XML 34 R22.htm IDEA: XBRL DOCUMENT

Basis of presentation and description of business (Tables)

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The tables below provide reconciliations of our previously reported amounts to revised amounts to correct for these immaterial errors in our consolidated financial statements as of December 31, 2020 and for the quarter and year-to-date periods ended September 30, 2020.


	December 31, 2020
	As Previously Reported		Adjustments				As Revised
			Commissions		Other
	(in thousands)
Assets
Current assets:
Cash and cash equivalents	$	194,868	$	—	$	—	$	194,868
Trade accounts receivable, net of allowances	69,056		—		—		69,056
Income taxes receivable	632		—		—		632
Deferred contract costs	9,959		(1,675)		—		8,284
Prepaid expenses	13,283		—		—		13,283
Other current assets	1,113		—		—		1,113
Total current assets	288,911		(1,675)		—		287,236
Equipment and leasehold improvements, net	12,755		—		2,375		15,130
Goodwill	541,480		—		—		541,480
Other intangible assets, net	202,878		—		—		202,878
Deferred contract costs, non-current	26,770		(4,568)		—		22,202
Other assets	5,359		—		—		5,359
Total assets	$	1,078,153	$	(6,243)	$	2,375	$	1,074,285
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	6,967	$	—	$	—	$	6,967
Accrued liabilities	31,574		—		342		31,916
Income taxes payable	713		—		—		713
Deferred revenues	160,443		—		(441)		160,002
Total current liabilities	199,697		—		(99)		199,598
Deferred revenues, non-current	45,507		—		—		45,507
Deferred tax liability, net	6,422		(1,535)		200		5,087
Other liabilities	11,046		—		2,033		13,079
Total liabilities	262,672		(1,535)		2,134		263,271
Commitments and contingencies
Stockholders’ equity:
Preferred stock	—		—		—		—
Common stock	117		—		—		117
Additional paid‑in capital	903,116		—		—		903,116
Accumulated deficit	(87,752)		(4,708)		241		(92,219)
Total stockholders’ equity	815,481		(4,708)		241		811,014
Total liabilities and stockholders’ equity	$	1,078,153	$	(6,243)	$	2,375	$	1,074,285


	Three Months Ended September 30, 2020
	As Previously Reported (1)		Adjustments				As Revised
			Commissions		Other
	(in thousands, except share and per share amounts)
Revenue:
Subscription	$	65,782	$	—	$	(148)	$	65,634
Services	3,605		—		292		3,897
License	1,017		—		—		1,017
Total revenue	70,404		—		144		70,548
Cost of revenue:
Cost of subscription (exclusive of amortization expense shown below)	10,117		—		(85)		10,032
Cost of services (exclusive of amortization expense shown below)	2,443		—		4		2,447
Amortization expense	2,679		—		—		2,679
Total cost of revenue	15,239		—		(81)		15,158
Gross profit	55,165		—		225		55,390
Operating expenses:
Sales and marketing	23,251		488		34		23,773
Research and development	12,736		—		21		12,757
General and administrative	13,921		—		(76)		13,845
Amortization expense	5,633		—		—		5,633
Total operating expenses	55,541		488		(21)		56,008
Loss from operations	(376)		(488)		246		(618)
Interest expense, net	(1,207)		—		—		(1,207)
Loss on extinguishment of debt	(5,213)		—		—		(5,213)
Foreign currency transaction loss	(154)		—		—		(154)
Loss before income tax benefit	(6,950)		(488)		246		(7,192)
Income tax benefit	1,857		119		(172)		1,804
Net loss	$	(5,093)	$	(369)	$	74	$	(5,388)
Net loss per share, basic and diluted	$	(0.04)					$	(0.05)
Weighted-average shares used to compute net loss per share, basic and diluted	113,203,074						113,203,074

(1) Previously reported amounts reflect the reclassification of on-premise subscription revenue from license revenue to subscription revenue, which we applied on a retrospective basis in the fourth quarter of 2020. See further information in Basis of Presentation above.


