ ( 2,772 ) Other comprehensive loss before reclassifications ( 6 ) ( 4,747 ) ( 4,753 ) Net realized losses reclassified from AOCI 162 3,921 4,083 Other comprehensive loss 156 ( 826 ) ( 670 ) Balance as of September 30, 2023 $ ( 1,538 ) $ ( 1,904 ) $ ( 3,442 ) Net Unrealized Net Unrealized Total (in thousands) Balance as of December 31, 2021 $ ( 264 ) $ 875 $ 611 Other comprehensive loss before reclassifications ( 1,738 ) ( 6,018 ) ( 7,756 ) Net realized losses (gains) reclassified from AOCI ( 1 ) 2,904 2,903 Other comprehensive loss ( 1,739 ) ( 3,114 ) ( 4,853 ) Balance as of September 30, 2022 $ ( 2,003 ) $ ( 2,239 ) $ ( 4,242 ) |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The Company’s quarterly tax provision and estimates of its annual effective tax rate are subject to variation due to several factors, including variability in pre-tax income (or loss), the mix of jurisdictions to which such income relates, tax law developments, as well as non-deductible expenses, such as share-based compensation, and changes in its valuation allowance. Income tax expense was $ 1.4 million and $ 1.5 million for the three months ended September 30, 2023 and 2022 , respectively, and $ 4.5 million and $ 4.2 million for the nine months ended September 30, 2023 and 2022, respectively. The income tax expense for the periods consisted primarily of income taxes related to the Company’s U.S. operations. A valuation allowance is provided when it is more likely than not that the deferred tax assets will not be realized. Based on the available objective evidence during nine months ended September 30, 2023, the Company believes it is more likely than not that the tax benefits of the Company’s losses incurred in Israel may not be realized. Gross unrecognized tax benefits were $ 4.8 million as of September 30, 2023 and December 31, 2022. As of September 30, 2023 , the Company does not expect its unrecognized tax benefits to change significantly within the next twelve months. |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 14. Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands, except share and per share data) Numerator: Net loss $ ( 13,747 ) $ ( 23,552 ) $ ( 50,023 ) $ ( 67,029 ) Denominator: Weighted-average shares used in computing net loss per share, basic and diluted 104,134,649 99,617,687 102,646,453 98,825,422 Net loss per share, basic and diluted $ ( 0.13 ) $ ( 0.24 ) $ ( 0.49 ) $ ( 0.68 ) The potential shares of ordinary shares that were excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Outstanding share options 5,992,799 7,917,840 6,503,720 8,536,885 Unvested RSUs 10,027,845 7,994,184 8,856,319 5,592,902 Share purchase rights under the ESPP 59,044 147,704 146,583 136,089 Issuable ordinary shares related to business combination — 102,124 36,774 118,377 Total 16,079,688 16,161,852 15,543,396 14,384,253 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting, and include the accounts of JFrog Ltd. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2022 was derived from the audited consolidated financial statements as of that date, but does not include all of the disclosures, including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 9, 2023. In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of September 30, 2023 and the Company’s consolidated results of operations and shareholders’ equity for the three and nine months ended September 30, 2023 and 2022, and cash flows for the nine months ended September 30, 2023 and 2022. The results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023 or any other future interim or annual period. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods and accompanying notes. Significant items subject to such estimates and assumptions include, but are not limited to, the allocation of transaction price among various performance obligations, the estimated customer life on deferred contract acquisition costs, the allowance for credit losses, the fair value of financial assets and liabilities, including the fair value of derivatives, the fair value of acquired intangible assets and goodwill, the useful lives of acquired intangible assets and property and equipment, the incremental borrowing rate for operating leases, loss contingency, the fair value of share purchase rights granted under the Company’s employee share purchase plan, and the valuation of deferred tax assets and uncertain tax positions. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. |
Significant Accounting Policies | Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2, Summary of Significant Accounting Policies, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There have been no significant changes to these policies during the nine months ended September 30, 2023 . |
Fair Value Measurements | The Company classifies its money market fund within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its bank deposits, certificates of deposit, commercial paper, corporate debt securities, municipal securities, government and agency debt, and derivative financial instruments within Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. As of September 30, 2023 and December 31, 2022 , the Company did no t have any assets or liabilities valued based on Level 3 valuations. |
Effect of Foreign Currency Contracts on the Condensed Consolidated Statements of Operations | Effect of Foreign Currency Contracts on the Condensed Consolidated Statements of Operations Derivative instruments that hedge the exposure to variability in expected future cash flows are designated as cash flow hedges. The Company records changes in the fair value of these derivatives in AOCI in the Condensed Consolidated Balance Sheets, until the forecasted transaction occurs. Upon occurrence, the Company reclassifies the related gains or losses on the derivative to the same financial statement line item in the Condensed Consolidated Statements of Operations to which the derivative relates. In case the Company discontinues cash flow hedges, it records the related amount in interest and other income, net, on the Condensed Consolidated Statements of Operations. Derivative instruments that hedge the exposure to variability in the fair value of assets or liabilities are currently not designated as hedges for financial reporting purposes. The Company records changes in the fair value of these derivatives in interest and other income, net in the Condensed Consolidated Statements of Operations. |
