0001445305-20-000124 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2020	Oct. 31, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-36773
Entity Registrant Name	WORKIVA INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2509828
Entity Address, Address Line One	2900 University Blvd
Entity Address, City or Town	Ames
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50010
City Area Code	888
Local Phone Number	275-3125
Title of 12(b) Security	Class A common stock, par value $.001
Trading Symbol	WK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001445305
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		39,896,661
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		8,299,610

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 426,132	$ 381,742
Marketable securities	97,750	106,214
Accounts receivable, net of allowance for doubtful accounts of $679 and $866 at September 30, 2020 and December 31, 2019, respectively	55,571	60,228
Deferred commissions	17,919	14,108
Other receivables	2,417	2,432
Prepaid expenses and other	9,587	6,508
Total current assets	609,376	571,232
Property and equipment, net	38,231	39,745
Operating lease right-of-use assets	16,631	15,352
Deferred commissions, non-current	17,572	14,977
Intangible assets, net	1,633	1,651
Other assets	4,059	3,439
Total assets	687,502	646,396
Current liabilities
Accounts payable	3,651	7,057
Accrued expenses and other current liabilities	63,444	49,930
Deferred revenue	182,700	173,617
Current portion of financing obligations	1,429	1,328
Total current liabilities	251,224	231,932
Convertible senior notes, net	287,242	280,601
Deferred revenue, non-current	34,756	32,569
Other long-term liabilities	1,748	1,498
Operating lease liabilities, non-current	18,229	18,564
Financing obligations, non-current	14,805	15,889
Total liabilities	608,004	581,053
Stockholders’ equity
Preferred stock, $0.001 par value per share, 100,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in-capital	474,969	420,170
Accumulated deficit	(396,006)	(355,161)
Accumulated other comprehensive income	487	287
Total stockholders’ equity	79,498	65,343
Total liabilities and stockholders’ equity	687,502	646,396
Class A Common Stock
Stockholders’ equity
Common stock	40	38
Class B Common Stock
Stockholders’ equity
Common stock	$ 8	$ 9

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Allowance for doubtful accounts	$ 679	$ 866
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, share authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	39,781,596	38,043,444
Common stock, shares outstanding	39,781,596	38,043,444
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, share authorized	500,000,000	500,000,000
Common stock, shares issued	8,349,610	8,595,596
Common stock, shares outstanding	8,349,610	8,595,596

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue
Total revenue	$ 88,099	$ 74,179	$ 257,760	$ 217,626
Cost of revenue
Total cost of revenue	21,886	21,751	66,526	61,964
Gross profit	66,213	52,428	191,234	155,662
Operating expenses
Research and development	23,956	22,899	70,458	66,705
Sales and marketing	35,487	32,990	106,874	86,568
General and administrative	13,722	12,017	46,802	33,626
Total operating expenses	73,165	67,906	224,134	186,899
Loss from operations	(6,952)	(15,478)	(32,900)	(31,237)
Interest income	471	1,460	2,832	2,593
Interest expense	(3,572)	(1,959)	(10,689)	(2,832)
Other (expense) income, net	(387)	24	263	(259)
Loss before provision for income taxes	(10,440)	(15,953)	(40,494)	(31,735)
Provision for income taxes	67	98	351	101
Net loss	$ (10,507)	$ (16,051)	$ (40,845)	$ (31,836)
Net loss per common share:
Basic and diluted (in dollars per share)	$ (0.22)	$ (0.34)	$ (0.85)	$ (0.69)
Weighted-average common shares outstanding - basic and diluted (in shares)	48,840,131	46,731,663	48,188,183	46,048,037
Subscription and support
Revenue
Total revenue	$ 75,850	$ 63,022	$ 214,907	$ 179,617
Cost of revenue
Total cost of revenue	12,013	10,924	36,264	30,935
Professional services
Revenue
Total revenue	12,249	11,157	42,853	38,009
Cost of revenue
Total cost of revenue	$ 9,873	$ 10,827	$ 30,262	$ 31,029

