10-Q 1 svmk-10q_20190630.htm 10-Q svmk-10q_20190630.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number: 001-38664

 

SVMK Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

80-0765058

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

One Curiosity Way

San Mateo, California, 94403

(650) 543-8400

(Address, including zip code, and telephone number, including area code, of Registrant’s principal executive offices)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value

$0.00001 per share

SVMK

The Nasdaq Stock Market LLC

(The Nasdaq Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes    No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer  

 

Accelerated filer  

Non-accelerated filer   

 

Smaller reporting company  

 

 

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes    No  

The number of shares of registrant’s common stock outstanding as of August 1, 2019 was: 133,076,983.

 

 

 


 

SVMK Inc.

Quarterly Report on Form 10-Q

For the quarterly period ended June 30, 2019

TABLE OF CONTENTS

 

 

 

 

Page

 

PART I. FINANCIAL INFORMATION

 

 

 

 

 

 

Item 1.

Condensed Consolidated Financial Statements (unaudited)

 

4

 

Condensed Consolidated Balance Sheets

 

4

 

Condensed Consolidated Statements of Operations

 

5

 

Condensed Consolidated Statements of Comprehensive Loss

 

6

 

Condensed Consolidated Statements of Stockholders’ Equity

 

7

 

Condensed Consolidated Statements of Cash Flows

 

8

 

Notes to Condensed Consolidated Financial Statements

 

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

32

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

48

Item 4.

Controls and Procedures

 

49

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

50

Item 1A.

Risk Factors

 

50

Item 2.

Unregistered Sales of Equity Securities

 

82

Item 6.

Exhibits

 

83

 

Signatures

 

 

 

1


 

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “would,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

 

our ability to attract new users or convert registered users to paying users;

 

our ability to retain paying users;

 

our ability to convert organizations to SurveyMonkey Enterprise customers;

 

our ability to maintain and improve our products;

 

our ability to upsell and cross-sell within our existing customer and user base;

 

our future financial performance, including trends in revenue, costs of revenue, gross profit or gross margin, operating expenses, capital expenditures and paying users;

 

possible harm caused by significant disruption of service or loss or unauthorized access to users’ data;

 

our ability to prevent serious errors or defects in our products;

 

our ability to respond to rapid technological changes;

 

our ability to compete successfully;

 

our ability to protect our brand;

 

the demand for our survey platform or for survey software solutions in general;

 

our expectations and management of future growth;

 

our ability to accelerate growth with the introduction and scaling of a significant outbound salesforce;

 

our ability to attract large organizations as users;

 

our ability to attract and retain key personnel and highly qualified personnel;

 

our ability to manage our international expansion;

 

our ability to obtain adequate commercial space as our workforce grows;

 

our ability to maintain, protect and enhance our intellectual property;

 

our ability to effectively integrate our products and solutions with others;

 

our ability to achieve or maintain profitability;

 

our ability to manage our outstanding indebtedness;

 

our ability to successfully identify, acquire and integrate companies and assets, including Usabilla;

 

our ability to offer high-quality customer support;

 

the increased expenses associated with being a public company; and

 

our anticipated uses of net proceeds from our recent public offering and the concurrent private placement.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q.

2


 

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

3


 

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

SVMK INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

 

(in thousands, except par value)

 

June 30, 2019

 

 

December 31, 2018

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

154,546

 

 

$

153,807

 

Accounts receivable, net of allowance of $71 and $115

 

 

11,102

 

 

 

7,336

 

Deferred commissions, current

 

 

2,636

 

 

 

1,981

 

Prepaid expenses and other current assets

 

 

9,772

 

 

 

7,081

 

Total current assets

 

 

178,056

 

 

 

170,205

 

Property and equipment, net

 

 

42,526

 

 

 

117,718

 

Operating lease right-of-use assets

 

 

61,478

 

 

 

 

Capitalized internal-use software, net

 

 

34,445

 

 

 

33,280

 

Acquisition intangible assets, net

 

 

21,456

 

 

 

9,324

 

Goodwill

 

 

409,772

 

 

 

336,861

 

Deferred commissions, non-current

 

 

4,823

 

 

 

3,317

 

Other assets

 

 

8,607

 

 

 

8,643

 

Total assets

 

$

761,163

 

 

$

679,348

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

3,037

 

 

$

2,804

 

