Unaudited Quarterly Results of Operations

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Results of Operations

The following tables set forth selected unaudited quarterly consolidated statement of operations data for each of the quarters indicated as well as the percentage of total revenue for each line item shown. The unaudited information should be read in conjunction with our financial statements and related notes included elsewhere in this report. We believe that the following unaudited information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period.


	Three months ended
	Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Mar 31, 2019		Dec 31, 2018		Sep 30, 2018		Jun 30, 2018		Mar 31, 2018
	(in thousands)
Revenue
Subscription and support	$	66,148	$	63,022	$	60,472	$	56,123	$	53,779	$	51,306	$	48,837	$	46,470
Professional services	14,117		11,157		13,012		13,840		10,656		9,567		10,293		13,436
Total revenue	80,265		74,179		73,484		69,963		64,435		60,873		59,130		59,906
Cost of revenue
Subscription and support	11,946		10,924		10,202		9,809		8,637		8,139		8,637		8,802
Professional services	11,102		10,827		10,475		9,727		8,757		7,520		7,659		7,709
Total cost of revenue	23,048		21,751		20,677		19,536		17,394		15,659		16,296		16,511
Gross profit	57,217		52,428		52,807		50,427		47,041		45,214		42,834		43,395
Operating expenses
Research and development	23,216		22,899		21,795		22,011		20,773		19,984		20,718		20,127
Sales and marketing	33,732		32,990		28,213		25,365		23,011		24,068		22,252		21,006
General and administrative ⁽¹⁾	14,754		12,017		11,226		10,383		11,047		11,864		21,654		11,768
Total operating expenses	71,702		67,906		61,234		57,759		54,831		55,916		64,624		52,901
Loss from operations	(14,485)		(15,478)		(8,427)		(7,332)		(7,790)		(10,702)		(21,790)		(9,506)
Interest income	2,064		1,460		641		492		435		341		279		223
Interest expense	(3,534)		(1,959)		(433)		(440)		(480)		(448)		(449)		(450)
Other income, net	(305)		24		(111)		(172)		318		(138)		213		120
Loss before provision (benefit) for income taxes	(16,260)		(15,953)		(8,330)		(7,452)		(7,517)		(10,947)		(21,747)		(9,613)
Provision (benefit) for income taxes	38		98		(8)		11		204		17		21		5
Net loss	$	(16,298)	$	(16,051)	$	(8,322)	$	(7,463)	$	(7,721)	$	(10,964)	$	(21,768)	$	(9,618)
Net loss per common share:
Basic and diluted	$	(0.35)	$	(0.34)	$	(0.18)	$	(0.17)	$	(0.17)	$	(0.25)	$	(0.50)	$	(0.22)
Weighted-average common shares outstanding - basic and diluted	47,058,209		46,731,663		46,166,660		45,229,279		44,472,672		43,973,428		43,234,655		42,858,756

(1) During the second quarter of 2018, we recorded an additional $5.9 million and $3.6 million of cash-based and equity-based compensation, respectively, to general and administrative expense pursuant to a separation agreement with our former CEO.