QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
☒ | Accelerated Filer | ☐ | |||||||||||||||
Non-accelerated filer | ☐ | (Do not check if a smaller reporting Company) | Smaller Reporting Company | ||||||||||||||
Emerging Growth Company |
September 30, 2022 | December 31, 2021 | |||||||||||||
(Unaudited) | ||||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Marketable investments | ||||||||||||||
Accounts receivable, net | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Deferred contract acquisition costs, net | ||||||||||||||
Total current assets | ||||||||||||||
Property and equipment, net | ||||||||||||||
Operating lease right-of-use assets | ||||||||||||||
Intangible assets, net | ||||||||||||||
Goodwill | ||||||||||||||
Marketable investments | ||||||||||||||
Other assets | ||||||||||||||
Deferred contract acquisition costs, net — less current portion | ||||||||||||||
Total assets | $ | $ | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued and other current liabilities | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Accrued federal fees | ||||||||||||||
Sales tax liabilities | ||||||||||||||
Deferred revenue | ||||||||||||||
Convertible senior notes | ||||||||||||||
Total current liabilities | ||||||||||||||
Convertible senior notes — less current portion | ||||||||||||||
Sales tax liabilities — less current portion | ||||||||||||||
Operating lease liabilities — less current portion | ||||||||||||||
Other long-term liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies (Note 10) | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Common stock | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Accumulated deficit | ( | ( | ||||||||||||
Total stockholders’ equity | ||||||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||
Revenue | $ | $ | $ | $ | ||||||||||||||||||||||
Cost of revenue | ||||||||||||||||||||||||||
Gross profit | ||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Research and development | ||||||||||||||||||||||||||
Sales and marketing | ||||||||||||||||||||||||||
General and administrative | ||||||||||||||||||||||||||
Total operating expenses | ||||||||||||||||||||||||||
Loss from operations | ( | ( | ( | ( | ||||||||||||||||||||||
Other (expense) income, net: | ||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ||||||||||||||||||||||
Interest income and other | ||||||||||||||||||||||||||
Total other (expense) income, net | ( | ( | ( | ( | ||||||||||||||||||||||
Loss before income taxes | ( | ( | ( | ( | ||||||||||||||||||||||
Provision for (benefit from) income taxes | ( | ( | ||||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Net loss per share: | ||||||||||||||||||||||||||
Basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Shares used in computing net loss per share: | ||||||||||||||||||||||||||
Basic and diluted | ||||||||||||||||||||||||||
Comprehensive Loss: | ||||||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ( | |||||||||||||||||||||||
Comprehensive loss | $ | ( | $ | ( | $ | ( | $ | ( |
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||
Issuance of common stock upon partial conversion of the 2023 convertible senior notes | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||
Partial unwind of capped calls and retirement of common stock related to the 2023 convertible senior notes | ( | — | — | — | |||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units | — | — | — | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Issuance of common stock upon partial conversion of the 2023 convertible senior notes | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||
Partial unwind of capped calls and retirement of common stock related to the 2023 convertible senior notes | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units | — | — | — | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
— | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Issuance of common stock upon partial conversion of the 2023 convertible senior notes | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||
Partial unwind of capped calls and retirement of common stock related to the 2023 convertible senior notes | ( | — | — | — | ||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | — | |||||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units | — | — | — | |||||||||||||||||||||||||||||||||||
Issuance of common stock under ESPP | — | — | — | |||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
Balance as of December 30, 2021 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||
Issuance of common stock upon partial conversion of the 2023 convertible senior notes | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||
Partial unwind of capped calls and retirement of common stock related to the 2023 convertible senior notes | ( | — | — | — | ||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | ||||||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units | — | — | ||||||||||||||||||||||||||||||||||||
Issuance of common stock under ESPP | — | — | — | |||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | $ | $ | $ | ( | $ | ( | $ |
Nine Months Ended | ||||||||||||||
September 30, 2022 | September 30, 2021 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Amortization of operating lease right-of-use assets | ||||||||||||||
Amortization of deferred contract acquisition costs | ||||||||||||||
Amortization of premium on marketable investments | ||||||||||||||
Provision for doubtful accounts | ||||||||||||||
Stock-based compensation | ||||||||||||||
Amortization of discount and issuance costs on convertible senior notes | ||||||||||||||
Deferred taxes | ||||||||||||||
Change in fair of value of contingent consideration | ||||||||||||||
Payment of contingent consideration liability in excess of acquisition-date fair value | ( | |||||||||||||
Other | ||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Accounts receivable | ( | ( | ||||||||||||
Prepaid expenses and other current assets | ( | ( | ||||||||||||
Deferred contract acquisition costs | ( | ( | ||||||||||||
Other assets | ( | ( | ||||||||||||
Accounts payable | ||||||||||||||
Accrued and other current liabilities | ||||||||||||||
Accrued federal fees and sales tax liabilities | ( | ( | ||||||||||||
Deferred revenue | ||||||||||||||
Other liabilities | ( | ( | ||||||||||||
Net cash provided by operating activities | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchases of marketable investments | ( | ( | ||||||||||||
Proceeds from sales of marketable investments | ||||||||||||||
Proceeds from maturities of marketable investments | ||||||||||||||
Purchases of property and equipment | ( | ( | ||||||||||||
Capitalization of software development costs | ( | |||||||||||||
Payments of initial direct costs | ( | |||||||||||||
Cash paid for an equity investment in a privately-held company | ( | |||||||||||||
Net cash provided by (used in) investing activities | ( | |||||||||||||
Cash flows from financing activities: | ||||||||||||||
Repurchase of a portion of 2023 convertible senior notes, net of costs | ( | ( | ||||||||||||
Proceeds from exercise of common stock options | ||||||||||||||
Proceeds from sale of common stock under ESPP | ||||||||||||||
Payment of contingent consideration liability up to acquisition-date fair value | ( | |||||||||||||
Payment of holdback related to an acquisition | ( | |||||||||||||
Payments of finance leases | ( | |||||||||||||
Net cash used in financing activities | ( | ( | ||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | |||||||||||||
Cash, cash equivalents and restricted cash: | ||||||||||||||
Beginning of period | ||||||||||||||
End of period | $ | $ | ||||||||||||
Supplemental disclosures of cash flow data: | ||||||||||||||
Cash paid for interest | $ | $ | ||||||||||||
Cash paid for income taxes | $ | $ | ||||||||||||
Non-cash investing and financing activities: | ||||||||||||||
Equipment purchased and unpaid at period-end | $ | $ | ||||||||||||
Capitalization of leasehold improvements and furniture and fixtures through non-cash lease incentive | $ | $ | ||||||||||||
Stock-based compensation included in capitalized software development costs | $ | $ | ||||||||||||
Reconciliation of Cash, Cash Equivalents and Restricted Cash to the Condensed Consolidated Balance Sheets - Beginning of Period: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash in other assets | ||||||||||||||
Total cash, cash equivalents and restricted cash | $ | $ | ||||||||||||
Reconciliation of Cash, Cash Equivalents and Restricted Cash to the Condensed Consolidated Balance Sheets - End of Period: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash in other assets | ||||||||||||||
Total cash, cash equivalents and restricted cash | $ | $ | ||||||||||||
September 30, 2022 | December 31, 2021 | |||||||||||||
Accounts receivable, net | $ | $ | ||||||||||||
Deferred contract acquisition costs, net: | ||||||||||||||
Current | $ | $ | ||||||||||||
Non-current | ||||||||||||||
Total deferred contract acquisition costs, net | $ | $ | ||||||||||||
Contract assets and contract liabilities: | ||||||||||||||
Contract assets (included in prepaid expenses and other current assets) | $ | $ | ||||||||||||
Contract liabilities (deferred revenue) | ||||||||||||||
Noncurrent contract liabilities (deferred revenue) (included in other long-term liabilities) | ||||||||||||||
Net contract liabilities | $ | ( | $ | ( |
September 30, 2022 | ||||||||||||||||||||||||||
Short-Term Marketable Investments | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
Certificates of deposit | $ | $ | $ | ( | $ | |||||||||||||||||||||
U.S. treasury | ( | |||||||||||||||||||||||||
U.S. agency securities | ( | |||||||||||||||||||||||||
Commercial paper | ||||||||||||||||||||||||||
Municipal bonds | ( | |||||||||||||||||||||||||
Corporate bonds | ( | |||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | |||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||
Long-term Marketable Investments | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
U.S. agency securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
Total | $ | $ | $ | ( | $ | |||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||
Short-Term Marketable Investments | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
Certificates of deposit | $ | $ | $ | $ | ||||||||||||||||||||||
U.S. treasury | ( | |||||||||||||||||||||||||
U.S. agency securities | ( | |||||||||||||||||||||||||
Commercial paper | ||||||||||||||||||||||||||
Municipal bonds | ( | |||||||||||||||||||||||||
Corporate bonds | ( | |||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | |||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||
Long-term Marketable Investments | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
Certificates of deposit | $ | $ | $ | ( | $ | |||||||||||||||||||||
U.S. treasury | ( | |||||||||||||||||||||||||
U.S. agency securities | ( | |||||||||||||||||||||||||
Municipal bonds | ( | |||||||||||||||||||||||||
Corporate bonds | ( | |||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | |||||||||||||||||||||
September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||
Certificates of deposit | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
U.S. treasury | ( | ( | ||||||||||||||||||||||||
U.S. agency securities | ( | ( | ||||||||||||||||||||||||
Municipal bonds | ( | ( | ||||||||||||||||||||||||
Corporate bonds | ( | ( | ||||||||||||||||||||||||
Total | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||
U.S. treasury | |||||||||||||||||||||||
Total cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Marketable investments (short and long term) | |||||||||||||||||||||||
Certificates of deposit | $ | $ | $ | $ | |||||||||||||||||||
U.S. treasury | |||||||||||||||||||||||
U.S. agency securities and government sponsored securities | |||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
Municipal bonds | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
Total marketable investments | $ | $ | $ | $ | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Contingent consideration | $ | $ | $ | $ |
December 31, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||
Total cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Marketable investments (short and long-term) | |||||||||||||||||||||||
Certificates of deposit | $ | $ | $ | $ | |||||||||||||||||||
U.S. treasury | |||||||||||||||||||||||
U.S. agency and government sponsored securities | |||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
Municipal bonds | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
Total marketable investments | $ | $ | $ | $ | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Contingent consideration | $ | $ | $ | $ |
Nine Months Ended September 30, 2022 | |||||
Balance, beginning of period | $ | ||||
Change in fair value of contingent consideration | |||||
Less: payment | ( | ||||
Balance, end of period | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||
Cash | $ | $ | ||||||||||||
Certificates of deposit | ||||||||||||||
Money market funds | ||||||||||||||
U.S. treasury | ||||||||||||||
Total cash and cash equivalents | $ | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||
Trade accounts receivable | $ | $ | ||||||||||||
Unbilled trade accounts receivable, net of advance client deposits | ||||||||||||||
Allowance for doubtful accounts | ( | ( | ||||||||||||
Accounts receivable, net | $ | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||
Prepaid expenses | $ | $ | ||||||||||||
Other current assets | ||||||||||||||
Contract assets | ||||||||||||||
Prepaid expenses and other current assets | $ | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||
Computer and network equipment | $ | $ | ||||||||||||
Computer software | ||||||||||||||
Internal-use software development costs | ||||||||||||||
Furniture and fixtures | ||||||||||||||
Leasehold improvements | ||||||||||||||
Property and equipment | ||||||||||||||
Accumulated depreciation and amortization | ( | ( | ||||||||||||
Property and equipment, net | $ | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||
Gross | $ | $ | ||||||||||||
Less: accumulated depreciation and amortization | ( | ( | ||||||||||||
Total | $ | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||
Other assets | $ | $ | ||||||||||||
Equity investment in a privately-held company | ||||||||||||||
Deferred tax assets | ||||||||||||||
Total | $ | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||
Accrued expenses | $ | $ | ||||||||||||
Accrued compensation and benefits | ||||||||||||||
Contingent consideration | ||||||||||||||
Accrued and other current liabilities | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
Deferred revenue | $ | $ | |||||||||
Other long-term liabilities | |||||||||||
Other long-term liabilities | $ | $ |
Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||
Beginning of the period | $ | $ | ||||||||||||
Amortization | ( | ( | ||||||||||||
End of the period | $ | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Remaining Amortization period (Years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Remaining Amortization period (Years) | |||||||||||||||||||||||||||||||||||||||||||
Developed technology | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||
Acquired workforce | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Trademarks | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||
Period | Expected Future Amortization Expense | |||||||
Remaining 2022 | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
Total | $ | |||||||
September 30, 2022 | December 31, 2021 | |||||||||||||
Principal | $ | $ | ||||||||||||
Unamortized issuance costs | ( | ( | ||||||||||||
Net carrying amount | $ | $ | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||
Contractual interest expense | $ | $ | $ | $ | ||||||||||||||||||||||
Amortization of issuance costs | ||||||||||||||||||||||||||
Total interest expense | $ | $ | $ | $ |
Period | Amount to Mature | |||||||
2025 (Maturity date of June 1, 2025) | $ | |||||||
Total | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||
Principal | $ | $ | ||||||||||||
Unamortized issuance costs | ( | ( | ||||||||||||
Net carrying amount | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||
Contractual interest expense | $ | $ | $ | $ | ||||||||||||||||||||||
Amortization of issuance costs | ||||||||||||||||||||||||||
Total interest expense | $ | $ | $ | $ |
Period | Amount to Mature | |||||||
2023 (Maturity date of May 1, 2023) | $ | |||||||
Total | $ |
September 30, 2022 | ||||||||
Stock options outstanding | ||||||||
RSUs (including PRSUs) outstanding | ||||||||
Shares available for future grant under 2014 Plan | ||||||||
Shares available for future issuance under ESPP | ||||||||
Total shares of common stock reserved | ||||||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||||||||||||
Outstanding as of December 31, 2021 | $ | |||||||||||||||||||||||||
Options granted (weighted average grant date fair value of $ | ||||||||||||||||||||||||||
Options exercised | ( | |||||||||||||||||||||||||
Options forfeited or expired | ( | |||||||||||||||||||||||||
Outstanding as of September 30, 2022 | $ | $ | ||||||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value Per Share | |||||||||||||
Outstanding as of December 31, 2021 | $ | |||||||||||||
RSUs granted(1) | ||||||||||||||
RSUs vested and released | ( | |||||||||||||
RSUs forfeited or canceled | ( | |||||||||||||
Outstanding as of September 30, 2022 | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||
Cost of revenue | $ | $ | $ | $ | ||||||||||||||||||||||
Research and development | ||||||||||||||||||||||||||
Sales and marketing | ||||||||||||||||||||||||||
General and administrative | ||||||||||||||||||||||||||
Total stock-based compensation expense | ||||||||||||||||||||||||||
Stock Option | RSU (excluding PRSUs) | PRSU | ESPP | |||||||||||||||||||||||
Unrecognized stock-based compensation expense | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted-average amortization period |
Stock Options | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||
Expected term (years) | — | |||||||||||||||||||||||||
Volatility | % | % | % | |||||||||||||||||||||||
Risk-free interest rate | % | % | % | |||||||||||||||||||||||
Dividend yield (1) | ||||||||||||||||||||||||||
PRSUs (Market Conditions) | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||
Closing price of common stock as of grant date (February 28, 2022) | — | $ | ||||||||||||||||||||||||
Expected term (years) | — | — | — | |||||||||||||||||||||||
Volatility | % | |||||||||||||||||||||||||
Risk-free interest rate | % | |||||||||||||||||||||||||
Dividend yield (1) |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Weighted-average shares used in computing basic and diluted net loss per share | ||||||||||||||||||||||||||
Basic and diluted net loss per share | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||
Stock options | ||||||||||||||||||||||||||
RSUs (includes PRSUs) | ||||||||||||||||||||||||||
Convertible senior notes | ||||||||||||||||||||||||||
Total |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||
United States | $ | $ | $ | $ | ||||||||||||||||||||||
International | ||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | ||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | |||||||||||||
United States | $ | $ | ||||||||||||
International | ||||||||||||||
Property and equipment, net | $ | $ | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | ||||||||||||||||||||||
Finance lease cost: | ||||||||||||||||||||||||||
Amortization of right-of-use assets | $ | $ | $ | $ | ||||||||||||||||||||||
Interest on finance lease liabilities | ||||||||||||||||||||||||||
Total finance lease cost | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||||||||
Operating cash used in operating leases | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Financing cash used in finance leases | ( | ( | ||||||||||||||||||||||||
Right of use assets obtained in exchange for lease obligations: | ||||||||||||||||||||||||||
Operating leases | ||||||||||||||||||||||||||
Finance leases |
September 30, 2022 | December 31, 2021 | |||||||||||||
Operating leases | ||||||||||||||
Operating lease right-of-use assets | $ | $ | ||||||||||||
Operating lease liabilities | $ | $ | ||||||||||||
Operating lease liabilities — less current portion | ||||||||||||||
Total operating lease liabilities | $ | $ | ||||||||||||
Finance leases | ||||||||||||||
Property and equipment, gross | $ | $ | ||||||||||||
Less: accumulated depreciation and amortization | ( | ( | ||||||||||||
$ | $ | |||||||||||||
September 30, 2022 | December 31, 2021 | |||||||||||||
Weighted average remaining lease term | ||||||||||||||
Operating leases | ||||||||||||||
September 30, 2022 | December 31, 2021 | |||||||||||||
Weighted average discount rate | ||||||||||||||
Operating leases | % | % | ||||||||||||
Year Ending December 31, | Operating Leases | |||||||
Remaining 2022 | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
Total future minimum lease payments | ||||||||
Less: imputed interest | ( | |||||||
Total | $ |
Twelve Months Ended | ||||||||||||||
September 30, 2022 | September 30, 2021 | |||||||||||||
Annual Dollar-Based Retention Rate | 118% | 123% |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||
Net loss | $ | (23,207) | $ | (20,537) | $ | (80,997) | $ | (49,399) | ||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||
Depreciation and amortization (1) | 11,215 | 9,780 | 33,650 | 28,194 | ||||||||||||||||||||||
Stock-based compensation (2) | 44,503 | 27,395 | 128,682 | 73,204 | ||||||||||||||||||||||
Interest expense | 1,879 | 1,947 | 5,606 | 6,003 | ||||||||||||||||||||||
Interest (income) and other | (982) | (213) | (2,107) | (35) | ||||||||||||||||||||||
Exit costs related to closure and relocation of Russian operations (3) | 774 | — | 4,215 | — | ||||||||||||||||||||||
Acquisition-related transaction and one-time integration costs | 1,944 | 9,158 | 5,296 | 11,225 | ||||||||||||||||||||||
Contingent consideration expense | — | 60 | 260 | 5,260 | ||||||||||||||||||||||
Refund for prior year overpayment of USF fees | — | — | (3,511) | — | ||||||||||||||||||||||
Provision for (benefit from) income taxes | 579 | (188) | 3,167 | (840) | ||||||||||||||||||||||
Adjusted EBITDA | $ | 36,705 | $ | 27,402 | $ | 94,261 | $ | 73,612 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||
Cost of revenue | $ | 8,904 | $ | 7,658 | $ | 26,152 | $ | 22,570 | ||||||||||||||||||
Research and development | 768 | 1,004 | 2,396 | 2,329 | ||||||||||||||||||||||
Sales and marketing | 1 | 1 | 3 | 3 | ||||||||||||||||||||||
General and administrative | 1,542 | 1,117 | 5,099 | 3,292 | ||||||||||||||||||||||
Total depreciation and amortization | $ | 11,215 | $ | 9,780 | $ | 33,650 | $ | 28,194 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||
Revenue | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||
Cost of revenue | 47 | % | 44 | % | 48 | % | 44 | % | ||||||||||||||||||
Gross profit | 53 | % | 56 | % | 52 | % | 56 | % | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Research and development | 17 | % | 19 | % | 18 | % | 18 | % | ||||||||||||||||||
Sales and marketing | 34 | % | 32 | % | 34 | % | 31 | % | ||||||||||||||||||
General and administrative | 13 | % | 17 | % | 13 | % | 17 | % | ||||||||||||||||||
Total operating expenses | 64 | % | 68 | % | 65 | % | 66 | % | ||||||||||||||||||
Loss from operations | (11) | % | (12) | % | (13) | % | (10) | % | ||||||||||||||||||
Other (expense) income, net: | ||||||||||||||||||||||||||
Interest expense | (1) | % | (1) | % | (1) | % | (1) | % | ||||||||||||||||||
Interest income and other | — | % | — | % | — | % | (1) | % | ||||||||||||||||||
Total other (expense) income, net | (1) | % | (1) | % | (1) | % | (2) | % | ||||||||||||||||||
Loss before income taxes | (12) | % | (13) | % | (14) | % | (12) | % | ||||||||||||||||||
Provision for (benefit from) income taxes | — | % | — | % | — | % | (1) | % | ||||||||||||||||||
Net loss | (12) | % | (13) | % | (14) | % | (11) | % | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | $ Change | % Change | September 30, 2022 | September 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 198,342 | $ | 154,328 | $ | 44,014 | 29 | % | $ | 570,501 | $ | 435,992 | $ | 134,509 | 31 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | $ Change | % Change | September 30, 2022 | September 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue | $ | 94,111 | $ | 67,137 | $ | 26,974 | 40 | % | $ | 271,207 | $ | 191,335 | $ | 79,872 | 42 | % | ||||||||||||||||||||||||||||||||||
% of Revenue | 47 | % | 44 | % | 48% | 44% |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | $ Change | % Change | September 30, 2022 | September 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | $ | 104,231 | $ | 87,191 | $ | 17,040 | 20 | % | $299,294 | $244,657 | $54,637 | 22% | ||||||||||||||||||||||||||||||||||||||
% of Revenue | 53 | % | 56 | % | 52% | 56% | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | $ Change | % Change | September 30, 2022 | September 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Research and development | $ | 34,113 | $ | 29,680 | $ | 4,433 | 15 | % | $104,929 | $76,449 | $28,480 | 37% | ||||||||||||||||||||||||||||||||||||||
% of Revenue | 17 | % | 19 | % | 18% | 18% |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | $ Change | % Change | September 30, 2022 | September 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and marketing | $ | 67,353 | $ | 49,712 | $ | 17,641 | 35 | % | $196,062 | $140,535 | $55,527 | 40% | ||||||||||||||||||||||||||||||||||||||
% of Revenue | 34 | % | 32 | % | 34% | 31% |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | $ Change | % Change | September 30, 2022 | September 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | $ | 24,496 | $ | 26,790 | $ | (2,294) | (9) | % | $72,634 | $71,944 | $690 | 1% | ||||||||||||||||||||||||||||||||||||||
% of Revenue | 13 | % | 17 | % | 13% | 17% |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | $ Change | % Change | September 30, 2022 | September 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | $ | (1,879) | $ | (1,947) | $ | 68 | (3) | % | $ | (5,606) | $ | (6,003) | $ | 397 | (7) | % | ||||||||||||||||||||||||||||||||||
Interest income and other | 982 | 213 | 769 | 361 | % | 2,107 | 35 | 2,072 | 5,920 | % | ||||||||||||||||||||||||||||||||||||||||
Total other (expense) income, net | $ | (897) | $ | (1,734) | $ | 837 | (48) | % | $ | (3,499) | $ | (5,968) | $ | 2,469 | (41) | % | ||||||||||||||||||||||||||||||||||
% of Revenue | (1) | % | (1) | % | (1) | % | (2) | % |
Nine Months Ended | ||||||||||||||
September 30, 2022 | September 30, 2021 | |||||||||||||
Net cash provided by operating activities | $ | 56,125 | $ | 20,349 | ||||||||||
Net cash provided by (used in) investing activities | 20,903 | (149,731) | ||||||||||||
Net cash used in financing activities | (38,461) | (8,525) | ||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 38,567 | $ | (137,907) | ||||||||||
Exhibit Number | Description | |||||||
101.INS* | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH* | XBRL Taxonomy Schema Linkbase Document | |||||||
101.CAL* | XBRL Taxonomy Calculation Linkbase Document | |||||||
101.DEF* | XBRL Taxonomy Definition Linkbase Document | |||||||
101.LAB* | XBRL Taxonomy Labels Linkbase Document | |||||||
101.PRE* | XBRL Taxonomy Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File. Formatted as inline XBRL and contained in Exhibit 101. | |||||||
Five9, Inc. | |||||||||||
Date: | November 7, 2022 | By: | /s/ Rowan Trollope | ||||||||
Rowan Trollope | |||||||||||
Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
/s/ Barry Zwarenstein | |||||||||||
Barry Zwarenstein | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer) | |||||||||||
/s/ Leena Mansharamani | |||||||||||
Leena Mansharamani | |||||||||||
Chief Accounting Officer | |||||||||||
(Principal Accounting Officer) |
Date: | November 7, 2022 | By: | /s/ Rowan Trollope | ||||||||
Rowan Trollope | |||||||||||
Chief Executive Officer | |||||||||||
(Principal Executive Officer) |
Date: | November 7, 2022 | By: | /s/ Barry Zwarenstein | ||||||||
Barry Zwarenstein | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer) |
Date: | November 7, 2022 | By: | /s/ Rowan Trollope | ||||||||
Rowan Trollope | |||||||||||
Chief Executive Officer |
Date: | November 7, 2022 | By: | /s/ Barry Zwarenstein | ||||||||
Barry Zwarenstein | |||||||||||
Chief Financial Officer |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Income Statement [Abstract] | ||||
Revenue | $ 198,342 | $ 154,328 | $ 570,501 | $ 435,992 |
Cost of revenue | 94,111 | 67,137 | 271,207 | 191,335 |
Gross profit | 104,231 | 87,191 | 299,294 | 244,657 |
Operating expenses: | ||||
Research and development | 34,113 | 29,680 | 104,929 | 76,449 |
Sales and marketing | 67,353 | 49,712 | 196,062 | 140,535 |
General and administrative | 24,496 | 26,790 | 72,634 | 71,944 |
Total operating expenses | 125,962 | 106,182 | 373,625 | 288,928 |
Loss from operations | (21,731) | (18,991) | (74,331) | (44,271) |
Other (expense) income, net: | ||||
Interest expense | (1,879) | (1,947) | (5,606) | (6,003) |
Interest income and other | 982 | 213 | 2,107 | 35 |
Total other (expense) income, net | (897) | (1,734) | (3,499) | (5,968) |
Loss before income taxes | (22,628) | (20,725) | (77,830) | (50,239) |
Provision for (benefit from) income taxes | 579 | (188) | 3,167 | (840) |
Net loss | $ (23,207) | $ (20,537) | $ (80,997) | $ (49,399) |
Net loss per share: | ||||
Basic (in USD per share) | $ (0.33) | $ (0.30) | $ (1.16) | $ (0.73) |
Diluted (in USD per share) | $ (0.33) | $ (0.30) | $ (1.16) | $ (0.73) |
Shares used in computing net loss per share: | ||||
Basic (in shares) | 70,232 | 67,800 | 69,656 | 67,278 |
Diluted (in shares) | 70,232 | 67,800 | 69,656 | 67,278 |
Comprehensive Loss: | ||||
Net loss | $ (23,207) | $ (20,537) | $ (80,997) | $ (49,399) |
Other comprehensive income (loss) | 433 | (74) | (3,814) | (110) |
Comprehensive loss | $ (22,774) | $ (20,611) | $ (84,811) | $ (49,509) |
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|---|---|---|---|
Adjustment to stockholders' equity | $ 269,445 | $ 244,902 | $ 211,132 | $ 171,070 | $ 162,706 | $ 279,164 | ||
Accumulated Deficit | ||||||||
Adjustment to stockholders' equity | (309,433) | (286,226) | (228,436) | (224,835) | (204,298) | (198,179) | ||
Additional Paid-In Capital | ||||||||
Adjustment to stockholders' equity | $ 582,908 | $ 535,592 | $ 439,787 | $ 395,612 | $ 366,637 | 476,941 | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Adjustment to stockholders' equity | [1] | (145,669) | ||||||
Cumulative Effect, Period of Adoption, Adjustment | Accumulated Deficit | ||||||||
Adjustment to stockholders' equity | [1] | 22,743 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | Additional Paid-In Capital | ||||||||
Adjustment to stockholders' equity | [1] | $ (168,412) | ||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Cash flows from operating activities: | ||
Net loss | $ (80,997) | $ (49,399) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 33,650 | 28,194 |
Amortization of operating lease right-of-use assets | 7,491 | 6,445 |
Amortization of deferred contract acquisition costs | 29,245 | 18,358 |
Amortization of premium on marketable investments | 1,006 | 5,114 |
Provision for doubtful accounts | 812 | 502 |
Stock-based compensation | 128,682 | 73,204 |
Amortization of discount and issuance costs on convertible senior notes | 2,796 | 2,960 |
Deferred taxes | 2,076 | 0 |
Change in fair of value of contingent consideration | 260 | 5,260 |
Payment of contingent consideration liability in excess of acquisition-date fair value | (5,900) | 0 |
Other | 503 | 211 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (5,337) | (12,181) |
Prepaid expenses and other current assets | (2,228) | (13,665) |
Deferred contract acquisition costs | (62,835) | (51,765) |
Other assets | (213) | (2,196) |
Accounts payable | 1,008 | 5,319 |
Accrued and other current liabilities | 796 | 20,528 |
Accrued federal fees and sales tax liabilities | (2,001) | (3,363) |
Deferred revenue | 9,519 | 4,006 |
Other liabilities | (2,208) | (17,183) |
Net cash provided by operating activities | 56,125 | 20,349 |
Cash flows from investing activities: | ||
Purchases of marketable investments | (250,278) | (543,544) |
Proceeds from sales of marketable investments | 600 | 2,369 |
Proceeds from maturities of marketable investments | 321,311 | 419,922 |
Purchases of property and equipment | (46,028) | (28,478) |
Capitalization of software development costs | (2,420) | 0 |
Payments of initial direct costs | (282) | 0 |
Cash paid for an equity investment in a privately-held company | (2,000) | 0 |
Net cash provided by (used in) investing activities | 20,903 | (149,731) |
Cash flows from financing activities: | ||
Repurchase of a portion of 2023 convertible senior notes, net of costs | (34,057) | (18,870) |
Proceeds from exercise of common stock options | 5,358 | 6,029 |
Proceeds from sale of common stock under ESPP | 8,338 | 8,128 |
Payment of contingent consideration liability up to acquisition-date fair value | (18,100) | 0 |
Payment of holdback related to an acquisition | 0 | (3,200) |
Payments of finance leases | 0 | (612) |
Net cash used in financing activities | (38,461) | (8,525) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 38,567 | (137,907) |
Cash, cash equivalents and restricted cash: | ||
Beginning of period | 91,391 | 220,372 |
End of period | 129,958 | 82,465 |
Supplemental disclosures of cash flow data: | ||
Cash paid for interest | 1,870 | 1,913 |
Cash paid for income taxes | 932 | 47 |
Non-cash investing and financing activities: | ||
Equipment purchased and unpaid at period-end | 13,372 | 13,705 |
Capitalization of leasehold improvements and furniture and fixtures through non-cash lease incentive | 109 | 5,065 |
Stock-based compensation included in capitalized software development costs | 1,011 | 0 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash to the Condensed Consolidated Balance Sheets | ||
Cash and cash equivalents | 129,492 | 82,465 |
Restricted cash in other assets | 466 | 0 |
Total cash, cash equivalents and restricted cash | $ 129,958 | $ 82,465 |
