Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 23, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | JFrog Ltd | |
Entity Central Index Key | 0001800667 | |
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 | Non-accelerated Filer | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | No | |
Entity Address, State or Province | CA | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | 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 | 91,193,180 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 324,288 | $ 39,150 |
Short-term investments | 253,748 | 127,331 |
Accounts receivable, net | 25,543 | 24,736 |
Deferred contract acquisition costs | 2,864 | 2,348 |
Prepaid expenses and other current assets | 11,249 | 5,364 |
Total current assets | 617,692 | 198,929 |
Property and equipment, net | 4,497 | 3,532 |
Deferred contract acquisition costs, noncurrent | 4,119 | 3,641 |
Intangible assets, net | 4,419 | 5,608 |
Goodwill | 17,320 | 17,320 |
Other assets, noncurrent | 5,920 | 9,010 |
Total assets | 653,967 | 238,040 |
Current liabilities: | ||
Accounts payable | 8,849 | 4,990 |
Accrued expenses and other current liabilities | 11,988 | 8,335 |
Deferred revenue | 78,280 | 72,676 |
Total current liabilities | 99,117 | 86,001 |
Deferred revenue, noncurrent | 8,014 | 9,629 |
Other liabilities, noncurrent | 458 | |
Total liabilities | 107,589 | 95,630 |
Commitments and contingencies (Note 10) | ||
Convertible preferred shares, NIS 0.01 par value per share, 0 and 52,063,647 shares authorized as of September 30, 2020 and December 31, 2019, respectively; 0 and 52,063,647 issued and outstanding as of September 30, 2020 and December 31, 2019, respectively | 175,844 | |
Shareholders' equity (deficit): | ||
Preferred shares, NIS 0.01 par value per share; 50,000,000 and 0 shares authorized as of September 30, 2020 and December 31, 2019, respectively; 0 issued and outstanding as of September 30, 2020 and December 31, 2019 | ||
Ordinary shares, NIS 0.01 par value per share, 500,000,000 and 101,314,353 shares authorized as of September 30, 2020 and December 31, 2019, respectively; 91,136,070 and 27,930,741 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively | 254 | 80 |
Additional paid-in capital | 616,860 | 31,835 |
Accumulated other comprehensive income | 339 | 35 |
Accumulated deficit | (71,075) | (65,384) |
Total shareholders' equity (deficit) | 546,378 | (33,434) |
Total liabilities, convertible preferred shares and shareholders' equity (deficit) | $ 653,967 | $ 238,040 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - ₪ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Preferred stock par value | ₪ 0.01 | ₪ 0.01 |
Preferred stock authorized | 50,000,000 | 0 |
Preferred stock issued | 0 | 0 |
Preferred stock Outstanding | 0 | 0 |
Common stock par value | ₪ 0.01 | ₪ 0.01 |
Common stock Authorized | 500,000,000 | 101,314,353 |
Common stock issued | 91,136,070 | 27,930,741 |
Common stock Outstanding | 91,136,070 | 27,930,741 |
Convertible Preferred Stock [Member] | ||
Temporary Equity, Par or Stated Value Per Share | ₪ 0.01 | ₪ 0.01 |
Temporary Equity, Shares Authorized | 0 | 52,063,647 |
Temporary Equity, Shares Issued | 0 | 52,063,647 |
Temporary Equity, Shares Outstanding | 0 | 52,063,647 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue: | ||||
Total subscription revenue | $ 38,886 | $ 27,844 | $ 108,138 | $ 73,959 |
Cost of revenue: | ||||
Total cost of revenue—subscription | 7,261 | 5,349 | 20,354 | 13,922 |
Gross profit | 31,625 | 22,495 | 87,784 | 60,037 |
Operating expenses: | ||||
Research and development | 10,381 | 8,665 | 29,452 | 21,764 |
Sales and marketing | 14,839 | 12,042 | 42,744 | 31,784 |
General and administrative | 11,804 | 5,108 | 21,748 | 12,991 |
Total operating expenses | 37,024 | 25,815 | 93,944 | 66,539 |
Operating loss | (5,399) | (3,320) | (6,160) | (6,502) |
Interest and other income, net | 384 | 635 | 1,522 | 2,457 |
Loss before income taxes | (5,015) | (2,685) | (4,638) | (4,045) |
Provision for income taxes | 250 | 429 | 1,053 | 1,138 |
Net loss | $ (5,265) | $ (3,114) | $ (5,691) | $ (5,183) |
Net loss per share attributable to ordinary shareholders, basic and diluted | $ (0.14) | $ (0.11) | $ (0.18) | $ (0.19) |
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted | 37,515,828 | 27,462,776 | 31,359,164 | 26,879,292 |
Subscription—self-managed and SaaS | ||||
Revenue: | ||||
Total subscription revenue | $ 35,714 | $ 25,070 | $ 99,172 | $ 66,750 |
Cost of revenue: | ||||
Total cost of revenue—subscription | 7,047 | 5,109 | 19,712 | 13,320 |
License—self-managed | ||||
Revenue: | ||||
Total subscription revenue | 3,172 | 2,774 | 8,966 | 7,209 |
Cost of revenue: | ||||
Total cost of revenue—subscription | $ 214 | $ 240 | $ 642 | $ 602 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (5,265) | $ (3,114) | $ (5,691) | $ (5,183) |
Other comprehensive income (loss), net of tax: | ||||
Unrealized gain (loss) on available-for-sale marketable securities, net | (218) | (16) | 77 | 85 |
Unrealized gain (loss) on derivative instruments, net | (232) | 227 | ||
Other comprehensive income (loss) | (450) | (16) | 304 | 85 |
Comprehensive loss | $ (5,715) | $ (3,130) | $ (5,387) | $ (5,098) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Convertible Preferred Shares and Shareholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Ordinary Shares | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Convertible Preferred Shares | ||
Balance (in shares) at Dec. 31, 2018 | 26,393,650 | 52,063,647 | ||||||
Balance at Dec. 31, 2018 | $ (38,677) | $ 76 | $ 21,237 | $ (59,990) | $ 175,844 | |||
Issuance of ordinary shares upon exercise of share options (in shares) | 1,377,388 | |||||||
Issuance of ordinary shares upon exercise of share options | 1,109 | $ 4 | 1,105 | |||||
Issuance of ordinary shares related to business combination (in shares) | 1,488 | |||||||
Issuance of ordinary shares related to business combination | 11 | [1] | 11 | |||||
Share-based compensation expense | 7,541 | 7,541 | ||||||
Other comprehensive income (loss), net of tax | 85 | $ 85 | ||||||
Net loss | (5,183) | (5,183) | ||||||
Balance (in shares) at Sep. 30, 2019 | 27,772,526 | 52,063,647 | ||||||
Balance at Sep. 30, 2019 | (35,114) | $ 80 | 29,894 | 85 | (65,173) | $ 175,844 | ||
Balance (in shares) at Jun. 30, 2019 | 26,892,073 | 52,063,647 | ||||||
Balance at Jun. 30, 2019 | (37,390) | $ 77 | 24,491 | 101 | (62,059) | $ 175,844 | ||
Issuance of ordinary shares upon exercise of share options (in shares) | 880,453 | |||||||
Issuance of ordinary shares upon exercise of share options | 511 | $ 3 | 508 | |||||
Share-based compensation expense | 4,895 | 4,895 | ||||||
Other comprehensive income (loss), net of tax | (16) | (16) | ||||||
Net loss | (3,114) | (3,114) | ||||||
Balance (in shares) at Sep. 30, 2019 | 27,772,526 | 52,063,647 | ||||||
Balance at Sep. 30, 2019 | (35,114) | $ 80 | 29,894 | 85 | (65,173) | $ 175,844 | ||
Balance (in shares) at Dec. 31, 2019 | 27,930,741 | 52,063,647 | ||||||
Balance at Dec. 31, 2019 | (33,434) | $ 80 | 31,835 | 35 | (65,384) | $ 175,844 | ||
Conversion of convertible preferred shares to ordinary shares upon initial public offering (in shares) | 52,063,647 | (52,063,647) | ||||||
Conversion of convertible preferred shares to ordinary shares upon initial public offering | 175,844 | $ 142 | 175,702 | $ (175,844) | ||||
Issuance of ordinary shares upon initial public offering, net of underwriting discounts and commissions and other issuance costs (in shares) | 9,735,232 | |||||||
Issuance of ordinary shares upon initial public offering, net of underwriting discounts and commissions and other issuance costs | 393,233 | $ 29 | 393,204 | |||||
Issuance of ordinary shares upon release of restricted share units (in shares) | 138,400 | |||||||
Issuance of ordinary shares upon release of restricted share units | [1] | |||||||
Issuance of ordinary shares upon exercise of share options (in shares) | 1,115,535 | 1,115,535 | ||||||
Issuance of ordinary shares upon exercise of share options | $ 1,723 | $ 3 | 1,720 | |||||
Issuance of ordinary shares related to business combination (in shares) | 152,515 | |||||||
Issuance of ordinary shares related to business combination | [1] | |||||||
Share-based compensation expense | 14,399 | 14,399 | ||||||
Other comprehensive income (loss), net of tax | 304 | 304 | ||||||
Net loss | (5,691) | (5,691) | ||||||
Balance (in shares) at Sep. 30, 2020 | 91,136,070 | |||||||
Balance at Sep. 30, 2020 | 546,378 | $ 254 | 616,860 | 339 | (71,075) | |||
Balance (in shares) at Jun. 30, 2020 | 28,473,128 | 52,063,647 | ||||||
Balance at Jun. 30, 2020 | (27,461) | $ 81 | 37,479 | 789 | (65,810) | $ 175,844 | ||
Conversion of convertible preferred shares to ordinary shares upon initial public offering (in shares) | 52,063,647 | (52,063,647) | ||||||
Conversion of convertible preferred shares to ordinary shares upon initial public offering | 175,844 | $ 142 | 175,702 | $ (175,844) | ||||
Issuance of ordinary shares upon initial public offering, net of underwriting discounts and commissions and other issuance costs (in shares) | 9,735,232 | |||||||
Issuance of ordinary shares upon initial public offering, net of underwriting discounts and commissions and other issuance costs | 393,233 | $ 29 | 393,204 | |||||
Issuance of ordinary shares upon release of restricted share units (in shares) | 138,400 | |||||||
Issuance of ordinary shares upon release of restricted share units | [1] | |||||||
Issuance of ordinary shares upon exercise of share options (in shares) | 675,840 | |||||||
Issuance of ordinary shares upon exercise of share options | 817 | $ 2 | 815 | |||||
Issuance of ordinary shares related to business combination (in shares) | 49,823 | |||||||
Issuance of ordinary shares related to business combination | [1] | |||||||
Share-based compensation expense | 9,660 | 9,660 | ||||||
Other comprehensive income (loss), net of tax | (450) | (450) | ||||||
Net loss | (5,265) | (5,265) | ||||||
Balance (in shares) at Sep. 30, 2020 | 91,136,070 | |||||||
Balance at Sep. 30, 2020 | $ 546,378 | $ 254 | $ 616,860 | $ 339 | $ (71,075) | |||
[1] | Amount less than $1. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (5,691) | $ (5,183) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 2,683 | 2,043 |
Share-based compensation expense | 14,399 | 7,541 |
Losses (gains) on short-term investments, net | 1,012 | (367) |
Changes in operating assets and liabilities: | ||
Accounts receivable. | (807) | 313 |
Prepaid expenses and other assets | (4,285) | (5,281) |
Deferred contract acquisition costs | (994) | (1,746) |
Accounts payable | 2,273 | 1,306 |
Accrued expenses and other liabilities | 4,063 | 831 |
Deferred revenue | 3,989 | 5,942 |
Net cash provided by operating activities | 16,642 | 5,399 |
Cash flows from investing activities: | ||
Purchases of short-term investments | (235,773) | (132,526) |
Maturities of short-term investments | 105,823 | 22,295 |
Sales of short-term investments | 2,598 | 29,160 |
Purchases of property and equipment | (2,611) | (1,383) |
Payments related to business combination, net of cash acquired | (20,860) | |
Net cash used in investing activities | (129,963) | (103,314) |
Cash flows from financing activities: | ||
Proceeds from initial public offering, net of underwriting discounts and commissions and other issuance costs | 395,211 | |
Proceeds from exercise of share options | 1,723 | 1,109 |
Net cash provided by financing activities | 396,934 | 1,109 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 283,613 | (96,806) |
Cash, cash equivalents, and restricted cash—beginning of period | 40,943 | 179,788 |
Cash, cash equivalents, and restricted cash—end of period | $ 324,556 | $ 82,982 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
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 | $ 324,288 | $ 80,909 |
Restricted cash included in prepaid expenses and other current assets | 14 | 221 |
Restricted cash included in other assets, noncurrent | 254 | 1,852 |