Interest and Other Income, Net | Interest and Other Income, Net Interest and other income, net primarily consists of income earned on cash equivalents and short-term investments and foreign exchange gains and losses. Interest income was $ 6.1 million and $ 1.6 million for the three months ended September 30, 2023 and 2022 , respectively and $ 15.6 million and $ 2.8 million for the nine months ended September 30, 2023 and 2022 , respectively. Foreign exchange gains (losses) were not material for the periods presented. |
Geographical Information | Geographical Information Revenue by geographical region can be found in Note 3, Revenue Recognition . The following table presents the Company’s long-lived assets by geographic region, which consist of property and equipment, net and operating lease right-of-use assets: September 30, 2023 December 31, 2022 (in thousands) United States $ 9,103 $ 11,569 Israel 17,843 17,887 India 4,304 2,246 Rest of world 544 921 Total long-lived assets $ 31,794 $ 32,623 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Long Lived Assets by Geographic Region | The following table presents the Company’s long-lived assets by geographic region, which consist of property and equipment, net and operating lease right-of-use assets: September 30, 2023 December 31, 2022 (in thousands) United States $ 9,103 $ 11,569 Israel 17,843 17,887 India 4,304 2,246 Rest of world 544 921 Total long-lived assets $ 31,794 $ 32,623 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Table Presents Revenue as Follows | The following table presents revenue by category: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Amount Percentage Amount Percentage Amount Percentage Amount Percentage (in thousands, except percentages) Self-managed subscription $ 58,022 65 % $ 50,966 71 % $ 169,332 67 % $ 146,457 72 % Subscription 53,517 60 46,725 65 154,847 61 133,461 66 License 4,505 5 4,241 6 14,485 6 12,996 6 SaaS 30,614 35 21,025 29 83,294 33 57,037 28 Total subscription revenue $ 88,636 100 % $ 71,991 100 % $ 252,626 100 % $ 203,494 100 % |
Summary of Table by Region Based on the Shipping Address of Customers | The following table summarizes revenue by region based on the shipping address of customers: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Amount Percentage Amount Percentage Amount Percentage Amount Percentage (in thousands, except percentages) United States $ 55,162 62 % $ 45,446 63 % $ 156,440 62 % $ 128,185 63 % Israel 2,216 3 1,713 2 6,490 3 5,048 2 Rest of world 31,258 35 24,832 35 89,696 35 70,261 35 Total subscription revenue $ 88,636 100 % $ 71,991 100 % $ 252,626 100 % $ 203,494 100 % |
Short-Term Investments (Tables)
Short-Term Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments, All Other Investments [Abstract] | |
Summary of Short Term Investments | Short-term investments consisted of the following: September 30, 2023 Amortized Gross Gross Estimated (in thousands) Bank deposits $ 106,117 $ — $ — $ 106,117 Certificates of deposit 2,467 — ( 42 ) 2,425 Commercial paper 20,697 — ( 26 ) 20,671 Corporate debt securities 151,554 15 ( 810 ) 150,759 Municipal securities 27,774 — ( 121 ) 27,653 Government and agency debt 134,219 4 ( 654 ) 133,569 Marketable securities 336,711 19 ( 1,653 ) 335,077 Total short-term investments $ 442,828 $ 19 $ ( 1,653 ) $ 441,194 December 31, 2022 Amortized Gross Gross Estimated (in thousands) Bank deposits $ 96,034 $ — $ — $ 96,034 Certificates of deposit 2,204 — ( 51 ) 2,153 Commercial paper 38,164 2 ( 137 ) 38,029 Corporate debt securities 137,191 41 ( 859 ) 136,373 Municipal securities 38,543 23 ( 222 ) 38,344 Government and agency debt 87,149 7 ( 484 ) 86,672 Marketable securities 303,251 73 ( 1,753 ) 301,571 Total short-term investments $ 399,285 $ 73 $ ( 1,753 ) $ 397,605 |
Summary of Company's Marketable Securities by Contractual Maturities | The following table summarizes the Company’s marketable securities by contractual maturities: September 30, 2023 (in thousands) Due in 1 year or less $ 267,996 Due in 1 year through 2 years 67,081 Total $ 335,077 |
Summary of Presents Fair Value and Gross Unrealized Losses of the Company's Marketable Securities | The following table presents fair value and gross unrealized losses of the Company’s marketable securities that have been in a continuous loss position, aggregated by length of time: September 30, 2023 Less Than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (in thousands) Certificates of deposit $ 247 $ ( 3 ) $ 2,157 $ ( 39 ) $ 2,404 $ ( 42 ) Commercial paper 20,671 ( 26 ) — — 20,671 ( 26 ) Corporate debt securities 108,649 ( 566 ) 26,762 ( 244 ) 135,411 ( 810 ) Municipal securities 15,500 ( 45 ) 8,624 ( 76 ) 24,124 ( 121 ) Government and agency debt 114,626 ( 519 ) 11,509 ( 135 ) 126,135 ( 654 ) Total $ 259,693 $ ( 1,159 ) $ 49,052 $ ( 494 ) $ 308,745 $ ( 1,653 ) December 31, 2022 Less Than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (in thousands) Certificates of deposit $ 2,153 $ ( 51 ) $ — $ — $ 2,153 $ ( 51 ) Commercial paper 31,838 ( 137 ) — — 31,838 ( 137 ) Corporate debt securities 123,540 ( 859 ) — — 123,540 ( 859 ) Municipal securities 25,336 ( 222 ) — — 25,336 ( 222 ) Government and agency debt 71,781 ( 484 ) — — 71,781 ( 484 ) Total $ 254,648 $ ( 1,753 ) $ — $ — $ 254,648 $ ( 1,753 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value by Balance Sheet Grouping | The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis: September 30, 2023 Fair Value Level 1 Level 2 (in thousands) Financial Assets: Money market funds $ 27,834 $ 27,834 $ — Cash equivalents 27,834 27,834 — Bank deposits 106,117 — 106,117 Certificates of deposit 2,425 — 2,425 Commercial paper 20,671 — 20,671 Corporate debt securities 150,759 — 150,759 Municipal securities 27,653 — 27,653 Government and agency debt 133,569 — 133,569 Short-term investments 441,194 — 441,194 Foreign currency contracts designated as hedging instruments included in prepaid expenses and other current assets 72 — 72 Foreign currency contracts not designated