Description of Business and Summary of Significant Accounting Policies |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Description of Business and Summary of Significant Accounting Policies Five9, Inc. and its wholly-owned subsidiaries (the “Company”) is a provider of cloud software for contact centers. The Company was incorporated in Delaware in 2001 and is headquartered in San Ramon, California. The Company has offices in Europe, Asia and Australia, which primarily provide research, development, sales, marketing, and client support services. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in accordance 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 period. The significant estimates made by management affect revenue and related reserves, as well as the fair value of liabilities assumed through business combinations. Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation. Actual results could differ from those estimates. Significant Accounting Policies Except for the below significant accounting policy, which updates the significant accounting policies previously disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 as filed with the SEC on February 28, 2022, there have been no material changes from the significant accounting policies previously disclosed in Part II, Item 8, of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Internal-use software development costs The Company capitalizes certain qualifying costs incurred during the development stage of internal-use software. Costs related to preliminary project activities and post-implementation activities are expensed in research and development as incurred. Preliminary project activities include conceptual formulation, evaluation and final selection of alternatives, planning, proof of concept and requirement analysis of the selected alternative. Post-implementation stage begins when the internal-use software is ready for its intended use, and includes all internal and external training and application maintenance activities. Capitalized internal-use software costs are included within property and equipment, net on the condensed consolidated balance sheets, and are amortized over the estimated useful life of the software, which is three years. The related amortization expense is recognized in cost of revenue. Recent Accounting Pronouncements Not Yet Effective The Company has reviewed or is in the process of evaluating all issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such accounting pronouncements will cause a material impact on its condensed consolidated financial position, operating results or cash flows.
|
Revenue |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue Contract Balances The following table provides information about accounts receivable, net, deferred contract acquisition costs, net, contract assets and contract liabilities from contracts with customers (in thousands):
The Company receives payments from customers based upon billing cycles. Invoice payment terms are usually 30 days or less. Accounts receivable are recorded when the right to consideration becomes unconditional. Deferred contract acquisition costs are recorded when incurred and are amortized over an estimated customer benefit period of five years. The Company’s contract assets consist of unbilled amounts typically resulting from professional services revenue recognition when it exceeds the total amounts billed to the customer. The Company’s contract liabilities consist of advance payments and billings in excess of revenue recognized. In the three and nine months ended September 30, 2022, the Company recognized revenue of $2.9 million and $35.9 million, respectively, related to its contract liabilities at December 31, 2021. Remaining Performance Obligations As of September 30, 2022, the aggregate amount of the total transaction price allocated in contracts with original duration of greater than one year to the remaining performance obligations was $750.9 million. The Company expects to recognize revenue on approximately three-fourths of the remaining performance obligations over the next 24 months, with the balance recognized thereafter. The Company has elected the optional exemption, which allows for the exclusion of the amounts for remaining performance obligations that are part of contracts with an original expected duration of one year or less. Such remaining performance obligations represent unsatisfied or partially unsatisfied performance obligations.
|
Investments and Fair Value Measurements |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments and Fair Value Measurements | Investments and Fair Value MeasurementsMarketable Investments The Company’s marketable investments have been classified and accounted for as available-for-sale. The Company’s marketable investments as of September 30, 2022 and December 31, 2021 were as follows (in thousands):
The following table presents the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than 12 months as of September 30, 2022 and December 31, 2021 (in thousands):
Although the Company had certain available-for-sale debt securities in an unrealized loss position as of September 30, 2022, no impairment loss was recorded since it did not intend to sell them, did not anticipate a need to sell them, and the decline in fair value was not due to any credit-related factors. Fair Value Measurements The Company carries cash equivalents and marketable investments at fair value. Fair value is based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 — Observable inputs, which include unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 inputs, such as quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined by using pricing models, discounted cash flow methodologies or similar techniques. The Company determined the fair value of its Level 1 financial instruments, which are traded in active markets, using quoted market prices for identical instruments. Marketable investments classified within Level 2 of the fair value hierarchy are valued based on other observable inputs, including broker or dealer quotations or alternative pricing sources. When quoted prices in active markets for identical assets or liabilities are not available, the Company relies on non-binding quotes from its investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, historical pricing trends of a security as relative to its peers. To validate the fair value determination provided by its investment managers, the Company reviews the pricing movement in the context of overall market trends and trading information from its investment managers. The Company performs routine procedures such as comparing prices obtained from independent source to ensure that appropriate fair values are recorded. The following tables set forth the Company’s assets measured at fair value by level within the fair value hierarchy (in thousands):
As of September 30, 2022 and December 31, 2021, the estimated fair value of the Company’s outstanding 2023 convertible senior notes was $0.3 million and $114.9 million, respectively. As of September 30, 2022 and December 31, 2021, the estimated fair value of the Company's outstanding 2025 convertible senior notes was $680.7 million and $917.3 million, respectively. The fair values were determined based on the quoted price of the convertible senior notes in an inactive market on the last trading day of the reporting period and have been classified as Level 2 in the fair value hierarchy. See Note 6 for further information on the Company’s convertible senior notes. As part of the agreement to acquire Inference Solutions Inc. ("Inference") in November 2020, the Company was obligated to pay contingent earn out consideration of up to $24.0 million based upon achievement of certain milestones and relative thresholds during the earn out measurement period which ended on December 31, 2021. The fair value of the contingent consideration arrangement was classified within Level 3 and was determined using a probability-based scenario analysis approach. The resulting probability-weighted contingent consideration amounts were discounted based on the Company’s estimated cost of debt. During the three months ended March 31, 2022, the Company concluded that the final contingent consideration amount was $24.0 million and recognized an additional $0.3 million of contingent consideration expense to adjust the fair value from $23.7 million at December 31, 2021 to $24.0 million at March 31, 2022. The Company paid the $24.0 million contingent consideration amount in April 2022. A reconciliation of the beginning and ending balance for contingent consideration consisted of the following (in thousands):
In February 2022, the Company made a $2.0 million equity investment in a privately-held company that it does not have the ability to exercise significant influence over. The Company elected the measurement alternative for an equity security without a readily determinable fair value. Accordingly, this investment will be accounted for at its cost minus impairment, if any, and is classified within Level 3. If the Company identifies observable price changes in orderly transactions for such investment or a similar investment, it will measure the investment at fair value as of the date that the observable transaction or events occurred. Except for the $2.0 million equity investment described above, there were no assets or liabilities measured at fair value on a non-recurring basis as of September 30, 2022 and December 31, 2021. The fair value of the Company’s other financial instruments’, including accounts receivable, accounts payable and other current liabilities, approximate their carrying value due to the relatively short maturity of those instruments. The carrying amounts of the Company’s operating leases approximate their fair value, which is the present value of expected future cash payments based on assumptions about current interest rates and the creditworthiness of the Company.
|
Financial Statement Components |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Statement Components [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Statement Components | Financial Statement Components Cash and cash equivalents consisted of the following (in thousands):
Accounts receivable, net consisted of the following (in thousands):
Prepaid expenses and other current assets consisted of the following (in thousands):
Property and equipment, net consisted of the following (in thousands):
Depreciation and amortization expense associated with property and equipment was $8.3 million and $24.8 million for the three and nine months ended September 30, 2022, respectively. Depreciation and amortization expense associated with property and equipment was $6.8 million and $19.4 million for the three and nine months ended September 30, 2021, respectively. Property and equipment capitalized under finance lease obligations consists primarily of computer and network equipment and was as follows (in thousands):
Other assets consisted of the following (in thousands):
Accrued and other current liabilities consisted of the following (in thousands):
Other long-term liabilities consisted of the following (in thousands):
|
Goodwill and Intangible Assets |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill There was no activity in the Company's goodwill balance during the nine months ended September 30, 2022. Intangible Assets The following table summarizes the activity in the Company's intangible assets balance during the three and nine months ended September 30, 2022 (in thousands):
The components of intangible assets were as follows (in thousands):
Amortization expense for intangible assets was $2.9 million and $8.8 million during the three and nine months ended September 30, 2022, respectively. Amortization expense for intangible assets was $2.9 million and $8.8 million during the three and nine months ended September 30, 2021, respectively. As of September 30, 2022, the expected future amortization expense for intangible assets was as follows (in thousands):
|
Debt |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt 2025 Convertible Senior Notes and Related Capped Call Transactions In May and June 2020, the Company issued $747.5 million aggregate principal amount of 2025 convertible senior notes in a private offering, which aggregate principal amount included the exercise in full of the initial purchasers’ option to purchase up to an additional $97.5 million principal amount of the 2025 convertible senior notes. The 2025 convertible senior notes mature on June 1, 2025 and bear interest at a fixed rate of 0.500% per annum, payable semiannually in arrears on June 1 and December 1 of each year, beginning on December 1, 2020. Each $1,000 principal amount of the 2025 convertible senior notes is initially convertible into 7.4437 shares of the Company’s common stock (the “2025 Conversion Option”), which is equivalent to an initial conversion price of approximately $134.34 per share of common stock, subject to adjustment upon the occurrence of specified events. The initial conversion price represents a premium of approximately 30% to the $103.34 per share closing price of the Company’s common stock on The Nasdaq Global Market on May 21, 2020. The 2025 convertible senior notes are convertible, in multiples of $1,000 principal amount, at the option of the holders prior to the close of business on the business day immediately preceding March 1, 2025, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on September 30, 2020 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “2025 Measurement Period”) in which the trading price (as defined in the 2025 Indenture governing the 2025 convertible senior notes) per $1,000 principal amount of the 2025 convertible senior notes for each trading day of the 2025 Measurement Period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate in effect on each such trading day; (3) if the Company calls any or all of the 2025 convertible senior notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after March 1, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2025 convertible senior notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. If the Company undergoes a fundamental change (as defined in the indenture governing the 2025 convertible senior notes), subject to certain conditions, holders may require the Company to repurchase for cash all or any portion of their 2025 convertible senior notes, in principal amounts of $1,000 or a multiple thereof, at a fundamental change repurchase price equal to 100% of the principal amount of the 2025 convertible senior notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events or if the Company issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their notes in connection with such corporate event or during the relevant redemption period. There have been no changes to the initial conversion price of the 2025 convertible senior notes since issuance. The closing market price of the Company's common stock of $74.98 per share on September 30, 2022, the last trading day during the three months ended September 30, 2022, was below $174.64 per share, which represents 130% of the initial conversion price of $134.34 per share. Additionally, the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day, September 30, 2022, was not greater than or equal to 130% of the initial conversion price. As such, during the three months ended September 30, 2022, the conditions allowing holders of the 2025 convertible senior notes to convert were not met. The 2025 convertible senior notes are therefore not convertible during the three months ending December 31, 2022. The Company may not redeem the 2025 convertible senior notes prior to June 6, 2023. The Company may redeem for cash all or any portion of the 2025 convertible senior notes, at its option, on or after June 6, 2023 and prior to March 1, 2025 if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending not more than two trading days immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2025 convertible senior notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2025 convertible senior notes. The 2025 convertible senior notes are the Company’s senior unsecured obligations and rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 2025 convertible senior notes; equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated (including the 2023 convertible senior notes); effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries. The net carrying amount of the 2025 convertible senior notes as of September 30, 2022 and as of December 31, 2021 was as follows (in thousands):
Interest expense related to the 2025 convertible senior notes was as follows (in thousands):
In connection with the issuance of the 2025 convertible senior notes, the Company entered into privately negotiated capped call transactions (the “2025 Capped Call Transactions”) with certain financial institutions. The initial cap price of the 2025 Capped Call Transactions was $206.68 per share and is subject to certain adjustments under the terms of the 2025 Capped Call Transactions. The 2025 Capped Call Transactions cover, subject to anti-dilution adjustments, approximately 5.6 million shares of the Company’s common stock. Maturity of the Company’s 2025 convertible senior notes as of September 30, 2022 was as follows (in thousands):