Total cash, cash equivalents, and restricted cash | $ 324,556 | $ 82,982 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business 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, on-premise, Initial Public Offering On September 18, 2020, the Company completed its initial public offering (“IPO”), in which the Company issued and sold 9,735,232 shares of its ordinary shares at an offering price of $44.00 per share, including 1,735,232 ordinary shares pursuant to the exercise in full of the underwriters’ option to purchase additional shares. The Company received net proceeds of $393.2 million after deducting underwriting discounts and commissions of $30.0 million, and other issuance costs of $5.1 million. Immediately prior to the closing of the IPO, all convertible preferred shares then outstanding automatically converted into 52,063,647 ordinary shares. In addition, 138,400 restricted share units (“RSUs”), which were , vested . For more details related to these RSUs, see Note 11, Convertible Preferred Shares, Shareholders’ Equity (Deficit) and Equity Incentive Plans — Restricted Share Units. Prior to the IPO, deferred offering costs, which consist primarily of accounting, legal and other fees related to the Company’s IPO, were capitalized within other assets, noncurrent in the condensed consolidated balance sheets. Upon the consummation of the IPO, $5.4 million of deferred offering costs were reclassified into shareholders’ equity as an offset against IPO proceeds. The Company capitalized $0.5 million of deferred offering costs within other assets, noncurrent in the condensed consolidated balance sheet as of December 31, 2019. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
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, 2019 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, 2019, included in the Company’s final prospectus dated September 16, 2020 (“Prospectus”) filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended. 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, 2020 and the Company’s consolidated results of operations, convertible preferred shares and shareholders’ equity (deficit), and cash flows for the three and nine months ended September 30, 2020 and 2019. The results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the full year ending December 31, 2020 or any other future interim or annual period. Reclassifications Certain prior period amounts have been reclassified in order to conform to the current period presentation. 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 doubtful accounts, the fair value of financial assets and liabilities; including accounting and fair value of derivatives, the fair value of acquired intangible assets and goodwill, the useful lives of acquired intangible assets and property and equipment, share-based compensation including the determination of the fair value of the Company’s share-based awards, 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. The novel coronavirus (“COVID-19”) COVID-19 Concentration of Risks Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, and derivative instruments. The Company maintains its cash, cash equivalents, restricted cash, and short-term investments with high-quality financial institutions mainly in the U.S. and Israel, the composition and maturities of which are regularly monitored by the Company. The Company grants credit to its customers in the normal course of business. As of September 30, 2020 and December 31, 2019, no single customer represented 10% or more of accounts receivable. No single customer accounted for more than 10% of total revenue for the periods presented. Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2. “Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements in the Company’s Prospectus. There have been no significant changes to these policies during the nine months ended September 30, 2020, except as noted below: Share-Based Compensation Share-based compensation expense related to share-based awards is recognized based on the fair value of the awards granted and recognized as an expense on a straight-line basis over the requisite service period for share options and RSUs . Recently Adopted Accounting Pronouncements As an “emerging growth company,” the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflect this election. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases right-to-use No. 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities 2016-02 non-public 2016-02 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13 In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use 350-40): internal-use 2018-15 In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, year-to-date 2019-12 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 2019 2020 2019 Amount Percentage Amount Percentage Amount Percentage Amount Percentage (in thousands, except percentages) Self-managed subscription $ 30,161 78 % $ 22,825 82 % $ 85,269 79 % $ 60,596 82 % Subscription 26,989 70 20,051 72 76,303 71 53,387 72 License 3,172 8 2,774 10 8,966 8 7,209 10 SaaS 8,725 22 5,019 18 22,869 21 13,363 18 Total subscription revenue $ 38,886 100 % $ 27,844 100 % $ 108,138 100 % $ 73,959 100 % The following table summarizes revenue by region based on the shipping address of customers: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Amount Percentage Amount Percentage Amount Percentage Amount Percentage (in thousands, except percentages) United States $ 24,924 64 % $ 17,305 62 % $ 69,429 64 % $ 45,863 62 % Israel 726 2 538 2 2,020 2 1,361 2 Rest of world 13,236 34 10,001 36 36,689 34 26,735 36 Total subscription revenue $ 38,886 100 % $ 27,844 100 % $ 108,138 100 % $ 73,959 100 % Contract Balances Contract assets consist of unbilled accounts receivable, which occur when a right to consideration for the Company’s performance under the customer contract occurs before invoicing to the customer. The amount of unbilled accounts receivable included within accounts receivable, net on the condensed consolidated balance sheets was immaterial for the periods presented. Contract liabilities consist of deferred revenue. Revenue is deferred when the Company invoices in advance of performance under a contract. The current portion of the deferred revenue balance is recognized as revenue during the 12-month 12-month Remaining Performance Obligation The Company’s remaining performance obligations are comprised of product and services revenue not yet delivered. As of September 30, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was $91.2 million, which consists of both billed consideration in the amount of $86.3 million, and unbilled consideration in the amount of $4.9 million, respectively, that the Company expects to recognize as revenue. As of September 30, 2020, the Company expects to recognize 88% of its remaining performance obligations as revenue over the next 12 months, and the remainder thereafter. Cost to Obtain a Contract The Company capitalizes sales commissions and associated payroll taxes paid to sales personnel that are incremental to the acquisition of customer contracts. These costs are recorded as deferred contract acquisition costs on the condensed consolidated balance sheets. The Company determines whether costs should be deferred based on its sales compensation plans and if the commissions are incremental and would not have occurred absent the customer contract. Amortization of sales commissions are consistent with the pattern of revenue recognition of each performance obligation and are included in sales and marketing expense in the condensed consolidated statements of operations. The Company has applied the practical expedient in ASC 606 to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. The following table represents a rollforward of deferred contract acquisition costs: Three Months Nine Months 2020 2019 2020 2019 (in thousands) Beginning balance $ 6,434 $ 4,865 $ 5,989 $ 3,590 Additions to deferred contract acquisition costs 1,303 984 3,088 3,008 Amortization of deferred contract acquisition costs (754 ) (512 ) (2,094 ) (1,261 ) Ending balance $ 6,983 $ 5,337 $ 6,983 $ 5,337 Deferred contract acquisition costs (to be recognized in next 12 months) $ 2,864 $ 2,072 $ 2,864 $ 2,072 Deferred contract acquisition costs, noncurrent 4,119 3,265 4,119 3,265 Total deferred contract acquisition costs $ 6,983 $ 5,337 $ 6,983 $ 5,337 |
Short-Term Investments
Short-Term Investments | 9 Months Ended |
Sep. 30, 2020 | |
Investments, All Other Investments [Abstract] | |
Short-Term Investments | 4. Short-Term Investments Short-term investments consisted of the following: September 30, 2020 Amortized Gross Unrealized Gross Unrealized Estimated (in thousands) Bank deposits $ 85,268 $ — $ — $ 85,268 Certificates of deposit 11,901 43 (1 ) 11,943 Commercial paper 25,641 9 (2 ) 25,648 Corporate debt securities 75,149 62 (19 ) 75,192 Municipal securities 23,918 11 (11 ) 23,918 Government and agency debt 31,759 23 (3 ) 31,779 Marketable securities 168,368 148 (36 ) 168,480 Total short-term investments $ 253,636 $ 148 $ (36 ) $ 253,748 December 31, 2019 Amortized Gross Unrealized Gross Unrealized Estimated (in thousands) Bank deposits $ 26,722 $— $— $ 26,722 Certificates of deposit 5,267 3 — 5,270 Commercial paper 4,762 — (3) 4,759 Corporate debt securities 59,832 20 (16) 59,836 Municipal securities 483 — — 483 Government and agency debt 30,230 32 (1) 30,261 Marketable securities 100,574 55 (20 ) 100,609 Total short-term investments $ 127,296 $55 $(20) $ 127,331 Based on the available evidence, the Company concluded that the gross unrealized losses on the marketable securities as of September 30, 2020 and December 31, 2019 are temporary in nature. See Note 12, Accumulated Other Comprehensive Income available-for-sale |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 Fair Value Level 1 Level 2 Level 3 (in thousands) Financial Assets: Bank deposits $ 85,268 $— $ 85,268 $ — Certificates of deposit 11,943 — 11,943 — Commercial paper 25,648 — 25,648 — Corporate debt securities 75,192 — 75,192 — Municipal securities 23,918 — 23,918 — Government and agency debt 31,779 — 31,779 — Short-term investments 253,748 — 253,748 — Foreign currency contracts designated as hedging instruments included in prepaid expenses and other current assets 296 — 296 — Foreign currency contracts not designated as hedging instruments included in prepaid expenses and other current assets 4 — 4 — Total financial assets $ 254,048 $— $ 254,048 $— Financial Liabilities: Foreign currency contracts designated as hedging instruments included in accrued expenses and other current liabilities $ 69 $— $ 69 $— Foreign currency contracts not designated as hedging instruments included in accrued expenses and other current liabilities 2 — 2 — Total financial liabilities $ 71 $— $ 71 $— December 31, 2019 Fair Value Level 1 Level 2 Level 3 (in thousands) Financial Assets: Bank deposits $ 26,722 $ — $ 26,722 $ — Certificates of deposit 5,270 — 5,270 — Commercial paper 4,759 — 4,759 — Corporate debt securities 59,836 — 59,836 — Municipal securities 483 — 483 — Government and agency debt 30,261 — 30,261 — Short-term investments 127,331 — 127,331 — Restricted money market fund included in other assets, noncurrent 1,500 1,500 — — Total financial assets $ 128,831 $ 1,500 $ 127,331 $ — Financial Liabilities: Foreign currency contracts included in accrued expenses and other current liabilities $ 69 $ — $ 69 $ — Total financial liabilities $ 69 $ — $ 69 $ — The Company classifies its restricted 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. |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging | 6. Derivative Financial Instruments and Hedging Notional Amount of Foreign Currency Contracts The gross notional amounts of the Company’s foreign currency contracts are NIS denominated. The notional amounts of outstanding foreign currency contracts in U.S. dollar as of the periods presented were as follows: September 30, December 31, (in thousands) Derivatives Designated as Hedging Instruments: Foreign currency contracts $ 14,592 $ — Derivatives Not Designated as Hedging Instruments: Foreign currency contracts 1,751 9,672 Total derivative instruments $ 16,343 $ 9,672 Effect of Foreign Currency Contracts on the Condensed Consolidated Statements of Operations The effect of foreign currency contracts on the condensed consolidated statements of operations during the periods presented were as follows: Derivatives Designated as Hedging Instruments Derivatives Not Designated as Hedging Instruments Three Months Nine Months Three Months Nine Months 2020 2019 2020 2019 2020 2019 2020 2019 Condensed Statement of Operations Location: (in thousands) Cost of revenue: subscription–self-managed and SaaS $ (31 ) $ — $ (28 ) $ — $ — $ — $ — $ — Research and development (199 ) — (179 ) — — — — — Sales and marketing (71 ) — (64 ) — — — — — General and administrative (76 ) — (68 ) — — — — — Interest and other income, net — — — — (5 ) 69 (115 ) (147 ) Total (gains) losses recognized in earnings $ (377 ) $ — $ (339 ) $ — $ (5 ) $ 69 $ (115 ) $ (147 ) Effect of Foreign Currency Contracts on Accumulated Other Comprehensive Income The following table represents the net unrealized gains of foreign currency contracts designated as hedging instruments, net of tax, that were recorded in accumulated other comprehensive income as of September 30, 2020, and their effect on other comprehensive income for the three months ended September 30, 2020: Three Months (in thousands) Balance as of June 30, 2020 $ 459 Amount of net gains recorded in other comprehensive income 145 Amount of net gains reclassified from other comprehensive income to earnings (377 ) Balance as of September 30, 2020 $ 227 The following table represents the net unrealized gains of foreign currency contracts designated as hedging instruments, net of tax, that were recorded in accumulated other comprehensive income as of September 30, 2020, and their effect on other comprehensive income for the nine months ended September 30, 2020: Nine Months (in thousands) Balance as of December 31, 2019 $ — Amount of net gains recorded in other comprehensive income 566 Amount of net gains reclassified from other comprehensive income to earnings (339 ) Balance as of September 30, 2020 $ 227 There were no foreign currency contracts designated as hedging instruments for the year ended December 31, 2019. As of September 30, 2020, net deferred gains totaled $0.2 million and 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. See Note 12, Accumulated Other Comprehensive Income |