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (10,507)	$ (16,051)	$ (40,845)	$ (31,836)
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustment, net of tax	30	19	(51)	34
Unrealized gain (loss) on available-for-sale securities, net of tax	(211)	43	251	162
Other comprehensive (loss) income, net of tax	(181)	62	200	196
Comprehensive loss	$ (10,688)	$ (15,989)	$ (40,645)	$ (31,640)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock (Class A and B)	Additional Paid-in-Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Shares, Outstanding, Beginning at Dec. 31, 2018		44,044,000
Beginning of the period at Dec. 31, 2018	$ (9,740)	$ 44	$ 297,145	$ 98	$ (307,027)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	8,193		8,193
Issuance of common stock upon exercise of stock options (in shares)		961,000
Issuance of common stock upon exercise of stock options	11,055	$ 1	11,054
Issuance of common stock under employee stock purchase plan (in shares)		101,000
Issuance of common stock under employee stock purchase plan	2,149		2,149
Issuance of restricted stock units (in shares)		25,000
Tax withholding related to net share settlements of stock-based compensation awards (in shares)		(10,000)
Tax withholding related to net share settlements of stock-based compensation awards	(390)		(390)
Net loss	(7,463)				(7,463)
Other comprehensive income (loss)	52			52
End of period at Mar. 31, 2019	3,856	$ 45	318,151	150	(314,490)
Shares, Outstanding, Ending at Mar. 31, 2019		45,121,000
Shares, Outstanding, Beginning at Dec. 31, 2018		44,044,000
Beginning of the period at Dec. 31, 2018	(9,740)	$ 44	297,145	98	(307,027)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(31,836)
Other comprehensive income (loss)	196
End of period at Sep. 30, 2019	70,134	$ 47	408,656	294	(338,863)
Shares, Outstanding, Ending at Sep. 30, 2019		46,422,000
Shares, Outstanding, Beginning at Mar. 31, 2019		45,121,000
Beginning of the period at Mar. 31, 2019	3,856	$ 45	318,151	150	(314,490)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	8,513		8,513
Issuance of common stock upon exercise of stock options (in shares)		455,000
Issuance of common stock upon exercise of stock options	5,498	$ 1	5,497
Issuance of restricted stock units (in shares)		323,000
Net loss	(8,322)				(8,322)
Other comprehensive income (loss)	82			82
End of period at Jun. 30, 2019	9,627	$ 46	332,161	232	(322,812)
Shares, Outstanding, Ending at Jun. 30, 2019		45,899,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	9,223		9,223
Issuance of common stock upon exercise of stock options (in shares)		401,000
Issuance of common stock upon exercise of stock options	5,940	$ 1	5,939
Issuance of common stock under employee stock purchase plan (in shares)		87,000
Issuance of common stock under employee stock purchase plan	2,773		2,773
Issuance of restricted stock units (in shares)		35,000
Equity component of convertible senior notes, net	58,560		58,560
Net loss	(16,051)				(16,051)
Other comprehensive income (loss)	62			62
End of period at Sep. 30, 2019	70,134	$ 47	408,656	294	(338,863)
Shares, Outstanding, Ending at Sep. 30, 2019		46,422,000
Shares, Outstanding, Beginning at Dec. 31, 2019		46,639,000
Beginning of the period at Dec. 31, 2019	65,343	$ 47	420,170	287	(355,161)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	9,936		9,936
Issuance of common stock upon exercise of stock options (in shares)		225,000
Issuance of common stock upon exercise of stock options	2,794		2,794
Issuance of common stock under employee stock purchase plan (in shares)		94,000
Issuance of common stock under employee stock purchase plan	3,660		3,660
Issuance of restricted stock units (in shares)		117,000
Tax withholding related to net share settlements of stock-based compensation awards (in shares)		(30,000)
Tax withholding related to net share settlements of stock-based compensation awards	(1,379)		(1,379)
Net loss	(10,573)				(10,573)
Other comprehensive income (loss)	(9)			(9)
End of period at Mar. 31, 2020	69,772	$ 47	435,181	278	(365,734)
Shares, Outstanding, Ending at Mar. 31, 2020		47,045,000
Shares, Outstanding, Beginning at Dec. 31, 2019		46,639,000
Beginning of the period at Dec. 31, 2019	$ 65,343	$ 47	420,170	287	(355,161)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	1,038,807
Net loss	$ (40,845)
Other comprehensive income (loss)	200
End of period at Sep. 30, 2020	79,498	$ 48	474,969	487	(396,006)
Shares, Outstanding, Ending at Sep. 30, 2020		48,131,000
Shares, Outstanding, Beginning at Mar. 31, 2020		47,045,000
Beginning of the period at Mar. 31, 2020	69,772	$ 47	435,181	278	(365,734)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	14,894		14,894
Issuance of common stock upon exercise of stock options (in shares)		443,000
Issuance of common stock upon exercise of stock options	6,664	$ 0	6,664
Issuance of restricted stock units (in shares)		153,000
Tax withholding related to net share settlements of stock-based compensation awards (in shares)		(21,000)
Tax withholding related to net share settlements of stock-based compensation awards	(732)		(732)
Net loss	(19,765)				(19,765)
Other comprehensive income (loss)	390			390
End of period at Jun. 30, 2020	71,223	$ 47	456,007	668	(385,499)
Shares, Outstanding, Ending at Jun. 30, 2020		47,620,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	10,601		10,601
Issuance of common stock upon exercise of stock options (in shares)		371,000
Issuance of common stock upon exercise of stock options	4,795	$ 1	4,794
Issuance of common stock under employee stock purchase plan (in shares)		93,000
Issuance of common stock under employee stock purchase plan	3,567		3,567
Issuance of restricted stock units (in shares)		47,000
Net loss	(10,507)				(10,507)
Other comprehensive income (loss)	(181)			(181)
End of period at Sep. 30, 2020	$ 79,498	$ 48	$ 474,969	$ 487	$ (396,006)
Shares, Outstanding, Ending at Sep. 30, 2020		48,131,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net loss	$ (10,507)	$ (16,051)	$ (40,845)	$ (31,836)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	1,160	1,058	3,433	2,932
Stock-based compensation expense	10,601	9,223	35,431	25,929
Recovery of doubtful accounts	(550)	(104)	(191)	(58)
Amortization (accretion) of premiums and discounts on marketable securities, net	106	15	319	(89)
Amortization of debt discount and issuance costs	2,231	1,083	6,641	1,083
Deferred income tax	63	(21)	(68)	(67)
Changes in assets and liabilities:
Accounts receivable	(13,307)	3,579	4,805	21,530
Deferred commissions	(4,818)	(2,106)	(6,381)	(7,968)
Operating lease right-of-use asset	1,019	581	2,992	1,805
Other receivables	224	(417)	29	(470)
Prepaid expenses and other	(211)	(191)	(3,056)	(3,737)
Other assets	83	(943)	(600)	(2,349)
Accounts payable	(181)	516	(3,255)	160
Deferred revenue	16,182	3,830	11,314	14,112
Operating lease liability	(1,115)	(758)	(3,438)	(2,226)
Accrued expenses and other liabilities	6,819	5,403	12,531	9,828
Net cash provided by operating activities	7,799	4,697	19,661	28,579
Cash flows from investing activities
Purchase of property and equipment	(379)	(663)	(1,763)	(2,860)
Purchase of marketable securities	(7,980)	(54,749)	(45,269)	(95,466)
Sale of marketable securities	0	498	11,423	498
Maturities of marketable securities	16,300	1,500	42,337	20,390
Purchase of intangible assets	(102)	(51)	(253)	(712)
Other investments	0	(1,000)	0	(1,000)
Net cash provided by (used in) investing activities	7,839	(54,465)	6,475	(79,150)
Cash flows from financing activities
Proceeds from option exercises	4,795	5,940	14,253	22,493
Taxes paid related to net share settlements of stock-based compensation awards	0	0	(2,111)	(390)
Proceeds from shares issued in connection with employee stock purchase plan	3,567	2,773	7,227	4,922
Proceeds from the issuance of convertible senior notes, net of issuance costs	0	335,899	0	335,899
Principal payments on financing obligations	(335)	(306)	(983)	(901)
Net cash provided by financing activities	8,027	344,306	18,386	362,023
Effect of foreign exchange rates on cash	346	(127)	(132)	88
Net increase in cash and cash equivalents	24,011	294,411	44,390	311,540
Cash and cash equivalents at beginning of period	402,121	94,713	381,742	77,584
Cash and cash equivalents at end of period	426,132	389,124	426,132	389,124
Supplemental cash flow disclosure
Cash paid for interest	2,315	408	5,017	1,294
Cash paid for income taxes, net of refunds	84	80	469	341
Supplemental disclosure of noncash investing and financing activities
Allowance for tenant improvements	$ 0	$ 0	$ 149	$ 0