2023 Convertible Senior Notes and Related Capped Call Transactions In May 2018, the Company issued $258.8 million aggregate principal amount of the 2023 convertible senior notes in a private offering. The 2023 convertible senior notes mature on May 1, 2023 and bear interest at a fixed rate of 0.125% per annum, payable semiannually in arrears on May 1 and November 1 of each year. In May 2020, the Company used part of the net proceeds from the issuance of the 2025 convertible senior notes to repurchase, exchange or otherwise retire approximately $181.0 million aggregate principal amount of the 2023 convertible senior notes in privately-negotiated transactions for aggregate consideration of $449.6 million, consisting of $181.0 million in cash and 2,723,581 shares of the Company’s common stock (the "2023 Note Repurchase Transactions"). As of September 30, 2022, after giving effect to the 2023 Note Repurchase Transactions and other settlements upon conversion requests, approximately $0.2 million aggregate principal amount of 2023 convertible senior notes remained outstanding. Each $1,000 principal amount of the 2023 convertible senior notes was initially convertible into 24.4978 shares of the Company’s common stock (the “2023 Conversion Option”), which is equivalent to an initial conversion price of approximately $40.82 per share of common stock, subject to adjustment upon the occurrence of specified events. The 2023 convertible senior notes are convertible, in multiples of $1,000 principal amount, at the option of the holders at any time prior to the close of business on the business day immediately preceding November 1, 2022, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ended on September 30, 2018 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “2023 Measurement Period”) in which the trading price (as defined in the indenture governing the 2023 convertible senior notes) per $1,000 principal amount of the 2023 convertible senior notes for each trading day of the 2023 Measurement Period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate in effect on each such trading day; (3) if the Company calls any or all of the 2023 convertible senior notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after November 1, 2022 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2023 convertible senior notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. If the Company undergoes a fundamental change (as defined in the indenture governing the 2023 convertible senior notes), subject to certain conditions, holders may require the Company to repurchase for cash all or any portion of their 2023 convertible senior notes, in principal amounts of $1,000 or a multiple thereof, at a fundamental change repurchase price equal to 100% of the principal amount of the 2023 convertible senior notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events that occur prior to the maturity date or if the Company issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their 2023 convertible senior notes in connection with such corporate event or during the relevant redemption period. There have been no changes to the initial conversion price of the 2023 convertible senior notes since issuance. During each of the quarters from the third quarter of 2019 through the third quarter of 2022, one of the triggers for convertibility of the 2023 convertible senior notes was triggered as the last reported sale price of the Company’s common stock was greater than $53.07 per share, which represents 130% of the initial conversion price of $40.82 per share, for at least 20 trading days in the period of 30 consecutive trading days ended on, and including, the last trading day of the quarter for each quarter of 2020 and 2021 and for the first three quarters of 2022. As a result, the 2023 convertible senior notes were convertible, in multiples of $1,000 principal amount, at the option of the 2023 convertible senior note holders between October 1, 2019 to September 30, 2022, and are also currently convertible between October 1, 2022 to December 31, 2022. Whether the 2023 convertible senior notes will be convertible after December 31, 2022 will depend on the continued satisfaction of this condition or other conversion conditions in the future. During the nine months ended September 30, 2022, the Company paid $34.1 million in cash and issued 573,633 shares of its common stock to settle aggregate principal amount of $34.0 million of its 2023 convertible senior notes. As of September 30, 2022, approximately $0.2 million aggregate principal amount of the Company's 2023 convertible senior notes remained outstanding. The conversions that occurred during the nine months ended September 30, 2022 were subject to ASU 2020-06 and such conversions were accounted for as contractual conversions, which did not result in any gain or loss upon their settlement. During the nine months ended September 30, 2022, the Company received 119,492 shares from the partial unwind of capped calls resulting from the settlement of its 2023 convertible senior notes. The receipt of the shares reduced the number of shares of common stock outstanding. In addition, on or prior to September 30, 2022, the Company received elections to convert aggregate principal amount of $0.1 million of its 2023 convertible senior notes that remain unsettled as of the end of the third quarter of 2022. The Company expects to settle these conversions in cash or a combination of cash and shares during the fourth quarter of 2022. The Company has the option to settle any future election conversion notices in cash, shares, or a combination of cash and shares. The 2023 convertible senior notes are the Company’s senior unsecured obligations and rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 2023 convertible senior notes; equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated (including the 2025 convertible senior notes); effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries. The net carrying amount of the 2023 convertible senior notes as of September 30, 2022 and as of December 31, 2021 was as follows (in thousands):
Interest expense related to the 2023 convertible senior notes was as follows (in thousands):
In connection with the issuance of the 2023 convertible senior notes, the Company entered into privately negotiated capped call transactions (the “2023 Capped Call Transactions”) with certain financial institutions. The initial cap price of the 2023 Capped Call Transactions was $62.80 per share, and is subject to certain adjustments under the terms of the 2023 Capped Call Transactions. The 2023 Capped Call Transactions cover, subject to anti-dilution adjustments, approximately 6.3 million shares of the Company’s common stock. Maturity of the Company’s 2023 convertible senior notes as of September 30, 2022 was as follows (in thousands):
See Note 6 of the notes to consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission on February 28, 2022 for further description of the convertible senior notes. Adoption of ASU 2020-06 On January 1, 2021, the Company elected to early adopt ASU 2020-06 based on a modified retrospective transition method. Under such transition, prior-period information was not retrospectively adjusted. Prior to the adoption of ASU 2020-06, the 2025 and 2023 convertible senior notes were separated into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated conversion feature. The equity component was recorded in additional paid-in-capital and was not re-measured as long as it continued to meet the conditions for equity classification. The excess of the principal amount of the liability component over its carrying amount (the “Debt Discount”) was amortized to interest expense over the contractual term of the 2025 and 2023 convertible senior notes at an effective interest rate of 5.76% and 6.39%, respectively. Prior to the adoption of ASU 2020-06, the debt issuance costs related to the 2025 and 2023 convertible senior notes were allocated to the liability and equity components based on their relative values. Issuance costs attributable to the liability component were amortized to interest expense using the effective interest method over the contractual term of the 2025 and 2023 convertible senior notes. Issuance costs attributable to the equity component were netted with the equity component in additional paid-in-capital. In accounting for the 2025 and 2023 convertible senior notes after adoption of ASU 2020-06, the 2025 convertible senior notes are accounted for as a single liability, and the issuance costs related to the 2025 and 2023 convertible senior notes are being amortized to interest expense over the contractual term at an effective interest rate of 1.0% and 0.76%, respectively.
|
Stockholders' Equity |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity Capital Structure Common Stock The Company is authorized to issue 450,000,000 shares of common stock with a par value of $0.001 per share. As of September 30, 2022 and December 31, 2021, the Company had 70,502,734 and 68,488,337 shares of common stock issued and outstanding, respectively. During the three and nine months ended September 30, 2022, the Company issued 0 and 573,633 shares, respectively, of common stock in connection with 2023 convertible senior note settlements. During the three and nine months ended September 30, 2022, the Company also received 0 and 119,492 shares, respectively, from the partial unwind of capped calls resulting from the settlement of its 2023 convertible senior notes. The receipt of the shares during the nine months ended September 30, 2022 reduced the number of shares of common stock outstanding. Preferred Stock The Company is authorized to designate and issue up to 5,000,000 shares of preferred stock with a par value of $0.001 per share in one or more series without stockholder approval and to fix the rights, preferences, privileges and restrictions thereof. As of September 30, 2022 and December 31, 2021, there were no shares of preferred stock issued and outstanding. Common Stock Reserved for Future Issuance Shares of common stock reserved for future issuance related to outstanding equity awards and employee equity incentive plans were as follows (in thousands):
Stock Options A summary of the Company’s stock option activity during the nine months ended September 30, 2022 is as follows (in thousands, except years and per share data):
The aggregate intrinsic value amounts are computed based on the difference between the exercise price of the stock options and the fair market value of the Company’s common stock of $74.98 per share as of September 30, 2022 for all in-the-money stock options outstanding. Restricted Stock Units (including Performance-Based Restricted Stock Units) A summary of the Company’s restricted stock unit ("RSU"), activity during the nine months ended September 30, 2022 is as follows (in thousands, except per share data):
(1) Includes 120,346 PRSUs granted during the nine months ended September 30, 2022. Performance-Based Restricted Stock Units In February 2022, the Company granted 59,383 performance-based restricted stock units (“PRSUs”), which are subject to market and service conditions and have a weighted average grant date fair value of $8.3 million as part of its annual grant of equity incentive awards to certain executives. The amount that may be earned pursuant to the PRSUs ranges from 0% to 200% of the target number based on the Company’s relative total shareholder return (“RTSR”) performance as compared to the companies in the S&P Software and Services Select Index during three one-year performance periods consisting of the Company’s 2022, 2023 and 2024 fiscal years. One-third of the total PRSUs may be earned and settled in shares following the end of each one-year performance period based on RTSR performance and subject to continued employment through the payment date, but the amount initially paid for 2022 and 2023 is limited to 100% of the target amount for the year, and any PRSUs resulting from above-target performance in those years will be paid following the end of 2024, subject to the executive’s continued employment through the payment date. If the Company’s absolute total shareholder return for any performance period is negative, then no more than 100% of the target amount of PRSUs for such period may be earned. If an executive's employment with the Company terminates before the end of 2024 due to death or disability, 100% (if due to death) or 50% (if due to disability) of the unvested PRSUs may be earned subject to ultimate RTSR performance in each remaining performance period. Upon a qualifying termination of employment in connection with a change in control of the Company, the unvested PRSUs will vest on a double-trigger basis at the target level. The fair value of the PRSUs are determined on their grant date using a Monte Carlo Simulation model based upon assumptions presented below. The Company recognizes the fair value of the PRSUs ratably over their requisite service period. In June 2022, the Company granted 60,963 shares of PRSUs, subject to performance and service conditions, with a grant date fair value of $6.3 million as a retention award to an executive. The amount of PRSUs that may be earned will be determined based on achievement of two quarterly revenue goals, which can be achieved through the fourth fiscal quarter of 2023. One third of the PRSUs may be earned based on achievement of the first revenue target and, if achieved, will vest in four quarterly installments, with the first installment occurring on the date such achievement is certified, subject to the executive's continuous service through the applicable vesting dates. Two thirds of the PRSUs may be earned based on achievement of the second revenue target and, if achieved, will vest in eight quarterly installments, with the first installment occurring on the date such achievement is certified, subject to the executive's continuous service through the applicable vesting dates. The PRSUs are otherwise on the Company's standard award terms from the February 2022 PRSU grants. The Company began recognizing the fair value of these PRSUs ratably over the requisite service period since it concluded that the performance conditions were probable of achievement at June 30, 2022, and continued to be probable of achievement at September 30, 2022. The Company will reassess the probability of the achievement of the performance conditions at each reporting period and a cumulative catch-up adjustment will be recorded to stock-based compensation cost for any change in the probability assessment. Stock-Based Compensation Stock-based compensation expense was as follows (in thousands):
As of September 30, 2022, unrecognized stock-based compensation expense by award type and their expected weighted-average recognition periods are summarized in the following table (in thousands, except years).
The weighted-average assumptions used to value stock options granted during the periods presented were as follows:
The weighted-average assumptions used to value PRSUs with market conditions granted during the periods presented were as follows:
(1)The Company has not paid, and does not anticipate paying, cash dividends on its shares of common stock. Accordingly, the expected dividend yield is zero.
|
Net Loss Per Share |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss Per Share | Net Loss Per ShareBasic net loss per share is calculated by dividing net loss by the weighted average number of shares of common stock outstanding during the period, and excludes any dilutive effects of employee stock-based awards and potential shares upon conversion of the convertible senior notes. Diluted net loss per share is computed giving effect to all potentially dilutive shares of common stock, including common stock issuable upon exercise of stock options, vesting of RSUs and PRSUs, and shares of common stock issuable upon conversion of convertible senior notes. As the Company had net losses for the three and nine months ended September 30, 2022 and 2021, all potentially issuable shares of common stock were determined to be anti-dilutive. The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data):
The following securities were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive (in thousands): The Company used the if-converted method for calculating any potential dilutive effect of its convertible senior notes for the three and nine months ended September 30, 2022 and 2021. Under this method, the Company calculates diluted earnings per share under both the cash and share settlement assumptions to determine which is more dilutive. If share settlement is more dilutive, the Company calculates diluted earnings per share assuming that all of the convertible senior notes were converted solely into shares of common stock at the beginning of the reporting period. The potential impact upon the conversion of the convertible senior notes were excluded from the calculation of diluted net loss per share for the three and nine months ended September 30, 2022 and 2021 because the effect would have been anti-dilutive.
|
Income Taxes |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes for the three and nine months ended September 30, 2022 was approximately $0.6 million and $3.2 million, respectively. The benefit from income taxes for the three and nine months ended September 30, 2021 was approximately $(0.2) million and $(0.8) million, respectively. The provision for income taxes for the three and nine months ended September 30, 2022 consisted primarily of foreign deferred income tax expense from the intercompany sale of the Company's Australian intellectual property to the United States, domestic state current income tax expense and foreign current income tax expense. The benefit from income taxes for the three and nine months ended September 30, 2021 consisted primarily of a foreign income tax benefit offset by domestic state minimum taxes. For the three and nine months ended September 30, 2022, the provision for income taxes differed from the statutory amount primarily due to state and foreign income taxes and the Company realizing no benefit for current year domestic losses due to maintaining a full valuation allowance against its domestic net deferred tax assets. For the three and nine months ended September 30, 2021, the benefit from income taxes differed from the statutory amount primarily due to state and foreign income taxes and the Company realizing no benefit for current year domestic losses due to maintaining a full valuation allowance against its domestic net deferred tax assets. The realization of tax benefits of deferred tax assets is dependent upon future levels of taxable income, of an appropriate character, in the periods the items are expected to be deductible or taxable. Based on the available objective evidence, the Company does not believe it is more likely than not that the net deferred tax assets will be realizable. Accordingly, the Company has provided a full valuation allowance against the domestic net deferred tax assets as of September 30, 2022 and December 31, 2021. The Company intends to maintain the remaining valuation allowance until sufficient positive evidence exists to support a reversal of, or decrease in, the valuation allowance. During the three and nine months ended September 30, 2022, there were no material changes to the total amount of unrecognized tax benefits.