Condensed Consolidated Balanc_3
Condensed Consolidated Balance Sheet Components | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 December 31, (in thousands) Computer and software $ 3,660 $ 3,107 Furniture and office equipment 1,385 1,097 Leasehold improvements 3,225 2,234 Property and equipment, gross 8,270 6,438 Less: accumulated depreciation and amortization (3,773 ) (2,906 ) Property and equipment, net $ 4,497 $ 3,532 Depreciation and amortization expense were $0.5 million and $0.3 million for the three months ended September 30, 2020 and 2019, respectively, and $1.5 million and $0.9 million for the nine months ended September 30, 2020 and 2019, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: September 30, 2020 December 31, 2019 (in thousands) Accrued compensation and benefits $ 7,506 $ 5,333 Accrued expenses 4,482 3,002 Accrued expenses and other current liabilities $ 11,988 $ 8,335 |
Business Combination
Business Combination | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Business Combination | 8. Business Combination In February 2019, the Company acquired 100% of the share capital of Shippable Inc. (“Shippable”), a privately held company in the United States. Shippable is a cloud-based continuous integration and delivery platform that developers use to compile code and deliver app and microservices updates. The acquisition has been accounted for as a business combination and the Company has included the financial results of Shippable in the condensed consolidated financial statements from the date of the acquisition. The total purchase price was $21.2 million, comprised of $20.9 million in cash paid, net of $0.3 million of cash acquired, and issuance of 1,488 ordinary shares, paid and issued upon closing of the transaction. In addition, there are contingent considerations that are not included within the total purchase price, comprising of total aggregate cash payments of $4.1 million and the issuance of 308,080 shares of the Company’s ordinary shares, subject to the attainment of certain employee retention and performance targets, and are recognized over three years as acquisition-related costs and share-based compensation expense, respectively. The Company recognized $0.3 million and $0.3 million in acquisition-related costs and $0.2 million and $0.3 million in share-based compensation expense related to these contingent considerations for the three months ended September 30, 2020 and 2019, respectively. The Company recognized $1.0 million and $0.8 million in acquisition-related costs and $0.6 million and $0.7 million in share-based compensation expense related to these contingent considerations for the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020 and December 31, 2019, the unrecognized share-based compensation cost related to the issuable ordinary shares was $0.6 million and $1.2 million, respectively. The following table summarizes the components of the Shippable purchase price and the allocation of the purchase price at fair value: Amount (in thousands) Cash paid, net of cash acquired $ 20,860 Ordinary shares 11 Total purchase consideration $ 20,871 Deferred tax assets $ 1,323 Intangible assets 4,000 Goodwill 15,691 Net liabilities acquired (143 ) Total purchase consideration $ 20,871 The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition: Fair Value Useful Life (in thousands) (in years) Developed technology $ 2,800 6.0 Customer relationships 1,200 6.0 Total identifiable intangible assets $ 4,000 Goodwill of $15.7 million, none of which is deductible for tax purposes, was recorded in connection with the Shippable acquisition, and was primarily attributed to synergies arising from the acquisition and the value of the acquired workforce. The Company incurred transaction costs in connection with the Shippable acquisition of $0.3 million. These transaction costs were included in general and administrative expenses in the condensed consolidated statements of operations. |
Intangible Assets, Net
Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 9. Intangible Assets, Net Intangible assets consisted of the following as of September 30, 2020: Gross Fair Accumulated Net Book Value Weighted- Average (in thousands) (in years) Developed technology $ 4,856 $ (1,874 ) $ 2,982 4.0 Customer relationships 1,200 (317 ) 883 4.5 Other intangible assets 1,586 (1,032 ) 554 1.1 Total $ 7,642 $ (3,223 ) $ 4,419 Intangible assets consisted of the following as of December 31, 2019: Gross Fair Accumulated Net Book Value Weighted- Average (in thousands) (in years) Developed technology $ 4,856 $ (1,231 ) $ 3,625 4.7 Customer relationships 1,200 (167 ) 1,033 5.2 Other intangible assets 1,586 (636 ) 950 1.8 Total $ 7,642 $ (2,034 ) $ 5,608 Amortization expenses for intangible assets were $0.4 million, $0.4 million, $1.2 million, and $1.1 million for the three months ended September 30, 2020 and 2019, and the nine months ended September 30, 2020 and 2019, respectively. Amortization of developed technology is included in cost of revenue: license—self-managed and amortization of customer relationships and other intangible assets are included in sales and marketing expense in the condensed consolidated statements of operations. The expected future amortization expenses by year related to the intangible assets as of September 30, 2020 are as follows: September 30, 2020 (in thousands) Year Ending December 31, Remainder of 2020 $ 373 2021 1,382 2022 961 2023 886 2024 667 Thereafter 150 Total $ 4,419 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Operating Leases The Company leases its office facilities under non-cancelable October 2025 September 30, (in thousands) Year Ending December 31, Remainder of 2020 $ 1,157 2021 4,854 2022 3,492 2023 2,016 2024 1,889 Thereafter 1,497 Total $ 14,905 Non-cancelable In the normal course of business, the Company enters into non-cancelable non-cancelable September 30, (in thousands) Year Ending December 31, Remainder of 2020 $ 636 2021 7,079 2022 3,141 Total $ 10,856 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 non-compliance Grants from Israeli Innovation Authority Between the years 2009 and 2015, the Company received grants from the Israeli Innovation Authority (“IIA”), in a total amount of $1.2 million for certain research and development costs. The grants are subject to repayment in the form of royalties on sales of products developed with the IIA funding. The Company repaid the grants in full in 2017. 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 IIA’s approval. The approval may be subject to a maximum additional payment amount of five times the amount received. The Company recently received an approval from the IIA to perform a limited development of IIA funded know-how Legal Proceedings In the ordinary course of business, the Company 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. |
Convertible Preferred Shares, S
Convertible Preferred Shares, Shareholders' Equity (Deficit) and Equity Incentive Plans | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Convertible Preferred Shares, Shareholders' Equity (Deficit) and Equity Incentive Plans | 11. Convertible Preferred Shares, Shareholders’ Equity (Deficit) and Equity Incentive Plans Convertible Preferred Shares Immediately prior to the completion of the IPO, all convertible preferred shares outstanding, totaling 52,063,647 shares, were automatically converted into an equivalent number of ordinary shares on a one-to-one Preferred and Ordinary Shares In connection with the IPO, the Company’s amended and restated Articles of Association (“AoA”) became effective, which authorized the issuance of 50,000,000 preferred shares and 500,000,000 ordinary shares, each with a par value of NIS 0.01. All ordinary shares will have identical voting and other rights in all respects. The Company’s amended and restated AoA does not require shareholder approval of a dividend distribution and provides that dividend distributions may be determined by the Company’s board of directors. To date, no dividends have been declared. The Company has the following ordinary shares reserved for future issuance: September 30, December 31, Convertible preferred shares — 52,063,647 Outstanding share options 14,174,101 13,201,986 Outstanding RSUs 529,195 — Issuable ordinary shares related to business combination 149,472 308,080 Shares available for future issuance under the 2011 Plan — 1,119,471 Shares available for future issuance under the 2020 Plan 10,131,821 — Shares available for future issuance under the ESPP 2,100,000 — Total ordinary shares reserved 27,084,589 66,693,184 Equity Incentive Plans In 2011, the Company adopted the 2011 Israeli Share Option Plan (“2011 Plan”), under which the Company may grant various forms of equity incentive compensation at the discretion of the board of directors, including share options. The awards have varying terms, but generally vest over five years. Share options expire 10 years after the date of grant. The Company issues new ordinary shares upon exercise of share options. Immediately prior to the IPO, 20,605,700 ordinary shares were reserved for grants of awards under the 2011 Plan and the remaining number of ordinary shares available for future issuance was 1,000,821. In connection with the IPO, the remaining number of ordinary shares available for future issuance under the 2011 Plan became available for issuance for a corresponding number of ordinary shares under the 2020 Equity Incentive Plan (“2020 Plan”). In September 2020, immediately prior to the IPO, the Company adopted the 2020 Plan. Following the effectiveness of the 2020 Plan, the Company will no longer grant any awards under the 2011 Plan, though previously granted options under the 2011 Plan remain outstanding and governed by the 2011 Plan. The 2020 Plan provides for the grant of share options, ordinary shares, restricted shares, restricted share units and other share-based awards. The maximum number of ordinary shares available for issuance under the 2020 Plan is equal to the sum of (i) 9,100,000 ordinary shares plus, (ii) any shares subject to the pool authorized by the Company’s board of directors under the 2011 Plan which remain free and unallocated as of the effective date, and (iii) any shares subject to awards granted under the 2011 Plan that, on or after the effective date, expire, or are cancelled, terminated, forfeited or settled in cash in lieu of issuance of shares, for any reason, without having been exercised, with the maximum number of shares to be added to the 