	Nine Months Ended September 30, 2020
	As Previously Reported (1)		Adjustments				As Revised
			Commissions		Other
	(in thousands, except share and per share amounts)
Revenue:
Subscription	$	179,148	$	—	$	(710)	$	178,438
Services	10,066		—		550		10,616
License	3,811		—		—		3,811
Total revenue	193,025		—		(160)		192,865
Cost of revenue:
Cost of subscription (exclusive of amortization expense shown below)	28,127		—		(107)		28,020
Cost of services (exclusive of amortization expense shown below)	7,736		—		11		7,747
Amortization expense	8,034		—		—		8,034
Total cost of revenue	43,897		—		(96)		43,801
Gross profit	149,128		—		(64)		149,064
Operating expenses:
Sales and marketing	65,735		1,722		101		67,558
Research and development	37,282		—		62		37,344
General and administrative	31,813		—		(225)		31,588
Amortization expense	16,941		—		—		16,941
Total operating expenses	151,771		1,722		(62)		153,431
Loss from operations	(2,643)		(1,722)		(2)		(4,367)
Interest expense, net	(10,675)		—		—		(10,675)
Loss on extinguishment of debt	(5,213)		—		—		(5,213)
Foreign currency transaction loss	(471)		—		—		(471)
Other income, net	91		—		—		91
Loss before income tax provision	(18,911)		(1,722)		(2)		(20,635)
Income tax provision	5,105		430		(618)		4,917
Net loss	$	(13,806)	$	(1,292)	$	(620)	$	(15,718)
Net loss per share, basic and diluted	$	(0.13)					$	(0.15)
Weighted-average shares used to compute net loss per share, basic and diluted	106,333,836						106,333,836


	Stock Class			Additional Paid‑In Capital		Accumulated Deficit		Stockholders’ Equity
	Common
	Shares	Amount
	(in thousands, except share amounts)
As Previously Reported
Balance, June 30, 2020	102,862,404	$	103	$	570,434	$	(73,694)	$	496,843
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	13,500,000	14		318,979		—		318,993
Private placement	85,880	—		2,233		—		2,233
Exercise of stock options	15,000	—		82		—		82
Share‑based compensation	—	—		2,328		—		2,328
Net loss	—	—		—		(5,093)		(5,093)
Balance, September 30, 2020	116,463,284	$	117	$	894,056	$	(78,787)	$	815,386

Commissions Adjustment
Balance, June 30, 2020	—	$	—	$	—	$	(3,753)	$	(3,753)
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	—	—		—		—		—
Private placement	—	—		—		—		—
Exercise of stock options	—	—		—		—		—
Share‑based compensation	—	—		—		—		—
Net loss	—	—		—		(369)		(369)
Balance, September 30, 2020	—	$	—	$	—	$	(4,122)	$	(4,122)

Other Adjustments
Balance, June 30, 2020	—	$	—	$	—	$	(1,020)	$	(1,020)
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	—	—		—		—		—
Private placement	—	—		—		—		—
Exercise of stock options	—	—		—		—		—
Share‑based compensation	—	—		—		—		—
Net loss	—	—		—		74		74
Balance, September 30, 2020	—	$	—	$	—	$	(946)	$	(946)

As Revised
Balance, June 30, 2020	102,862,404	$	103	$	570,434	$	(78,467)	$	492,070
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	13,500,000	14		318,979		—		318,993
Private placement	85,880	—		2,233		—		2,233
Exercise of stock options	15,000	—		82		—		82
Share‑based compensation	—	—		2,328		—		2,328
Net loss	—	—		—		(5,388)		(5,388)
Balance, September 30, 2020	116,463,284	$	117	$	894,056	$	(83,855)	$	810,318


	Stock Class				Additional Paid‑In Capital		Accumulated Deficit		Stockholders’ Equity
	Common
	Shares		Amount
	(in thousands, except share amounts)
As Previously Reported
Balance, December 31, 2019	102,843,612		$	103	$	568,756	$	(64,981)	$	503,878
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	13,500,000		14		318,979		—		318,993
Private placement	85,880		—		2,233		—		2,233
Exercise of stock options	33,792		—		185		—		185
Share‑based compensation	—		—		3,903		—		3,903
Net loss	—		—		—		(13,806)		(13,806)
Balance, September 30, 2020	116,463,284		$	117	$	894,056	$	(78,787)	$	815,386