|
Commitments and Contingencies |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments The Company’s principal commitments consist of future payment obligations under its convertible senior notes, operating leases for office facilities, cloud services agreements, and agreements with third parties to provide co-location hosting, telecommunication usage and equipment maintenance services. These commitments as of December 31, 2021 are disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and material updates to these commitments during the nine months ended September 30, 2022 are disclosed herein, including in Note 12. As of September 30, 2022, the Company’s commitment under various hosting and telecommunications agreements totaled $15.8 million for terms ranging up to 48 months. These agreements require the Company to make monthly payments over the service term in exchange for certain network services. As of September 30, 2022, the Company had outstanding cloud service agreement commitments totaling $46.7 million, of which $5.5 million is expected to be paid in the remainder of 2022, $26.9 million is expected in 2023, and the remaining $14.3 million is expected in 2024. As of September 30, 2022, $747.7 million of aggregate principal of the convertible senior notes were outstanding. The 2023 convertible senior notes and the 2025 convertible senior notes are due on May 1, 2023 and June 1, 2025, respectively. See Note 6 for more information concerning the convertible senior notes. Legal Matters The Company is involved in various legal and regulatory matters arising in the normal course of business. In management’s opinion, resolution of these matters is not expected to have a material impact on the Company’s consolidated results of operations, cash flows, or its financial position. However, due to the uncertain nature of legal matters, an unfavorable resolution of a matter could materially affect the Company’s future consolidated results of operations, cash flows or financial position in a particular period. The Company expenses legal fees as incurred. Indemnification Agreements In the ordinary course of business, the Company enters into agreements of varying scope and terms pursuant to which it agrees to indemnify clients, vendors, lessors, business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, including breach of security, services to be provided by the Company or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with its directors, officers and certain employees that requires it, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. There are no claims that the Company is aware of that could have a material effect on the consolidated balance sheet, consolidated statement of operations and comprehensive loss, or consolidated statements of cash flows.
|
Geographical Information |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geographical Information | Geographical Information The following table summarizes revenues by geographic region based on client billing address (in thousands):
The following table summarizes total property and equipment, net in the respective locations (in thousands):
|
Leases |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company has leases for offices, data centers and computer and networking equipment that expire at various dates through 2031. The Company’s leases have remaining terms of to ten years, some of the leases include a Company option to extend the leases for up to to five years, and some of the leases include the option to terminate the leases upon 30-days notice. The Company has elected the practical expedient to not separate lease and non-lease components for real estate operating leases. The components of lease expenses were as follows (in thousands):
Supplemental cash flow information related to leases was as follows (in thousands):
Supplemental balance sheet information related to leases was as follows (in thousands):
Weighted average remaining terms were as follows (in years):
Weighted average discount rates were as follows:
Maturities of lease liabilities were as follows (in thousands):
As of September 30, 2022, the Company entered into additional facility operating leases that had not yet commenced, representing a total commitment over their terms of approximately $2.1 million. These operating leases are expected to commence during the fourth quarter of 2022 and first quarter of 2023 with lease terms of to three years. The Company also entered into an additional internet access operating lease that is expected to commence during the fourth quarter of 2022 with a lease term of three years, representing a total commitment over its term of approximately $0.3 million.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company has leases for offices, data centers and computer and networking equipment that expire at various dates through 2031. The Company’s leases have remaining terms of to ten years, some of the leases include a Company option to extend the leases for up to to five years, and some of the leases include the option to terminate the leases upon 30-days notice. The Company has elected the practical expedient to not separate lease and non-lease components for real estate operating leases. The components of lease expenses were as follows (in thousands):
Supplemental cash flow information related to leases was as follows (in thousands):
Supplemental balance sheet information related to leases was as follows (in thousands):
Weighted average remaining terms were as follows (in years):
Weighted average discount rates were as follows:
Maturities of lease liabilities were as follows (in thousands):
As of September 30, 2022, the Company entered into additional facility operating leases that had not yet commenced, representing a total commitment over their terms of approximately $2.1 million. These operating leases are expected to commence during the fourth quarter of 2022 and first quarter of 2023 with lease terms of to three years. The Company also entered into an additional internet access operating lease that is expected to commence during the fourth quarter of 2022 with a lease term of three years, representing a total commitment over its term of approximately $0.3 million.
|
Subsequent Event |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event Resignation of Chief Executive Officer On October 7, 2022, Rowan Trollope informed the Company of his decision to resign as Chief Executive Officer of the Company and from the Company’s Board of Directors (the “Board”) as a Class II director, effective November 28, 2022. Appointment of Chief Executive Officer On October 10, 2022, the Company announced that the Board appointed its Chairman and former Chief Executive Officer, Michael Burkland, as the Company’s Chief Executive Officer, effective November 28, 2022.
|
Description of Business and Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. All intercompany transactions and balances have been eliminated in consolidation.
|
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in accordance 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 period. The significant estimates made by management affect revenue and related reserves, as well as the fair value of liabilities assumed through business combinations. Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation. Actual results could differ from those estimates. |
Internal-use software development costs | Internal-use software development costsThe Company capitalizes certain qualifying costs incurred during the development stage of internal-use software. Costs related to preliminary project activities and post-implementation activities are expensed in research and development as incurred. Preliminary project activities include conceptual formulation, evaluation and final selection of alternatives, planning, proof of concept and requirement analysis of the selected alternative. Post-implementation stage begins when the internal-use software is ready for its intended use, and includes all internal and external training and application maintenance activities. Capitalized internal-use software costs are included within property and equipment, net on the condensed consolidated balance sheets, and are amortized over the estimated useful life of the software, which is three years. The related amortization expense is recognized in cost of revenue. |
Recent Accounting Pronouncements Not Yet Effective | Recent Accounting Pronouncements Not Yet Effective The Company has reviewed or is in the process of evaluating all issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such accounting pronouncements will cause a material impact on its condensed consolidated financial position, operating results or cash flows.
|
Receivables | The Company receives payments from customers based upon billing cycles. Invoice payment terms are usually 30 days or less. Accounts receivable are recorded when the right to consideration becomes unconditional. |
Deferred Contract Acquisition | Deferred contract acquisition costs are recorded when incurred and are amortized over an estimated customer benefit period of five years. |
Revenue | The Company’s contract assets consist of unbilled amounts typically resulting from professional services revenue recognition when it exceeds the total amounts billed to the customer. The Company’s contract liabilities consist of advance payments and billings in excess of revenue recognized. |
Revenue (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contract Balances | The following table provides information about accounts receivable, net, deferred contract acquisition costs, net, contract assets and contract liabilities from contracts with customers (in thousands):
|
Investments and Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Marketable Investments | The Company’s marketable investments have been classified and accounted for as available-for-sale. The Company’s marketable investments as of September 30, 2022 and December 31, 2021 were as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Gross Unrealized Losses and Fair Value of Marketable Investments | The following table presents the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than 12 months as of September 30, 2022 and December 31, 2021 (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets Carried at Fair Value | The following tables set forth the Company’s assets measured at fair value by level within the fair value hierarchy (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the Changes for Contingent Consideration Liabilities | A reconciliation of the beginning and ending balance for contingent consideration consisted of the following (in thousands):
|
Financial Statement Components (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Statement Components [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents | Cash and cash equivalents consisted of the following (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Receivable | Accounts receivable, net consisted of the following (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property and Equipment | Property and equipment, net consisted of the following (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets | Other assets consisted of the following (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consisted of the following (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Long-term Liabilities | Other long-term liabilities consisted of the following (in thousands):
|
Goodwill and Intangible Assets (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets Activity | The following table summarizes the activity in the Company's intangible assets balance during the three and nine months ended September 30, 2022 (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets | The components of intangible assets were as follows (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Expected Future Amortization Expense of Intangible Assets | As of September 30, 2022, the expected future amortization expense for intangible assets was as follows (in thousands):
|
Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Senior Notes, Due 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Carrying Amount of Notes and Impact to Additional Paid-in Capital | The net carrying amount of the 2025 convertible senior notes as of September 30, 2022 and as of December 31, 2021 was as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Expense Related to the Notes | Interest expense related to the 2025 convertible senior notes was as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Debt | Maturity of the Company’s 2025 convertible senior notes as of September 30, 2022 was as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Senior Notes, Due 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Carrying Amount of Notes and Impact to Additional Paid-in Capital | The net carrying amount of the 2023 convertible senior notes as of September 30, 2022 and as of December 31, 2021 was as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Expense Related to the Notes | Interest expense related to the 2023 convertible senior notes was as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Debt | Maturity of the Company’s 2023 convertible senior notes as of September 30, 2022 was as follows (in thousands):
|
Stockholders' Equity (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Common Stock Reserved for Future Issuance | Shares of common stock reserved for future issuance related to outstanding equity awards and employee equity incentive plans were as follows (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Option Activity | A summary of the Company’s stock option activity during the nine months ended September 30, 2022 is as follows (in thousands, except years and per share data):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of RSU Activity | A summary of the Company’s restricted stock unit ("RSU"), activity during the nine months ended September 30, 2022 is as follows (in thousands, except per share data):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock-based Compensation Expense | Stock-based compensation expense was as follows (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unrecognized Compensation Expense | As of September 30, 2022, unrecognized stock-based compensation expense by award type and their expected weighted-average recognition periods are summarized in the following table (in thousands, except years).
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Valuation Assumptions, Stock Option | The weighted-average assumptions used to value stock options granted during the periods presented were as follows:
The weighted-average assumptions used to value PRSUs with market conditions granted during the periods presented were as follows:
(1)The Company has not paid, and does not anticipate paying, cash dividends on its shares of common stock. Accordingly, the expected dividend yield is zero.
|
Net Loss Per Share (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted Net Loss Per Share | The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share | The following securities were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive (in thousands):
|
Geographical Information (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenues and Property and Equipment by Geographic Region | The following table summarizes revenues by geographic region based on client billing address (in thousands):
The following table summarizes total property and equipment, net in the respective locations (in thousands):
|
Leases (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease Expenses and Terms | The components of lease expenses were as follows (in thousands):
Supplemental cash flow information related to leases was as follows (in thousands):
Weighted average remaining terms were as follows (in years):
Weighted average discount rates were as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Lease Maturities | Maturities of lease liabilities were as follows (in thousands):
|
Description of Business and Summary of Significant Accounting Policies (Details) |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Internal-use software development costs | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 3 years |
Revenue - Contract Balances (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Accounts receivable, net | $ 88,225 | $ 83,731 |
Deferred contract acquisition costs, net: | ||
Current | 43,587 | 33,295 |
Non-current | 107,961 | 84,663 |
Total deferred contract acquisition costs, net | 151,548 | 117,958 |
Contract assets and contract liabilities: | ||
Contract assets (included in prepaid expenses and other current assets) | 3,202 | 2,593 |
Contract liabilities (deferred revenue) | 53,834 | 43,720 |
Noncurrent contract liabilities (deferred revenue) (included in other long-term liabilities) | 1,502 | 2,097 |
Net contract liabilities | $ (52,134) | $ (43,224) |
Revenue - Narrative (Details) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
|
|
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Contract revenue recognized | $ 2.9 | $ 35.9 |
Contract acquisition costs | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Amortization period of capitalized contract cost (in years) | 5 years | 5 years |
Revenue - Remaining Performance Obligations (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
| |
Revenue from Contract with Customer [Abstract] | |
Performance obligation | $ 750.9 |
Performance obligation, description of timing | The Company expects to recognize revenue on approximately three-fourths of the remaining performance obligations over the next 24 months, with the balance recognized thereafter. The Company has elected the optional exemption, which allows for the exclusion of the amounts for remaining performance obligations that are part of contracts with an original expected duration of one year or less. Such remaining performance obligations represent unsatisfied or partially unsatisfied performance obligations. |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation satisfaction period (in months) | 24 months |
Remaining performance obligation expected to be recognized (as a percent) | 75.00% |
Investments and Fair Value Measurements - Schedule of Marketable Investments (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 449,573 | $ 526,357 |
Short-Term Marketable Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 452,488 | 379,169 |
Gross Unrealized Gains | 14 | 2 |
Gross Unrealized Losses | (4,890) | (191) |
Fair Value | 447,612 | 378,980 |
Long-term Marketable Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 1,996 | 147,953 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (35) | (576) |
Fair Value | 1,961 | 147,377 |
Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 729 | 2,359 |
Certificates of deposit | Short-Term Marketable Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 747 | 1,615 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (18) | 0 |
Fair Value | 729 | 1,615 |
Certificates of deposit | Long-term Marketable Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 746 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (2) | |
Fair Value | 744 | |
U.S. treasury | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 177,133 | 146,528 |
U.S. treasury | Short-Term Marketable Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 179,222 | 83,237 |
Gross Unrealized Gains | 3 | 0 |
Gross Unrealized Losses | (2,092) | (24) |
Fair Value | 177,133 | 83,213 |
U.S. treasury | Long-term Marketable Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 63,566 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (251) | |
Fair Value | 63,315 | |
U.S. agency securities | Short-Term Marketable Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 159,026 | 159,070 |
Gross Unrealized Gains | 11 | 0 |
Gross Unrealized Losses | (2,355) | (65) |
Fair Value | 156,682 | 159,005 |
U.S. agency securities | Long-term Marketable Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 1,996 | 63,960 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (35) | (254) |
Fair Value | 1,961 | 63,706 |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 14,746 | 47,555 |
Commercial paper | Short-Term Marketable Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 14,746 | 47,555 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 14,746 | 47,555 |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 92,697 | 93,832 |
Municipal bonds | Short-Term Marketable Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 93,088 | 75,337 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (391) | (96) |
Fair Value | 92,697 | 75,241 |
Municipal bonds | Long-term Marketable Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 18,655 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (64) | |
Fair Value | 18,591 | |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 5,625 | 13,372 |
Corporate bonds | Short-Term Marketable Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 5,659 | 12,355 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | (34) | (6) |
Fair Value | $ 5,625 | 12,351 |
Corporate bonds | Long-term Marketable Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 1,026 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (5) | |
Fair Value | $ 1,021 |
Investments and Fair Value Measurements - Schedule of Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses | $ (4,925) | $ (767) |
Fair Value | 415,235 | 461,859 |
Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses | (18) | (2) |
Fair Value | 729 | 2,010 |
U.S. treasury | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses | (2,092) | (275) |
Fair Value | 164,904 | 140,527 |
U.S. agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses | (2,390) | (320) |
Fair Value | 151,280 | 222,710 |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses | (391) | (160) |
Fair Value | 92,697 | 87,184 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses | (34) | (10) |
Fair Value | $ 5,625 | $ 9,428 |
Investments and Fair Value Measurements - Schedule of Assets Carried at Fair Value (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Assets | ||
Cash equivalents | $ 38,684 | $ 32,127 |
Marketable investments (short and long term) | 449,573 | 526,357 |
Liabilities | ||
Contingent consideration | 0 | 23,740 |
Level 1 | ||
Assets | ||
Cash equivalents | 38,435 | 31,380 |
Marketable investments (short and long term) | 177,133 | 146,528 |
Liabilities | ||
Contingent consideration | 0 | 0 |
Level 2 | ||
Assets | ||
Cash equivalents | 249 | 747 |
Marketable investments (short and long term) | 272,440 | 379,829 |
Liabilities | ||
Contingent consideration | 0 | 0 |
Level 3 | ||
Assets | ||
Cash equivalents | 0 | 0 |
Marketable investments (short and long term) | 0 | 0 |
Liabilities | ||
Contingent consideration | 0 | 23,740 |
Certificates of deposit | ||
Assets | ||
Marketable investments (short and long term) | 729 | 2,359 |
Certificates of deposit | Level 1 | ||
Assets | ||
Marketable investments (short and long term) | 0 | 0 |
Certificates of deposit | Level 2 | ||
Assets | ||
Marketable investments (short and long term) | 729 | 2,359 |
Certificates of deposit | Level 3 | ||
Assets | ||
Marketable investments (short and long term) | 0 | 0 |
U.S. treasury | ||
Assets | ||
Marketable investments (short and long term) | 177,133 | 146,528 |
U.S. treasury | Level 1 | ||
Assets | ||
Marketable investments (short and long term) | 177,133 | 146,528 |
U.S. treasury | Level 2 | ||
Assets | ||
Marketable investments (short and long term) | 0 | 0 |
U.S. treasury | Level 3 | ||
Assets | ||
Marketable investments (short and long term) | 0 | 0 |
U.S. agency and government sponsored securities | ||
Assets | ||
Marketable investments (short and long term) | 158,643 | 222,711 |
U.S. agency and government sponsored securities | Level 1 | ||
Assets | ||
Marketable investments (short and long term) | 0 | 0 |
U.S. agency and government sponsored securities | Level 2 | ||
Assets | ||
Marketable investments (short and long term) | 158,643 | 222,711 |
U.S. agency and government sponsored securities | Level 3 | ||
Assets | ||
Marketable investments (short and long term) | 0 | 0 |
Commercial paper | ||
Assets | ||
Marketable investments (short and long term) | 14,746 | 47,555 |
Commercial paper | Level 1 | ||
Assets | ||
Marketable investments (short and long term) | 0 | 0 |
Commercial paper | Level 2 | ||
Assets | ||
Marketable investments (short and long term) | 14,746 | 47,555 |
Commercial paper | Level 3 | ||
Assets | ||
Marketable investments (short and long term) | 0 | 0 |
Municipal bonds | ||
Assets | ||
Marketable investments (short and long term) | 92,697 | 93,832 |
Municipal bonds | Level 1 | ||
Assets | ||
Marketable investments (short and long term) | 0 | 0 |
Municipal bonds | Level 2 | ||
Assets | ||
Marketable investments (short and long term) | 92,697 | 93,832 |
Municipal bonds | Level 3 | ||
Assets | ||
Marketable investments (short and long term) | 0 | 0 |
Corporate bonds | ||
Assets | ||
Marketable investments (short and long term) | 5,625 | 13,372 |
Corporate bonds | Level 1 | ||
Assets | ||
Marketable investments (short and long term) | 0 | 0 |
Corporate bonds | Level 2 | ||
Assets | ||
Marketable investments (short and long term) | 5,625 | 13,372 |
Corporate bonds | Level 3 | ||
Assets | ||
Marketable investments (short and long term) | 0 | 0 |
Money market funds | ||
Assets | ||
Cash equivalents | 23,880 | 31,380 |
Money market funds | Level 1 | ||
Assets | ||
Cash equivalents | 23,880 | 31,380 |
Money market funds | Level 2 | ||
Assets | ||
Cash equivalents | 0 | 0 |
Money market funds | Level 3 | ||
Assets | ||
Cash equivalents | 0 | 0 |
Certificates of deposit | ||
Assets | ||
Cash equivalents | 249 | 747 |
Certificates of deposit | Level 1 | ||
Assets | ||
Cash equivalents | 0 | 0 |
Certificates of deposit | Level 2 | ||
Assets | ||
Cash equivalents | 249 | 747 |
Certificates of deposit | Level 3 | ||
Assets | ||
Cash equivalents | 0 | $ 0 |
U.S. treasury | ||
Assets | ||
Cash equivalents | 14,555 | |
U.S. treasury | Level 1 | ||
Assets | ||
Cash equivalents | 14,555 | |
U.S. treasury | Level 2 | ||
Assets | ||
Cash equivalents | 0 | |
U.S. treasury | Level 3 | ||
Assets | ||
Cash equivalents | $ 0 |
Investments and Fair Value Measurements - Narrative (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|---|
Apr. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Feb. 28, 2022 |
Dec. 31, 2021 |
Nov. 30, 2020 |
|
Debt Instrument [Line Items] | |||||||
Contingent consideration | $ 0 | $ 23,740,000 | |||||
Change in fair of value of contingent consideration | 260,000 | $ 5,260,000 | |||||
Payment for contingent consideration liability | 18,100,000 | $ 0 | |||||
Equity investment in a privately-held company | 2,000,000 | $ 2,000,000 | 0 | ||||
Nonrecurring | |||||||
Debt Instrument [Line Items] | |||||||
Assets measured at fair value on nonrecurring basis | 0 | 0 | |||||
Liabilities measured at fair value on nonrecurring basis | 0 | 0 | |||||
Inference Solutions | |||||||
Debt Instrument [Line Items] | |||||||
Contingent consideration | $ 24,000,000 | 23,700,000 | |||||
Change in fair of value of contingent consideration | $ 300,000 | ||||||
Payment for contingent consideration liability | $ 24,000,000 | ||||||
Maximum | Inference Solutions | |||||||
Debt Instrument [Line Items] | |||||||
Contingent consideration | $ 24,000,000 | ||||||
Level 2 | |||||||
Debt Instrument [Line Items] | |||||||
Contingent consideration | 0 | 0 | |||||
Convertible Senior Notes, Due 2023 | Level 2 | Convertible Debt | |||||||
Debt Instrument [Line Items] | |||||||
Fair value of long-term debt | 300,000 | 114,900,000 | |||||
Convertible Senior Notes, Due 2025 | Level 2 | Convertible Debt | |||||||
Debt Instrument [Line Items] | |||||||
Fair value of long-term debt | $ 680,700,000 | $ 917,300,000 |
Investments and Fair Value Measurements - Reconciliation of Contingent Consideration (Details) - Liability $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
| |
Summary of changes in contingent consideration liabilities | |
Balance, beginning of period | $ 23,740 |
Change in fair value of contingent consideration | 260 |
Less: payment | (24,000) |
Balance, end of period | $ 0 |
Financial Statement Components - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Cash and Cash Equivalents [Line Items] | ||||
Total cash and cash equivalents | $ 129,492 | $ 90,878 | $ 82,465 | $ 220,372 |
Cash | ||||
Cash and Cash Equivalents [Line Items] | ||||
Total cash and cash equivalents | 90,808 | 58,751 | ||
Certificates of deposit | ||||
Cash and Cash Equivalents [Line Items] | ||||
Total cash and cash equivalents | 249 | 747 | ||
Money market funds | ||||
Cash and Cash Equivalents [Line Items] | ||||
Total cash and cash equivalents | 23,880 | 31,380 | ||
U.S. treasury | ||||
Cash and Cash Equivalents [Line Items] | ||||
Total cash and cash equivalents | $ 14,555 | $ 0 |
Financial Statement Components - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Accounts Receivable [Line Items] | ||
Allowance for doubtful accounts | $ (262) | $ (220) |
Accounts receivable, net | 88,225 | 83,731 |
Trade accounts receivable | ||
Accounts Receivable [Line Items] | ||
Trade accounts receivable | 76,577 | 75,970 |
Unbilled trade accounts receivable, net of advance client deposits | ||
Accounts Receivable [Line Items] | ||
Trade accounts receivable | $ 11,910 | $ 7,981 |
Financial Statement Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Financial Statement Components [Abstract] | ||
Prepaid expenses | $ 22,040 | $ 21,306 |
Other current assets | 7,358 | 6,443 |
Contract assets | 3,202 | 2,593 |
Prepaid expenses and other current assets | $ 32,600 | $ 30,342 |
Financial Statement Components - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | $ 210,463 | $ 210,463 | $ 171,336 | ||
Accumulated depreciation and amortization | (108,494) | (108,494) | (93,551) | ||
Property and equipment, net | 101,969 | 101,969 | 77,785 | ||
Depreciation and amortization associated with property and equipment | 8,300 | $ 6,800 | 24,800 | $ 19,400 | |
Computer and network equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 147,409 | 147,409 | 116,701 | ||
Computer software | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 50,300 | 50,300 | 44,268 | ||