Accrued expenses and other current liabilities

 

 

11,833

 

 

 

9,692

 

Accrued compensation

 

 

15,066

 

 

 

20,070

 

Deferred revenue

 

 

124,334

 

 

 

101,236

 

Operating lease liabilities, current

 

 

6,910

 

 

 

 

Debt, current

 

 

1,900

 

 

 

1,900

 

Total current liabilities

 

 

163,080

 

 

 

135,702

 

Deferred tax liabilities

 

 

6,181

 

 

 

4,246

 

Debt, non-current

 

 

214,565

 

 

 

215,515

 

Financing obligation on leased facility

 

 

 

 

 

92,009

 

Operating lease liabilities, non-current

 

 

82,763

 

 

 

 

Other non-current liabilities

 

 

5,045

 

 

 

12,493

 

Total liabilities

 

 

471,634

 

 

 

459,965

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock ($0.00001 par value; 100,000 shares authorized; no shares issued and outstanding)

 

 

 

 

 

 

Common stock ($0.00001 par value; 800,000 shares authorized; 132,776 and 125,818 shares issued and outstanding)

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

654,857

 

 

 

551,937

 

Accumulated other comprehensive income (loss)

 

 

501

 

 

 

(287

)

Accumulated deficit

 

 

(365,830

)

 

 

(332,268

)

Total stockholders’ equity

 

 

289,529

 

 

 

219,383

 

Total liabilities and stockholders’ equity

 

$

761,163

 

 

$

679,348

 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

4


 

SVMK INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands, except per share amounts)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

 

$

75,139

 

 

$

62,696

 

 

$

143,780

 

 

$

121,187

 

Cost of revenue(1)(2)

 

 

19,047

 

 

 

17,691

 

 

 

36,577

 

 

 

35,754

 

Gross profit

 

 

56,092

 

 

 

45,005

 

 

 

107,203

 

 

 

85,433

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development(1)

 

 

22,407

 

 

 

16,292

 

 

 

43,213

 

 

 

34,232

 

Sales and marketing (1)(2)

 

 

29,689

 

 

 

19,879

 

 

 

55,739

 

 

 

37,300

 

General and administrative(1)

 

 

19,746

 

 

 

13,400

 

 

 

40,302

 

 

 

26,418

 

Restructuring

 

 

 

 

 

28

 

 

 

(66

)

 

 

33

 

Total operating expenses

 

 

71,842

 

 

 

49,599

 

 

 

139,188

 

 

 

97,983

 

Loss from operations

 

 

(15,750

)

 

 

(4,594

)

 

 

(31,985

)

 

 

(12,550

)

Interest expense

 

 

3,647

 

 

 

7,591

 

 

 

7,306

 

 

 

14,685

 

Other non-operating income (expense), net

 

 

575

 

 

 

(282

)

 

 

2,554

 

 

 

351

 

Loss before income taxes

 

 

(18,822

)

 

 

(12,467

)

 

 

(36,737

)

 

 

(26,884

)

Provision for (benefit from) income taxes

 

 

(344

)

 

 

(4

)

 

 

(482

)

 

 

296

 

Net loss

 

$

(18,478

)

 

$

(12,463

)

 

$

(36,255

)

 

$

(27,180

)

Net loss per share, basic and diluted

 

$

(0.14

)

 

$

(0.12

)

 

$

(0.28

)

 

$

(0.27

)

Weighted-average shares used in computing basic and diluted net loss per share

 

 

131,099

 

 

 

101,623

 

 

 

128,943

 

 

 

101,419

 

 

 

(1)

Includes stock-based compensation, net of amounts capitalized as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Cost of revenue

 

$

991

 

 

$

646

 

 

$

2,087

 

 

$

1,304

 

Research and development

 

 

5,629

 

 

 

2,966

 

 

 

10,395

 

 

 

6,413

 

Sales and marketing

 

 

3,016

 

 

 

1,147

 

 

 

5,796

 

 

 

1,915

 

General and administrative

 

 

5,518

 

 

 

3,993

 

 

 

11,987

 

 

 

7,660

 

Stock-based compensation, net of amounts capitalized

 

$

15,154

 

 

$

8,752

 

 

$

30,265

 

 

$

17,292

 

 

 

(2)

Includes amortization of acquisition intangible assets as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Cost of revenue

 