Commissions Adjustment
Balance, December 31, 2019	—		$	—	$	—	$	(2,830)	$	(2,830)
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	—	.	—		—		—		—
Private placement	—		—		—		—		—
Exercise of stock options	—		—		—		—		—
Share‑based compensation	—		—		—		—		—
Net loss	—		—		—		(1,292)		(1,292)
Balance, September 30, 2020	—		$	—	$	—	$	(4,122)	$	(4,122)

Other Adjustments
Balance, December 31, 2019	—		$	—	$	—	$	(326)	$	(326)
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	—		—		—		—		—
Private placement	—		—		—		—		—
Exercise of stock options	—		—		—		—		—
Share‑based compensation	—		—		—		—		—
Net loss	—		—		—		(620)		(620)
Balance, September 30, 2020	—		$	—	$	—	$	(946)	$	(946)

As Revised
Balance, December 31, 2019	102,843,612		$	103	$	568,756	$	(68,137)	$	500,722
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	13,500,000		14		318,979		—		318,993
Private placement	85,880		—		2,233		—		2,233
Exercise of stock options	33,792		—		185		—		185
Share‑based compensation	—		—		3,903		—		3,903
Net loss	—		—		—		(15,718)		(15,718)
Balance, September 30, 2020	116,463,284		$	117	$	894,056	$	(83,855)	$	810,318


	Nine Months Ended September 30, 2020
	As Previously Reported		Adjustments				As Revised
			Commissions		Other
	(in thousands)
Cash flows from operating activities
Net loss	$	(13,806)	$	(1,292)	$	(620)	$	(15,718)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization expense	28,378		—		254		28,632
Amortization of deferred contract costs	6,705		(1,187)		—		5,518
Amortization of debt issuance costs	700		—		—		700
Provision for bad debt expense and returns	894		—		—		894
Gain on disposal of equipment and leasehold improvements	(23)		—		23		—
Loss on extinguishment of debt	5,213		—		—		5,213
Share‑based compensation	3,903		—		—		3,903
Deferred tax benefit	(5,357)		(430)		618		(5,169)
Adjustment to contingent consideration	(3,100)		—		—		(3,100)
Other	—		—		(277)		(277)
Changes in operating assets and liabilities:
Trade accounts receivable	(18,332)		—		58		(18,274)
Income tax receivable/payable	(183)		—		—		(183)
Prepaid expenses and other assets	(4,699)		—		499		(4,200)
Deferred contract costs	(16,879)		2,909		—		(13,970)
Accounts payable	3,145		—		(158)		2,987
Accrued liabilities	(4,207)		—		—		(4,207)
Deferred revenue	47,528		—		(339)		47,189
Other liabilities	3,161		—		—		3,161
Net cash provided by operating activities	33,041		—		58		33,099
Cash flows from investing activities
Purchases of equipment and leasehold improvements	(1,836)		—		—		(1,836)
Net cash used in investing activities	(1,836)		—		—		(1,836)
Cash flows from financing activities
Payment of bank borrowings	(205,000)		—		—		(205,000)
Debt issuance costs	(1,264)		—		—		(1,264)
Payment of debt extinguishment costs	(2,050)		—		—		(2,050)
Proceeds from initial public offering, net of underwriting discounts and commissions	326,316		—		—		326,316
Cash paid for offering costs	(6,601)		—		—		(6,601)
Proceeds from private placement	2,233		—		—		2,233
Proceeds from the exercise of stock options	185		—		—		185
Net cash provided by financing activities	113,819		—		—		113,819
Net increase in cash and cash equivalents	145,024		—		58		145,082
Cash and cash equivalents, beginning of period	32,433		—		(58)		32,375
Cash and cash equivalents, end of period	$	177,457	$	—	$	—	$	177,457
Supplemental disclosures of cash flow information:
Cash paid for interest	$	12,647	$	—	$	—	$	12,647
Cash paid for income taxes, net of refunds	703		—		—		703

Schedule of Revenue by Geographic Location

Revenue by geographic region as determined based on the end user customer address was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020 (1)		2021		2020 (1)
			(As Revised)				(As Revised)
	(in thousands)
Revenue:
The Americas	$	69,865	$	54,707	$	195,408	$	149,723
Europe, the Middle East, India, and Africa	19,543		11,786		49,721		32,347
Asia Pacific	6,213		4,055		17,457		10,795
	$	95,621	$	70,548	$	262,586	$	192,865

(1) Certain prior period amounts have been revised to correct immaterial errors. See above for more information.