2020 Plan pursuant to the 2011 Plan equal to 15,309,367 shares. In addition, the number of shares available for issuance under the Company’s 2020 Plan also includes an annual increase on January 1 of each year beginning on January 1, 2021 and ending on and including January 1, 2030, in an amount equal to the least of (i) 9,100,000 ordinary shares, (ii) five percent (5%) of the total number of ordinary shares outstanding as of the last day of the immediately preceding calendar year on a fully diluted basis, or (iii) such number of shares determined by the Company’s board of directors. The contractual term for each award granted under the 2020 Plan will be 10 years. A summary of share option activity under the Company’s equity incentive plans and related information is as follows: Options Outstanding Shares Outstanding Weighted- Weighted- Aggregate (in thousands, except share, life and per share data) Balance as of December 31, 2019 1,119,471 13,201,986 $ 2.71 6.9 $ 163,876 Shares added 11,100,000 — Granted (2,908,755 ) 2,908,755 $ 20.13 Exercised — (1,115,535 ) $ 1.55 $ 33,074 Forfeited 821,105 (821,105 ) $ 5.65 Balance as of September 30, 2020 10,131,821 14,174,101 $ 6.20 7.0 $ 1,111,897 Exercisable as of September 30, 2020 6,339,551 $ 1.25 5.0 $ 528,701 The weighted-average grant date fair value of options granted during the three months ended September 30, 2020 and 2019, and the nine months ended September 30, 2020 and 2019, was $19.26, $7.24, $15.46, and $6.16, respectively. As of September 30, 2020 and December 31, 2019, unrecognized share-based compensation cost related to unvested share options was $59.0 million and $25.4 million, respectively, which is expected to be recognized over a weighted-average period of 3.4 years and 3.4 years, respectively. Restricted Share Units In August 2020, the Company granted an award of 667,595 RSUs to the Company’s CEO. The RSUs vest on the satisfaction of both a service-based and a performance-based condition. The RSUs shall vest and be settled in ordinary shares as follows: (i) an aggregate of 138,400 RSUs shall vest immediately prior to an IPO, and (ii) 529,195 RSUs shall vest upon the first annual anniversary of the IPO, provided, in each case, that the CEO remains continuously engaged with the Company or its Affiliates throughout each such vesting date. As of September 30, 2020, no other RSUs have been granted. A summary of RSU activity under the Company’s equity incentive plan and related information is as follows: RSUs Unvested RSUs Weighted- Grant Date Fair Unvested as of December 31, 2019 — $ — Granted 667,595 $ 38.90 Vested (138,400 ) $ 38.90 Canceled/forfeited — $ — Unvested as of September 30, 2020 529,195 $ 38.90 As of September 30, 2020, unrecognized share-based compensation expense related to outstanding unvested RSUs was $19.7 million, which is expected to be recognized over a weighted-average period of 1.0 year. Employee Share Purchase Plan In August 2020, the Company adopted the 2020 Employee Share Purchase Plan (“ESPP”), which became effective in connection with the IPO. A total of 2,100,000 ordinary shares are available for sale under the ESPP. The number of ordinary shares available for sale under the ESPP also includes an annual increase on the first day of each fiscal year beginning with 2021, equal to the least of (i) 2,100,000 ordinary shares, (ii) one percent (1%) of the total number of ordinary shares outstanding as of the last day of the immediately preceding calendar year on a fully diluted basis, or (iii) such other amount as may be determined by the Company. Generally, all of the Company’s employees are eligible to participate if they are employed by the Company. However, an employee may not be granted rights to purchase the Company’s ordinary shares under the ESPP if such employee (i) immediately after the grant would own capital shares or hold outstanding share options to purchase such shares possessing 5% or more of the total combined voting power or value of all classes of capital shares of the Company; or (ii) holds rights to purchase ordinary shares under all employee share purchase plans of the Company that accrue at a rate that exceeds $25,000 worth of the Company’s ordinary shares for each calendar year in which such rights are outstanding at any time. The Company’s ESPP permits participants to purchase the Company’s ordinary shares through contributions in the form of payroll deductions or otherwise to the extent permitted by the Company, of up to 15% of their eligible compensation (as defined in the ESPP). Amounts contributed and accumulated by the participant will be used to purchase the Company’s ordinary shares at the end of each offering period. A participant may purchase a maximum of 1,250 of the Company’s ordinary shares during an offering period. The purchase price of the shares will be 85% of the lower of the fair market value of the Company’s ordinary shares on the first trading day of the offering period or on the exercise date. Participants may end their participation at any time during an offering period and will be paid their accrued contributions that have not yet been used to purchase shares of the Company’s ordinary shares. Participation ends automatically upon termination of employment with the Company. The Company’s ESPP provides for consecutive six-month Third-Party Share Transaction In July 2019, the Company recorded $3.3 million of share-based compensation expense associated with a secondary share purchase transaction which was executed among certain of the Company’s employees, consultants, and shareholders. The Company assessed the impact of this transaction as holders of economic interest in the Company acquired shares from the Company’s employees at a price in excess of fair value of such shares. Accordingly, the Company recognized such excess value as share-based compensation expense. 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, 2020 2019 2020 2019 (in thousands) Cost of revenue: subscription–self-managed and SaaS $ 327 $ 225 $ 666 $ 422 Research and development 1,086 1,863 2,782 2,890 Sales and marketing 1,263 1,665 3,033 2,477 General and administrative 6,984 1,142 7,918 1,752 Total share-based compensation expense $ 9,660 $ 4,895 $ 14,399 $ 7,541 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 9 Months Ended |
Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | 12. Accumulated Other Comprehensive Income The following table summarizes the changes in accumulated other comprehensive income by component, net of tax, during the periods presented: Net Unrealized Available-for-Sale Net Unrealized Total (in thousands) Balance as of December 31, 2019 $ 35 $ — $ 35 Other comprehensive income before reclassifications 66 566 632 Net realized losses (gains) reclassified from accumulated other comprehensive income 11 (339 ) (328 ) Other comprehensive income 77 227 304 Balance as of September 30, 2020 $ 112 $ 227 $ 339 Net Unrealized Available-for-Sale Net Unrealized Instruments Total (in thousands) Balance as of December 31, 2018 $ — $ — $ — Other comprehensive income before reclassifications 88 — 88 Net realized gains reclassified from accumulated other comprehensive income (3 ) — (3 ) Other comprehensive income 85 — 85 Balance as of September 30, 2019 $ 85 $ — $ 85 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The Company’s quarterly tax provision, and estimates of its annual effective tax rate, is subject to variation due to several factors, including variability in pre-tax non-deductible A valuation allowance is provided when it is more likely than not that the deferred tax assets will not be realized. Company’s As of September 30, 2020, the total amount of gross unrecognized tax benefits was $ 0.9 0.5 |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 14. Employee Benefit Plans The Company has a defined-contribution plan in the U.S. intended to qualify under Section 401 of the Internal Revenue Code (the “401(k) Plan”). The 401(k) Plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax Israeli Severance Pay Pursuant to Israel’s Severance Pay Law, Israeli employees are entitled to severance pay equal to one month’s salary for each year of employment, or a portion thereof. The Company has elected to include its employees in Israel under Section 14 of the Severance Pay Law, under which these employees are entitled only to monthly deposits made in their name with insurance companies, at a rate of 8.33% of their monthly salary. These payments release the Company from any future obligation under the Israeli Severance Pay Law to make severance payments in respect of those employees; therefore, any liability for severance pay due to these employees, and the deposits under Section 14 are not recorded as an asset in the condensed consolidated balance sheets. During the three months ended September 30, 2020 and 2019, the Company recorded $0.5 million and $0.4 million, respectively, in severance expenses related to these employees. During the nine months ended September 30, 2020 and 2019, the Company recorded $1.5 million and $1.1 million, respectively, in severance expenses related to these employees. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Ordinary Shareholders | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Ordinary Shareholders | 15. Net Loss Per Share Attributable to Ordinary Shareholders The following table sets forth the computation of basic and diluted net loss per share attributable to ordinary shareholders for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands, except share and per share data) Numerator: Net loss $ (5,265 ) $ (3,114 ) $ (5,691 ) $ (5,183 ) Denominator: Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted 37,515,828 27,462,776 31,359,164 26,879,292 Net loss per share attributable to ordinary shareholders, basic and diluted $ (0.14 ) $ (0.11 ) $ (0.18 ) $ (0.19 ) The potential shares of ordinary shares that were excluded from the computation of diluted net loss per share attributable to ordinary shareholders 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, 2020 2019 2020 2019 Convertible preferred shares 44,706,827 52,063,647 49,593,474 52,063,647 Outstanding share options 14,212,886 12,949,184 13,636,488 13,230,209 Unvested RSUs 208,137 — 69,886 — Issuable ordinary shares related to business combination 180,882 308,080 216,296 242,627 Total 59,308,732 65,320,911 63,516,144 65,536,483 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. Related Party Transactions For a description of related party transactions, see Note 11, Convertible Preferred Shares, Shareholders ’ Equity (Deficit) and Equity Incentive Plans—Third-Party Share Transactions. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2019 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, 2019, included in the Company’s final prospectus dated September 16, 2020 (“Prospectus”) filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended. 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, 2020 and the Company’s consolidated results of operations, convertible preferred shares and shareholders’ equity (deficit), and cash flows for the three and nine months ended September 30, 2020 and 2019. The results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the full year ending December 31, 2020 or any other future interim or annual period. |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified in order to conform to the current period presentation. |
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 doubtful accounts, the fair value of financial assets and liabilities; including accounting and fair value of derivatives, the fair value of acquired intangible assets and goodwill, the useful lives of acquired intangible assets and property and equipment, share-based compensation including the determination of the fair value of the Company’s share-based awards, 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. The novel coronavirus (“COVID-19”) COVID-19 |
Concentration of Risks | Concentration of Risks Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, and derivative instruments. The Company maintains its cash, cash equivalents, restricted cash, and short-term investments with high-quality financial institutions mainly in the U.S. and Israel, the composition and maturities of which are regularly monitored by the Company. The Company grants credit to its customers in the normal course of business. As of September 30, 2020 and December 31, 2019, no single customer represented 10% or more of accounts receivable. No single customer accounted for more than 10% of total revenue for the periods presented. |