$

1,403

 

 

$

488

 

 

$

1,891

 

 

$

976

 

Sales and marketing

 

 

766

 

 

 

604

 

 

 

1,303

 

 

 

1,208

 

Amortization of acquisition intangible assets

 

$

2,169

 

 

$

1,092

 

 

$

3,194

 

 

$

2,184

 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

5


 

SVMK INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net loss

 

$

(18,478

)

 

$

(12,463

)

 

$

(36,255

)

 

$

(27,180

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gains (losses)(1)

 

 

807

 

 

 

(255

)

 

 

788

 

 

 

(262

)

Total other comprehensive income (loss)(1)

 

 

807

 

 

 

(255

)

 

 

788

 

 

 

(262

)

Total comprehensive loss

 

$

(17,671

)

 

$

(12,718

)

 

$

(35,467

)

 

$

(27,442

)

 

(1)

Net of tax effect which was not material.

See accompanying Notes to Condensed Consolidated Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6


 

SVMK INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited)

For the three months ended June 30, 2019

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Shares

 

 

Amount

 

 

Additional Paid-In Capital

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Accumulated Deficit

 

 

Total Stockholders’ Equity

 

March 31, 2019

 

 

128,060

 

 

$

1

 

 

$

582,652

 

 

$

(306

)

 

$

(347,352

)

 

$

234,995

 

Common stock issued upon stock option exercise

 

 

1,629

 

 

 

 

 

 

23,219

 

 

 

 

 

 

 

 

 

23,219

 

Common stock issued upon vesting of restricted stock units

 

 

882

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued in connection with acquisition

 

 

1,944

 

 

 

 

 

 

30,092

 

 

 

 

 

 

 

 

 

30,092

 

Common stock issued under employee stock purchase plan

 

 

261

 

 

 

 

 

 

2,662

 

 

 

 

 

 

 

 

 

2,662

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

16,232

 

 

 

 

 

 

 

 

 

16,232

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

807

 

 

 

 

 

 

807

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,478

)

 

 

(18,478

)

June 30, 2019

 

 

132,776

 

 

$

1

 

 

$

654,857

 

 

$

501

 

 

$

(365,830

)

 

$

289,529

 

For the three months ended June 30, 2018

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Shares

 

 

Amount

 

 

Additional Paid-In Capital

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Accumulated Deficit

 

 

Total Stockholders’ Equity

 

March 31, 2018

 

 

101,564

 

 

 

1

 

 

 

224,655

 

 

 

12

 

 

 

(192,245

)

 

 

32,423

 

Common stock issued upon stock option exercise

 

 

17

 

 

 

 

 

 

177

 

 

 

 

 

 

 

 

 

177

 

Common stock issued upon vesting of restricted stock units, net of tax withholding

 

 

154

 

 

 

 

 

 

(1,453

)

 

 

 

 

 

 

 

 

(1,453

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

9,180

 

 

 

 

 

 

 

 

 

9,180

 

Comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(255

)

 

 

 

 

 

(255

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,463

)

 

 

(12,463

)

June 30, 2018

 

 

101,735

 

 

$

1

 

 

$

232,559

 

 

$

(243

)

 

$

(204,708

)

 

$

27,609

 

For the six months ended June 30, 2019

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Shares

 

 

Amount

 

 

Additional Paid-In Capital

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Accumulated Deficit

 

 

Total Stockholders’ Equity

 

December 31, 2018

 

 

125,818

 

 

$

1

 

 

$

551,937

 

 

$

(287

)

 

$

(332,268

)

 

$

219,383

 

Cumulative-effect adjustment upon adoption of ASC 842

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,693

 

 

 

2,693

 

Common stock issued upon stock option exercise

 

 

2,957

 

 

 

 

 

 

37,638

 

 

 

 

 

 

 

 

 

37,638

 

Common stock issued upon vesting of restricted stock units

 

 

1,780

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued in connection with acquisition

 

 

1,944

 

 

 

 

 

 

30,092

 

 

 

 

 

 

 

 

 

30,092

 

Common stock issued under employee stock purchase plan

 

 

261

 

 

 

 

 

 

2,662

 

 

 

 

 

 

 

 

 

2,662

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

32,296

 

 

 

 

 

 

 

 

 

32,296

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

788

 

 

 

 

 

 

788

 

Other

 