Organization and Significant Accounting Policies	9 Months Ended
Organization and Significant Accounting Policies	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Significant Accounting Policies	Organization and Significant Accounting Policies Organization Workiva Inc., a Delaware corporation (together with its wholly-owned subsidiaries, the “Company” or “we” or “us”), provides the world’s leading connected reporting and compliance platform, which is used by thousands of public and private companies, government agencies and higher-education institutions. The Workiva platform offers controlled collaboration, data linking, data integrations, granular permissions, process management and a full audit trail. Our operational headquarters are located in Ames, Iowa, with additional offices located in the United States, Europe, the Asia-Pacific region and Canada. Basis of Presentation and Principles of Consolidation The financial information presented in the accompanying unaudited condensed consolidated financial statements has been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, the financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The condensed consolidated balance sheet data as of December 31, 2019 was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation of our financial position and results of operations. The operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results expected for the full year ending December 31, 2020. Seasonality has affected our revenue, expenses and cash flows from operations. Revenue from professional services has been higher in the first quarter as many of our customers file their Form 10-K in the first calendar quarter. Our sales and marketing expense also has some degree of seasonality. Sales and marketing expense has historically been higher in the third quarter due to our annual user conference in September. Our transition to a virtual event in September 2020 has partially mitigated this trend, and we expect marketing expenses to continue to be offset by our virtual operations through 2021. In addition, the timing of the payments of cash bonuses to employees during the first and fourth calendar quarters may result in some seasonality in operating cash flow. The condensed consolidated financial information should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in this report and the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the SEC on February 20, 2020. The unaudited condensed consolidated financial statements include the accounts of Workiva Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Additionally, certain prior period amounts have been reclassified for consistency with the current year presentation. The reclassification of the prior period amounts were not material to the previously reported consolidated financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base our estimates on historical experience and various other assumptions believed to be reasonable. These estimates include, but are not limited to, the allowance for doubtful accounts, the determination of the relative selling prices of our services, the measurement of material rights, health insurance claims incurred but not yet reported, valuation of available-for-sale marketable securities, useful lives of deferred contract costs, intangible assets and property and equipment, income taxes, discount rates used in the valuation of right-of-use assets and lease liabilities, the fair value of the liability and equity components of the convertible senior notes, and certain assumptions used in the valuation of equity awards. While these estimates are based on our best knowledge of current events and actions that may affect us in the future, actual results may differ materially from these estimates. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the current accounting guidance and requires the measurement of all expected losses based on historical experience, current conditions and reasonable and supportable forecasts. For trade receivables, loans, and other financial instruments, we are required to use a forward-looking expected loss model that reflects probable losses rather than the incurred loss model for recognizing credit losses. The standard became effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. Effective January 1, 2020, we adopted this standard. The adoption of this new standard did not have a material impact on our consolidated financial statements. New Accounting Pronouncements Not Yet Adopted In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which simplifies the accounting for certain convertible instruments, amends guidance on derivative scope exceptions for contracts in an entity's own equity, and modifies the guidance on diluted earnings per share (EPS) calculations as a result of these changes. The standard will be effective for us beginning January 1, 2022 and can be applied on either a fully retrospective or modified retrospective basis. Early adoption is permitted for fiscal years beginning after December 15, 2020. We are currently evaluating the impact of this standard on our condensed consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This amendment was issued to simplify the accounting for income taxes by removing certain exceptions for recognizing deferred taxes, performing intraperiod allocation, and calculating income taxes in interim periods. Further, ASU 2019-12 adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax basis goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 is effective for public business entities for fiscal years, and interim periods within those years, beginning after December 15, 2020. The guidance is effective for us beginning January 1, 2021, and prescribes different transition methods for the various provisions. We plan to adopt this guidance on the effective date, and we do not expect the adoption of this guidance to have a material impact on our financial condition, results of operations, cash flows or disclosures.

Supplemental Consolidated Balance Sheet Information

9 Months Ended

Sep. 30, 2020

Payables and Accruals [Abstract]

Supplemental Consolidated Balance Sheet Information

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	As of September 30, 2020		As of December 31, 2019
Accrued vacation	$	10,835	$	8,353
Accrued commissions	7,994		5,561
Accrued bonuses	12,420		7,121
Accrued payroll	2,463		1,221
Estimated health insurance claims	1,200		1,040
ESPP employee contributions	2,242		3,734
Customer deposits	16,255		12,151
Operating lease liabilities	4,485		3,064
Accrued other liabilities	5,550		7,685
	$	63,444	$	49,930

Cash Equivalents and Marketable Securities

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Marketable Securities

At September 30, 2020, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	396,478	$	—	$	—	$	396,478
Commercial paper	8,977		—		—		8,977
U.S. treasury debt securities	18,535		135		—		18,670
U.S. corporate debt securities	69,726		378		(1)		70,103
	$	493,716	$	513	$	(1)	$	494,228
Included in cash and cash equivalents	$	396,478	$	—	$	—	$	396,478
Included in marketable securities	$	97,238	$	513	$	(1)	$	97,750

At December 31, 2019, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	360,471	$	—	$	—	$	360,471

U.S. treasury debt securities	10,342		8		(1)		10,349
U.S. corporate debt securities	95,706		164		(5)		95,865
	$	466,519	$	172	$	(6)	$	466,685
Included in cash and cash equivalents	$	360,471	$	—	$	—	$	360,471
Included in marketable securities	$	106,048	$	172	$	(6)	$	106,214

The following table presents gross unrealized losses and fair values for those marketable securities that were in an unrealized loss position as of September 30, 2020, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands):


	As of September 30, 2020
	Less than 12 months				12 months or greater
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

U.S. corporate debt securities	$	2,306	$	(1)	$	—	$	—
Total	$	2,306	$	(1)	$	—	$	—

We do not believe the unrealized losses represent credit losses based on our evaluation of available evidence as of September 30, 2020, which includes an assessment of whether it is more likely than not we will be required to sell the investment before recovery of the investment's amortized cost basis.

Fair Value Measurements

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

We determine the fair values of our financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value:

Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 - Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument.

Level 3 - Inputs are unobservable inputs based on our assumptions.

Financial Assets

Cash equivalents primarily consist of AAA-rated money market funds with overnight liquidity and no stated maturities. We classified cash equivalents as Level 1 due to the short-term nature of these instruments and measured the fair value based on quoted prices in active markets for identical assets.

When available, our marketable securities are valued using quoted prices for identical instruments in active markets. If we are unable to value our marketable securities using quoted prices for identical instruments in active markets, we value our investments using broker reports that utilize quoted market prices for comparable instruments. We validate, on a sample basis, the derived prices provided by the brokers by comparing their assessment of the fair values of our investments against the fair values of the portfolio balances of another third-party professional pricing service. As of September 30, 2020, all of our marketable securities were valued using quoted prices for comparable instruments in active markets and are classified as Level 2.

Based on our valuation of our money market funds and marketable securities, we concluded that they are classified in either Level 1 or Level 2, and we have no financial assets measured using Level 3 inputs. The following table presents information about our assets that are measured at fair value on a recurring basis using the above input categories (in thousands):


	Fair Value Measurements as of September 30, 2020						Fair Value Measurements as of December 31, 2019
Description	Total		Level 1		Level 2		Total		Level 1		Level 2
Money market funds	$	396,478	$	396,478	$	—	$	360,471	$	360,471	$	—
Commercial paper	8,977		—		8,977		—		—		—
U.S. treasury debt securities	18,670		—		18,670		10,349		—		10,349
U.S. corporate debt securities	70,103		—		70,103		95,865		—		95,865
	$	494,228	$	396,478	$	97,750	$	466,685	$	360,471	$	106,214

Included in cash and cash equivalents	$	396,478					$	360,471
Included in marketable securities	$	97,750					$	106,214

Convertible Senior Notes

As of September 30, 2020, the fair value of our convertible senior notes was $338.9 million. The fair value was determined based on the quoted price of the convertible senior notes in an over-the-counter market on the last trading day of the reporting period and has been classified as Level 2 in the fair value hierarchy. See Note 5 to the condensed consolidated financial statements for more information.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Convertible Senior Notes

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Convertible Senior Notes

In August 2019, we issued $345.0 million aggregate principal amount of 1.125% convertible senior notes due 2026 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, including the exercise in full by the initial purchasers of their option to purchase an additional $45.0 million principal amount (the “Notes”). The Notes were issued pursuant to an indenture and are senior, unsecured obligations of the Company. The Notes bear interest at a fixed rate of 1.125% per annum, payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2020. Proceeds from the issuance of the Notes totaled $335.9 million, net of initial purchaser discounts and issuance costs.

The initial conversion rate is 12.4756 shares of our common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $80.16 per share, subject to adjustment upon the occurrence of specified events.

Interest expense representing the amortization of the debt discount and issuance costs as well as contractual interest expense is amortized to interest expense at an effective interest rate of 4.3% over the term of the Notes.

The net carrying amount of the liability and equity components of the Notes was as follows (in thousands):


	September 30, 2020		December 31, 2019
Liability component:
Principal	$	345,000	$	345,000
Unamortized discount	(51,344)		(57,247)
Unamortized issuance costs	(6,414)		(7,152)
Net carrying amount	$	287,242	$	280,601

Equity component, net of purchase discounts and issuance costs	$	58,560	$	58,560

Interest expense related to the Notes is as follows (in thousands):


	Three months ended September 30, 2020		Nine months ended September 30, 2020
Contractual interest expense	$	970	$	2,910
Amortization of debt discount	1,983		5,903
Amortization of issuance costs	248		738
Total interest expense	$	3,201	$	9,551

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation From time to time we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. We evaluate the development of legal matters on a regular basis and accrue a liability when we believe a loss is probable and the amount can be reasonably estimated. Although the results of litigation and claims cannot be predicted with certainty, we currently believe that the final outcome of any currently pending legal proceedings to which we are a party will not have a material adverse effect on our business, operating results, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

We grant stock-based incentive awards to attract, motivate and retain qualified employees, non-employee directors and consultants, and to align their financial interests with those of our stockholders. We utilize stock-based compensation in the form of restricted stock units, options to purchase Class A common stock and Employee Stock Purchase Plan (“ESPP”) purchase rights.

As of September 30, 2020, awards outstanding under the 2009 Plan consisted of stock options, and awards outstanding under the 2014 Plan consisted of stock options and restricted stock units.

As of September 30, 2020, 1,511,969 shares of Class A common stock were available for grant under the 2014 Plan.

Our ESPP became effective on June 13, 2017. Under the ESPP, eligible employees are granted options to purchase shares of Class A common stock at the lower of 85% of the fair market value of the stock at the time of grant or 85% of the fair market value at the time of exercise. Options to purchase shares are granted twice yearly on or about January 15 and July 15 and are exercisable on or about the succeeding July 14 and January 14, respectively, of each year. As of September 30, 2020, 4,445,378 shares of Class A common stock were available for issuance under the ESPP. No participant may purchase more than $12,500 worth of common stock in a six-month offering period.

Stock-Based Compensation Expense

Stock-based compensation expense was recorded in the following cost and expense categories consistent with the respective employee or service provider’s related cash compensation (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Cost of revenue
Subscription and support	$	426	$	386	$	1,293	$	1,142
Professional services	272		456		1,062		1,296
Operating expenses
Research and development	2,167		2,265		5,790		6,016
Sales and marketing	2,687		2,203		8,367		6,199
General and administrative	5,049		3,913		18,919		11,276
Total	$	10,601	$	9,223	$	35,431	$	25,929

Stock Options

The following table summarizes the option activity under the Plans for the nine months ended September 30, 2020:


	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding at December 31, 2019	4,353,167	$	14.32	5.6	$	120,714
Granted	—	—
Forfeited	(48,383)	21.21
Exercised	(1,038,807)	13.72
Outstanding at September 30, 2020	3,265,977	$	14.41	4.9	$	135,054

Exercisable at September 30, 2020	3,075,241	$	14.16	4.8	$	127,924

Options to purchase Class A common stock generally vest over a three- or four-year period and are generally granted for a term of ten years. The total intrinsic value of options exercised during the nine months ended September 30, 2020 and 2019 was $35.1 million and $69.6 million, respectively.

No options were granted during the nine months ended September 30, 2020 and 2019. The total fair value of options vested during the nine months ended September 30, 2020 and 2019 was approximately $3.1 million and $5.0 million, respectively. Total unrecognized compensation expense of $1.1 million related to options will be recognized over a weighted-average period of approximately ten months.

Restricted Stock Units

Restricted stock units granted to employees generally vest over a three- or four-year period in equal, annual installments or with three-year cliff vesting. Restricted stock units granted to non-employee members of our Board of Directors generally have one-year cliff vesting from the date of grant. The recipient of a restricted stock unit award under the Plan will have no rights as a stockholder until share certificates are issued by us, but, at the discretion of our Compensation Committee, has the right to receive a dividend equivalent payment in the form of additional restricted stock units. Additionally, until the shares are issued, they have no voting rights and may not be bought or sold. The fair value for restricted stock units is calculated based on the stock price on the date of grant. The total fair value of restricted stock units vested during the nine months ended September 30, 2020 and 2019 was approximately $23.5 million and $7.3 million, respectively.

The following table summarizes the restricted stock unit activity under the Plan for the nine months ended September 30, 2020:


	Number of Shares	Weighted- Average Grant Date Fair Value

Unvested at December 31, 2019	3,039,020	$	31.39
Granted	947,696	44.19
Forfeited	(295,947)	38.07
Vested(1)	(716,050)	32.83
Unvested at September 30, 2020	2,974,719	$	35.36

(1) During the nine months ended September 30, 2020, in accordance with our Nonqualified Deferred Compensation Plan, recipients of 409,302 shares had elected to defer settlement of the vested restricted stock units and 10,937 shares were released from deferral. This resulted in total deferred units of 935,567 as of September 30, 2020.

Compensation expense associated with unvested restricted stock units is recognized on a straight-line basis over the vesting period. At September 30, 2020, there was approximately $62.3 million of total unrecognized compensation expense related to restricted stock units, which is expected to be recognized over a weighted-average period of 2.5 years.

Employee Stock Purchase Plan

The fair value of each share issued under the ESPP is estimated on the date of grant using the Black-Scholes option-pricing model. Expected volatility is based on the historical volatility of our common stock. The expected term represents the period of time the ESPP purchase rights are expected to be outstanding. The expected term for the ESPP purchase rights approximates the offering period. The risk-free interest rate is based on yields on U.S. Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities) with a maturity similar to the estimated expected term of the ESPP purchase rights.

The fair value of our ESPP purchase rights was estimated assuming no expected dividends and the following weighted-average assumptions:


	Nine months ended September 30,
	2020	2019
Expected term (in years)	0.5	0.5
Risk-free interest rate	0.2% - 1.5%	1.9% - 2.6%
Expected volatility	40.6% - 61.0%	35.2% - 48.6%

During the nine months ended September 30, 2020, 186,855 shares of common stock were purchased under the ESPP at a weighted-average price of $38.68 per share, resulting in cash proceeds of $7.2 million.