Significant Accounting Policies | Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2. “Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements in the Company’s Prospectus. There have been no significant changes to these policies during the nine months ended September 30, 2020, except as noted below: |
Share-Based Compensation | Share-Based Compensation Share-based compensation expense related to share-based awards is recognized based on the fair value of the awards granted and recognized as an expense on a straight-line basis over the requisite service period for share options and RSUs . |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements As an “emerging growth company,” the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflect this election. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases right-to-use No. 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities 2016-02 non-public 2016-02 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13 In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use 350-40): internal-use 2018-15 In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, year-to-date 2019-12 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 2019 2020 2019 Amount Percentage Amount Percentage Amount Percentage Amount Percentage (in thousands, except percentages) Self-managed subscription $ 30,161 78 % $ 22,825 82 % $ 85,269 79 % $ 60,596 82 % Subscription 26,989 70 20,051 72 76,303 71 53,387 72 License 3,172 8 2,774 10 8,966 8 7,209 10 SaaS 8,725 22 5,019 18 22,869 21 13,363 18 Total subscription revenue $ 38,886 100 % $ 27,844 100 % $ 108,138 100 % $ 73,959 100 % |
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, 2020 2019 2020 2019 Amount Percentage Amount Percentage Amount Percentage Amount Percentage (in thousands, except percentages) United States $ 24,924 64 % $ 17,305 62 % $ 69,429 64 % $ 45,863 62 % Israel 726 2 538 2 2,020 2 1,361 2 Rest of world 13,236 34 10,001 36 36,689 34 26,735 36 Total subscription revenue $ 38,886 100 % $ 27,844 100 % $ 108,138 100 % $ 73,959 100 % |
Summary of table represents a rollforward of deferred contract acquisition costs | The following table represents a rollforward of deferred contract acquisition costs: Three Months Nine Months 2020 2019 2020 2019 (in thousands) Beginning balance $ 6,434 $ 4,865 $ 5,989 $ 3,590 Additions to deferred contract acquisition costs 1,303 984 3,088 3,008 Amortization of deferred contract acquisition costs (754 ) (512 ) (2,094 ) (1,261 ) Ending balance $ 6,983 $ 5,337 $ 6,983 $ 5,337 Deferred contract acquisition costs (to be recognized in next 12 months) $ 2,864 $ 2,072 $ 2,864 $ 2,072 Deferred contract acquisition costs, noncurrent 4,119 3,265 4,119 3,265 Total deferred contract acquisition costs $ 6,983 $ 5,337 $ 6,983 $ 5,337 |
Short-Term Investments (Tables)
Short-Term Investments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments, All Other Investments [Abstract] | |
Summary of short term investments | Short-term investments consisted of the following: September 30, 2020 Amortized Gross Unrealized Gross Unrealized Estimated (in thousands) Bank deposits $ 85,268 $ — $ — $ 85,268 Certificates of deposit 11,901 43 (1 ) 11,943 Commercial paper 25,641 9 (2 ) 25,648 Corporate debt securities 75,149 62 (19 ) 75,192 Municipal securities 23,918 11 (11 ) 23,918 Government and agency debt 31,759 23 (3 ) 31,779 Marketable securities 168,368 148 (36 ) 168,480 Total short-term investments $ 253,636 $ 148 $ (36 ) $ 253,748 December 31, 2019 Amortized Gross Unrealized Gross Unrealized Estimated (in thousands) Bank deposits $ 26,722 $— $— $ 26,722 Certificates of deposit 5,267 3 — 5,270 Commercial paper 4,762 — (3) 4,759 Corporate debt securities 59,832 20 (16) 59,836 Municipal securities 483 — — 483 Government and agency debt 30,230 32 (1) 30,261 Marketable securities 100,574 55 (20 ) 100,609 Total short-term investments $ 127,296 $55 $(20) $ 127,331 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 Fair Value Level 1 Level 2 Level 3 (in thousands) Financial Assets: Bank deposits $ 85,268 $— $ 85,268 $ — Certificates of deposit 11,943 — 11,943 — Commercial paper 25,648 — 25,648 — Corporate debt securities 75,192 — 75,192 — Municipal securities 23,918 — 23,918 — Government and agency debt 31,779 — 31,779 — Short-term investments 253,748 — 253,748 — Foreign currency contracts designated as hedging instruments included in prepaid expenses and other current assets 296 — 296 — Foreign currency contracts not designated as hedging instruments included in prepaid expenses and other current assets 4 — 4 — Total financial assets $ 254,048 $— $ 254,048 $— Financial Liabilities: Foreign currency contracts designated as hedging instruments included in accrued expenses and other current liabilities $ 69 $— $ 69 $— Foreign currency contracts not designated as hedging instruments included in accrued expenses and other current liabilities 2 — 2 — Total financial liabilities $ 71 $— $ 71 $— December 31, 2019 Fair Value Level 1 Level 2 Level 3 (in thousands) Financial Assets: Bank deposits $ 26,722 $ — $ 26,722 $ — Certificates of deposit 5,270 — 5,270 — Commercial paper 4,759 — 4,759 — Corporate debt securities 59,836 — 59,836 — Municipal securities 483 — 483 — Government and agency debt 30,261 — 30,261 — Short-term investments 127,331 — 127,331 — Restricted money market fund included in other assets, noncurrent 1,500 1,500 — — Total financial assets $ 128,831 $ 1,500 $ 127,331 $ — Financial Liabilities: Foreign currency contracts included in accrued expenses and other current liabilities $ 69 $ — $ 69 $ — Total financial liabilities $ 69 $ — $ 69 $ — |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Disclosure of notional amount of derivatives by hedging designation | The gross notional amounts of the Company’s foreign currency contracts are NIS denominated. The notional amounts of outstanding foreign currency contracts in U.S. dollar as of the periods presented were as follows: September 30, December 31, (in thousands) Derivatives Designated as Hedging Instruments: Foreign currency contracts $ 14,592 $ — Derivatives Not Designated as Hedging Instruments: Foreign currency contracts 1,751 9,672 Total derivative instruments $ 16,343 $ 9,672 |
Derivative instruments, gain (loss) | The effect of foreign currency contracts on the condensed consolidated statements of operations during the periods presented were as follows: Derivatives Designated as Hedging Instruments Derivatives Not Designated as Hedging Instruments Three Months Nine Months Three Months Nine Months 2020 2019 2020 2019 2020 2019 2020 2019 Condensed Statement of Operations Location: (in thousands) Cost of revenue: subscription–self-managed and SaaS $ (31 ) $ — $ (28 ) $ — $ — $ — $ — $ — Research and development (199 ) — (179 ) — — — — — Sales and marketing (71 ) — (64 ) — — — — — General and administrative (76 ) — (68 ) — — — — — Interest and other income, net — — — — (5 ) 69 (115 ) (147 ) Total (gains) losses recognized in earnings $ (377 ) $ — $ (339 ) $ — $ (5 ) $ 69 $ (115 ) $ (147 ) |
Disclosure of net unrealised gains on foreign currency contracts designated as hedging instruments | The following table represents the net unrealized gains of foreign currency contracts designated as hedging instruments, net of tax, that were recorded in accumulated other comprehensive income as of September 30, 2020, and their effect on other comprehensive income for the nine months ended September 30, 2020: Nine Months (in thousands) Balance as of December 31, 2019 $ — Amount of net gains recorded in other comprehensive income 566 Amount of net gains reclassified from other comprehensive income to earnings (339 ) Balance as of September 30, 2020 $ 227 |
Condensed Consolidated Balanc_4
Condensed Consolidated Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Summary of property and equipment | Property and equipment, net consisted of the following: September 30, 2020 December 31, (in thousands) Computer and software $ 3,660 $ 3,107 Furniture and office equipment 1,385 1,097 Leasehold improvements 3,225 2,234 Property and equipment, gross 8,270 6,438 Less: accumulated depreciation and amortization (3,773 ) (2,906 ) Property and equipment, net $ 4,497 $ 3,532 |
Summary of accrued expenses and other current liabilities | Accrued expenses and other current liabilities consisted of the following: September 30, 2020 December 31, 2019 (in thousands) Accrued compensation and benefits $ 7,506 $ 5,333 Accrued expenses 4,482 3,002 Accrued expenses and other current liabilities $ 11,988 $ 8,335 |
Business Combination (Tables)
Business Combination (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Summary of components of the shippable purchase price and the allocation of the purchase price at fair value | The following table summarizes the components of the Shippable purchase price and the allocation of the purchase price at fair value: Amount (in thousands) Cash paid, net of cash acquired $ 20,860 Ordinary shares 11 Total purchase consideration $ 20,871 Deferred tax assets $ 1,323 Intangible assets 4,000 Goodwill 15,691 Net liabilities acquired (143 ) Total purchase consideration $ 20,871 |
Summary of components of identifiable intangible assets acquired and their estimated useful lives | The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition: Fair Value Useful Life (in thousands) (in years) Developed technology $ 2,800 6.0 Customer relationships 1,200 6.0 Total identifiable intangible assets $ 4,000 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of intangible assets | Intangible assets consisted of the following as of September 30, 2020: Gross Fair Accumulated Net Book Value Weighted- Average (in thousands) (in years) Developed technology $ 4,856 $ (1,874 ) $ 2,982 4.0 Customer relationships 1,200 (317 ) 883 4.5 Other intangible assets 1,586 (1,032 ) 554 1.1 Total $ 7,642 $ (3,223 ) $ 4,419 Intangible assets consisted of the following as of December 31, 2019: Gross Fair Accumulated Net Book Value Weighted- Average (in thousands) (in years) Developed technology $ 4,856 $ (1,231 ) $ 3,625 4.7 Customer relationships 1,200 (167 ) 1,033 5.2 Other intangible assets 1,586 (636 ) 950 1.8 Total $ 7,642 $ (2,034 ) $ 5,608 |
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, 2020 are as follows: September 30, 2020 (in thousands) Year Ending December 31, Remainder of 2020 $ 373 2021 1,382 2022 961 2023 886 2024 667 Thereafter 150 Total $ 4,419 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of minimum lease payments under operating leases | The minimum lease payments under operating leases as of September 30, 2020 were as follows: September 30, (in thousands) Year Ending December 31, Remainder of 2020 $ 1,157 2021 4,854 2022 3,492 2023 2,016 2024 1,889 Thereafter 1,497 Total $ 14,905 |
Summary of outstanding non-cancelable purchase obligations | In the normal course of business, the Company enters into non-cancelable non-cancelable September 30, (in thousands) Year Ending December 31, Remainder of 2020 $ 636 2021 7,079 2022 3,141 Total $ 10,856 |
Convertible Preferred Shares,_2
Convertible Preferred Shares, Shareholders' Equity (Deficit) and Equity Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of ordinary shares reserved for future issuance | The Company has the following ordinary shares reserved for future issuance: September 30, December 31, Convertible preferred shares — 52,063,647 Outstanding share options 14,174,101 13,201,986 Outstanding RSUs 529,195 — Issuable ordinary shares related to business combination 149,472 308,080 Shares available for future issuance under the 2011 Plan — 1,119,471 Shares available for future issuance under the 2020 Plan 10,131,821 — Shares available for future issuance under the ESPP 2,100,000 — Total ordinary shares reserved 27,084,589 66,693,184 |
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 Shares Outstanding Weighted- Weighted- Aggregate (in thousands, except share, life and per share data) Balance as of December 31, 2019 1,119,471 13,201,986 $ 2.71 6.9 $ 163,876 Shares added 11,100,000 — Granted (2,908,755 ) 2,908,755 $ 20.13 Exercised — (1,115,535 ) $ 1.55 $ 33,074 Forfeited 821,105 (821,105 ) $ 5.65 Balance as of September 30, 2020 10,131,821 14,174,101 $ 6.20 7.0 $ 1,111,897 Exercisable as of September 30, 2020 6,339,551 $ 1.25 5.0 $ 528,701 |
Summary of restricted ordinary shares | A summary of RSU activity under the Company’s equity incentive plan and related information is as follows: RSUs Unvested RSUs Weighted- Grant Date Fair Unvested as of December 31, 2019 — $ — Granted 667,595 $ 38.90 Vested (138,400 ) $ 38.90 Canceled/forfeited — $ — Unvested as of September 30, 2020 529,195 $ 38.90 |
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, 2020 2019 2020 2019 (in thousands) Cost of revenue: subscription–self-managed and SaaS $ 327 $ 225 $ 666 $ 422 Research and development 1,086 1,863 2,782 2,890 Sales and marketing 1,263 1,665 3,033 2,477 General and administrative 6,984 1,142 7,918 1,752 Total share-based compensation expense $ 9,660 $ 4,895 $ 14,399 $ 7,541 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Summary of changes in accumulated other comprehensive (loss) income | The following table summarizes the changes in accumulated other comprehensive income by component, net of tax, during the periods presented: Net Unrealized Available-for-Sale Net Unrealized Total (in thousands) Balance as of December 31, 2019 $ 35 $ — $ 35 Other comprehensive income before reclassifications 66 566 632 Net realized losses (gains) reclassified from accumulated other comprehensive income 11 (339 ) (328 ) Other comprehensive income 77 227 304 Balance as of September 30, 2020 $ 112 $ 227 $ 339 Net Unrealized Available-for-Sale Net Unrealized Instruments Total (in thousands) Balance as of December 31, 2018 $ — $ — $ — Other comprehensive income before reclassifications 88 — 88 Net realized gains reclassified from accumulated other comprehensive income (3 ) — (3 ) Other comprehensive income 85 — 85 Balance as of September 30, 2019 $ 85 $ — $ 85 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Ordinary Shareholders (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Summary of computation of basic and diluted net loss per share attributable to ordinary shareholders | The following table sets forth the computation of basic and diluted net loss per share attributable to ordinary shareholders for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands, except share and per share data) Numerator: Net loss $ (5,265 ) $ (3,114 ) $ (5,691 ) $ (5,183 ) Denominator: Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted 37,515,828 27,462,776 31,359,164 26,879,292 Net loss per share attributable to ordinary shareholders, basic and diluted $ (0.14 ) $ (0.11 ) $ (0.18 ) $ (0.19 ) |
Summary of shares excluded from the computation of diluted net loss per share attributable to ordinary shareholders | The potential shares of ordinary shares that were excluded from the computation of diluted net loss per share attributable to ordinary shareholders 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, 2020 2019 2020 2019 Convertible preferred shares 44,706,827 52,063,647 49,593,474 52,063,647 Outstanding share options 14,212,886 12,949,184 13,636,488 13,230,209 Unvested RSUs 208,137 — 69,886 — Issuable ordinary shares related to business combination 180,882 308,080 216,296 242,627 Total 59,308,732 65,320,911 63,516,144 65,536,483 |
Organization and Description _2
Organization and Description of Business - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Sep. 18, 2020 | Aug. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Subsidiary, Sale of Stock [Line Items] | ||||
Stock issued during period options exercised | 1,115,535 | |||
Proceeds from Issuance Initial Public Offering | $ 395,211 | |||
Conversion of Stock, Shares Converted | 52,063,647 | |||
Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 138,400 | |||
Deferred Offering Costs | $ 5,400 | $ 500 | ||
IPO [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Stock issued during period | 9,735,232 | |||
Stock issued during period options exercised | 1,735,232 | |||
Sale of Stock, Price Per Share | $ 44 | |||
Proceeds from Issuance Initial Public Offering | $ 393,200 | |||
Underwriting discounts and commissions | 30,000 | |||
Other issuance costs | $ 5,100 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jul. 01, 2020 | Jan. 01, 2020 | Jul. 01, 2019 | Jan. 01, 2019 | |
Disaggregation of Revenue [Line Items] | ||||||||
Deferred Revenue, Revenue Recognized | $ 15.7 | $ 12 | $ 64.1 | $ 45.4 | ||||
Revenue, Remaining Performance Obligation | $ 91.2 | $ 91.2 | ||||||
Revenue, Remaining Performance Obligation Percentage | 88.00% | 88.00% | ||||||
Billed Revenues [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue, Remaining Performance Obligation | $ 86.3 | $ 86.3 | ||||||
Unbilled Revenues [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue, Remaining Performance Obligation | $ 4.9 | $ 4.9 | ||||||
Non Current Liabilities [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Deferred Revenue | $ 82.9 | $ 82.3 | ||||||
Current Liabilities [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Deferred Revenue | $ 73.5 | $ 70.2 |
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, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 38,886 | $ 27,844 | $ 108,138 | $ 73,959 |
Sale revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue | 100.00% | 100.00% | 100.00% | 100.00% |
Self-managed subscription [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 30,161 | $ 22,825 | $ 85,269 | $ 60,596 |
Self-managed subscription [Member] | Sale revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue | 78.00% | 82.00% | 79.00% | 82.00% |
Subscription—self-managed and SaaS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 26,989 | $ 20,051 | $ 76,303 | $ 53,387 |
Subscription—self-managed and SaaS | Sale revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue | 70.00% | 72.00% | 71.00% | 72.00% |
License [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 3,172 | $ 2,774 | $ 8,966 | $ 7,209 |
License [Member] | Sale revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue | 8.00% | 10.00% | 8.00% | 10.00% |
SaaS [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 8,725 | $ 5,019 | $ 22,869 | $ 13,363 |
SaaS [Member] | Sale revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue | 22.00% | 18.00% | 21.00% | 18.00% |
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, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 38,886 | $ 27,844 | $ 108,138 | $ 73,959 |
Geographic concentration risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue | 100.00% | 100.00% | 100.00% | 100.00% |
UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 24,924 | $ 17,305 | $ 69,429 | $ 45,863 |
UNITED STATES | Geographic concentration risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue | 64.00% | 62.00% | 64.00% | 62.00% |
ISRAEL | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 726 | $ 538 | $ 2,020 | $ 1,361 |
ISRAEL | Geographic concentration risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue | 2.00% | 2.00% | 2.00% | 2.00% |
Rest of world [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 13,236 | $ 10,001 | $ 36,689 | $ 26,735 |
Rest of world [Member] | Geographic concentration risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue | 34.00% | 36.00% | 34.00% | 36.00% |
Revenue Recognition - Summary_3
Revenue Recognition - Summary of Table Represents a Rollforward of Deferred Contract Acquisition Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Deferred Policy Acquisition Costs Disclosures [Abstract] | |||||
Beginning balance | $ 6,434 | $ 4,865 | $ 5,989 | $ 3,590 | |
Additions to deferred contract acquisition costs | 1,303 | 984 | 3,088 | 3,008 | |
Amortization of deferred contract acquisition costs | (754) | (512) | (2,094) | (1,261) | |
Ending balance | 6,983 | 5,337 | 6,983 | 5,337 | |
Deferred contract acquisition costs (to be recognized in next 12 months) | 2,864 | 2,072 | 2,864 | 2,072 | $ 2,348 |
Deferred contract acquisition costs, noncurrent | 4,119 | 3,265 | 4,119 | 3,265 | $ 3,641 |
Total deferred contract acquisition costs | $ 6,983 | $ 5,337 | $ 6,983 | $ 5,337 |
Short-Term Investments - Summar
Short-Term Investments - Summary of Short Term Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule of short term investments [Line Items] | ||
Amortized cost | $ 253,636 | $ 127,296 |
Gross unrealized gains | 148 | 55 |
Gross unrealized losses | (36) | (20) |
Estimated fair value | 253,748 | 127,331 |
Bank deposits [Member] | ||
Schedule of short term investments [Line Items] | ||
Amortized cost | 85,268 | 26,722 |
Estimated fair value | 85,268 | 26,722 |
Certificates of deposit [Member] | ||
Schedule of short term investments [Line Items] | ||
Amortized cost | 11,901 | 5,267 |
Gross unrealized gains | 43 | 3 |
Gross unrealized losses | (1) | |
Estimated fair value | 11,943 | 5,270 |
Commercial paper [Member] | ||
Schedule of short term investments [Line Items] | ||
Amortized cost | 25,641 | 4,762 |
Gross unrealized gains | 9 | |
Gross unrealized losses | (2) | (3) |
Estimated fair value | 25,648 | 4,759 |
Corporate debt securities [Member] | ||
Schedule of short term investments [Line Items] | ||
Amortized cost | 75,149 | 59,832 |
Gross unrealized gains | 62 | 20 |
Gross unrealized losses | (19) | (16) |
Estimated fair value | 75,192 | 59,836 |
Municipal securities [Member] | ||
Schedule of short term investments [Line Items] | ||
Amortized cost | 23,918 | 483 |
Gross unrealized gains | 11 | |
Gross unrealized losses | (11) | |
Estimated fair value | 23,918 | 483 |
Government and agency debt [Member] | ||
Schedule of short term investments [Line Items] | ||
Amortized cost | 31,759 | 30,230 |
Gross unrealized gains | 23 | 32 |
Gross unrealized losses | (3) | (1) |
Estimated fair value | 31,779 | 30,261 |
Marketable securities [Member] | ||
Schedule of short term investments [Line Items] | ||
Amortized cost | 168,368 | 100,574 |
Gross unrealized gains | 148 | 55 |
Gross unrealized losses | (36) | (20) |
Estimated fair value | $ 168,480 | $ 100,609 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Restricted money market fund included in other assets, noncurrent | $ 1,500 | |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets | $ 254,048 | |
Total financial liabilities | 71 | 69 |
Level 2 | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 253,748 | 127,331 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Restricted money market fund included in other assets, noncurrent | 1,500 | |
Total financial assets | 254,048 | |
Total financial liabilities | 71 | 69 |
Fair Value | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 253,748 | 127,331 |
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 | 296 | |
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 | 296 | |
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 | 4 | |
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 | 4 | |
Accrued Expenses And Other Current Liabilites [Member] | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 69 | |
Accrued Expenses And Other Current Liabilites [Member] | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 69 | |
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 | 69 | |
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 | 69 | |
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 | 2 | |
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 | 2 | |
Bank deposits | Level 2 | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 85,268 | 26,722 |
Bank deposits | Fair Value | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 85,268 | 26,722 |
Certificates of deposit | Level 2 | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 11,943 | 5,270 |
Certificates of deposit | Fair Value | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 11,943 | 5,270 |
Commercial paper | Level 2 | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 25,648 | 4,759 |
Commercial paper | Fair Value | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 25,648 | 4,759 |
Corporate debt securities | Level 2 | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 75,192 | 59,836 |
Corporate debt securities | Fair Value | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 75,192 | 59,836 |
Municipal securities | Level 2 | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 23,918 | 483 |
Municipal securities | Fair Value | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 23,918 | 483 |
Government and agency debt | Level 2 | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 31,779 | 30,261 |
Government and agency debt | Fair Value | Short-term Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | $ 31,779 | 30,261 |
Other Noncurrent Assets [Member] | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets | 1,500 | |
Other Noncurrent Assets [Member] | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets | 127,331 | |
Other Noncurrent Assets [Member] | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets | $ 128,831 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Hedging - Disclosure of Notional Amount of Derivatives By Hedging Designation (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Total derivative instruments | $ 16,343 | $ 9,672 |
Foreign currency contracts [Member] | Derivatives designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative instruments | 14,592 | |
Foreign currency contracts [Member] | Derivatives not designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative instruments | $ 1,751 | $ 9,672 |
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, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivatives designated as hedging instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total (gains) losses recognized in earnings | $ (377) | $ (339) | ||
Derivatives not designated as hedging instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total (gains) losses recognized in earnings | (5) | $ 69 | (115) | $ (147) |
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 | (31) | (28) | ||
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 | (199) | (179) | ||
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 | (71) | (64) | ||
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 | (76) | (68) | ||
Foreign Currency Contracts [Member] | Interest and other income, net [Member] | Derivatives not designated as hedging instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total (gains) losses recognized in earnings | $ (5) | $ 69 | $ (115) | $ (147) |
Derivative Financial Instrume_5
Derivative Financial Instruments and Hedging - Disclosure of Net Unrealised Gains on Foreign Currency Contracts Designated As Hedging Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Disclosure Of Net Unrealised Gains On Foreign Currency Contracts Designated As Hedging Instruments [Line Items] | ||
Beginning Balance | $ 35 | |
Ending Balance | $ 339 | 339 |
Designated as Hedging Instrument [Member] | Foreign Currency Contracts [Member] | ||
Disclosure Of Net Unrealised Gains On Foreign Currency Contracts Designated As Hedging Instruments [Line Items] | ||
Beginning Balance | 459 | |
Amount of net gains recorded in other comprehensive income | 145 | 566 |
Amount of net gains reclassified from other comprehensive income to earnings | (377) | (339) |
Ending Balance | $ 227 | $ 227 |
Derivative Financial Instrume_6
Derivative Financial Instruments and Hedging - Additional Information (Detail) $ in Millions | Sep. 30, 2020USD ($) |
Foreign Exchange Contract [Member] | |
Disclosure Of Net Unrealised Gains On Foreign Currency Contracts Designated As Hedging Instruments [Line Items] | |
Net unrealised gains on foreign currency contracts expected to be recognised in the next twelve months | $ 0.2 |
Condensed Consolidated Balanc_5
Condensed Consolidated Balance Sheet Components - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 8,270 | $ 6,438 |
Less: accumulated depreciation and amortization | (3,773) | (2,906) |
Property and equipment, net | 4,497 | 3,532 |
Computer and software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 3,660 | 3,107 |
Furniture and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,385 | 1,097 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 3,225 | $ 2,234 |
Condensed Consolidated Balanc_6
Condensed Consolidated Balance Sheet Components - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued compensation and benefits | $ 7,506 | $ 5,333 |
Accrued expenses | 4,482 | 3,002 |
Accrued expenses and other current liabilities | $ 11,988 | $ 8,335 |
Business Combination - Addition
Business Combination - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 28, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Business Combination [Line items] | ||||||
Business acquistion payment of cash net of cash acquired cash component of purchase consideration | $ 20,860 | |||||
Business combination allocated share based compensation | $ 9,660 | $ 4,895 | $ 14,399 | 7,541 | ||
General and Administrative Expense [Member] | ||||||
Business Combination [Line items] | ||||||
Business combination allocated share based compensation | 6,984 | 1,142 | 7,918 | 1,752 | ||
Shippable Inc [Member] | ||||||
Business Combination [Line items] | ||||||
Business acquistion percentage of voting capital obtained | 100.00% | |||||
Business acquistion total purchase consideration | $ 21,200 | 20,871 | ||||
Business acquistion payment of cash net of cash acquired cash component of purchase consideration | 20,900 | 20,860 | ||||
Business combination cash acquired | $ 300 | |||||
Business combination purchase consideration settled through share issue | 1,488 | |||||
Business combination contingent consideration payable in cash | $ 4,100 | |||||
Business combination contingent consideration shares issuable | 308,080 | |||||
Business combination acquistion related costs | 300 | 300 | 1,000 | 800 | ||
Business combination allocated share based compensation | 200 | $ 300 | 600 | $ 700 | ||
Business combination unrecogised share based compensation | $ 600 | $ 600 | $ 1,200 | |||
Business combination goodwill deductible for tax purposes | $ 15,700 | |||||
Shippable Inc [Member] | General and Administrative Expense [Member] | ||||||
Business Combination [Line items] | ||||||
Business combination cash acquired | $ 300 |
Business Combination - Summary
Business Combination - Summary of Components of the Shippable Purchase Price and the Allocation of the Purchase Price at Fair Value (Detail) - USD ($) $ in Thousands | Feb. 28, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Business Combination [Line items] | |||
Cash paid, net of cash acquired | $ 20,860 | ||
Shippable Inc [Member] | |||
Business Combination [Line items] | |||
Cash paid, net of cash acquired | $ 20,900 | $ 20,860 | |
Ordinary shares | 11 | ||
Total purchase consideration | $ 21,200 | 20,871 | |
Deferred tax assets | 1,323 | ||
Intangible assets | 4,000 | ||
Goodwill | 15,691 | ||
Net liabilities acquired | (143) | ||
Total purchase consideration | $ 20,871 |
Business Combination - Summar_2
Business Combination - Summary of Components of Identifiable Intangible Assets Acquired and their Estimated Useful Lives (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Portion At Fair Value Disclosure [Member] | |
Identifiable Intangible Assets Acquired [Line items] | |
Fair Value | $ 4,000 |
Developed technology [Member] | |
Identifiable Intangible Assets Acquired [Line items] | |
Useful Life | 6 years |
Developed technology [Member] | Portion At Fair Value Disclosure [Member] | |
Identifiable Intangible Assets Acquired [Line items] | |
Fair Value | $ 2,800 |
Customer relationships [Member] | |
Identifiable Intangible Assets Acquired [Line items] | |
Useful Life | 6 years |
Customer relationships [Member] | Portion At Fair Value Disclosure [Member] | |
Identifiable Intangible Assets Acquired [Line items] | |
Fair Value | $ 1,200 |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Intangible Assets [Line items] | ||
Gross Fair Value | $ 7,642 | $ 7,642 |
Accumulated Amortization | (3,223) | (2,034) |
Net Book Value | 4,419 | 5,608 |
Developed technology [Member] | ||
Intangible Assets [Line items] | ||
Gross Fair Value | 4,856 | 4,856 |
Accumulated Amortization | (1,874) | (1,231) |
Net Book Value | $ 2,982 | $ 3,625 |
Weighted- Average Remaining Useful Life | 4 years | 4 years 8 months 12 days |
Customer relationships [Member] | ||
Intangible Assets [Line items] | ||
Gross Fair Value | $ 1,200 | $ 1,200 |
Accumulated Amortization | (317) | (167) |
Net Book Value | $ 883 | $ 1,033 |
Weighted- Average Remaining Useful Life | 4 years 6 months | 5 years 2 months 12 days |
Other intangible assets [Member] | ||
Intangible Assets [Line items] | ||
Gross Fair Value | $ 1,586 | $ 1,586 |
Accumulated Amortization | (1,032) | (636) |
Net Book Value | $ 554 | $ 950 |
Weighted- Average Remaining Useful Life | 1 year 1 month 6 days | 1 year 9 months 18 days |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Intangible Assets [Line items] | ||||
Amortization expenses for intangible assets | $ 0.4 | $ 0.4 | $ 1.2 | $ 1.1 |
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, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2020 | $ 373 | |
2021 | 1,382 | |
2022 | 961 | |
2023 | 886 | |
2024 | 667 | |
Thereafter | 150 | |
Total | $ 4,419 | $ 5,608 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of minimum lease payments under operating leases (Detail) $ in Thousands | Sep. 30, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2020 | $ 1,157 |
2021 | 4,854 |
2022 | 3,492 |
2023 | 2,016 |
2024 | 1,889 |
Thereafter | 1,497 |
Total | $ 14,905 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Outstanding Non-cancelable Purchase Obligations (Detail) $ in Thousands | Sep. 30, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2020 | $ 636 |
2021 | 7,079 |
2022 | 3,141 |
Total | $ 10,856 |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Lease Expenses | $ 900 | $ 700 | $ 3,000 | $ 2,300 |
Research and Development Costs | $ 10,381 | $ 8,665 | 29,452 | $ 21,764 |
Grants [Member] | Israeli Innovation Authority [Member] | ||||
Research and Development Costs | $ 1,200 |
Convertible Preferred Shares,_3
Convertible Preferred Shares, Shareholders' Equity (Deficit) and Equity Incentive Plans - Additional Information (Detail) $ / shares in Units, $ in Thousands | Aug. 31, 2020USD ($)shares | Jul. 31, 2019USD ($) | Dec. 31, 2011 | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2019USD ($)$ / shares | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2019USD ($)$ / shares | Dec. 31, 2019USD ($)shares | Sep. 30, 2020₪ / shares | Dec. 31, 2019₪ / shares |
Convertible preferred shares outstanding | 52,063,647 | |||||||||
Preferred stock par value | ₪ / shares | ₪ 0.01 | ₪ 0.01 | ||||||||
Preferred stock authorized | 50,000,000 | 50,000,000 | 0 | |||||||
Ordinary shares par value | ₪ / shares | ₪ 0.01 | ₪ 0.01 | ||||||||
Ordinary shares authorized | 500,000,000 | 500,000,000 | 101,314,353 | |||||||
Dividends declared | $ / shares | $ 0 | |||||||||
Ordinary shares available for future issuance | 10,131,821 | 10,131,821 | 1,119,471 | |||||||
Stock issued during period, shares, employee stock purchase plans | 2,100,000 | |||||||||
RSUs Vested | 138,400 | |||||||||
Share-based compensation expense | $ | $ 9,660 | $ 4,895 | $ 14,399 | $ 7,541 | ||||||
2020 Plan [Member] | ||||||||||
Ordinary shares to be reserved for grants of awards | 9,100,000 | 9,100,000 | ||||||||
Maximum number of shares to be added to the share based compensation arrangement plans | 15,309,367 | |||||||||
Share-based payment arrangement, plan modification, incremental shares authorized | 9,100,000 | 9,100,000 | ||||||||
Employee Share Purchase Plan [Member] | ||||||||||
Share options outstanding ordinary shares percentage | 5.00% | |||||||||
Accrued rate of rights to purchase ordinary shares under ESPPlans | $ | $ 25,000 | |||||||||
Percentage of eligible compensation | 15.00% | |||||||||
Maximum number of shares per employee | 1,250 | |||||||||
Purchase price of the shares on the offering period percentage | 85.00% | |||||||||
Number of shares purchased | 0 | 0 | ||||||||
Third Party Share Transaction [Member] | ||||||||||
Share-based compensation expense | $ | $ 3,300 | |||||||||
Employee Stock Option [Member] | ||||||||||
Weighted average grant date fair value of options granted | $ / shares | $ 19.26 | $ 7.24 | $ 15.46 | $ 6.16 | ||||||
Unrecognized share based compensation cost related to unvested share options | $ | $ 59,000 | $ 59,000 | $ 25,400 | |||||||
Unrecognized share based compensation cost expected to be recognised period | 3 years 4 months 24 days | 3 years 4 months 24 days | ||||||||
Employee Stock Option [Member] | 2011 Plan [Member] | ||||||||||
Share options vesting period | 5 years | |||||||||
Share options expiration period | 10 years | |||||||||
Ordinary shares to be reserved for grants of awards | 20,605,700 | 20,605,700 | ||||||||
Ordinary shares available for future issuance | 1,000,821 | 1,000,821 | ||||||||
Employee Stock Option [Member] | 2020 Plan [Member] | ||||||||||
Share options expiration period | 10 years | |||||||||
Share based compensation plan description | In September 2020, immediately prior to the IPO, the Company adopted the 2020 Plan. Following the effectiveness of the 2020 Plan, the Company will no longer grant any awards under the 2011 Plan, though previously granted options under the 2011 Plan remain outstanding and governed by the 2011 Plan. The 2020 Plan provides for the grant of share options, ordinary shares, restricted shares, restricted share units and other share-based awards. The maximum number of ordinary shares available for issuance under the 2020 Plan is equal to the sum of (i) 9,100,000 ordinary shares plus, (ii) any shares subject to the pool authorized by the Company’s board of directors under the 2011 Plan which remain free and unallocated as of the effective date, and (iii) any shares subject to awards granted under the 2011 Plan that, on or after the effective date, expire, or are cancelled, terminated, forfeited or settled in cash in lieu of issuance of shares, for any reason, without having been exercised, with the maximum number of shares to be added to the 2020 Plan pursuant to the 2011 Plan equal to 15,309,367 shares. | |||||||||
Share based compensation plan modifications description | In addition, the number of shares available for issuance under the Company’s 2020 Plan also includes an annual increase on January 1 of each year beginning on January 1, 2021 and ending on and including January 1, 2030, in an amount equal to the least of (i) 9,100,000 ordinary shares, (ii) five percent (5%) of the total number of ordinary shares outstanding as of the last day of the immediately preceding calendar year on a fully diluted basis, or (iii) such number of shares determined by the Company’s board of directors. | |||||||||
Share options grant date | Jan. 1, 2021 | |||||||||
Share options expiration period | Jan. 1, 2030 | |||||||||
Share options outstanding ordinary shares percentage | 5.00% | |||||||||
Employee Stock Option [Member] | Employee Share Purchase Plan [Member] | ||||||||||
Ordinary shares to be reserved for grants of awards | 2,100,000 | |||||||||
Share options outstanding ordinary shares percentage | 1.00% | |||||||||
Employee share purchase plan offering date | March 1 and September 1 | |||||||||
Employee Stock Option [Member] | Employee Share Purchase Plan [Member] | IPO [Member] | ||||||||||
Employee share purchase plan offering date | March 1, 2021 | |||||||||
Restricted Stock [Member] | ||||||||||
RSUs Vested | 138,400 | |||||||||
RSUs to be reserved for grants of awards | 667,595 | |||||||||
RSUs unvested | 529,195 | 529,195 | ||||||||
Restricted Stock [Member] | Employee Share Purchase Plan [Member] | ||||||||||
Share based compensation plan description | The number of ordinary shares available for sale under the ESPP also includes an annual increase on the first day of each fiscal year beginning with 2021, equal to the least of (i) 2,100,000 ordinary shares, (ii) one percent (1%) of the total number of ordinary shares outstanding as of the last day of the immediately preceding calendar year on a fully diluted basis, or (iii) such other amount as may be determined by the Company. | |||||||||
Other RSU [Member] | ||||||||||
RSUs to be reserved for grants of awards | 0 | |||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||
Unrecognized share based compensation cost related to unvested RSUs | $ | $ 19,700 | $ 19,700 | ||||||||
Unrecognized share based compensation cost expected to be recognised period | 1 year | |||||||||
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | ||||||||||
RSUs to be reserved for grants of awards | 667,595 | |||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche One [Member] | Chief Executive Officer [Member] | ||||||||||
RSUs Vested | 138,400 | |||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Two [Member] | Chief Executive Officer [Member] | ||||||||||
RSUs unvested | 529,195 | |||||||||
Convertible Preferred Stock [Member] | ||||||||||
Convertible preferred shares outstanding | 52,063,647 | |||||||||
Ordinary shares carrying value | $ | $ 175,800 | |||||||||
Stock split | one-to-one |
Convertible Preferred Shares,_4
Convertible Preferred Shares, Shareholders' Equity (Deficit) and Equity Incentive Plans - Summary of Ordinary Shares Reserved for Future Issuance (Detail) - shares | Sep. 30, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||
Common Stock Reserved for Future Issuance | 27,084,589 | 66,693,184 |
2011 Plan [Member] | ||
Class of Stock [Line Items] | ||
Common Stock Reserved for Future Issuance | 1,119,471 | |
2020 Plan [Member] | ||
Class of Stock [Line Items] | ||
Common Stock Reserved for Future Issuance | 10,131,821 | |
Employee Stock Purchase Plan [Member] | ||
Class of Stock [Line Items] | ||
Common Stock Reserved for Future Issuance | 2,100,000 | |
Employee Stock Option [Member] | ||
Class of Stock [Line Items] | ||
Common Stock Reserved for Future Issuance | 14,174,101 | 13,201,986 |
Restricted Stock [Member] | ||
Class of Stock [Line Items] | ||
Common Stock Reserved for Future Issuance | 529,195 | |
Convertible Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Common Stock Reserved for Future Issuance | 52,063,647 | |
Ordinary Shares [Member] | ||
Class of Stock [Line Items] | ||
Common Stock Reserved for Future Issuance | 149,472 | 308,080 |
Convertible Preferred Shares,_5
Convertible Preferred Shares, Shareholders' Equity (Deficit) and Equity Incentive Plans - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | ||
Shares Available for Grant, Beginning balance | 1,119,471 | |
Shares Available for Grant, Shares added | 11,100,000 | |
Shares Available for Grant, Granted | (2,908,755) | |
Shares Available for Grant, Forfeited | 821,105 | |
Shares Available for Grant, Ending balance | 10,131,821 | 1,119,471 |
Outstanding Share Options, Beginning balance | 13,201,986 | |
Outstanding Share Options, Granted | 2,908,755 | |
Outstanding Share Options, Exercised | (1,115,535) | |
Outstanding Share Options, Forfeited | (821,105) | |
Outstanding Share Options, Ending balance | 14,174,101 | 13,201,986 |
Outstanding Share Options, Exercisable | 6,339,551 | |
Weighted Average Exercise Price Per Share, Beginning balance | $ / shares | $ 2.71 | |
Weighted Average Exercise Price Per Share, Granted | $ / shares | 20.13 | |
Weighted Average Exercise Price Per Share, Exercised | $ / shares | 1.55 | |
Weighted Average Exercise Price Per Share, Forfeited | $ / shares | 5.65 | |
Weighted Average Exercise Price Per Share, Ending balance | $ / shares | 6.20 | $ 2.71 |
Weighted Average Exercise Price Per Share, Exercisable | $ / shares | $ 1.25 | |
Weighted Average Remaining Contractual Life | 7 years | 6 years 10 months 24 days |
Weighted Average Remaining Contractual Life, Exercisable | 5 years | |
Aggregate Intrinsic Value, Beginning balance | $ | $ 163,876 | |
Aggregate Intrinsic Value, Exercised | $ | 33,074 | |
Aggregate Intrinsic Value, Ending balance | $ | 1,111,897 | $ 163,876 |
Aggregate Intrinsic Value, Exercisable | $ | $ 528,701 |
Convertible Preferred Shares,_6
Convertible Preferred Shares, Shareholders' Equity (Deficit) and Equity Incentive Plans - Summary of Restricted Ordinary Shares (Detail) - $ / shares | Aug. 31, 2020 | Sep. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested RSUs, Vested | 138,400 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested RSUs, Beginning balance | ||
Unvested RSUs, Granted | 667,595 | |
Unvested RSUs, Vested | 138,400 | |
Unvested RSUs, Canceled/Forfeited | ||
Unvested RSUs, Ending balance | 529,195 | |
Weighted Average Grant Date Fair Value Per Share, Beginning balance | ||
Weighted Average Grant Date Fair Value Per Share, Granted | 38.90 | |
Weighted Average Grant Date Fair Value Per Share, Vested | 38.90 | |
Weighted Average Grant Date Fair Value Per Share, Canceled/Forfeited | ||
Weighted Average Grant Date Fair Value Per Share, Ending balance | $ 38.90 |
Convertible Preferred Shares,_7
Convertible Preferred Shares, Shareholders' Equity (Deficit) and Equity Incentive Plans - Summary of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 9,660 | $ 4,895 | $ 14,399 | $ 7,541 |
Cost of revenue [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 327 | 225 | 666 | 422 |
Research and development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 1,086 | 1,863 | 2,782 | 2,890 |
Sales and marketing [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 1,263 | 1,665 | 3,033 | 2,477 |
General and administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 6,984 | $ 1,142 | $ 7,918 | $ 1,752 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income - Summary of Changes In Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Changes in Accumulated Other Comprehensive Income [Line items] | ||
Beginning Balance | $ 35 | |
Other comprehensive income before reclassifications | 632 | $ 88 |
Net realized losses (gains) reclassified from accumulated other comprehensive income | (328) | (3) |
Other comprehensive income | 304 | 85 |
Ending Balance | 339 | 85 |
Net Unrealized Gains on Available-for-Sale Marketable Securities [Member] | ||
Changes in Accumulated Other Comprehensive Income [Line items] | ||
Beginning Balance | 35 | |
Other comprehensive income before reclassifications | 66 | 88 |
Net realized losses (gains) reclassified from accumulated other comprehensive income | 11 | (3) |
Other comprehensive income | 77 | 85 |
Ending Balance | 112 | $ 85 |
Net Unrealized Gains on Derivatives Designated as Hedging Instruments [Member] | ||
Changes in Accumulated Other Comprehensive Income [Line items] | ||
Other comprehensive income before reclassifications | 566 | |
Net realized losses (gains) reclassified from accumulated other comprehensive income | (339) | |
Other comprehensive income | 227 | |
Ending Balance | $ 227 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 250 | $ 429 | $ 1,053 | $ 1,138 |
Unrecognized tax benefits | 900 | 900 | ||
Unrecognized tax benefits that would impact effective tax rate | $ 500 | $ 500 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Employee Benefit Plans [Line items] | ||||||
Employee benefit plans, matched percentage | 50.00% | 100.00% | ||||
Employee benefit plans, percentage of contribution eligible | 6.00% | 3.00% | ||||
Employee benefit plans, expenses recorded | $ 0.2 | $ 0.1 | $ 0.6 | $ 0.4 | ||
Israeli Severance Pay [Member] | ||||||
Employee Benefit Plans [Line items] | ||||||
Employee benefit plans, percentage of eligible monthly deposits | 8.33% | |||||
Employee benefit plans, severance expenses | $ 0.5 | $ 0.4 | $ 1.5 | $ 1.1 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Ordinary Shareholders - Summary of Computation of Basic and Diluted Net Loss Per Share Attributable to Ordinary Shareholders (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Numerator: | ||||
Net loss | $ (5,265) | $ (3,114) | $ (5,691) | $ (5,183) |
Denominator: | ||||
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted | 37,515,828 | 27,462,776 | 31,359,164 | 26,879,292 |
Net loss per share attributable to ordinary shareholders, basic and diluted | $ (0.14) | $ (0.11) | $ (0.18) | $ (0.19) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Ordinary Shareholders - Summary of Shares Excluded From the Computation of Diluted Net Loss Per Share Attributable to Ordinary Shareholders (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from computation of diluted net loss per share | 59,308,732 | 65,320,911 | 63,516,144 | 65,536,483 |
Convertible preferred shares [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from computation of diluted net loss per share | 44,706,827 | 52,063,647 | 49,593,474 | 52,063,647 |
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 | 14,212,886 | 12,949,184 | 13,636,488 | 13,230,209 |
Unvested RSUs [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from computation of diluted net loss per share | 208,137 | 69,886 | ||
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 | 180,882 | 308,080 | 216,296 | 242,627 |