Internal-use software development costs | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 3,931 | 3,931 | 500 | ||
Furniture and fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 3,352 | 3,352 | 3,953 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | $ 5,471 | $ 5,471 | $ 5,914 |
Financial Statement Components - Schedule of Property and Equipment under Finance Lease Obligations (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Financial Statement Components [Abstract] | ||
Gross | $ 37,561 | $ 42,541 |
Less: accumulated depreciation and amortization | (37,392) | (41,689) |
Total | $ 169 | $ 852 |
Financial Statement Components - Schedule of Other Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Feb. 28, 2022 |
Dec. 31, 2021 |
---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Other assets | $ 5,293 | $ 4,964 | |
Equity investment in a privately-held company | 2,000 | $ 2,000 | 0 |
Deferred tax assets | 4,670 | 6,907 | |
Total | $ 11,963 | $ 11,871 |
Financial Statement Components - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Financial Statement Components [Abstract] | ||
Accrued expenses | $ 23,984 | $ 20,108 |
Accrued compensation and benefits | 39,138 | 34,729 |
Contingent consideration | 0 | 23,740 |
Accrued and other current liabilities | $ 63,122 | $ 78,577 |
Financial Statement Components - Schedule of Long-term Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Deferred revenue | $ 1,502 | $ 2,097 |
Other long-term liabilities | 3,645 | 5,574 |
Other long-term liabilities | $ 5,147 | $ 7,671 |
Goodwill and Intangible Assets - Goodwill and Intangible Asset Activity (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Finite-lived Intangible Assets [Roll Forward] | ||||
Beginning of the period | $ 34,015 | $ 39,897 | ||
Amortization | (2,934) | $ (2,900) | (8,816) | $ (8,800) |
End of the period | $ 31,081 | $ 31,081 |
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
Jun. 30, 2022 |
|
Acquired Finite-Lived Intangible Assets | ||||||
Gross Carrying Amount | $ 58,784 | $ 58,784 | $ 58,784 | |||
Accumulated Amortization | (27,703) | (27,703) | (18,887) | |||
Net Carrying Amount | 31,081 | $ 31,081 | $ 39,897 | $ 34,015 | ||
Weighted Average Remaining Amortization period (Years) | 3 years 4 months 24 days | 4 years | ||||
Amortization of intangible assets | 2,934 | $ 2,900 | $ 8,816 | $ 8,800 | ||
Developed technology | ||||||
Acquired Finite-Lived Intangible Assets | ||||||
Gross Carrying Amount | 56,214 | 56,214 | $ 56,214 | |||
Accumulated Amortization | (26,116) | (26,116) | (17,821) | |||
Net Carrying Amount | 30,098 | $ 30,098 | $ 38,393 | |||
Weighted Average Remaining Amortization period (Years) | 3 years 4 months 24 days | 4 years | ||||
Acquired workforce | ||||||
Acquired Finite-Lived Intangible Assets | ||||||
Gross Carrying Amount | 470 | $ 470 | $ 470 | |||
Accumulated Amortization | (452) | (452) | (334) | |||
Net Carrying Amount | 18 | $ 18 | $ 136 | |||
Weighted Average Remaining Amortization period (Years) | 2 months 12 days | 10 months 24 days | ||||
Customer relationships | ||||||
Acquired Finite-Lived Intangible Assets | ||||||
Gross Carrying Amount | 1,600 | $ 1,600 | $ 1,600 | |||
Accumulated Amortization | (661) | (661) | (421) | |||
Net Carrying Amount | 939 | $ 939 | $ 1,179 | |||
Weighted Average Remaining Amortization period (Years) | 3 years | 3 years 8 months 12 days | ||||
Trademarks | ||||||
Acquired Finite-Lived Intangible Assets | ||||||
Gross Carrying Amount | 500 | $ 500 | $ 500 | |||
Accumulated Amortization | (474) | (474) | (311) | |||
Net Carrying Amount | $ 26 | $ 26 | $ 189 | |||
Weighted Average Remaining Amortization period (Years) | 2 months 12 days | 10 months 24 days |
Goodwill and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Remaining 2022 | $ 2,889 | ||
2023 | 10,870 | ||
2024 | 7,527 | ||
2025 | 5,595 | ||
2026 | 4,200 | ||
Thereafter | 0 | ||
Net Carrying Amount | $ 31,081 | $ 34,015 | $ 39,897 |
Debt - Convertible Senior Notes and Capped Call (Narrative) (Details) |
1 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | 36 Months Ended | 39 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 01, 2021
Rate
|
May 31, 2020
USD ($)
shares
|
May 31, 2018
USD ($)
$ / shares
|
Jun. 30, 2020
USD ($)
$ / shares
|
Sep. 30, 2022
$ / shares
shares
|
Sep. 30, 2021
shares
|
Sep. 30, 2022
USD ($)
day
$ / shares
Rate
shares
|
Sep. 30, 2021
USD ($)
shares
|
Sep. 30, 2022
USD ($)
$ / shares
shares
|
Sep. 30, 2022
trigger
day
$ / shares
shares
|
May 21, 2020
$ / shares
|
|
Debt Instrument [Line Items] | |||||||||||
Cash consideration to repurchase note | $ 34,057,000 | $ 18,870,000 | |||||||||
Common Stock | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Equity component from partial repurchase of 2023 convertible senior notes (in shares) | shares | 24,000 | 574,000 | 348,000 | ||||||||
Treasury Stock | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Partial unwind of capped calls related to the 2023 convertible senior notes (in shares) | shares | 119,492 | ||||||||||
Convertible Senior Notes, Due 2025 | Convertible Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate on debt (as a percent) | 0.50% | ||||||||||
Multiple of principle amount | $ 1,000 | ||||||||||
Conversion ratio on convertible debt | Rate | 744.37% | ||||||||||
Conversion price on convertible debt (in USD per share) | $ / shares | $ 134.34 | $ 134.34 | $ 134.34 | $ 134.34 | |||||||
Premium on conversion price in relation to closing price (as a percent) | 30.00% | ||||||||||
Closing price of common stock (in USD per share) | $ / shares | 74.98 | 74.98 | 74.98 | 74.98 | $ 103.34 | ||||||
Share price of common stock with conversion premium (in USD per share) | $ / shares | $ 174.64 | $ 174.64 | $ 174.64 | $ 174.64 | |||||||
Sinking fund payment | $ 0 | ||||||||||
Cap price of the capped call transactions (in USD per share) | $ / shares | $ 206.68 | ||||||||||
Number of shares covered in the capped call transactions (in shares) | shares | 5,600,000 | 5,600,000 | 5,600,000 | 5,600,000 | |||||||
Effective interest rate on debt (as a percent) | 5.76% | ||||||||||
Amortization of debt issuance costs, Effective interest rate (as a percent) | Rate | 1.00% | ||||||||||
Convertible Senior Notes, Due 2025 | Convertible Debt | Fundamental Change Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt redemption price as percentage of principal amount (as a percent) | 100.00% | ||||||||||
Convertible Senior Notes, Due 2025 | Convertible Debt | On or After June 6, 2023 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of trading days (in days) | day | 20 | ||||||||||
Number of consecutive trading days (in days) | day | 30 | ||||||||||
Threshold percentage of stock price trigger (as a percent) | 130.00% | ||||||||||
Debt redemption price as percentage of principal amount (as a percent) | 100.00% | ||||||||||
Number of trading days preceding notice of redemption (in days) | day | 2 | ||||||||||
Convertible Senior Notes, Due 2025 | Convertible Debt | Convertible, Term One | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of trading days (in days) | day | 20 | ||||||||||
Number of consecutive trading days (in days) | day | 30 | ||||||||||
Threshold percentage of stock price trigger (as a percent) | 130.00% | ||||||||||
Convertible Senior Notes, Due 2025 | Convertible Debt | Convertible, Term Two | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of trading days (in days) | day | 5 | ||||||||||
Number of consecutive trading days (in days) | day | 5 | ||||||||||
Threshold percentage of stock price trigger (as a percent) | 98.00% | ||||||||||
Convertible Senior Notes, Due 2025 | Convertible Debt | Private Placement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount of debt | $ 747,500,000 | ||||||||||
Option to purchase additional debt through private offering | $ 97,500,000 | ||||||||||
Convertible Senior Notes, Due 2023 | Common Stock | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Equity component from partial repurchase of 2023 convertible senior notes (in shares) | shares | 0 | 573,633 | |||||||||
Convertible Senior Notes, Due 2023 | Treasury Stock | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Partial unwind of capped calls related to the 2023 convertible senior notes (in shares) | shares | 0 | 119,492 | |||||||||
Convertible Senior Notes, Due 2023 | Convertible Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate on debt (as a percent) | 0.125% | ||||||||||
Multiple of principle amount | $ 1,000 | $ 1,000 | |||||||||
Conversion ratio on convertible debt | Rate | 2449.78% | ||||||||||
Conversion price on convertible debt (in USD per share) | $ / shares | $ 40.82 | $ 40.82 | $ 40.82 | $ 40.82 | |||||||
Cap price of the capped call transactions (in USD per share) | $ / shares | $ 62.80 | ||||||||||
Debt instrument, repurchase amount | $ 181,000,000 | ||||||||||
Aggregate consideration to repurchase note | 449,600,000 | ||||||||||
Cash consideration to repurchase note | $ 181,000,000 | ||||||||||
Number of conversion features triggered | trigger | 1 | ||||||||||
Conversion price per share, requiring conversion of instrument (in USD per share) | $ / shares | $ 53.07 | $ 53.07 | $ 53.07 | $ 53.07 | |||||||
Cash payment to settle aggregate principal | $ 34,100,000 | ||||||||||
Debt instrument, conversion multiple of aggregate principal amount | 34,000,000 | ||||||||||
Conversion of aggregate principal amount, term one | $ 100,000 | ||||||||||
Number of shares covered in the capped call transactions (in shares) | shares | 6,300,000 | 6,300,000 | 6,300,000 | 6,300,000 | |||||||
Effective interest rate on debt (as a percent) | 6.39% | ||||||||||
Amortization of debt issuance costs, Effective interest rate (as a percent) | Rate | 0.76% | ||||||||||
Convertible Senior Notes, Due 2023 | Convertible Debt | Common Stock | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Equity component from partial repurchase of 2023 convertible senior notes (in shares) | shares | 2,723,581 | ||||||||||
Debt instrument, conversion multiple of aggregate principal amount, shares (in shares) | shares | 573,633 | ||||||||||
Convertible Senior Notes, Due 2023 | Convertible Debt | Fundamental Change Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt redemption price as percentage of principal amount (as a percent) | 100.00% | ||||||||||
Convertible Senior Notes, Due 2023 | Convertible Debt | Convertible, Term One | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of trading days (in days) | day | 20 | 20 | |||||||||
Number of consecutive trading days (in days) | day | 30 | 30 | |||||||||
Threshold percentage of stock price trigger (as a percent) | 130.00% | 130.00% | |||||||||
Convertible Senior Notes, Due 2023 | Convertible Debt | Convertible, Term Two | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of trading days (in days) | day | 5 | ||||||||||
Number of consecutive trading days (in days) | day | 5 | ||||||||||
Threshold percentage of stock price trigger (as a percent) | 98.00% | ||||||||||
Convertible Senior Notes, Due 2023 | Convertible Debt | Private Placement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount of debt | $ 258,800,000 |
Debt - Schedule of Net Carrying Amount of the Liability Component of the Notes (Details) - Convertible Debt - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Instrument [Line Items] | ||
Principal | $ 747,700 | |
Convertible Senior Notes, Due 2025 | ||
Debt Instrument [Line Items] | ||
Principal | 747,500 | $ 747,500 |
Unamortized issuance costs | (10,071) | (12,835) |
Net carrying amount | 737,429 | 734,665 |
Convertible Senior Notes, Due 2023 | ||
Debt Instrument [Line Items] | ||
Principal | 177 | 34,225 |
Unamortized issuance costs | (1) | (291) |
Net carrying amount | $ 176 | $ 33,934 |
Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Debt Instrument [Line Items] | ||||
Total interest expense | $ 1,879 | $ 1,947 | $ 5,606 | $ 6,003 |
Convertible Senior Notes, Due 2025 | Convertible Debt | ||||
Debt Instrument [Line Items] | ||||
Contractual interest expense | 935 | 934 | 2,804 | 2,990 |
Amortization of issuance costs | 944 | 935 | 2,765 | 2,737 |
Total interest expense | 1,879 | 1,869 | 5,569 | 5,727 |
Convertible Senior Notes, Due 2023 | Convertible Debt | ||||
Debt Instrument [Line Items] | ||||
Contractual interest expense | 0 | 11 | 6 | 34 |
Amortization of issuance costs | 0 | 66 | 31 | 223 |
Total interest expense | $ 0 | $ 77 | $ 37 | $ 257 |
Debt - Schedule of Maturities of Debt (Details) - Convertible Debt - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Instrument [Line Items] | ||
Total | $ 747,700 | |
Convertible Senior Notes, Due 2025 | ||
Debt Instrument [Line Items] | ||
2025 (Maturity date of June 1, 2025) | 747,500 | |
Total | 747,500 | $ 747,500 |
Convertible Senior Notes, Due 2023 | ||
Debt Instrument [Line Items] | ||
2023 (Maturity date of May 1, 2023) | 177 | |
Total | $ 177 | $ 34,225 |
Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|---|
Jun. 30, 2022
USD ($)
installment
goal
shares
|
Feb. 28, 2022
USD ($)
period
shares
|
Sep. 30, 2022
$ / shares
shares
|
Sep. 30, 2021
$ / shares
shares
|
Sep. 30, 2022
$ / shares
shares
|
Sep. 30, 2021
$ / shares
shares
|
Dec. 31, 2021
shares
|
|
Stockholders' Equity Capital Structure [Line Items] | |||||||
Common stock shares authorized (in shares) | 450,000,000 | 450,000,000 | |||||
Common stock par value (in USD per share) | $ / shares | $ 0.001 | $ 0.001 | |||||
Common stock shares issued (in shares) | 70,502,734 | 70,502,734 | 68,488,337 | ||||
Common stock shares outstanding (in shares) | 70,502,734 | 70,502,734 | 68,488,337 | ||||
Preferred stock shares authorized (up to) (in shares) | 5,000,000 | 5,000,000 | |||||
Preferred stock par value (in USD per share) | $ / shares | $ 0.001 | $ 0.001 | |||||
Preferred stock shares issued (in shares) | 0 | 0 | 0 | ||||
Preferred stock shares outstanding (in shares) | 0 | 0 | 0 | ||||
Closing market price of common stock (in USD per share) | $ / shares | $ 74.98 | $ 74.98 | |||||
PRSUs | |||||||
Stockholders' Equity Capital Structure [Line Items] | |||||||
Closing market price of common stock (in USD per share) | $ / shares | $ 110.00 | $ 0 | $ 110.00 | $ 0 | |||
Equity instruments granted (in shares) | 60,963 | 59,383 | 120,346 | ||||
Equity instruments granted, weighted average grant date fair value | $ | $ 6.3 | $ 8.3 | |||||
Award vesting percentage | 33.33% | ||||||
Number of performance periods | period | 3 | ||||||
Term of the performance period (in years) | 1 year | ||||||
Earnout target percentage, maximum for 2022 and 2023 (as a percent) | 1 | ||||||
Number of quarterly revenue goals | goal | 2 | ||||||
PRSUs | First revenue target | |||||||
Stockholders' Equity Capital Structure [Line Items] | |||||||
Award vesting percentage | 33.33% | ||||||
Number of quarterly installments | installment | 4 | ||||||
PRSUs | Second revenue target | |||||||
Stockholders' Equity Capital Structure [Line Items] | |||||||
Award vesting percentage | 66.67% | ||||||
Number of quarterly installments | installment | 8 | ||||||
PRSUs | Minimum | |||||||
Stockholders' Equity Capital Structure [Line Items] | |||||||