Compensation expense associated with ESPP purchase rights is recognized on a straight-line basis over the vesting period. At September 30, 2020, there was approximately $949,000 of total unrecognized compensation expense related to the ESPP, which is expected to be recognized over a weighted-average period of 0.3 years.

Revenue Recognition

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregation of Revenue

The following table presents our revenues disaggregated by industry (in thousands).


	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Information technology	$	11,983	$	9,734	$	34,264	$	28,897
Diversified financials	10,665		8,570		31,232		24,271
Consumer discretionary	9,748		8,324		28,497		24,632
Industrials	9,365		8,190		27,768		24,194
Banks	8,959		7,476		25,914		21,099
Healthcare	8,772		6,949		25,517		20,463
Energy	5,812		5,515		17,793		16,605
Insurance	5,828		4,490		17,173		13,511
Real estate	3,769		3,827		11,810		12,067
Materials	3,824		2,926		10,735		8,978
Utilities	3,538		3,431		10,707		9,767
Other	5,836		4,747		16,350		13,142
Total revenues	$	88,099	$	74,179	$	257,760	$	217,626

The following table presents our revenues disaggregated by type of good or service (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Subscription and support	$	75,850	$	63,022	$	214,907	$	179,617
XBRL professional services	7,798		7,767		29,543		28,699
Other services	4,451		3,390		13,310		9,310
Total revenues	$	88,099	$	74,179	$	257,760	$	217,626

Deferred Revenue

We recognized $68.2 million and $59.0 million of revenue during the three months ended September 30, 2020 and 2019, respectively, that was included in the deferred revenue balances at the beginning of the respective periods. We recognized $148.3 million and $114.4 million of revenue during the nine months ended September 30, 2020 and 2019, respectively, that was included in the deferred revenue balances at the beginning of the respective periods.

Transaction Price Allocated to the Remaining Performance Obligations

As of September 30, 2020, we expect revenue of approximately $339.5 million to be recognized from remaining performance obligations for subscription contracts. We expect to recognize approximately $213.7 million of these remaining performance obligations over the next 12 months with the balance substantially recognized in the 24 months thereafter.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Net Loss Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Net Loss Per Share

Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential shares of common stock, including convertible senior notes, outstanding stock options, stock related to unvested restricted stock units, and common stock issuable pursuant to the ESPP to the extent dilutive. Basic and diluted net loss per share was the same for each period presented, as the inclusion of all potential common shares outstanding would have been anti-dilutive.

The net loss per share is allocated based on the participation rights of the Class A and Class B common shares as if the loss for the year has been distributed. As the liquidation and dividend rights are identical, the net loss is allocated on a proportionate basis.

A reconciliation of the denominator used in the calculation of basic and diluted loss per share is as follows (in thousands, except share and per share data):


	Three months ended
	September 30, 2020				September 30, 2019
	Class A		Class B		Class A		Class B
Numerator
Net loss	$	(8,691)	$	(1,816)	$	(12,978)	$	(3,073)

Denominator
Weighted-average common shares outstanding - basic and diluted	40,400,270		8,439,861		37,785,850		8,945,813
Basic and diluted net loss per share	$	(0.22)	$	(0.22)	$	(0.34)	$	(0.34)


	Nine months ended
	September 30, 2020				September 30, 2019
	Class A		Class B		Class A		Class B
Numerator
Net loss	$	(33,617)	$	(7,228)	$	(25,422)	$	(6,414)

Denominator
Weighted-average common shares outstanding - basic and diluted	39,661,228		8,526,955		36,771,232		9,276,805
Basic and diluted net loss per share	$	(0.85)	$	(0.85)	$	(0.69)	$	(0.69)

The anti-dilutive securities excluded from the weighted-average shares used to calculate the diluted net loss per common share were as follows:


	As of
	September 30, 2020	September 30, 2019
Shares subject to outstanding common stock options	3,265,977	4,542,729
Shares subject to unvested restricted stock units	2,974,719	2,844,156
Shares issuable pursuant to the ESPP	95,084	77,788

Additionally, approximately 4.3 million shares of our Class A common stock underlying the conversion option in the Notes, are not considered in the calculation of diluted net loss per share as the effect would be anti-dilutive. We use the treasury stock method for calculating any potential dilutive effect of the conversion option on diluted net income per share, if applicable. During the nine months ended September 30, 2020, the average market price of our Class A common stock did not exceed the conversion price of the Notes of $80.16 per share.

Organization and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The financial information presented in the accompanying unaudited condensed consolidated financial statements has been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, the financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The condensed consolidated balance sheet data as of December 31, 2019 was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation of our financial position and results of operations. The operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results expected for the full year ending December 31, 2020.
Principles of Consolidation	All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base our estimates on historical experience and various other assumptions believed to be reasonable. These estimates include, but are not limited to, the allowance for doubtful accounts, the determination of the relative selling prices of our services, the measurement of material rights, health insurance claims incurred but not yet reported, valuation of available-for-sale marketable securities, useful lives of deferred contract costs, intangible assets and property and equipment, income taxes, discount rates used in the valuation of right-of-use assets and lease liabilities, the fair value of the liability and equity components of the convertible senior notes, and certain assumptions used in the valuation of equity awards. While these estimates are based on our best knowledge of current events and actions that may affect us in the future, actual results may differ materially from these estimates.
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements Not Yet Adopted	In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the current accounting guidance and requires the measurement of all expected losses based on historical experience, current conditions and reasonable and supportable forecasts. For trade receivables, loans, and other financial instruments, we are required to use a forward-looking expected loss model that reflects probable losses rather than the incurred loss model for recognizing credit losses. The standard became effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. Effective January 1, 2020, we adopted this standard. The adoption of this new standard did not have a material impact on our consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which simplifies the accounting for certain convertible instruments, amends guidance on derivative scope exceptions for contracts in an entity's own equity, and modifies the guidance on diluted earnings per share (EPS) calculations as a result of these changes. The standard will be effective for us beginning January 1, 2022 and can be applied on either a fully retrospective or modified retrospective basis. Early adoption is permitted for fiscal years beginning after December 15, 2020. We are currently evaluating the impact of this standard on our condensed consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This amendment was issued to simplify the accounting for income taxes by removing certain exceptions for recognizing deferred taxes, performing intraperiod allocation, and calculating income taxes in interim periods. Further, ASU 2019-12 adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax basis goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 is effective for public business entities for fiscal years, and interim periods within those years, beginning after December 15, 2020. The guidance is effective for us beginning January 1, 2021, and prescribes different transition methods for the various provisions. We plan to adopt this guidance on the effective date, and we do not expect the adoption of this guidance to have a material impact on our financial condition, results of operations, cash flows or disclosures.
Fair Value of Financial Instruments	Cash equivalents primarily consist of AAA-rated money market funds with overnight liquidity and no stated maturities. We classified cash equivalents as Level 1 due to the short-term nature of these instruments and measured the fair value based on quoted prices in active markets for identical assets. When available, our marketable securities are valued using quoted prices for identical instruments in active markets. If we are unable to value our marketable securities using quoted prices for identical instruments in active markets, we value our investments using broker reports that utilize quoted market prices for comparable instruments. We validate, on a sample basis, the derived prices provided by the brokers by comparing their assessment of the fair values of our investments against the fair values of the portfolio balances of another third-party professional pricing service.
Stock-based Compensation	The fair value of each share issued under the ESPP is estimated on the date of grant using the Black-Scholes option-pricing model. Expected volatility is based on the historical volatility of our common stock. The expected term represents the period of time the ESPP purchase rights are expected to be outstanding. The expected term for the ESPP purchase rights approximates the offering period. The risk-free interest rate is based on yields on U.S. Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities) with a maturity similar to the estimated expected term of the ESPP purchase rights.