as hedging instruments included in prepaid expenses and other current assets 18 — 18 Restricted bank deposits included in prepaid expenses and other current assets 12 — 12 Total financial assets $ 469,130 $ 27,834 $ 441,296 Financial Liabilities: Foreign currency contracts designated as hedging instruments included in accrued expenses and other current liabilities $ 1,976 $ — $ 1,976 Foreign currency contracts not designated as hedging instruments included in accrued expenses and other current liabilities 142 — 142 Total financial liabilities $ 2,118 $ — $ 2,118 December 31, 2022 Fair Value Level 1 Level 2 (in thousands) Financial Assets: Money market funds $ 9,562 $ 9,562 $ — Cash equivalents 9,562 9,562 — Bank deposits 96,034 — 96,034 Certificates of deposit 2,153 — 2,153 Commercial paper 38,029 — 38,029 Corporate debt securities 136,373 — 136,373 Municipal securities 38,344 — 38,344 Government and agency debt 86,672 — 86,672 Short-term investments 397,605 — 397,605 Foreign currency contracts designated as hedging instruments included in prepaid expenses and other current assets 20 — 20 Foreign currency contracts not designated as hedging instruments included in prepaid expenses and other current assets 21 — 21 Restricted bank deposits included in prepaid expenses and other current assets 12 — 12 Total financial assets $ 407,220 $ 9,562 $ 397,658 Financial Liabilities: Foreign currency contracts designated as hedging instruments included in accrued expenses and other current liabilities $ 1,098 $ — $ 1,098 Foreign currency contracts not designated as hedging instruments included in accrued expenses and other current liabilities 379 — 379 Total financial liabilities $ 1,477 $ — $ 1,477 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Disclosure of Notional Amount of Derivatives by Hedging Designation | The notional amounts of outstanding foreign currency contracts in U.S. dollar as of the periods presented were as follows: September 30, 2023 December 31, 2022 (in thousands) Derivatives Designated as Hedging Instruments: Foreign currency contracts $ 54,653 $ 42,854 Derivatives Not Designated as Hedging Instruments: Foreign currency contracts 18,637 17,555 Total derivative instruments $ 73,290 $ 60,409 |
Derivative Instruments, Gain (Loss) | The gains (losses) on foreign currency contracts were presented on the Condensed Consolidated Statements of Operations during the periods presented as follows: Derivatives Designated as Hedging Instruments Derivatives Not Designated as Hedging Instruments Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 2023 2022 2023 2022 Condensed Statement of Operations Location: (in thousands) Cost of revenue: subscription–self-managed and SaaS $ ( 111 ) $ ( 97 ) $ ( 292 ) $ ( 224 ) $ — $ — $ — $ — Research and development ( 929 ) ( 935 ) ( 2,422 ) ( 1,844 ) — — — — Sales and marketing ( 219 ) ( 178 ) ( 559 ) ( 380 ) — — — — General and administrative ( 252 ) ( 214 ) ( 648 ) ( 464 ) — — — — Interest and other income, net — — — 8 ( 506 ) 65 ( 1,325 ) ( 335 ) Total gains (losses) recognized in earnings $ ( 1,511 ) $ ( 1,424 ) $ ( 3,921 ) $ ( 2,904 ) $ ( 506 ) $ 65 $ ( 1,325 ) $ ( 335 ) |
Condensed Consolidated Balanc_4
Condensed Consolidated Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Summary of Property and Equipment | Property and equipment, net consisted of the following: September 30, 2023 December 31, 2022 (in thousands) Computer and software $ 9,216 $ 8,330 Furniture and office equipment 3,042 2,802 Leasehold improvements 5,804 5,748 Property and equipment, gross 18,062 16,880 Less: accumulated depreciation and amortization ( 11,480 ) ( 8,859 ) Property and equipment, net $ 6,582 $ 8,021 |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: September 30, 2023 December 31, 2022 (in thousands) Accrued compensation and benefits $ 22,097 $ 20,892 Accrued expenses 9,986 7,956 Accrued expenses and other current liabilities $ 32,083 $ 28,848 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of intangible assets | Intangible assets consisted of the following as of September 30, 2023: Gross Carrying Accumulated Net Carrying Weighted- (in thousands) (in years) Developed technology $ 50,347 $ ( 25,248 ) $ 25,099 2.6 Customer relationships 5,541 ( 2,549 ) 2,992 3.4 Other intangible assets 1,132 ( 566 ) 566 1.2 Total $ 57,020 $ ( 28,363 ) $ 28,657 Intangible assets consisted of the following as of December 31, 2022: Gross Carrying Accumulated Net Carrying Weighted- (in thousands) (in years) Developed technology $ 50,347 $ ( 17,434 ) $ 32,913 3.3 Customer relationships 5,541 ( 1,840 ) 3,701 4.1 Other intangible assets 1,132 ( 202 ) 930 1.9 Total $ 57,020 $ ( 19,476 ) $ 37,544 |
Summary of expected future amortization expenses by year related to the intangible assets | The expected future amortization expenses by year related to the intangible assets as of September 30, 2023 are as follows: September 30, 2023 (in thousands) Year Ending December 31, 2023 (Remainder) $ 2,889 2024 11,034 2025 9,110 2026 5,241 2027 383 Total $ 28,657 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Components of Operating Lease Expense | Components of operating lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Operating lease cost $ 2,350 $ 1,918 $ 6,843 $ 5,669 Short-term lease cost 148 172 462 427 Variable lease cost 96 92 302 284 Total operating lease cost $ 2,594 $ 2,182 $ 7,607 $ 6,380 |
Supplementary Cash Flow Information Related to Operating Leases | Supplementary cash flow information related to operating leases was as follows: Nine Months Ended September 30, 2023 2022 (in thousands) Cash paid for operating leases $ 6,369 $ 5,628 ROU assets obtained in exchange for new operating lease liabilities $ 2,867 $ 1,236 Adjustment to ROU assets upon modification of existing lease $ 4,037 $ 1,952 |
Summary of Minimum Lease Payments Under Operating Leases | As of September 30, 2023 , the weighted-average discount rate is 3.3 % and the weighted-average remaining term is 3.1 years. Maturities of the Company’s operating lease liabilities as of September 30, 2023 were as follows: September 30, 2023 (in thousands) Year Ending December 31, 2023 (Remainder) $ 2,223 2024 8,746 2025 7,989 2026 4,748 2027 1,606 Thereafter 156 Total operating lease payments 25,468 Less: imputed interest ( 1,402 ) Total operating lease liabilities $ 24,066 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Outstanding Non-cancelable Purchase Obligations | In the normal course of business, the Company enters into non-cancelable purchase commitments with various parties mainly for hosting services, as well as software products and services. As of September 30, 2023, the Company had outstanding non-cancelable purchase obligations with a term of 12 months or longer as follows: September 30, 2023 (in thousands) Year Ending December 31, 2023 (Remainder) $ 1,357 2024 21,242 2025 16,499 2026 107 Total $ 39,205 |
Shareholders' Equity and Equi_2
Shareholders' Equity and Equity Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Summary of Stock Option Activity | A summary of share option activity under the Company’s equity incentive plans and related information is as follows: Options Outstanding Outstanding Weighted-Average Exercise Weighted-Average Remaining Aggregate (in thousands, except share, life and per share data) Balance as of December 31, 2022 7,205,324 $ 7.88 5.4 $ 101,334 Exercised ( 1,290,378 ) $ 4.21 $ 26,135 Forfeited ( 115,611 ) $ 14.65 Balance as of September 30, 2023 5,799,335 $ 8.56 4.7 $ 99,709 Exercisable as of September 30, 2023 4,795,660 $ 6.80 4.4 $ 90,423 |
Summary of Restricted Ordinary Shares | A summary of restricted share units (“RSU”) activity under the Company's equity incentive plan and related information is as follows, including RSUs with a market-based condition for which the fair value was determined using a Monte Carlo simulation model: RSUs Unvested RSUs Weighted-Average Unvested as of December 31, 2022 7,981,147 $ 26.90 Granted 5,721,837 $ 25.82 Vested ( 2,242,046 ) $ 26.85 Forfeited ( 1,013,170 ) $ 25.85 Unvested as of September 30, 2023 10,447,768 $ 26.42 |
Summary of Ordinary Shares Reserved for Future Issuance | The Company has the following ordinary shares reserved for future issuance: September 30, 2023 Outstanding share options 5,799,335 Outstanding RSUs 10,447,768 Shares available for future issuance under the 2020 Plan 14,335,295 Shares available for future issuance under ESPP 4,281,665 Total ordinary shares reserved 34,864,063 |
Summary of Stock-Based Compensation Expense | The share-based compensation expense by line item in the accompanying condensed consolidated statements of operations is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Cost of revenue: subscription–self-managed and SaaS $ 2,650 $ 1,903 $ 6,865 $ 4,822 Research and development 8,596 6,806 23,566 17,268 Sales and marketing 8,248 6,548 21,461 16,095 General and administrative 6,192 3,960 15,028 10,183 Total share-based compensation expense $ 25,686 $ 19,217 $ 66,920 $ 48,368 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Summary of changes in AOCI | The following table summarizes the changes in AOCI by component, net of tax, during the periods presented: Net Unrealized Net Unrealized Total (in thousands) Balance as of December 31, 2022 $ ( 1,694 ) $ ( 1,078 ) $ ( 2,772 ) Other comprehensive loss before reclassifications ( 6 ) ( 4,747 ) ( 4,753 ) Net realized losses reclassified from AOCI 162 3,921 4,083 Other comprehensive loss 156 ( 826 ) ( 670 ) Balance as of September 30, 2023 $ ( 1,538 ) $ ( 1,904 ) $ ( 3,442 ) Net Unrealized Net Unrealized Total (in thousands) Balance as of December 31, 2021 $ ( 264 ) $ 875 $ 611 Other comprehensive loss before reclassifications ( 1,738 ) ( 6,018 ) ( 7,756 ) Net realized losses (gains) reclassified from AOCI ( 1 ) 2,904 2,903 Other comprehensive loss ( 1,739 ) ( 3,114 ) ( 4,853 ) Balance as of September 30, 2022 $ ( 2,003 ) $ ( 2,239 ) $ ( 4,242 ) |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net loss per share for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands, except share and per share data) Numerator: Net loss $ ( 13,747 ) $ ( 23,552 ) $ ( 50,023 ) $ ( 67,029 ) Denominator: Weighted-average shares used in computing net loss per share, basic and diluted 104,134,649 99,617,687 102,646,453 98,825,422 Net loss per share, basic and diluted $ ( 0.13 ) $ ( 0.24 ) $ ( 0.49 ) $ ( 0.68 ) |
Summary of Shares Excluded from the Computation of Diluted Net Loss Per Share | The potential shares of ordinary shares that were excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Outstanding share options 5,992,799 7,917,840 6,503,720 8,536,885 Unvested RSUs 10,027,845 7,994,184 8,856,319 5,592,902 Share purchase rights under the ESPP 59,044 147,704 146,583 136,089 Issuable ordinary shares related to business combination — 102,124 36,774 118,377 Total 16,079,688 16,161,852 15,543,396 14,384,253 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accounting Policies [Abstract] | ||||
Interest income | $ 6.1 | $ 1.6 | $ 15.6 | $ 2.8 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Long Lived Assets by Geographic Region (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Total long lived assets | $ 31,794 | $ 32,623 |
United States | ||
Total long lived assets | 9,103 | 11,569 |
Israel | ||
Total long lived assets | 17,843 | 17,887 |
India | ||
Total long lived assets | 4,304 | 2,246 |
Rest of world | ||
Total long lived assets | $ 544 | $ 921 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Table Presents Revenue as Follows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total subscription revenue | $ 88,636 | $ 71,991 | $ 252,626 | $ 203,494 |
Sale revenue [Member] | Product Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue | 100% | 100% | 100% | 100% |
Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total subscription revenue | $ 53,517 | $ 46,725 | $ 154,847 | $ 133,461 |
Subscription | Sale revenue [Member] | Product Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue | 60% | 65% | 61% | 66% |
Selfmanaged Subscription [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total subscription revenue | $ 58,022 | $ 50,966 | $ 169,332 | $ 146,457 |
Selfmanaged Subscription [Member] | Sale revenue [Member] | Product Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue | 65% | 71% | 67% | 72% |
License [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total subscription revenue | $ 4,505 | $ 4,241 | $ 14,485 | $ 12,996 |
License [Member] | Sale revenue [Member] | Product Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue | 5% | 6% | 6% | 6% |
SaaS [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total subscription revenue | $ 30,614 | $ 21,025 | $ 83,294 | $ 57,037 |
SaaS [Member] | Sale revenue [Member] | Product Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue | 35% | 29% | 33% | 28% |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Revenue by Region Based on The Shipping Address of Customers as Follows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total subscription revenue | $ 88,636 | $ 71,991 | $ 252,626 | $ 203,494 |
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue | 100% | 100% | 100% | 100% |
UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Total subscription revenue | $ 55,162 | $ 45,446 | $ 156,440 | $ 128,185 |
UNITED STATES | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue | 62% | 63% | 62% | 63% |
ISRAEL | ||||
Disaggregation of Revenue [Line Items] | ||||
Total subscription revenue | $ 2,216 | $ 1,713 | $ 6,490 | $ 5,048 |
ISRAEL | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue | 3% | 2% | 3% | 2% |
Rest of world [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total subscription revenue | $ 31,258 | $ 24,832 | $ 89,696 | $ 70,261 |
Rest of world [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue | 35% | 35% | 35% | 35% |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||||||||
Deferred Revenue | $ 184.4 | $ 175.7 | $ 157.1 | $ 147.1 | ||||
Contract with Customer, Liability, Revenue Recognized | $ 69.1 | $ 55.1 | $ 146.4 | $ 112.5 | ||||
Revenue, Remaining Performance Obligation | $ 235.1 | $ 235.1 | ||||||
Revenue, Remaining Performance Obligation, Percentage | 83% | 83% | ||||||
Billed Revenues [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue, Remaining Performance Obligation | $ 191.9 | $ 191.9 | ||||||
Unbilled Revenues [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue, Remaining Performance Obligation | $ 43.2 | $ 43.2 |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Detail 1) | Sep. 30, 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue Recognition - Additio_3
Revenue Recognition - Additional Information (Details 2) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Deferred Policy Acquisition Costs Disclosures [Abstract] | ||||
Amortization of deferred contract acquisition costs | $ 2.7 | $ 1.9 | $ 7.3 | $ 5.1 |
Short-Term Investments - Summar
Short-Term Investments - Summary of Short Term Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule of short term investments [Line Items] | ||
Amortized Cost | $ 442,828 | $ 399,285 |
Gross Unrealized Gains | 19 | 73 |
Gross Unrealized Losses | (1,653) | (1,753) |
Estimated Fair Value | 441,194 | 397,605 |
Bank deposits [Member] | ||
Schedule of short term investments [Line Items] | ||
Amortized Cost | 106,117 | 96,034 |
Estimated Fair Value | 106,117 | 96,034 |
Certificates of deposit [Member] | ||
Schedule of short term investments [Line Items] | ||
Amortized Cost | 2,467 | 2,204 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (42) | (51) |
Estimated Fair Value | 2,425 | 2,153 |
Commercial paper [Member] | ||
Schedule of short term investments [Line Items] | ||
Amortized Cost | 20,697 | 38,164 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | (26) | (137) |
Estimated Fair Value | 20,671 | 38,029 |
Corporate debt securities [Member] | ||
Schedule of short term investments [Line Items] | ||
Amortized Cost | 151,554 | 137,191 |
Gross Unrealized Gains | 15 | 41 |
Gross Unrealized Losses | (810) | (859) |
Estimated Fair Value | 150,759 | 136,373 |
Municipal securities [Member] | ||
Schedule of short term investments [Line Items] | ||
Amortized Cost | 27,774 | 38,543 |
Gross Unrealized Gains | 0 | 23 |
Gross Unrealized Losses | (121) | (222) |
Estimated Fair Value | 27,653 | 38,344 |
Government and agency debt [Member] | ||
Schedule of short term investments [Line Items] | ||
Amortized Cost | 134,219 | 87,149 |
Gross Unrealized Gains | 4 | 7 |
Gross Unrealized Losses | (654) | (484) |
Estimated Fair Value | 133,569 | 86,672 |
Marketable securities [Member] | ||
Schedule of short term investments [Line Items] | ||
Amortized Cost | 336,711 | 303,251 |
Gross Unrealized Gains | 19 | 73 |
Gross Unrealized Losses | (1,653) | (1,753) |
Estimated Fair Value | $ 335,077 | $ 301,571 |
Short-Term Investments - Summ_2
Short-Term Investments - Summary of Company's Marketable Securities by Contractual Maturities (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract] | |
Due in 1 year or less | $ 267,996 |
Due in 1 year through 2 years | 67,081 |
Total | $ 335,077 |
Short-Term Investments - Summ_3
Short-Term Investments - Summary of Presents Fair Value and Gross Unrealized Losses of the Company's Marketable Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 259,693 | $ 254,648 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 49,052 | 0 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 308,745 | 254,648 |
Gross Unrealized Losses Less Than 12 Months | (1,159) | (1,753) |
Gross Unrealized Losses 12 Months or Greater | (494) | 0 |
Gross Unrealized Losses Total | (1,653) | (1,753) |
Certificates of Deposit [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 247 | 2,153 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,157 | 0 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 2,404 | 2,153 |
Gross Unrealized Losses Less Than 12 Months | (3) | (51) |
Gross Unrealized Losses 12 Months or Greater | (39) | 0 |
Gross Unrealized Losses Total | (42) | (51) |
Commercial Paper [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 20,671 | 31,838 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 20,671 | 31,838 |
Gross Unrealized Losses Less Than 12 Months | (26) | (137) |
Gross Unrealized Losses 12 Months or Greater | 0 | 0 |
Gross Unrealized Losses Total | (26) | (137) |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 108,649 | 123,540 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 26,762 | 0 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 135,411 | 123,540 |
Gross Unrealized Losses Less Than 12 Months | (566) | (859) |
Gross Unrealized Losses 12 Months or Greater | (244) | 0 |
Gross Unrealized Losses Total | (810) | (859) |
Municipal securities [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 15,500 | 25,336 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 8,624 | 0 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 24,124 | 25,336 |
Gross Unrealized Losses Less Than 12 Months | (45) | (222) |
Gross Unrealized Losses 12 Months or Greater | (76) | 0 |
Gross Unrealized Losses Total | (121) | (222) |
Government and agency debt [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 114,626 | 71,781 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 11,509 | 0 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 126,135 | 71,781 |
Gross Unrealized Losses Less Than 12 Months | (519) | (484) |
Gross Unrealized Losses 12 Months or Greater | (135) | 0 |
Gross Unrealized Losses Total | $ (654) | $ (484) |
Short-Term Investments - Additi
Short-Term Investments - Additional Information (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Investments, All Other Investments [Abstract] | ||
Allowance for credit losses | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value, by Balance Sheet Grouping (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 27,834 | $ 9,562 |
Total financial assets | 27,834 | 9,562 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets | 441,296 | 397,658 |
Total financial liabilities | 2,118 | 1,477 |
Level 2 | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 441,194 | 397,605 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 27,834 | 9,562 |
Total financial assets | 469,130 | 407,220 |
Total financial liabilities | 2,118 | 1,477 |
Fair Value | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 441,194 | 397,605 |
Prepaid Expenses and Other Current Assets [Member] | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Restricted bank deposits included in assets | 12 | 12 |
Prepaid Expenses and Other Current Assets [Member] | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Restricted bank deposits included in assets | 12 | 12 |
Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 72 | 20 |
Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 72 | 20 |
Prepaid Expenses and Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 18 | 21 |
Prepaid Expenses and Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 18 | 21 |
Accrued Expenses And Other Current Liabilites [Member] | Designated as Hedging Instrument [Member] | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 1,976 | 1,098 |
Accrued Expenses And Other Current Liabilites [Member] | Designated as Hedging Instrument [Member] | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 1,976 | 1,098 |
Accrued Expenses And Other Current Liabilites [Member] | Not Designated as Hedging Instrument [Member] | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 142 | 379 |
Accrued Expenses And Other Current Liabilites [Member] | Not Designated as Hedging Instrument [Member] | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 142 | 379 |
Money market funds | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 27,834 | 9,562 |
Money market funds | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 27,834 | 9,562 |
Bank deposits | Level 2 | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 106,117 | 96,034 |
Bank deposits | Fair Value | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 106,117 | 96,034 |
Certificates of deposit | Level 2 | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 2,425 | 2,153 |
Certificates of deposit | Fair Value | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 2,425 | 2,153 |
Commercial paper | Level 2 | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 20,671 | 38,029 |
Commercial paper | Fair Value | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 20,671 | 38,029 |
Corporate debt securities | Level 2 | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 150,759 | 136,373 |
Corporate debt securities | Fair Value | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 150,759 | 136,373 |
Municipal securities | Level 2 | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 27,653 | 38,344 |
Municipal securities | Fair Value | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 27,653 | 38,344 |
Government and agency debt | Level 2 | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 133,569 | 86,672 |
Government and agency debt | Fair Value | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | $ 133,569 | $ 86,672 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Level 3 - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets | $ 0 | $ 0 |
Total financial liabilities | $ 0 | $ 0 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Hedging - Disclosure of Notional Amount of Derivatives By Hedging Designation (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Total derivative instruments | $ 73,290 | $ 60,409 |
Foreign Currency Contracts [Member] | Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative instruments | 54,653 | 42,854 |
Foreign Currency Contracts [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative instruments | $ 18,637 | $ 17,555 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Hedging - Derivative Instruments, Gain (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains (losses) recognized in earnings | $ (1,511) | $ (1,424) | $ (3,921) | $ (2,904) |
Derivatives Not Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains (losses) recognized in earnings | (506) | 65 | (1,325) | (335) |
Foreign Currency Contracts [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains (losses) recognized in earnings | $ 0 | $ 0 | $ 0 | $ 8 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Nonoperating Income (Expense) | Nonoperating Income (Expense) | Nonoperating Income (Expense) | Nonoperating Income (Expense) |
Foreign Currency Contracts [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains (losses) recognized in earnings | $ (506) | $ 65 | $ (1,325) | $ (335) |
Foreign Currency Contracts [Member] | Subscription–self-managed and SaaS [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains (losses) recognized in earnings | $ (111) | $ (97) | $ (292) | $ (224) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Revenue | Cost of Revenue | Cost of Revenue | Cost of Revenue |
Foreign Currency Contracts [Member] | Research and Development [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains (losses) recognized in earnings | $ (929) | $ (935) | $ (2,422) | $ (1,844) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Research and Development Expense | Research and Development Expense | Research and Development Expense | Research and Development Expense |
Foreign Currency Contracts [Member] | Sales and Marketing [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains (losses) recognized in earnings | $ (219) | $ (178) | $ (559) | $ (380) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling and Marketing Expense | Selling and Marketing Expense | Selling and Marketing Expense | Selling and Marketing Expense |
Foreign Currency Contracts [Member] | General and Administrative [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains (losses) recognized in earnings | $ (252) | $ (214) | $ (648) | $ (464) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | General and Administrative Expense | General and Administrative Expense | General and Administrative Expense | General and Administrative Expense |
Condensed Consolidated Balanc_5
Condensed Consolidated Balance Sheet Components - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 18,062 | $ 16,880 |
Less: accumulated depreciation and amortization | (11,480) | (8,859) |
Property and equipment, net | 6,582 | 8,021 |
Computer and Software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 9,216 | 8,330 |
Furniture and Office Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 3,042 | 2,802 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 5,804 | $ 5,748 |
Condensed Consolidated Balanc_6
Condensed Consolidated Balance Sheet Components - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued compensation and benefits | $ 22,097 | $ 20,892 |
Accrued expenses | 9,986 | 7,956 |
Accrued expenses and other current liabilities | $ 32,083 | $ 28,848 |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Intangible Assets [Line items] | ||
Gross Carrying Amount | $ 57,020 | $ 57,020 |
Accumulated Amortization | (28,363) | (19,476) |
Net Carrying Amount | 28,657 | 37,544 |
Developed technology [Member] | ||
Intangible Assets [Line items] | ||
Gross Carrying Amount | 50,347 | 50,347 |
Accumulated Amortization | (25,248) | (17,434) |
Net Carrying Amount | $ 25,099 | $ 32,913 |
Weighted- Average Remaining Useful Life | 2 years 7 months 6 days | 3 years 3 months 18 days |
Customer relationships [Member] | ||
Intangible Assets [Line items] | ||
Gross Carrying Amount | $ 5,541 | $ 5,541 |
Accumulated Amortization | (2,549) | (1,840) |
Net Carrying Amount | $ 2,992 | $ 3,701 |
Weighted- Average Remaining Useful Life | 3 years 4 months 24 days | 4 years 1 month 6 days |
Other intangible assets [Member] | ||
Intangible Assets [Line items] | ||
Gross Carrying Amount | $ 1,132 | $ 1,132 |
Accumulated Amortization | (566) | (202) |
Net Carrying Amount | $ 566 | $ 930 |
Weighted- Average Remaining Useful Life | 1 year 2 months 12 days | 1 year 10 months 24 days |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Intangible Assets [Line items] | ||||
Amortization expenses for intangible assets | $ 3 | $ 2.9 | $ 8.9 | $ 8.6 |
Intangible Assets, Net - Summ_2
Intangible Assets, Net - Summary of Expected Future Amortization Expenses by Year Related to the Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2023 (Remainder) | $ 2,889 | |
2024 | 11,034 | |
2025 | 9,110 | |
2026 | 5,241 | |
2027 | 383 | |
Net Carrying Amount | $ 28,657 | $ 37,544 |
Leases - Components of Operatin
Leases - Components of Operating Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Lease, Cost [Abstract] | ||||
Operating lease cost | $ 2,350 | $ 1,918 | $ 6,843 | $ 5,669 |
Short-term lease cost | 148 | 172 | 462 | 427 |
Variable lease cost | 96 | 92 | 302 | 284 |
Total operating lease cost | $ 2,594 | $ 2,182 | $ 7,607 | $ 6,380 |
Leases - Additional Information
Leases - Additional Information (Details) | Sep. 30, 2023 |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Weighted Average Remaining Lease Term | 3 years 1 month 6 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.30% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Operating Lease (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||
Cash paid for operating leases | $ 6,369 | $ 5,628 |
ROU assets obtained in exchange for new operating lease liabilities | 2,867 | 1,236 |
Adjustment to ROU assets upon modification of existing lease | $ 4,037 | $ 1,952 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | |
2023 (Remainder) | $ 2,223 |
2024 | 8,746 |
2025 | 7,989 |
2026 | 4,748 |
2027 | 1,606 |
Thereafter | 156 |
Total operating lease payments | 25,468 |
Less: imputed interest | (1,402) |
Total operating lease liabilities | $ 24,066 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Outstanding Non-cancelable Purchase Obligations (Detail) $ in Thousands | Sep. 30, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2023 (Remainder) | $ 1,357 |
2024 | 21,242 |
2025 | 16,499 |
2026 | 107 |
Total | $ 39,205 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Grants [Member] | Israeli Innovation Authority [Member] | |
Maximum additional payments as a grant recipient | $ 6 |
Shareholders' Equity and Equi_3
Shareholders' Equity and Equity Incentive Plans - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Jan. 01, 2023 | Sep. 30, 2023 | |
Unrecognized share-based compensation cost | $ 268.8 | |
Unrecognized share based compensation cost expected to be recognised period | 3 years | |
2020 Plan [Member] | ||
Share-based payment arrangement, increase of authorized shares | 5,819,265 | |
Employee Share Purchase Plan [Member] | ||
Share-based payment arrangement, increase of authorized shares | 1,009,633 | |
Restricted Stock Units (RSUs) [Member] | ||
Fair value of RSU | $ 57.1 |
Shareholders' Equity and Equi_4
Shareholders' Equity and Equity Incentive Plans - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | ||
Outstanding Share Options, Beginning balance | shares | 7,205,324 | |
Outstanding Share Options, Exercised | shares | (1,290,378) | |
Outstanding Share Options, Forfeited | shares | (115,611) | |
Outstanding Share Options, Ending balance | shares | 5,799,335 | 7,205,324 |
Outstanding Share Options, Exercisable | shares | 4,795,660 | |
Weighted Average Exercise Price Per Share, Beginning balance | $ / shares | $ 7.88 | |
Weighted Average Exercise Price Per Share, Exercised | $ / shares | 4.21 | |
Weighted Average Exercise Price Per Share, Forfeited | $ / shares | 14.65 | |
Weighted Average Exercise Price Per Share, Ending balance | $ / shares | 8.56 | $ 7.88 |
Weighted Average Exercise Price Per Share, Exercisable | $ / shares | $ 6.8 | |
Weighted Average Remaining Contractual Life | 4 years 8 months 12 days | 5 years 4 months 24 days |
Weighted Average Remaining Contractual Life, Exercisable | 4 years 4 months 24 days | |
Aggregate Intrinsic Value, Beginning balance | $ | $ 101,334 | |
Aggregate Intrinsic Value, Exercised | $ | 26,135 | |
Aggregate Intrinsic Value, Ending balance | $ | 99,709 | $ 101,334 |
Aggregate Intrinsic Value, Exercisable | $ | $ 90,423 |
Shareholders' Equity and Equi_5
Shareholders' Equity and Equity Incentive Plans - Summary of Restricted Ordinary Shares (Detail) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unvested RSUs, Beginning balance | shares | 7,981,147 |
Unvested RSUs, Granted | shares | 5,721,837 |
Unvested RSUs, Vested | shares | (2,242,046) |
Unvested RSUs, Forfeited | shares | (1,013,170) |
Unvested RSUs, Ending balance | shares | 10,447,768 |
Weighted Average Grant Date Fair Value Per Share, Beginning balance | $ / shares | $ 26.9 |
Weighted Average Grant Date Fair Value Per Share, Granted | $ / shares | 25.82 |
Weighted Average Grant Date Fair Value Per Share, Vested | $ / shares | 26.85 |
Weighted Average Grant Date Fair Value Per Share, Forfeited | $ / shares | 25.85 |
Weighted Average Grant Date Fair Value Per Share, Ending balance | $ / shares | $ 26.42 |
Shareholders' Equity and Equi_6
Shareholders' Equity and Equity Incentive Plans - Summary of Ordinary Shares Reserved for Future Issuance (Detail) | Sep. 30, 2023 shares |
Class of Stock [Line Items] | |
Common Stock Reserved for Future Issuance | 34,864,063 |
2020 Plan [Member] | |
Class of Stock [Line Items] | |
Common Stock Reserved for Future Issuance | 14,335,295 |
Employee Stock Purchase Plan [Member] | |
Class of Stock [Line Items] | |
Common Stock Reserved for Future Issuance | 4,281,665 |
Employee Stock Option | |
Class of Stock [Line Items] | |
Common Stock Reserved for Future Issuance | 5,799,335 |
Restricted Stock Units (RSUs) [Member] | |
Class of Stock [Line Items] | |
Common Stock Reserved for Future Issuance | 10,447,768 |
Shareholders' Equity and Equi_7
Shareholders' Equity and Equity Incentive Plans - Summary of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 25,686 | $ 19,217 | $ 66,920 | $ 48,368 |
Cost of Revenue [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 2,650 | 1,903 | 6,865 | 4,822 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 8,596 | 6,806 | 23,566 | 17,268 |
Sales and Marketing [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 8,248 | 6,548 | 21,461 | 16,095 |
General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 6,192 | $ 3,960 | $ 15,028 | $ 10,183 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Summary of Changes In AOCI (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Changes in Accumulated Other Comprehensive Income [Line items] | ||||
Beginning Balance | $ (2,772) | $ 611 | ||
Other comprehensive loss before reclassifications | (4,753) | (7,756) | ||
Net realized losses reclassified from AOCI | 4,083 | 2,903 | ||
Other comprehensive loss | $ 35 | $ 104 | (670) | (4,853) |
Ending Balance | (3,442) | (4,242) | (3,442) | (4,242) |
Net Unrealized Losses on Available-for-Sale Marketable Securities [Member] | ||||
Changes in Accumulated Other Comprehensive Income [Line items] | ||||
Beginning Balance | (1,694) | (264) | ||
Other comprehensive loss before reclassifications | (6) | (1,738) | ||
Net realized losses reclassified from AOCI | 162 | (1) | ||
Other comprehensive loss | 156 | (1,739) | ||
Ending Balance | (1,538) | (2,003) | (1,538) | (2,003) |
Net Unrealized Gains(losses) on Derivatives Designated as Hedging Instruments [Member] | ||||
Changes in Accumulated Other Comprehensive Income [Line items] | ||||
Beginning Balance | (1,078) | 875 | ||
Other comprehensive loss before reclassifications | (4,747) | (6,018) | ||
Net realized losses reclassified from AOCI | 3,921 | 2,904 | ||
Other comprehensive loss | (826) | (3,114) | ||
Ending Balance | $ (1,904) | $ (2,239) | $ (1,904) | $ (2,239) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ 1,430 | $ 1,482 | $ 4,474 | $ 4,200 | |
Unrecognized tax benefits | $ 4,800 | $ 4,800 | $ 4,800 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Numerator: | ||||
Net loss | $ (13,747) | $ (23,552) | $ (50,023) | $ (67,029) |
Denominator: | ||||
Weighted-average shares used in computing net loss per share, basic | 104,134,649 | 99,617,687 | 102,646,453 | 98,825,422 |
Weighted-average shares used in computing net loss per share, diluted | 104,134,649 | 99,617,687 | 102,646,453 | 98,825,422 |
Net loss per share, Basic | $ (0.13) | $ (0.24) | $ (0.49) | $ (0.68) |
Net loss per share, Diluted | $ (0.13) | $ (0.24) | $ (0.49) | $ (0.68) |
Net Loss Per Share - Summary _2
Net Loss Per Share - Summary of Shares Excluded From the Computation of Diluted Net Loss Per Share (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from computation of diluted net loss per share | 16,079,688 | 16,161,852 | 15,543,396 | 14,384,253 |
Outstanding Share Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from computation of diluted net loss per share | 5,992,799 | 7,917,840 | 6,503,720 | 8,536,885 |
Unvested RSUs [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from computation of diluted net loss per share | 10,027,845 | 7,994,184 | 8,856,319 | 5,592,902 |
Share Purchase Rights Under the ESPP [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from computation of diluted net loss per share | 59,044 | 147,704 | 146,583 | 136,089 |
Issuable Ordinary Shares Related to Business Combination [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from computation of diluted net loss per share | 0 | 102,124 | 36,774 | 118,377 |