Earnout target percentage (as a percent) | 0 | ||||||
PRSUs | Maximum | |||||||
Stockholders' Equity Capital Structure [Line Items] | |||||||
Earnout target percentage (as a percent) | 2 | ||||||
PRSUs | Maximum | Shareholder for Performance Any Period is Negative | |||||||
Stockholders' Equity Capital Structure [Line Items] | |||||||
Earnout target percentage (as a percent) | 1 | ||||||
PRSUs | Maximum | Executive Employment Terminates due to Death by end of 2024 | |||||||
Stockholders' Equity Capital Structure [Line Items] | |||||||
Earnout target percentage (as a percent) | 1 | ||||||
PRSUs | Maximum | Executive Employment Terminates due to Disability by end of 2024 | |||||||
Stockholders' Equity Capital Structure [Line Items] | |||||||
Earnout target percentage (as a percent) | 0.50 | ||||||
Common Stock | |||||||
Stockholders' Equity Capital Structure [Line Items] | |||||||
Equity component from partial repurchase of 2023 convertible senior notes (in shares) | 24,000 | 574,000 | 348,000 | ||||
Treasury Stock | |||||||
Stockholders' Equity Capital Structure [Line Items] | |||||||
Partial unwind of capped calls related to the 2023 convertible senior notes (in shares) | 119,492 | ||||||
Convertible Senior Notes, Due 2023 | Common Stock | |||||||
Stockholders' Equity Capital Structure [Line Items] | |||||||
Equity component from partial repurchase of 2023 convertible senior notes (in shares) | 0 | 573,633 | |||||
Convertible Senior Notes, Due 2023 | Treasury Stock | |||||||
Stockholders' Equity Capital Structure [Line Items] | |||||||
Partial unwind of capped calls related to the 2023 convertible senior notes (in shares) | 0 | 119,492 |
Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) shares in Thousands |
Sep. 30, 2022
shares
|
---|---|
Class of Stock | |
Total shares of common stock reserved (in shares) | 23,544 |
2014 Plan | |
Class of Stock | |
Total shares of common stock reserved (in shares) | 15,375 |
Stock options | |
Class of Stock | |
Total shares of common stock reserved (in shares) | 1,626 |
RSUs (includes PRSUs) | |
Class of Stock | |
Total shares of common stock reserved (in shares) | 2,879 |
Shares available for future issuance under ESPP | |
Class of Stock | |
Total shares of common stock reserved (in shares) | 3,664 |
Stockholders' Equity - Stock Option Activity (Details) - Stock options $ / shares in Units, shares in Thousands, $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
$ / shares
shares
| |
Options Outstanding [Roll Forward] | |
Outstanding, beginning balance (in shares) | shares | 1,982 |
Options granted (in shares) | shares | 81 |
Options exercised (in shares) | shares | (419) |
Options forfeited or expired (in shares) | shares | (18) |
Outstanding, ending balance (in shares) | shares | 1,626 |
Options Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Outstanding, beginning balance, weighted average exercise price (in USD per share) | $ 38.65 |
Options granted, weighted average exercise price (in USD per share) | 110.55 |
Options exercised, weighted average exercise price (in USD per share) | 12.78 |
Options forfeited or expired, weighted average exercise price (in USD per share) | 112.37 |
Outstanding, ending balance, weighted average exercise price (in USD per share) | $ 48.09 |
Outstanding, ending balance, weighted average remaining contractual life (years) | 5 years |
Outstanding, ending balance, aggregate intrinsic value | $ | $ 64,670 |
Weighted average grant date fair value, options granted (in USD per share) | $ 50.44 |
Stockholders' Equity - RSU Activity (Details) - $ / shares |
1 Months Ended | 9 Months Ended | |
---|---|---|---|
Jun. 30, 2022 |
Feb. 28, 2022 |
Sep. 30, 2022 |
|
RSUs (includes PRSUs) | |||
Number of Shares | |||
Outstanding, beginning balance (in shares) | 2,560,000 | ||
RSUs granted (in shares) | 1,576,000 | ||
RSUs vested and released (in shares) | (1,044,000) | ||
RSUs forfeited or canceled (in shares) | (213,000) | ||
Outstanding, ending balance (in shares) | 2,879,000 | ||
Weighted Average Grant Date Fair Value Per Share | |||
Outstanding, beginning balance, weighted-average grant date fair value per share (in USD per share) | $ 125.65 | ||
RSUs granted, weighted average grant date fair value (in USD per share) | 110.65 | ||
RSUs vested and released, weighted average grant date fair value (in USD per share) | 111.77 | ||
RSUs forfeited or canceled, weighted average grant date fair value (in USD per share) | 125.92 | ||
Outstanding, ending balance, weighted-average grant date fair value per share (in USD per share) | $ 121.73 | ||
PRSUs | |||
Number of Shares | |||
RSUs granted (in shares) | 60,963 | 59,383 | 120,346 |
Stockholders' Equity - Stock-based Compensation (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Stock-based Compensation Expense | ||||
Total stock-based compensation expense | $ 44,503 | $ 27,395 | $ 128,682 | $ 73,204 |
Stock options | ||||
Stock-based Compensation Expense | ||||
Unrecognized stock-based compensation expense | 16,410 | $ 16,410 | ||
Weighted-average amortization period | 2 years 3 months 18 days | |||
RSU (excluding PRSUs) | ||||
Stock-based Compensation Expense | ||||
Unrecognized stock-based compensation expense | 315,466 | $ 315,466 | ||
Weighted-average amortization period | 2 years 7 months 6 days | |||
PRSU | ||||
Stock-based Compensation Expense | ||||
Unrecognized stock-based compensation expense | 11,028 | $ 11,028 | ||
Weighted-average amortization period | 1 year 10 months 24 days | |||
ESPP | ||||
Stock-based Compensation Expense | ||||
Unrecognized stock-based compensation expense | 545 | $ 545 | ||
Weighted-average amortization period | 1 month 6 days | |||
Cost of revenue | ||||
Stock-based Compensation Expense | ||||
Total stock-based compensation expense | 8,329 | 3,994 | $ 24,659 | 10,880 |
Research and development | ||||
Stock-based Compensation Expense | ||||
Total stock-based compensation expense | 10,603 | 9,101 | 32,567 | 20,016 |
Sales and marketing | ||||
Stock-based Compensation Expense | ||||
Total stock-based compensation expense | 15,761 | 8,304 | 44,148 | 23,282 |
General and administrative | ||||
Stock-based Compensation Expense | ||||
Total stock-based compensation expense | $ 9,810 | $ 5,996 | $ 27,308 | $ 19,026 |
Stockholders' Equity - Valuation Assumptions (Details) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Class of Stock | ||||
Closing price of common stock as of grant date (February 28, 2022) (in USD per share) | $ 74.98 | $ 74.98 | ||
Dividend yield (in percent) | 0.00% | 0.00% | 0.00% | 0.00% |
Stock options | ||||
Class of Stock | ||||
Expected term (years) | 6 years | 6 years | 6 years | |
Volatility | 0.00% | 47.00% | 46.00% | 47.00% |
Risk-free interest rate | 0.00% | 1.00% | 1.80% | 1.00% |
Dividend yield (in percent) | 0.00% | 0.00% | 0.00% | 0.00% |
PRSUs | ||||
Class of Stock | ||||
Closing price of common stock as of grant date (February 28, 2022) (in USD per share) | $ 110.00 | $ 0 | $ 110.00 | $ 0 |
Expected term (years) | 2 years 10 months 2 days | |||
Volatility | 0.00% | 0.00% | 48.80% | 0.00% |
Risk-free interest rate | 0.00% | 0.00% | 1.60% | 0.00% |
Dividend yield (in percent) | 0.00% | 0.00% | 0.00% | 0.00% |
Net Loss Per Share - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Earnings Per Share [Abstract] | ||||
Net loss | $ (23,207) | $ (20,537) | $ (80,997) | $ (49,399) |
Weighted-average shares used in computing basic loss per share (in shares) | 70,232 | 67,800 | 69,656 | 67,278 |
Weighted-average shares used in computing diluted loss per share (in shares) | 70,232 | 67,800 | 69,656 | 67,278 |
Basic loss per share (in USD per share) | $ (0.33) | $ (0.30) | $ (1.16) | $ (0.73) |
Diluted loss per share (in USD per share) | $ (0.33) | $ (0.30) | $ (1.16) | $ (0.73) |
Net Loss Per Share - Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Total (in shares) | 10,074 | 10,698 | 10,230 | 10,846 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Total (in shares) | 1,626 | 2,035 | 1,626 | 2,035 |
RSUs (includes PRSUs) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Total (in shares) | 2,879 | 2,090 | 2,879 | 2,090 |
Convertible senior notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Total (in shares) | 5,569 | 6,573 | 5,725 | 6,721 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 579 | $ (188) | $ 3,167 | $ (840) |
Commitments and Contingencies - Narrative (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
| |
Hosting and telecommunications agreement | |
Other Commitments [Line Items] | |
Total commitments under agreements | $ 15.8 |
Purchase Commitment - Cloud Services Agreement | |
Other Commitments [Line Items] | |
Expiring commercial commitment balance | 46.7 |
Commercial commitment to be paid remainder of 2022 | 5.5 |
Commercial commitment to be paid in year 2023 | 26.9 |
Commercial commitment to be paid in year 2024 | $ 14.3 |
Maximum | Hosting and telecommunications agreement | |
Other Commitments [Line Items] | |
Period for various agreements (in months) | 48 months |
Convertible Debt | |
Other Commitments [Line Items] | |
Debt balance | $ 747.7 |
Geographical Information - Schedule of Revenue and Property and Equipment by Geographic Region (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Revenues from External Customers and Long-Lived Assets | |||||
Total revenue | $ 198,342 | $ 154,328 | $ 570,501 | $ 435,992 | |
Property and equipment, net | 101,969 | 101,969 | $ 77,785 | ||
United States | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Total revenue | 179,306 | 140,739 | 517,537 | 397,882 | |
Property and equipment, net | 94,519 | 94,519 | 68,674 | ||
International | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Total revenue | 19,036 | $ 13,589 | 52,964 | $ 38,110 | |
Property and equipment, net | $ 7,450 | $ 7,450 | $ 9,111 |
Leases - Narrative (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2022 |
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Lessee, Lease, Description [Line Items] | |||
Operating lease termination notice, period (in days) | 30 days | ||
Data Center | |||
Lessee, Lease, Description [Line Items] | |||
Amount of lease obligation, not yet commenced | $ 2.1 | ||
Data Center | Forecast | |||
Lessee, Lease, Description [Line Items] | |||
Amount of lease obligation, not yet commenced | $ 0.3 | ||
Operating lease not yet commenced, term of lease (in years) | 3 years | ||
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease, term of contract (in years) | 1 year | ||
Operating lease, extension term (in years) | 3 years | ||
Minimum | Data Center | Forecast | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease not yet commenced, term of lease (in years) | 2 years | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease, term of contract (in years) | 10 years | ||
Operating lease, extension term (in years) | 5 years | ||
Maximum | Data Center | Forecast | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease not yet commenced, term of lease (in years) | 3 years |
Leases - Lease Cost and Supplemental Cash Flow (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 2,969 | $ 2,403 | $ 8,738 | $ 7,588 |
Finance lease cost: | ||||
Amortization of right-of-use assets | 141 | 215 | 609 | 1,476 |
Interest on finance lease liabilities | 0 | 1 | 0 | 18 |
Total finance lease cost | 141 | 216 | 609 | 1,494 |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash used in operating leases | (2,951) | (1,334) | (8,489) | (4,532) |
Financing cash used in finance leases | 0 | (36) | 0 | (612) |
Operating leases | 3,899 | 1,033 | 4,483 | 43,462 |
Finance leases | $ 0 | $ 0 | $ 0 | $ 0 |
Leases - Balance Sheet Disclosures (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Operating leases | ||
Operating lease right-of-use assets | $ 44,941 | $ 48,703 |
Operating lease liabilities | 10,201 | 9,826 |
Operating lease liabilities — less current portion | 42,487 | 47,088 |
Total operating lease liabilities | 52,688 | 56,914 |
Finance leases | ||
Property and equipment, gross | 37,561 | 42,541 |
Less: accumulated depreciation and amortization | (37,392) | (41,689) |
Property and equipment, net | $ 169 | $ 852 |
Finance Lease, Right-of-Use Asset, Balance Sheet Location [Extensible List] | Property and equipment, net | Property and equipment, net |
Leases - Weighted Average Remaining Terms and Discount Rates (Details) |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Leases [Abstract] | ||
Weighted average remaining lease term | 6 years 8 months 12 days | 7 years 3 months 18 days |
Weighted average discount rate | 3.30% | 3.20% |
Leases - Lease Maturities (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Operating Leases | ||
Remaining 2022 | $ 3,284 | |
2023 | 11,404 | |
2024 | 9,116 | |
2025 | 6,478 | |
2026 | 5,679 | |
Thereafter | 22,798 | |
Total future minimum lease payments | 58,759 | |
Less: imputed interest | (6,071) | |
Total | $ 52,688 | $ 56,914 |
Label | Element | Value |
---|---|---|
Restricted Cash and Cash Equivalents | us-gaap_RestrictedCashAndCashEquivalents | $ 513,000 |
Restricted Cash and Cash Equivalents | us-gaap_RestrictedCashAndCashEquivalents | $ 0 |
.]M8A\JDFU&"6T"2V".T)B)S0
MF?S#^?PA+PJC-*S?^2@,\+ '+;;%] TH:%HVM<6'M<'8\=]PS0.ITNJLUO_B>XMD7 _K_>B2^[7P#4Q$[
M=@9DU/PESUD61OW?'PJACT"I>YW.X/F/+,W^SFR-Y_(LC
M][HG=_(_0--*41_43^A'XW4W&!TT \>[,B-W1._K^PE.;*.HOW_83;K/),S3
M_F:/O_1^DY/UN]NO>6?C5,C+;68C9&43(ECC:):-8F!UK; ?,M1<[R])@G,V?M:<\UVWX4
M-/\3?T_[C6^ZZJ4.2X*-/)]KBP$.,7&>P'U03T;4>8QKNUGZ6Q*%=-@'V^S0
M;#9U):HF=7*H#^ZS"W_C92JJ[MAKO08?*WEP"D)-.FQWP7*\W#\<[QPPK:"*
M.\@QTLP>G
N
M#? SY^9O*.\OOXOLUMB-)8]Q'H=Y;2I\ZAD9/4[$T
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
$80E)!IPT#QMX84RM(0H8Q?':?3+VF N^TM
M^ZWUCEX65$$JRN\LU\7$N71(#DO:E/I.;#Y"YV=D^#)1*OLEFR[6 6<[
M/[*IX]F"@$-J+ /%UQK.@7-+A&7<-YQ.F]("M]M/[!>5=M0RIQK.)?_-,I-/
MG6.'9+"@*VZNY>8[-'I&EB^57%=/LFEB/8>D*VUDT8"Q@H*)^DT?&A^V '[X
M"B!H ,%; <,&,'PK(&P 8>5,+:7R(:&&QA,E-T39:&2SC ?D<,I2'3AX>RGTL6%>UJ*M:Y/SB?ZO:C\NE
M-@IOZ,^^3!OK0;^U?6LO=$4SF'KX6FI0&_#2UZ_")'C?E_=_,CNH0MQ5(7[.
M/=U=!WC GJ*A]U@;A\0YV(ZR2:/X?#R8^)O]+'JB@C 8=U$'>(,.;_ BO P/
M!OEHTS;PZBY!P(J97M[&\$*JOF(VE&FNI.%XVX[JNQV6_,"X'?>&9W @492NVTMB'9OO
M8#]6/FH=93\[ZMHV N_8]@(YUAFR+=O6C&
6P1)1W=(PDLFF&S42+
MRO:3A=#8G>PPQ_\'2!. ^TLA]./$M*CNCY3\!E!+ P04 " !-A6=5-]U:
M\O4" ""0 &0 'AL+W=O
+.3D]>4-."!/D:R%KC5H]\0VB6P _:S&O
M&LSH"1UN4Y695P?TF1IK:,TGT>+_2EL
M\E">YG;+:>[+.F&V6R=<;=<)?YROJO/?GZR_3I]2?S3NSZ5Y)S&;Q 2)21)S
M=EA_;_;9Z1U-/=WC5_6'QR_SCE_6[8V.)[+D%Q"06 AA6OA&+^$;&M)M%ADQ6QV$>7%1WEBY;,8FLZ:=^G2T*.:C6H"U22J.:CF5MK^K+;='O?&
MG8/)+SJJCVH!JH64I@=[KZ+2/K/B6U].>6/9FVV0^T5&]U]4'KEKTVHGSI[V=K>GO=NGX]V7:U>U645;4ZAFHYI
M-8EJ#JJYJ.:AFH]J :J%E*;EN:_J5?T6>GK;1]M2J&:CFD UB6H.JKFHYJ&:
MCVH!JH64ID=7M:7ZYIM/B3\W\_Q;^2C:=;(JL_N0)DMK'15'YV("G<8OT^KB
M9'=[8)[L';NSW;%[51Z[&S__R[Q#%X[5NAFD UV3^^&=3AD[_0 =V: ?O#
M[J![V&)&1_51+4"UD-+TK*IZ5-]):I\C8+M1H@=)\
M*"V TBB4QJ TCJ+IRJR-%M=\%LA;,K89/5B.A^>4M#,V-& I5$HC4%I'$73
M-59;)FZ_LT"&9^PH#^^B6'66/=(VU%R!TGPH+8#2*)3&H#2.HNG";=PWP#U)
MVH9Z-5":#Z4%4!J%TAB4QE$T79FU5^.:SQUY4]J&&C05S;*:-O29U\[<4.,%
M2J-0&H/2.(JFRZPV7MQ>]RLH^\%.*4'-%2C-A]("*(U":0Q*XRB:+KG:AW%G
M)\FY4-L%2O.AM !*HU :@](XBJ8KL[9=7/-EKBHM+M+U)DW4
8%A1#DMM($@\/=()Y1S@P0\?FQ!O6Y/
MX]@?[] _6?$@9DX4G0C^-UOH]