Supplemental Consolidated Balance Sheet Information (Tables)

9 Months Ended

Sep. 30, 2020

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	As of September 30, 2020		As of December 31, 2019
Accrued vacation	$	10,835	$	8,353
Accrued commissions	7,994		5,561
Accrued bonuses	12,420		7,121
Accrued payroll	2,463		1,221
Estimated health insurance claims	1,200		1,040
ESPP employee contributions	2,242		3,734
Customer deposits	16,255		12,151
Operating lease liabilities	4,485		3,064
Accrued other liabilities	5,550		7,685
	$	63,444	$	49,930

Cash Equivalents and Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities

At September 30, 2020, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	396,478	$	—	$	—	$	396,478
Commercial paper	8,977		—		—		8,977
U.S. treasury debt securities	18,535		135		—		18,670
U.S. corporate debt securities	69,726		378		(1)		70,103
	$	493,716	$	513	$	(1)	$	494,228
Included in cash and cash equivalents	$	396,478	$	—	$	—	$	396,478
Included in marketable securities	$	97,238	$	513	$	(1)	$	97,750

At December 31, 2019, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	360,471	$	—	$	—	$	360,471

U.S. treasury debt securities	10,342		8		(1)		10,349
U.S. corporate debt securities	95,706		164		(5)		95,865
	$	466,519	$	172	$	(6)	$	466,685
Included in cash and cash equivalents	$	360,471	$	—	$	—	$	360,471
Included in marketable securities	$	106,048	$	172	$	(6)	$	106,214

Schedule of Cash and Cash Equivalents

At September 30, 2020, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	396,478	$	—	$	—	$	396,478
Commercial paper	8,977		—		—		8,977
U.S. treasury debt securities	18,535		135		—		18,670
U.S. corporate debt securities	69,726		378		(1)		70,103
	$	493,716	$	513	$	(1)	$	494,228
Included in cash and cash equivalents	$	396,478	$	—	$	—	$	396,478
Included in marketable securities	$	97,238	$	513	$	(1)	$	97,750

At December 31, 2019, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	360,471	$	—	$	—	$	360,471

U.S. treasury debt securities	10,342		8		(1)		10,349
U.S. corporate debt securities	95,706		164		(5)		95,865
	$	466,519	$	172	$	(6)	$	466,685
Included in cash and cash equivalents	$	360,471	$	—	$	—	$	360,471
Included in marketable securities	$	106,048	$	172	$	(6)	$	106,214

Schedule of Available-for-sale Securities, Continuous Unrealized Loss Position


	As of September 30, 2020
	Less than 12 months				12 months or greater
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

U.S. corporate debt securities	$	2,306	$	(1)	$	—	$	—
Total	$	2,306	$	(1)	$	—	$	—

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Assets Measured on Recurring Basis

The following table presents information about our assets that are measured at fair value on a recurring basis using the above input categories (in thousands):


	Fair Value Measurements as of September 30, 2020						Fair Value Measurements as of December 31, 2019
Description	Total		Level 1		Level 2		Total		Level 1		Level 2
Money market funds	$	396,478	$	396,478	$	—	$	360,471	$	360,471	$	—
Commercial paper	8,977		—		8,977		—		—		—
U.S. treasury debt securities	18,670		—		18,670		10,349		—		10,349
U.S. corporate debt securities	70,103		—		70,103		95,865		—		95,865
	$	494,228	$	396,478	$	97,750	$	466,685	$	360,471	$	106,214

Included in cash and cash equivalents	$	396,478					$	360,471
Included in marketable securities	$	97,750					$	106,214

Convertible Senior Notes (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Summary of Convertible Debt

The net carrying amount of the liability and equity components of the Notes was as follows (in thousands):


	September 30, 2020		December 31, 2019
Liability component:
Principal	$	345,000	$	345,000
Unamortized discount	(51,344)		(57,247)
Unamortized issuance costs	(6,414)		(7,152)
Net carrying amount	$	287,242	$	280,601

Equity component, net of purchase discounts and issuance costs	$	58,560	$	58,560

Interest expense related to the Notes is as follows (in thousands):


	Three months ended September 30, 2020		Nine months ended September 30, 2020
Contractual interest expense	$	970	$	2,910
Amortization of debt discount	1,983		5,903
Amortization of issuance costs	248		738
Total interest expense	$	3,201	$	9,551

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Stock-based compensation expense was recorded in the following cost and expense categories consistent with the respective employee or service provider’s related cash compensation (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Cost of revenue
Subscription and support	$	426	$	386	$	1,293	$	1,142
Professional services	272		456		1,062		1,296
Operating expenses
Research and development	2,167		2,265		5,790		6,016
Sales and marketing	2,687		2,203		8,367		6,199
General and administrative	5,049		3,913		18,919		11,276
Total	$	10,601	$	9,223	$	35,431	$	25,929

Schedule of Stock-Option Activity

The following table summarizes the option activity under the Plans for the nine months ended September 30, 2020:


	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding at December 31, 2019	4,353,167	$	14.32	5.6	$	120,714
Granted	—	—
Forfeited	(48,383)	21.21
Exercised	(1,038,807)	13.72
Outstanding at September 30, 2020	3,265,977	$	14.41	4.9	$	135,054

Exercisable at September 30, 2020	3,075,241	$	14.16	4.8	$	127,924

Summary of Restricted Stock Units

The following table summarizes the restricted stock unit activity under the Plan for the nine months ended September 30, 2020:


	Number of Shares	Weighted- Average Grant Date Fair Value

Unvested at December 31, 2019	3,039,020	$	31.39
Granted	947,696	44.19
Forfeited	(295,947)	38.07
Vested(1)	(716,050)	32.83
Unvested at September 30, 2020	2,974,719	$	35.36

Schedule of Valuation Assumptions, Employee Stock Purchase Plans

The fair value of our ESPP purchase rights was estimated assuming no expected dividends and the following weighted-average assumptions:


	Nine months ended September 30,
	2020	2019
Expected term (in years)	0.5	0.5
Risk-free interest rate	0.2% - 1.5%	1.9% - 2.6%
Expected volatility	40.6% - 61.0%	35.2% - 48.6%

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents our revenues disaggregated by industry (in thousands).


	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Information technology	$	11,983	$	9,734	$	34,264	$	28,897
Diversified financials	10,665		8,570		31,232		24,271
Consumer discretionary	9,748		8,324		28,497		24,632
Industrials	9,365		8,190		27,768		24,194
Banks	8,959		7,476		25,914		21,099
Healthcare	8,772		6,949		25,517		20,463
Energy	5,812		5,515		17,793		16,605
Insurance	5,828		4,490		17,173		13,511
Real estate	3,769		3,827		11,810		12,067
Materials	3,824		2,926		10,735		8,978
Utilities	3,538		3,431		10,707		9,767
Other	5,836		4,747		16,350		13,142
Total revenues	$	88,099	$	74,179	$	257,760	$	217,626

The following table presents our revenues disaggregated by type of good or service (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Subscription and support	$	75,850	$	63,022	$	214,907	$	179,617
XBRL professional services	7,798		7,767		29,543		28,699
Other services	4,451		3,390		13,310		9,310
Total revenues	$	88,099	$	74,179	$	257,760	$	217,626

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

A reconciliation of the denominator used in the calculation of basic and diluted loss per share is as follows (in thousands, except share and per share data):


	Three months ended
	September 30, 2020				September 30, 2019
	Class A		Class B		Class A		Class B
Numerator
Net loss	$	(8,691)	$	(1,816)	$	(12,978)	$	(3,073)

Denominator
Weighted-average common shares outstanding - basic and diluted	40,400,270		8,439,861		37,785,850		8,945,813
Basic and diluted net loss per share	$	(0.22)	$	(0.22)	$	(0.34)	$	(0.34)


	Nine months ended
	September 30, 2020				September 30, 2019
	Class A		Class B		Class A		Class B
Numerator
Net loss	$	(33,617)	$	(7,228)	$	(25,422)	$	(6,414)

Denominator
Weighted-average common shares outstanding - basic and diluted	39,661,228		8,526,955		36,771,232		9,276,805
Basic and diluted net loss per share	$	(0.85)	$	(0.85)	$	(0.69)	$	(0.69)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The anti-dilutive securities excluded from the weighted-average shares used to calculate the diluted net loss per common share were as follows:


	As of
	September 30, 2020	September 30, 2019
Shares subject to outstanding common stock options	3,265,977	4,542,729
Shares subject to unvested restricted stock units	2,974,719	2,844,156
Shares issuable pursuant to the ESPP	95,084	77,788

Supplemental Consolidated Balance Sheet Information - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accrued Liabilities and Other Liabilities [Abstract]
Accrued vacation	$ 10,835	$ 8,353
Accrued commissions	7,994	5,561
Accrued bonuses	12,420	7,121
Accrued payroll	2,463	1,221
Estimated health insurance claims	1,200	1,040
ESPP employee contributions	2,242	3,734
Customer deposits	16,255	12,151
Operating lease liabilities	4,485	3,064
Accrued other liabilities	5,550	7,685
Accrued expenses and other current liabilities	$ 63,444	$ 49,930

Cash Equivalents and Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 426,132	$ 381,742
Debt Securities, Available-for-sale [Line Items]
Unrealized Gains	513	172
Unrealized Losses	(1)	(6)
Cash and cash equivalents and available-for-sale securities, amortized cost	493,716	466,519
Cash, cash equivalents, and available-for-sale securities	494,228	466,685
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,977
Unrealized Gains	0
Unrealized Losses	0
Aggregate Fair Value	8,977
U.S. treasury debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	18,535	10,342
Unrealized Gains	135	8
Unrealized Losses	0	(1)
Aggregate Fair Value	18,670	10,349
U.S. corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	69,726	95,706
Unrealized Gains	378	164
Unrealized Losses	(1)	(5)
Aggregate Fair Value	70,103	95,865
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	396,478	360,471
Cash and cash equivalents, aggregate fair value	396,478	360,471
Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	396,478	360,471
Cash and cash equivalents, aggregate fair value	396,478	360,471
Marketable securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	97,238	106,048
Unrealized Gains	513	172
Unrealized Losses	(1)	(6)
Aggregate Fair Value	$ 97,750	$ 106,214

Cash Equivalents and Marketable Securities - Continuous Unrealized Loss Position (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Fair Value
Less than 12 months	$ 2,306
12 months or greater	0
Unrealized Loss
Less than 12 months	(1)
12 months or greater	0
U.S. corporate debt securities
Fair Value
Less than 12 months	2,306
12 months or greater	0
Unrealized Loss
Less than 12 months	(1)
12 months or greater	$ 0

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	$ 396,478	$ 360,471
Marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	97,750	106,214
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	8,977
U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	18,670	10,349
U.S. corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	70,103	95,865
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	396,478	360,471
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of convertible debt	338,900
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	494,228	466,685
Recurring \| Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	396,478	360,471
Recurring \| Marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	97,750	106,214
Recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	8,977	0
Recurring \| U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	18,670	10,349
Recurring \| U.S. corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	70,103	95,865
Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	396,478	360,471
Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	396,478	360,471
Recurring \| Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Recurring \| Level 1 \| U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Recurring \| Level 1 \| U.S. corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Recurring \| Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	396,478	360,471
Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	97,750	106,214
Recurring \| Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	8,977	0
Recurring \| Level 2 \| U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	18,670	10,349
Recurring \| Level 2 \| U.S. corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	70,103	95,865
Recurring \| Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	$ 0	$ 0

Convertible Senior Notes (Details)	1 Months Ended	3 Months Ended		9 Months Ended
Convertible Senior Notes (Details)	Aug. 31, 2019 USD ($) $ / shares	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)
Debt Instrument [Line Items]
Proceeds from the issuance of convertible senior notes, net of issuance costs		$ 0	$ 335,899,000	$ 0	$ 335,899,000
Convertible debt \| 1.125% Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Face amount of debt issued	$ 345,000,000.0
Stated interest percentage	1.125%
Proceeds from the issuance of convertible senior notes, net of issuance costs	$ 335,900,000
Conversion ratio	0.0124756
Conversion price (in dollars per share) \| $ / shares	$ 80.16
Effective interest percentage	4.30%
Convertible debt \| Over-allotment option
Debt Instrument [Line Items]
Face amount of debt issued	$ 45,000,000.0

Convertible Senior Notes - Summary of Convertible Debt (Details) - 1.125% Convertible Senior Notes Due 2026 - Convertible debt - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal	$ 345,000	$ 345,000
Unamortized discount	(51,344)	(57,247)
Unamortized issuance costs	(6,414)	(7,152)
Net carrying amount	287,242	280,601
Equity component, net of purchase discounts and issuance costs	$ 58,560	$ 58,560

Convertible Senior Notes - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Debt Disclosure [Abstract]
Contractual interest expense	$ 970	$ 2,910
Amortization of debt discount	1,983	5,903
Amortization of issuance costs	248	738
Total interest expense	$ 3,201	$ 9,551

Stock-Based Compensation - Narrative (Details) - USD ($)		9 Months Ended
	Jun. 13, 2017	Sep. 30, 2020
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock purchase offering period		6 months
Employee Stock Purchase Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)		4,445,378
Purchase price of common stock, percentage of fair market value	85.00%
Maximum stock purchase value per employee	$ 12,500
2014 Equity Incentive Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)		1,511,969

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 10,601	$ 9,223	$ 35,431	$ 25,929
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	2,167	2,265	5,790	6,016
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	2,687	2,203	8,367	6,199
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	5,049	3,913	18,919	11,276
Subscription and support \| Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	426	386	1,293	1,142
Professional services \| Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 272	$ 456	$ 1,062	$ 1,296

Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Options (in shares):
Outstanding beginning of the period (in shares)	4,353,167
Granted (in shares)	0	0
Forfeited (in shares)	(48,383)
Exercised (in shares)	(1,038,807)
Outstanding end of the period (in shares)	3,265,977		4,353,167
Exercisable (in shares)	3,075,241
Weighted-Average Exercise Price (in dollars per share):
Outstanding beginning of the period (in dollars per share)	$ 14.32
Granted (in dollars per share)	0
Forfeited (in dollars per share)	21.21
Exercised (in dollars per share)	13.72
Outstanding end of the period (in dollars per share)	14.41		$ 14.32
Exercisable (in dollars per share)	$ 14.16
Outstanding, weighted-average remaining contractual term (years)	4 years 10 months 24 days		5 years 7 months 6 days
Exercisable, weighted-average remaining contractual term (years)	4 years 9 months 18 days
Outstanding, aggregate intrinsic value	$ 135,054		$ 120,714
Exercisable, aggregate intrinsic value	127,924
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options exercised intrinsic value	35,100	$ 69,600
Options vested in period fair value	3,100	$ 5,000
Options unrecognized compensation expense	$ 1,100
Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options unrecognized compensation expense, period for recognition (years)	10 months
Class A Common Stock \| Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Expiration period (years)	10 years
Minimum \| Class A Common Stock \| Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Award vesting period (years)	3 years
Maximum \| Class A Common Stock \| Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Award vesting period (years)	4 years

Stock-Based Compensation - Restricted Stock Units (Details) - Restricted stock units - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period, fair value	$ 23.5	$ 7.3
Number of Shares (in shares)
Unvested at beginning of period (in shares)	3,039,020
Granted (in shares)	947,696
Forfeited (in shares)	(295,947)
Vested (in shares)	(716,050)
Unvested at end of period (in shares)	2,974,719
Weighted- Average Grant Date Fair Value (in dollars per share)
Unvested at beginning of period (in dollars per share)	$ 31.39
Granted (in dollars per share)	44.19
Forfeited (in dollars per share)	38.07
Vested (in dollars per share)	32.83
Unvested at end of period (in dollars per share)	$ 35.36
Number of vested shares recipient elected to defer settlement (in shares)	409,302
Number of vested shares recipients elected to defer settlement, released during period (in shares)	10,937
Number of deferred shares vested and outstanding (in shares)	935,567
Unrecognized compensation expense	$ 62.3
Unrecognized compensation expense, period for recognition (years)	2 years 6 months
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)	4 years
Cliff-vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)	3 years
Cliff-vesting \| Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)	1 year

Stock-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from shares issued in connection with employee stock purchase plan	$ 3,567	$ 2,773	$ 7,227	$ 4,922
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)			6 months	6 months
Risk-free interest rate, minimum			0.20%	1.90%
Risk-free interest rate, maximum			1.50%	2.60%
Expected volatility, minimum			40.60%	35.20%
Expected volatility, maximum			61.00%	48.60%
Unrecognized compensation expense	$ 949		$ 949
Unrecognized compensation expense, period for recognition (years)			3 months 18 days
Class A Common Stock \| Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period (in shares)			186,855
Shares issued during period, weighted average price per share (in dollars per share)			$ 38.68
Proceeds from shares issued in connection with employee stock purchase plan			$ 7,200

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenue	$ 88,099	$ 74,179	$ 257,760	$ 217,626
Subscription and support
Disaggregation of Revenue [Line Items]
Total revenue	75,850	63,022	214,907	179,617
XBRL professional services
Disaggregation of Revenue [Line Items]
Total revenue	7,798	7,767	29,543	28,699
Other services
Disaggregation of Revenue [Line Items]
Total revenue	4,451	3,390	13,310	9,310
Information technology
Disaggregation of Revenue [Line Items]
Total revenue	11,983	9,734	34,264	28,897
Diversified financials
Disaggregation of Revenue [Line Items]
Total revenue	10,665	8,570	31,232	24,271
Consumer discretionary
Disaggregation of Revenue [Line Items]
Total revenue	9,748	8,324	28,497	24,632
Industrials
Disaggregation of Revenue [Line Items]
Total revenue	9,365	8,190	27,768	24,194
Banks
Disaggregation of Revenue [Line Items]
Total revenue	8,959	7,476	25,914	21,099
Healthcare
Disaggregation of Revenue [Line Items]
Total revenue	8,772	6,949	25,517	20,463
Energy
Disaggregation of Revenue [Line Items]
Total revenue	5,812	5,515	17,793	16,605
Insurance
Disaggregation of Revenue [Line Items]
Total revenue	5,828	4,490	17,173	13,511
Real estate
Disaggregation of Revenue [Line Items]
Total revenue	3,769	3,827	11,810	12,067
Materials
Disaggregation of Revenue [Line Items]
Total revenue	3,824	2,926	10,735	8,978
Utilities
Disaggregation of Revenue [Line Items]
Total revenue	3,538	3,431	10,707	9,767
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 5,836	$ 4,747	$ 16,350	$ 13,142

Revenue Recognition - Deferred Revenue and Transaction Price Allocated to the Remaining Performance Obligations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized	$ 68.2	$ 59.0	$ 148.3	$ 114.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	339.5		339.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 213.7		$ 213.7
Expected period of recognition	12 months		12 months

Net Loss Per Share - Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Denominator
Weighted-average common shares outstanding - basic and diluted (in shares)	48,840,131	46,731,663	48,188,183	46,048,037
Basic and diluted net loss per share (in dollars per share)	$ (0.22)	$ (0.34)	$ (0.85)	$ (0.69)
Class A Common Stock
Numerator
Net loss	$ (8,691)	$ (12,978)	$ (33,617)	$ (25,422)
Denominator
Weighted-average common shares outstanding - basic and diluted (in shares)	40,400,270	37,785,850	39,661,228	36,771,232
Basic and diluted net loss per share (in dollars per share)	$ (0.22)	$ (0.34)	$ (0.85)	$ (0.69)
Class B Common Stock
Numerator
Net loss	$ (1,816)	$ (3,073)	$ (7,228)	$ (6,414)
Denominator
Weighted-average common shares outstanding - basic and diluted (in shares)	8,439,861	8,945,813	8,526,955	9,276,805
Basic and diluted net loss per share (in dollars per share)	$ (0.22)	$ (0.34)	$ (0.85)	$ (0.69)

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1377-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Net Loss Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - $ / shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Aug. 31, 2019
Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,300,000
Shares subject to outstanding common stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,265,977	4,542,729
Shares subject to unvested restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,974,719	2,844,156
Shares issuable pursuant to the ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	95,084	77,788
Convertible debt \| 1.125% Convertible Senior Notes Due 2026
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion price (in dollars per share)			$ 80.16