 

16

 

 

 

 

 

 

232

 

 

 

 

 

 

 

 

 

232

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(36,255

)

 

 

(36,255

)

June 30, 2019

 

 

132,776

 

 

$

1

 

 

$

654,857

 

 

$

501

 

 

$

(365,830

)

 

$

289,529

 

For the six months ended June 30, 2018

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Shares

 

 

Amount

 

 

Additional Paid-In Capital

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Accumulated Deficit

 

 

Total Stockholders’ Equity

 

December 31, 2017

 

 

101,383

 

 

$

1

 

 

$

217,594

 

 

$

19

 

 

$

(177,571

)

 

$

40,043

 

Cumulative-effect adjustment upon adoption of ASU 2017-09

 

 

 

 

 

 

 

 

(43

)

 

 

 

 

 

43

 

 

 

 

Common stock issued upon stock option exercise

 

 

17

 

 

 

 

 

 

178

 

 

 

 

 

 

 

 

 

178

 

Common stock issued upon vesting of restricted stock units, net of tax withholding

 

 

335

 

 

 

 

 

 

(3,218

)

 

 

 

 

 

 

 

 

(3,218

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

18,048

 

 

 

 

 

 

 

 

 

18,048

 

Comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(262

)

 

 

 

 

 

(262

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27,180

)

 

 

(27,180

)

June 30, 2018

 

 

101,735

 

 

$

1

 

 

$

232,559

 

 

$

(243

)

 

$

(204,708

)

 

$

27,609

 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

7


 

SVMK INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

 

 

 

Six Months Ended June 30,

 

(in thousands)

 

2019

 

 

2018

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(36,255

)

 

$

(27,180

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

20,545

 

 

 

23,652

 

Non-cash leases expense

 

 

6,059

 

 

 

 

Stock-based compensation expense, net of amounts capitalized

 

 

30,265

 

 

 

17,292

 

Amortization of debt discount and issuance costs

 

 

150

 

 

 

484

 

Deferred income taxes

 

 

(415

)

 

 

295

 

Gain on sale of a private company investment

 

 

(1,001

)

 

 

(999

)

Other

 

 

51

 

 

 

176

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(1,830

)

 

 

(814

)

Prepaid expenses and other assets

 

 

(3,387

)

 

 

(3,753

)

Accounts payable and accrued liabilities

 

 

1,996

 

 

 

2,624

 

Accrued interest on financing lease obligation, net of payments

 

 

 

 

 

(703

)

Accrued compensation

 

 

(6,311

)

 

 

(3,554

)

Deferred revenue

 

 

18,576

 

 

 

14,511

 

Operating lease liabilities

 

 

(6,731

)

 

 

 

Net cash provided by operating activities

 

 

21,712

 

 

 

22,031

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Acquisition, net of cash acquired

 

 

(53,138

)

 

 

 

Purchases of property and equipment

 

 

(1,335

)

 

 

(4,809

)

Capitalized internal-use software

 

 

(6,527

)

 

 

(5,467

)

Proceeds from sale of a private company investment

 

 

1,001

 

 

 

999

 

Net cash used in investing activities

 

 

(59,999

)

 

 

(9,277

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

Proceeds from stock option exercises

 

 

37,593

 

 

 

178

 

Proceeds from employee stock purchase plan

 

 

2,662

 

 

 

 

Employee payroll taxes paid for net share settlement of restricted stock units

 

 

 

 

 

(3,218

)

Repayment of debt

 

 

(1,100

)

 

 

(1,500

)

Net cash provided by (used in) financing activities

 

 

39,155

 

 

 

(4,540

)

Effect of exchange rate changes on cash

 

 

(55

)

 

 

 

Net increase in cash, cash equivalents and restricted cash

 

 

813

 

 

 

8,214

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

154,371

 

 

 

35,345

 

Cash, cash equivalents and restricted cash at end of period

 

$

155,184

 

 

$

43,559

 

Supplemental cash flow data:

 

 

 

 

 

 

 

 

Interest paid for term debt

 

$

6,913

 

 

$

10,813

 

Interest paid for financing obligation on leased facility

 

$

 

 

$

4,076

 

Cash paid for operating leases

 

$

6,731

 

 

$

 

Income taxes paid

 

$

676

 

 

$

50

 

Non-cash investing and financing transactions: