0001445305-21-000035 | 10-K | XBRL Viewer

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2020	Feb. 12, 2021	Jun. 30, 2020
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2.1
Documents Incorporated by Reference	Information required in response to Part III of Form 10-K (Items 10, 11, 12, 13 and 14) is hereby incorporated by reference to portions of the Registrant’s Proxy Statement for the Annual Meeting of Stockholders to be held in 2021. The Proxy Statement will be filed by the Registrant with the Securities and Exchange Commission no later than 120 days after the end of the Registrant’s fiscal year ended December 31, 2020.
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Fiscal Year Focus	2020
Entity Central Index Key	0001445305
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		41,638,384
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		7,964,610

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 322,831	$ 381,742
Marketable securities	207,207	106,214
Accounts receivable, net of allowance for doubtful accounts of $717 and $866 at December 31, 2020 and 2019, respectively	68,922	60,228
Deferred costs	21,923	14,108
Other receivables	3,155	2,432
Prepaid expenses and other	9,047	6,508
Total current assets	633,085	571,232
Property and equipment, net	29,365	32,300
Operating lease right-of-use assets	15,844	15,352
Deferred costs, non-current	23,421	14,977
Intangible assets, net	1,583	1,651
Other assets	3,708	3,439
Total assets	707,006	638,951
Current liabilities
Accounts payable	2,843	7,057
Accrued expenses and other current liabilities	68,256	49,799
Deferred revenue	208,990	173,617
Finance lease obligations	1,705	1,629
Total current liabilities	281,794	232,102
Convertible senior notes, net	289,490	280,601
Deferred revenue, non-current	35,894	32,569
Other long-term liabilities	1,680	1,498
Operating lease liabilities, non-current	17,209	18,564
Finance lease obligations, non-current	16,662	19,415
Total liabilities	642,729	584,749
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	478,698	420,170
Accumulated deficit	(414,700)	(366,302)
Accumulated other comprehensive income	230	287
Total stockholders’ equity	64,277	54,202
Total liabilities and stockholders’ equity	707,006	638,951
Class A Common Stock
Stockholders’ equity
Common stock	41	38
Class B Common Stock
Stockholders’ equity
Common stock	$ 8	$ 9

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Allowance for doubtful accounts	$ 717	$ 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, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	40,719,189	38,043,444
Common stock, shares outstanding	40,719,189	38,043,444
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	8,069,610	8,595,596
Common stock, shares outstanding	8,069,610	8,595,596

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue
Total revenue	$ 93,834	$ 88,099	$ 83,860	$ 85,801	$ 80,265	$ 74,179	$ 73,484	$ 69,963	$ 351,594	$ 297,891	$ 244,344
Cost of revenue
Total cost of revenue	23,651	21,886	22,244	22,396	23,048	21,751	20,677	19,536	90,177	85,012	65,860
Gross profit	70,183	66,213	61,616	63,405	57,217	52,428	52,807	50,427	261,417	212,879	178,484
Operating expenses
Research and development	24,386	23,956	23,508	22,994	23,216	22,899	21,795	22,011	94,844	89,921	81,602
Sales and marketing	37,813	35,487	35,270	36,117	33,732	32,990	28,213	25,365	144,687	120,300	90,337
General and administrative	13,124	13,642	19,553	13,369	14,675	11,938	11,147	10,304	59,688	48,064	56,333
Total operating expenses	75,323	73,085	78,331	72,480	71,623	67,827	61,155	57,680	299,219	258,285	228,272
Loss from operations	(5,140)	(6,872)	(16,715)	(9,075)	(14,406)	(15,399)	(8,348)	(7,253)	(37,802)	(45,406)	(49,788)
Interest income	450	471	655	1,706	2,064	1,460	641	492	3,282	4,657	1,278
Interest expense	(3,497)	(3,500)	(3,489)	(3,478)	(3,456)	(1,880)	(343)	(348)	(13,964)	(6,027)	(1,827)
Other (expense) income, net	(468)	(387)	(68)	718	(305)	24	(111)	(172)	(205)	(564)	513
Loss before (benefit) provision for income taxes	(8,655)	(10,288)	(19,617)	(10,129)	(16,103)	(15,795)	(8,161)	(7,281)	(48,689)	(47,340)	(49,824)
(Benefit) Provision for income taxes	(642)	67	(5)	289	38	98	(8)	11	(291)	139	247
Net loss	$ (8,013)	$ (10,355)	$ (19,612)	$ (10,418)	$ (16,141)	$ (15,893)	$ (8,153)	$ (7,292)	$ (48,398)	$ (47,479)	$ (50,071)
Earnings Per Share [Abstract]
Basic and diluted (in dollars per share)	$ (0.16)	$ (0.21)	$ (0.41)	$ (0.22)	$ (0.34)	$ (0.34)	$ (0.18)	$ (0.16)	$ (1.00)	$ (1.03)	$ (1.15)
Weighted-average common shares outstanding - basic and diluted (in shares)	49,222,465	48,840,131	48,171,552	47,545,703	47,058,209	46,731,663	46,166,660	45,229,279	48,448,166	46,302,656	43,640,408
Subscription and support
Revenue
Total revenue	$ 80,970	$ 75,850	$ 70,696	$ 68,361	$ 66,148	$ 63,022	$ 60,472	$ 56,123	$ 295,877	$ 245,765	$ 200,392
Cost of revenue
Total cost of revenue	13,239	12,013	12,098	12,153	11,946	10,924	10,202	9,809	49,503	42,881	34,215
Professional services
Revenue
Total revenue	12,864	12,249	13,164	17,440	14,117	11,157	13,012	13,840	55,717	52,126	43,952
Cost of revenue
Total cost of revenue	$ 10,412	$ 9,873	$ 10,146	$ 10,243	$ 11,102	$ 10,827	$ 10,475	$ 9,727	$ 40,674	$ 42,131	$ 31,645

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (48,398)	$ (47,479)	$ (50,071)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment, net of income tax expense	(137)	13	26
Unrealized gain on available-for-sale securities, net of income tax expense	80	176	0
Other comprehensive (loss) income, net of tax	(57)	189	26
Comprehensive loss	$ (48,455)	$ (47,290)	$ (50,045)

- 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 STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Adjustment	Common Stock (Class A and B)	Additional Paid-in-Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Accumulated Deficit Adjustment
Balance at the beginning of the period (in shares) at Dec. 31, 2017			42,369,000
Beginning of the period at Dec. 31, 2017	$ (16,934)	$ 8,381	$ 42	$ 248,289	$ 72	$ (265,337)	$ 8,381
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	30,841			30,841
Issuance of common stock upon exercise of stock options (in shares)			1,481,000
Issuance of common stock upon exercise of stock options	16,662		$ 2	16,660
Issuance of common stock under employee stock purchase plan (in shares)			179,000
Issuance of common stock under employee stock purchase plan	3,216			3,216
Issuance of restricted stock units (in shares)			99,000
Tax withholdings related to net share settlements of stock-based compensation awards (in shares)			(84,000)
Tax withholdings related to net share settlements of stock-based compensation awards	(1,861)			(1,861)
Net loss	(50,071)					(50,071)
Other comprehensive income (loss)	26				26
Balance at the end of the period (in shares) at Dec. 31, 2018			44,044,000
End of the period at Dec. 31, 2018	(9,740)	$ (11,796)	$ 44	297,145	98	(307,027)	$ (11,796)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	35,784			35,784
Issuance of common stock upon exercise of stock options (in shares)			1,997,000
Issuance of common stock upon exercise of stock options	24,152		$ 3	24,149
Issuance of common stock under employee stock purchase plan (in shares)			188,000
Issuance of common stock under employee stock purchase plan	4,922			4,922
Issuance of restricted stock units (in shares)			420,000
Tax withholdings related to net share settlements of stock-based compensation awards (in shares)			(10,000)
Tax withholdings related to net share settlements of stock-based compensation awards	(390)			(390)
Equity component of convertible senior notes, net	58,560			58,560
Net loss	(47,479)					(47,479)
Other comprehensive income (loss)	189				189
Balance at the end of the period (in shares) at Dec. 31, 2019			46,639,000
End of the period at Dec. 31, 2019	54,202		$ 47	420,170	287	(366,302)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 45,771			45,771
Issuance of common stock upon exercise of stock options (in shares)	1,398,142		1,398,000
Issuance of common stock upon exercise of stock options	$ 19,189		$ 2	19,187
Issuance of common stock under employee stock purchase plan (in shares)			187,000
Issuance of common stock under employee stock purchase plan	7,227			7,227
Issuance of restricted stock units (in shares)			796,000
Tax withholdings related to net share settlements of stock-based compensation awards (in shares)			(231,000)
Tax withholdings related to net share settlements of stock-based compensation awards	(13,657)			(13,657)
Net loss	(48,398)					(48,398)
Other comprehensive income (loss)	(57)				(57)
Balance at the end of the period (in shares) at Dec. 31, 2020			48,789,000
End of the period at Dec. 31, 2020	$ 64,277		$ 49	$ 478,698	$ 230	$ (414,700)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net loss	$ (48,398)	$ (47,479)	$ (50,071)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	4,296	3,844	3,781
Stock-based compensation expense	45,771	35,784	30,841
(Recovery of) Provision for doubtful accounts	(159)	(92)	550
Amortization of premiums and discounts on marketable securities, net	668	13	(141)
Amortization of debt discount and issuance costs	8,889	3,262	0
Deferred income tax	0	(65)	(9)
Changes in assets and liabilities:
Accounts receivable	(8,028)	5,166	(20,216)
Deferred costs	(15,953)	(10,268)	(11,155)
Operating lease right-of-use asset	3,906	2,552
Other receivables	(680)	(1,250)	(205)
Prepaid expenses and other	(2,492)	(2,084)	2,020
Other assets	(215)	(1,860)	276
Accounts payable	(4,106)	2,153	1,699
Deferred revenue	37,479	32,039	40,144
Operating lease liability	(4,525)	(3,035)
Accrued expenses and other liabilities	16,790	12,238	8,886
Net cash provided by operating activities	33,243	30,918	6,400
Cash flows from investing activities
Purchase of property and equipment	(1,873)	(3,104)	(1,122)
Purchase of marketable securities	(175,926)	(112,565)	(24,659)
Maturities of marketable securities	62,922	26,840	20,400
Sale of marketable securities	11,423	498	0
Purchase of intangible assets	(296)	(734)	(251)
Other investments	0	(1,000)	0
Net cash used in investing activities	(103,750)	(90,065)	(5,632)
Cash flows from financing activities
Proceeds from option exercises	19,189	24,152	16,662
Taxes paid related to net share settlements of stock-based compensation awards	(13,657)	(390)	(1,861)
Proceeds from shares issued in connection with employee stock purchase plan	7,227	4,922	3,216
Proceeds from the issuance of convertible senior notes, net of issuance costs	0	335,899	0
Principal payments on financing obligations	(1,641)	(1,565)
Principal payments on capital lease obligations			(1,163)
Proceeds from government grants	0	0	22
Net cash provided by financing activities	11,118	363,018	16,876
Effect of foreign exchange rates on cash	478	287	(393)
Net (decrease) increase in cash and cash equivalents	(58,911)	304,158	17,251
Cash and cash equivalents at beginning of year	381,742	77,584	60,333
Cash and cash equivalents at end of year	322,831	381,742	77,584
Supplemental cash flow disclosure
Cash paid for interest	5,067	1,340	1,734
Cash paid for income taxes, net of refunds	679	371	67
Supplemental disclosure of noncash investing and financing activities
Allowance for tenant improvements	149	270	2,192
Purchases of property and equipment, accrued but not paid	$ 263	$ 144	$ 1,287

Organization and Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Significant Accounting Policies

Organization

Workiva Inc., a Delaware corporation, and its wholly-owned subsidiaries (the “Company” or “we” or “us”) simplifies complex work for thousands of organizations worldwide. We are a leading provider of cloud-based compliance and regulatory reporting solutions that are designed to solve business challenges at the intersection of data, process and people. Our operational headquarters are located in Ames, Iowa, with additional offices located in the United States, Europe, the Asia-Pacific region and Canada.

Revision of Prior Period Financial Statements

Effective January 1, 2019, we implemented transitional guidance from the adoption of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). In conjunction with the fiscal 2020 year-end reporting process, we identified misstatements in our previously issued consolidated financial statements related to lease accounting and the application of Topic 842. We evaluated the materiality of the misstatements both qualitatively and quantitatively in accordance with Staff Accounting Bulletin (SAB) No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements, and determined that the misstatements were not material to any of our prior period annual or interim financial statements. Adjusting the cumulative effect of the misstatement in the year ended December 31, 2020 statement of operations would be material to the December 31, 2020 consolidated financial statements. Accordingly, the Company has revised its previously issued consolidated financial statements contained in this Annual Report on Form 10-K to correct the effect of these immaterial misstatements for the corresponding periods.

The following table presents the effect of the adjustments on the consolidated balance sheet as of December 31, 2019, including the cumulative effect of the transitional adjustment recorded as of the beginning of fiscal year 2019 (in thousands):


	As of December 31, 2019
	As reported		Adjustments		As corrected
Property and equipment, net	$	39,745	$	(7,445)	$	32,300
Total assets	646,396		(7,445)		638,951
Accrued expenses and other current liabilities	49,930		(131)		49,799
Current portion of finance lease obligations	1,328		301		1,629
Total current liabilities	231,932		170		232,102
Finance lease obligations, non-current	15,889		3,526		19,415
Total liabilities	581,053		3,696		584,749
Accumulated deficit	(355,161)		(11,141)		(366,302)
Total stockholders’ equity	65,343		(11,141)		54,202
Total liabilities and stockholders’ equity	646,396		(7,445)		638,951

The approximate effect of the misstatements on the statement of operations for the year ended December 31, 2019 was a $316,000 decrease in general and administrative expense related to depreciation and amortization and a $339,000 decrease in interest expense resulting in a reduction of $655,000 in the net loss. The approximate effect of the misstatement on the statement of cash flows for the year ended December 31, 2019 was a reduction of $352,000 in financing activities and a corresponding increase of $352,000 in operating activities.

The adjustments for amounts similar to the above were also made to the consolidated balance sheets as of, and the consolidated statements of operations for the quarterly periods ended, March 31, 2020, June 30, 2020, September 30, 2020, March 31, 2019, June 30, 2019 and September 30, 2019, respectively. See Note 16. “Unaudited Quarterly Results of Operations” for further detail.

Basis of Presentation and Principles of Consolidation

The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of Workiva Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Seasonality affects our revenue, expenses and cash flows from operations. Revenue from professional services is generally higher in the first quarter as many of our customers file their 10-K in the first calendar quarter. Sales and marketing expense is generally higher in the third quarter since we hold our annual user conference in September. Our transition to a virtual event in September 2020 and September 2021 has mostly mitigated this trend. In addition, the timing of the payments cash bonuses to employees during the first and fourth calendar quarters may result in some seasonality in operating cash flow.

Segments

Our chief operating decision maker reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. There are no segment managers who are held accountable by the chief operating decision maker, or anyone else, for operations, operating results and planning for levels or components below the consolidated unit level. Accordingly, we determined we have one operating and reportable segment.

Foreign Currency

We translate the financial statements of our foreign subsidiaries, which have a functional currency in the respective country’s local currency, to U.S. dollars using month-end exchange rates for assets and liabilities and average exchange rates for revenue, costs and expenses. Translation gains and losses are recorded in accumulated other comprehensive income as a component of stockholders’ equity (deficit). Gains and losses resulting from foreign currency transactions that are denominated in currencies other than the entity's functional currency are included within “Other (expense) income, net” on the consolidated statements of operations.

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.

Cash and Cash Equivalents

Cash consists of cash on deposit with banks that is stated at cost, which approximates fair value. We invest our excess cash primarily in highly liquid money market funds and marketable securities. We classify all highly liquid investments with stated maturities of three months or less from date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months as marketable securities.

Marketable Securities

Our marketable securities consist of commercial paper, corporate debt securities, U.S. treasury debt securities and foreign government debt securities. We classify our marketable securities as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. We may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, we classify our investments, including securities with maturities beyond twelve months as current assets in the accompanying consolidated balance sheets. Available-for-sale securities are recorded at fair value each reporting period. Unrealized gains and losses are excluded from earnings and recorded as a separate component within “Accumulated other comprehensive income” on the consolidated balance sheets until realized. Dividend income is reported within “Other (expense) income, net” on the consolidated statements of operations. We evaluate our investments to assess whether the amortized cost basis is in excess of estimated fair value and determine what amount of that difference, if any, is caused by expected credit losses. Allowance for credit losses are recognized as a charge in “Other (expense) income, net” on the consolidated statements of operations, and any remaining unrealized losses are included in “Accumulated other comprehensive income” on the consolidated balance sheets. There were no credit losses recorded for the year ended December 31, 2020. There was no impairment charge for any unrealized losses in 2019 and 2018. We determine realized gains and losses on the sale of marketable securities on the specific identification method and record such gains and losses in “Other (expense) income, net” on the consolidated statements of operations.

Fair Value of Financial Instruments

Our financial assets, which include cash equivalents and marketable securities, are measured and recorded at fair value on a recurring basis. Our other current financial assets and our other current financial liabilities have fair values that approximate their carrying value due to their short-term maturities.

Concentration of Credit Risk

Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. We place our cash and cash equivalents with high credit-quality financial institutions. Such deposits may be in excess of federally insured limits. To date, we have not experienced any losses on our cash and cash equivalents. We perform periodic evaluations of the relative credit standing of the financial institutions.

We perform ongoing credit evaluations of our customers’ financial condition and require no collateral from our customers. We maintain an allowance for doubtful accounts receivable based upon the expected collectability of accounts receivable balances. We did not have a significant concentration of accounts receivable from any single customer or from customers in any single country outside of the United States at December 31, 2020 or 2019.

Deferred Costs

We pay sales commissions for initial contracts and expansions of existing contracts with customers. These commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions paid where the amortization period is one year or less are expensed as incurred. All other sales commissions are deferred and then amortized on a straight-line basis over a period of benefit that we have determined to be three years. We determined the period of benefit by taking into consideration our standard contract terms and conditions, rate of technological change and other factors. Amortization expense is included in sales and marketing expense in the accompanying consolidated statements of operations.

Property and Equipment, net

Property and equipment is stated at cost, net of accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, generally three to ten years. We amortize leasehold improvements and assets under finance leases over the lesser of the term of the lease including renewal options that are reasonably assured or the estimated useful life of the assets. Depreciation and amortization expense totaled $3.8 million, $3.4 million and $3.4 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Revenue Recognition

We generate revenue through the sale of subscriptions to our cloud-based software and the delivery of professional services. We recognize revenue when control of these services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those services.

We determine revenue recognition through the following steps:

•Identification of the contract, or contracts, with a customer

•Identification of the performance obligations in the contract

•Determination of the transaction price

•Allocation of the transaction price to the performance obligations in the contract

•Recognition of revenue when, or as, we satisfy a performance obligation

We report revenue net of sales and other taxes collected from customers to be remitted to government authorities.

Subscription and Support Revenue

We recognize subscription and support revenue on a ratable basis over the contract term beginning on the date that our service is made available to the customer. Our subscription contracts are generally twelve to 36 months in duration, are billed either annually or in advance and are non-cancelable. We consider the access to our platform and related support services in a customer contract to be a series of distinct services which comprise a single performance obligation because they are substantially the same and have the same pattern of transfer.

Professional Services Revenue and Customer Options

Professional services revenues primarily consist of fees for document set up, XBRL tagging, and consulting with our customers on business processes and best practices. We have determined that an agreement to purchase these professional services constitutes an option to purchase services in accordance with FASB Accounting Standards Codification No. 606, Revenue from Contracts with Customers, (ASC 606) rather than an agreement that creates enforceable rights and obligations because of the customer's contractual right to cancel services that have not yet been used. In the limited case of agreements where we determined that the option provides the customer with a material right, we allocate a portion of the transaction price to the material right based upon the relative standalone selling price. Professional service agreements that do not contain a material right are accounted for when the customer exercises its option to purchase additional services. Revenue is recognized for document set ups when the service is complete and control has transferred to the customer. Revenues from XBRL tagging and consulting services are recognized as the services are performed.

Contracts with Multiple Performance Obligations

Some of our contracts with customers contain multiple performance obligations. For these contracts, we account for the individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. We determine the standalone selling prices based on our overall pricing objectives, taking into consideration market conditions and entity-specific factors, including the value of our arrangements, length of term, customer demographics and the numbers and types of users within our arrangements.

Deferred Revenue

We typically invoice our customers for subscription and support fees annually in advance on one- to three-year contract terms. For contracts with a two or three year term, customers sometimes elect to pay the entire multi-year subscription term in advance. Unpaid invoice amounts for non-cancelable services starting in future periods are included in accounts receivable and deferred revenue. The portion of deferred revenue that we anticipate will be recognized after the succeeding twelve-month period is recorded as non-current deferred revenue, and the remaining portion is recorded as current deferred revenue.

Customer Deposits

As an agreement to purchase professional services constitutes a customer option, fees received in advance of these services being performed are considered customer deposits and are included in accrued expenses and other current liabilities on the consolidated balance sheets. Unpaid invoice amounts for these professional services starting in future periods are excluded from accounts receivable and accrued expenses and other current liabilities.

Cost of Revenue

Cost of revenue consists primarily of personnel and related costs directly associated with the professional services and customer success teams and training personnel, including salaries, benefits, bonuses, and stock-based compensation; the costs of contracted third-party vendors; the costs of server usage by our customers; information technology costs; and facility costs.

Sales and Marketing Expenses

Sales and marketing expenses consist primarily of personnel and related costs, including salaries, benefits, bonuses, commissions, travel, and stock-based compensation. Other costs included in this expense are marketing and promotional events, our annual user conference, online marketing, product marketing, information technology costs, and facility costs.

Advertising costs are charged to sales and marketing expense as incurred. Advertising expense totaled $3.8 million, $3.4 million and $2.9 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Research and Development Expenses

Research and development expenses consist primarily of personnel and related costs, including salaries, benefits, bonuses, and stock-based compensation, costs of server usage by our developers, information technology costs, and facility costs.

General and Administrative Expenses

General and administrative expenses consist primarily of personnel and related costs for our executive, finance, legal, human resources, and administrative personnel, including salaries, benefits, bonuses, and stock-based compensation; legal, accounting, and other professional service fees; other corporate expenses; information technology costs; and facility costs.

Leases

We determine whether an arrangement contains a lease at inception. Operating leases are included in operating lease right-of-use (ROU) assets, other current liabilities, and operating lease liabilities on our consolidated balance sheets. Finance leases are included in property and equipment, net, finance lease obligations, and finance lease obligations, non-current on our consolidated balance sheets.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Our variable lease payments consist of non-lease services related to the lease. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. We do not include options to extend or terminate the lease term unless it is reasonably certain that we will exercise any such options. We recognize rent expense under our operating leases on a straight-line basis. For finance leases, we record interest expense on the lease liability in addition to amortizing the right-of-use asset (generally straight-line) over the shorter of the lease term or the useful life of the right-of-use asset.

We have lease agreements with lease and non-lease components. We have elected to account for these lease and non-lease components as a single lease component. We do not recognize right-of-use assets or lease liabilities for short-term leases, which have a lease term of twelve months or less, and instead will recognize lease payments as expense on a straight-line basis over the lease term.

Intangible Assets

We account for intangible assets under ASC 350, Goodwill and Other. Intangible assets consist primarily of legal fees incurred for patents and are recorded at cost and amortized over the useful lives of the assets of ten years, using the straight-line method. Certain patents are in the legal application process and therefore are not currently being amortized.

Accumulated amortization of patents as of December 31, 2020 and 2019 was approximately $955,000 and $592,000, respectively. Future amortization expense for legally approved patents is estimated at $374,000 in 2021, $230,000 in 2022, $144,000 in 2023, $130,000 in 2024, $104,000 in 2025 and approximately $217,000 thereafter.

Impairment of Long-Lived Assets

Long-lived assets, such as property, equipment, right-of-use assets, and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If circumstances require that a long-lived asset or asset group be tested for possible impairment, we first compare the undiscounted cash flows expected to be generated by that long-lived asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value.

Stock-Based Compensation

We measure all share-based payments, including grants of options to purchase common stock and the issuance of restricted stock units to employees, service providers and board members, using a fair-value based method. We record forfeitures as they occur. The cost of services received from employees and non-employees in exchange for awards of equity instruments is recognized in the consolidated statement of operations based on the estimated fair value of those awards on the grant date or reporting date, if required to be remeasured, and amortized on a straight-line basis over the requisite service period. We use the Black-Scholes option-pricing model to determine the fair values of stock option awards. For restricted stock units, fair value is based on the closing price of our common stock on the grant date.

Income Taxes

We record current income taxes based on our estimates of current taxable income and provide for deferred income taxes to reflect estimated future income tax payments and receipts. We are subject to federal income taxes as well as state taxes. In addition, we are subject to taxes in the foreign jurisdictions where we operate.

We account for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, we determine deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment rate.

On December 22, 2017, the U.S. government enacted legislation commonly referred to as the “Tax Cuts and Jobs Act” (TCJA). The TCJA made widespread changes to the Internal Revenue Code, including, among other items, the introduction of a new international “Global Intangible Low-Taxed Income” (GILTI) regime effective January 1, 2018. Companies may adopt one of two views in regards to establishing deferred taxes in accordance with the new (GILTI) regime under ASC 740, Income Taxes. Companies may account for the effects of GILTI either (1) in the period the entity becomes subject to GILTI, or (2) establish deferred taxes (similar to the guidance that currently exists with respect to basis differences that will reverse under current Subpart F rules) for basis differences that upon reversal will be subject to GILTI. We have elected to account for GILTI in the period incurred.

We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.

We recognize interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included on the related tax liability line in the consolidated balance sheets.

Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable are recorded at the invoiced amount net of an allowance for doubtful accounts. The allowance for doubtful accounts is based on our assessment of the collectability of customer accounts. We regularly review our receivables that remain outstanding past their applicable payment terms and established an allowance for potential write-offs by considering factors such as historical experience, credit quality, age of the accounts receivable balances, and current and forecasted economic conditions that may affect a customer’s ability to pay. Accounts receivable deemed uncollectible are charged against the allowance once collection efforts have been exhausted.

Recently Adopted Accounting Pronouncements

On January 1, 2020, we adopted ASU No. 2018-13, Changes to Disclosure Requirements for Fair Value Measurements (Topic 820), which improved the effectiveness of disclosure requirements for recurring and nonrecurring fair value measurements. The standard removes, modifies, and adds certain disclosure requirements. The adoption of this new standard did not have a material impact on our consolidated financial statements.

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 will be required to use a forward-looking expected loss model that reflects probable losses rather than the incurred loss model for recognizing credit losses. 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. 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.

Cash Equivalents and Marketable Securities

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Marketable Securities

At December 31, 2020, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	265,578	$	—	$	—	$	265,578
Commercial paper	21,489		—		—		21,489
U.S. treasury debt securities	51,731		80		(2)		51,809
Corporate debt securities	147,715		214		(47)		147,882
Foreign government debt securities	1,025		2		—		1,027
	$	487,538	$	296	$	(49)	$	487,785
Included in cash and cash equivalents	$	280,578	$	—	$	—	$	280,578
Included in marketable securities	$	206,960	$	296	$	(49)	$	207,207

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
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 contractual maturities of the investments classified as marketable securities are as follows (in thousands):


	As of December 31, 2020
Due within one year	$	130,383
Due in one to two years	73,960
Due in three to five years	2,864
	$	207,207

The following table presents gross unrealized losses and fair values for those cash equivalents and marketable securities that were in an unrealized loss position as of December 31, 2020, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands):


	As of December 31, 2020
	Less than 12 months				12 months or greater
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. treasury debt securities	$	15,042	$	(2)	$	—	$	—
Corporate debt securities	65,630		(47)		—		—
Total	$	80,672	$	(49)	$	—	$	—

We do not believe the unrealized losses represent credit losses based on our evaluation of available evidence as of December 31, 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.

Supplemental Consolidated Balance Sheet Information

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Consolidated Balance Sheet Information

Property and Equipment, net

Property and equipment, net as of December 31, 2020 and 2019 consisted of (in thousands):


	As of December 31,
	2020		2019
Building under finance lease	$	21,574	$	22,608
Computers, equipment and software	7,995		8,029
Furniture and fixtures	8,284		8,494
Vehicles	97		97
Leasehold improvements	7,755		7,500
Construction in process	93		34
	45,798		46,762
Less: accumulated depreciation and amortization	(16,433)		(14,462)
	$	29,365	$	32,300

Accumulated amortization related to finance leases was $1.8 million and $0.9 million as of December 31, 2020 and 2019, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities as of December 31, 2020 and 2019 consisted of (in thousands):


	As of December 31,
	2020		2019
Accrued vacation	$	10,294	$	8,353
Accrued commissions	12,678		5,561
Accrued bonuses	6,573		7,121
Accrued payroll	2,631		1,221
Estimated health insurance claims	1,224		1,040
Accrued interest	1,455		1,446
ESPP employee contributions	4,269		3,734
Customer deposits	18,283		12,151
Operating lease liabilities	4,541		3,064
Accrued other liabilities	6,308		6,108
	$	68,256	$	49,799

Fair Value Measurements

12 Months Ended

Dec. 31, 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. As of December 31, 2020 and 2019, 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 December 31, 2020						Fair Value Measurements as of December 31, 2019
Description	Total		Level 1		Level 2		Total		Level 1		Level 2
Money market funds	$	265,578	$	265,578	$	—	$	360,471	$	360,471	$	—
Commercial paper	21,489		—		21,489		—		—		—
U.S. treasury debt securities	51,809		—		51,809		10,349		—		10,349
Corporate debt securities	147,882		—		147,882		95,865		—		95,865
Foreign government debt securities	1,027		—		1,027		—		—		—
	$	487,785	$	265,578	$	222,207	$	466,685	$	360,471	$	106,214

Included in cash and cash equivalents	$	280,578					$	360,471
Included in marketable securities	$	207,207					$	106,214

Convertible Senior Notes

As of December 31, 2020, the fair value of our convertible senior notes was $453.2 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 8 to the 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

Deferred Costs

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Deferred Costs

Deferred CostsDeferred costs, which primarily consist of costs to obtain contracts with customers, were $45.3 million and $29.1 million for the years ended December 31, 2020 and 2019, respectively. Amortization expense for the deferred costs was $21.0 million and $15.2 million for the years ended December 31, 2020 and 2019, respectively. There were no material impairment losses in relation to the costs capitalized for the periods presented.Revenue Recognition

Disaggregation of Revenue

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


	For the year ended December 31,
	2020		2019
Information technology	$	46,958	$	39,417
Diversified financials	42,683		33,783
Consumer discretionary	38,741		33,658
Industrials	37,633		33,281
Healthcare	35,471		28,100
Banks	35,084		28,788
Insurance	23,773		18,608
Energy	23,618		22,551
Real estate	15,893		16,134
Utilities	14,740		13,209
Materials	14,641		12,239
Other	22,359		18,123
Total revenues	$	351,594	$	297,891

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


	For the year ended December 31,
	2020		2019
Subscription and support	$	295,877	$	245,765
XBRL professional services	38,032		38,734
Other services	17,685		13,392
Total revenues	$	351,594	$	297,891

Deferred Revenue

During the year ended December 31, 2020, we recognized $172.0 million of revenue that was included in the deferred revenue balance at the beginning of the period.

Transaction Price Allocated to the Remaining Performance Obligations

As of December 31, 2020, revenue of approximately $402.5 million is expected to be recognized from remaining performance obligations for subscription contracts. We expect to recognize approximately $247.8 million of these remaining performance obligations over the next 12 months, with the balance recognized 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
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments We enter into certain non-cancelable agreements with third-party providers for our use of cloud services and cloud infrastructure services in the ordinary course of business. Under these agreements, we are committed to purchase $13.2 million in fiscal year 2021, $9.0 million in fiscal year 2022, and $0.4 million in fiscal year 2023. 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.

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

We lease certain office space, residential space, buildings and land with various lease terms through June 2043. Certain office leases include one or more options to renew, with renewal terms that can extend the lease term from 1 to 5 years. The exercise of lease renewal options is at our sole discretion and are assessed whether to factor as part of the lease term at lease inception. Our leases generally require us to pay a proportionate share of real estate taxes, insurance, common area maintenance, and other operating costs in addition to a base or fixed rent.

The components of lease expense recognized in the consolidated statements of operations were as follows (in thousands):


	Year ended December 31,
	2020		2019
Operating lease cost	$	4,475	$	3,544
Finance lease cost:
Amortization of right-of-use assets	922		926
Interest on lease obligations	1,197		1,306
Short-term lease cost	1,727		1,324
Variable lease cost	1,214		923
	$	9,535	$	8,023

Under ASC 840, rent expense for the year ended December 31, 2018 was $5.6 million.

Supplemental cash flow information related to leases was as follows (in thousands):


	Year ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,350	$	4,018
Finance cash flows from finance leases	1,641		1,565
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	4,121	$	2,207
Finance leases	—		—

Other supplemental information related to leases was as follows:


	As of December 31,
	2020		2019
Weighted Average Remaining Lease Term (in years)
Operating leases	6.5		7.6
Finance leases	22.4		23.4
Weighted Average Discount Rate
Operating leases	5.5	%	5.7	%
Finance leases	5.5	%	6.0	%

As of December 31, 2020, the aggregate annual lease obligations were as follows (in thousands):


	Operating Leases		Finance Leases
2021	$	5,584	$	2,660
2022	5,214		2,436
2023	3,772		1,315
2024	3,201		1,315
2025	2,312		1,315
Thereafter	6,266		19,976
Total lease obligations	26,349		29,017
Less: Amount representing interest	(4,599)		(10,650)
Net lease obligations	$	21,750	$	18,367

Leases

The components of lease expense recognized in the consolidated statements of operations were as follows (in thousands):


	Year ended December 31,
	2020		2019
Operating lease cost	$	4,475	$	3,544
Finance lease cost:
Amortization of right-of-use assets	922		926
Interest on lease obligations	1,197		1,306
Short-term lease cost	1,727		1,324
Variable lease cost	1,214		923
	$	9,535	$	8,023

Under ASC 840, rent expense for the year ended December 31, 2018 was $5.6 million.

Supplemental cash flow information related to leases was as follows (in thousands):


	Year ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,350	$	4,018
Finance cash flows from finance leases	1,641		1,565
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	4,121	$	2,207
Finance leases	—		—

Other supplemental information related to leases was as follows:


	As of December 31,
	2020		2019
Weighted Average Remaining Lease Term (in years)
Operating leases	6.5		7.6
Finance leases	22.4		23.4
Weighted Average Discount Rate
Operating leases	5.5	%	5.7	%
Finance leases	5.5	%	6.0	%

As of December 31, 2020, the aggregate annual lease obligations were as follows (in thousands):


	Operating Leases		Finance Leases
2021	$	5,584	$	2,660
2022	5,214		2,436
2023	3,772		1,315
2024	3,201		1,315
2025	2,312		1,315
Thereafter	6,266		19,976
Total lease obligations	26,349		29,017
Less: Amount representing interest	(4,599)		(10,650)
Net lease obligations	$	21,750	$	18,367

Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Debt

Other Long-Term Debt

In August 2014, we entered into a credit facility with Silicon Valley Bank, which provided us with a revolving line of credit. Under the agreement, we could borrow up to $15.0 million with interest accrued at the bank’s prime lending rate. In August 2019, we terminated our credit facility with Silicon Valley Bank. No amounts were outstanding at the time of termination.

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. The Notes will be convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding May 15, 2026 only under the following circumstances:

•during any calendar quarter commencing after the calendar quarter ending on September 30, 2019 (and only during such calendar quarter), if the last reported sale price of our Class A common stock, par value $0.001 per share (which we refer to in this offering memorandum as our “Class A common stock”), for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

•during the five consecutive business day period immediately following any ten consecutive trading day period (the “measurement period”) in which the trading price (as defined below) per $1,000 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our Class A common stock and the conversion rate on each such trading day;

•if we call any or all of the Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or

•upon the occurrence of certain specified corporate events as set forth in the indenture.

On or after May 15, 2026 until the close of business on the business day immediately preceding the maturity date, holders may convert their Notes at any time, regardless of the foregoing circumstances.

Upon conversion, we will pay or deliver, as the case may be, cash, shares of our Class A common stock or a combination of cash and shares of our Class A common stock, at our election, in the manner and subject to the terms and conditions provided in the indenture. It is our current intent to settle conversions through a combination settlement of cash and shares of our Class A common stock with a specified dollar amount per $1,000 principal amount of Notes of $1,000.

If we undergo a fundamental change (as defined in the indenture), holders may require us to repurchase for cash all or any portion of their Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events that occur prior to the maturity date or if we deliver a notice of redemption, we will increase, in certain circumstances, the conversion rate for a holder who elects to convert its Notes in connection with such corporate event or notice of redemption, as the case may be. During the fiscal year ended December 31, 2020, the conditions allowing holders of the Notes to convert were not met. The Notes were therefore not convertible as of December 31, 2020 and are classified as long-term debt on our condensed consolidated balance sheets.

We may not redeem the Notes prior to August 21, 2023. We may redeem for cash all or any portion of the Notes, at our option, on or after August 21, 2023 if the last reported sale price of our Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which we provide notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

In accounting for the issuance of the Notes, we separated the Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of similar debt instruments that do not have an associated convertible feature. The carrying amount of the equity component, representing the conversion option, was determined by deducting the fair value of the liability components from the par value of the Notes. The difference represents the debt discount that is amortized to interest expense at an effective interest rate of 4.3% over the term of the Notes. The carrying amount of the equity component was $60.1 million and is recorded in additional paid-in-capital. The equity component is not remeasured as long as it continues to meet the conditions for equity classification.

In accounting for the issuance costs related to the Notes, we allocated the total amount incurred to the liability and equity components of the Notes based on the proportion of the proceeds allocated to the debt and equity components. Issuance costs attributable to the liability component were $7.5 million. The issuance costs allocated to the liability component are amortized to interest expense under the effective interest rate method over the contractual term of the Notes. Issuance costs attributable to the equity component of the Notes were $1.6 million and are netted against the equity components representing the conversion option in additional paid-in capital.

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


	As of December 31,
	2020		2019
Liability component:
Principal	$	345,000	$	345,000
Unamortized discount	(49,346)		(57,247)
Unamortized issuance costs	(6,164)		(7,152)
Net carrying amount	$	289,490	$	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):


	Year ended December 31,
	2020		2019
Contractual interest expense	$	3,880	$	1,444
Amortization of debt discount	7,901		2,900
Amortization of issuance costs	988		362
Total interest expense	$	12,769	$	4,706

Stockholders' Equity (Deficit)	12 Months Ended
Stockholders' Equity (Deficit)	Dec. 31, 2020
Equity [Abstract]
Stockholders' Equity (Deficit)	Stockholders’ Equity (Deficit)We have two classes of authorized common stock: Class A common stock and Class B common stock. The rights of the holders of our Class A common stock and our Class B common stock are identical, except with respect to voting and conversion. Each share of our Class A common stock is entitled to one vote per share and is not convertible into any other shares of our capital stock. Each share of our Class B common stock is entitled to ten votes per share and is convertible into one share of our Class A common stock at any time. Our Class B common stock also will automatically convert into shares of our Class A common stock upon certain transfers and other events.

Stock-Based Compensation

12 Months Ended

Dec. 31, 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 awards, restricted stock units, options to purchase Class A common stock and ESPP purchase rights. Prior to our corporate conversion in December 2014, awards were provided under the 2009 Unit Incentive Plan (the 2009 Plan). The 2009 Plan was amended to provide that no further awards will be issued thereunder, and our board of directors and stockholders adopted and approved our 2014 Equity Incentive Plan (the 2014 Plan and, together with the 2009 Plan, the Plans).

As of December 31, 2020, awards granted under the 2009 Plan consisted of stock options and awards granted under the 2014 Plan consisted of stock options and restricted stock units. There were no other grants of any other award types under the Plans.

In June 2016 and June 2018, stockholders approved amendments to the 2014 Plan that increased the number of shares available for grant by 3,900,000 and 3,000,000, respectively. As of December 31, 2020, 1,659,252 shares of Class A common stock were available for grant under the 2014 Plan.

Our Employee Stock Purchase Plan (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 July 15 and January 15 and are exercisable on or about the succeeding January 14 and July 14, respectively, of each year. As of December 31, 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 Class A 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):


	Year ended December 31,
	2020		2019		2018
Cost of revenue
Subscription and support	$	1,709	$	1,554	$	700
Professional services	1,434		1,725		619
Operating expenses
Research and development	8,100		8,006		5,842
Sales and marketing	11,062		8,792		5,416
General and administrative	23,466		15,707		18,264
Total	$	45,771	$	35,784	$	30,841

Stock Options

The following table summarizes the option activity under the Plans for the year ended December 31, 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	(51,858)	21.23
Exercised	(1,398,142)	13.72
Outstanding at December 31, 2020	2,903,167	$	14.48	4.7	$	223,941

Exercisable at December 31, 2020	2,777,620	$	14.28	4.6	$	214,810

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 years ended December 31, 2020, 2019 and 2018 was $55.8 million, $75.6 million and $27.5 million, respectively.

No options were granted during the years ended December 31, 2020, 2019 and 2018. The total fair value of options vested during the years ended December 31, 2020, 2019 and 2018 was approximately $3.5 million, $5.8 million and $12.4 million, respectively. Total unrecognized compensation expense of $0.7 million related to options will be recognized over a weighted-average period of 0.6 years.

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 unit awards is calculated based on the stock price on the date of grant. The total fair value of restricted stock units vested during the years ended December 31, 2020, 2019, and 2018 was approximately $27.7 million, $8.8 million, and $7.7 million, respectively.

The following table summarizes the restricted stock unit activity under the Plan for the year ended December 31, 2020:


	Number of Shares	Weighted-Average Grant Date Fair Value

Unvested at December 31, 2019	3,039,020	$	31.39
Granted	1,017,914	45.46
Forfeited	(330,025)	39.14
Vested(1)	(822,293)	33.68
Unvested at December 31, 2020	2,904,616	$	35.72

(1) During the year ended December 31, 2020, in accordance with our Nonqualified Deferred Compensation Plan, recipients of 87,037 shares had elected to defer settlement of the vested restricted stock units and 60,635 were released from deferral. This resulted in total deferred units of 563,604 as of December 31, 2020.

Compensation expense associated with unvested restricted stock units is recognized on a straight-line basis over the vesting period. At December 31, 2020, there was approximately $56.0 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 option grant 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 Class A common stock, and the expected term represents the period of time the ESPP purchase rights are expected to be outstanding and 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:


	Year ended December 31,
	2020	2019	2018
ESPP
Expected term (in years)	0.5	0.5	0.5
Risk-free interest rate	0.2% - 1.5%	1.9% - 2.6%	1.8% - 2.4%
Expected volatility	40.6% - 61.0%	35.0% - 49.0%	22.2% - 36.4%

The following table summarizes the ESPP activity under the Plan for the years ended December 31, 2020, 2019 and 2018:


	For the year ended December 31,
	2020		2019		2018
Shares issued	186,855		188,390		179,377
Weighted-average purchase price	$	38.68	$	26.13	$	17.93
Total proceeds (in thousands)	$	7,227	$	4,922	$	3,216

Compensation expense associated with ESPP purchase rights is recognized on a straight-line basis over the vesting period. At December 31, 2020, there was approximately $124,398 of total unrecognized compensation expense related to the ESPP, which is expected to be recognized over a weighted-average period of 14 days.

Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Accumulated Other Comprehensive Income

The following table summarizes the activity of accumulated other comprehensive income during the years ended December 31, 2020, 2019 and 2018 (in thousands):


	Accumulated translation adjustment		Accumulated unrealized holding gains (losses) on available-for-sale securities		Accumulated other comprehensive income
Balance at December 31, 2017	$	139	$	(67)	$	72
Other comprehensive income	26		—		26
Balance at December 31, 2018	165		(67)		98
Other comprehensive income	13		176		189
Balance at December 31, 2019	178		109		287
Other comprehensive (loss) income	(137)		80		(57)
Balance at December 31, 2020	$	41	$	189	$	230

Geographic Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Geographic Information

Revenues by geographical region consisted of the following (in thousands):


	For the year ended December 31,
	2020		2019		2018
Subscription and support revenue
Americas	$	273,574	$	233,653	$	192,596
Other	22,303		12,112		7,796
Professional services revenue
Americas	51,142		49,323		41,238
Other	4,575		2,803		2,714
	$	351,594	$	297,891	$	244,344

Revenues by geography are generally based on the country of the customer as specified in our subscription order. Prior to 2020, we calculated revenue by geography based on the country of Workiva’s contracting entity. We have modified our approach in the current year, and all prior period amounts have been updated to reflect the new methodology. Total Americas revenue attributed to the United States was approximately 94%, 95%, and 94% during each of the years ended December 31, 2020, 2019, and 2018, respectively. No other country represented more than 10% of total revenue during the years presented.

During the years ended December 31, 2020, 2019 and 2018, substantially all of our long-lived assets were attributable to operations in the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (e)
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Revenue Recognition

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregation of Revenue

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


	For the year ended December 31,
	2020		2019
Information technology	$	46,958	$	39,417
Diversified financials	42,683		33,783
Consumer discretionary	38,741		33,658
Industrials	37,633		33,281
Healthcare	35,471		28,100
Banks	35,084		28,788
Insurance	23,773		18,608
Energy	23,618		22,551
Real estate	15,893		16,134
Utilities	14,740		13,209
Materials	14,641		12,239
Other	22,359		18,123
Total revenues	$	351,594	$	297,891

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


	For the year ended December 31,
	2020		2019
Subscription and support	$	295,877	$	245,765
XBRL professional services	38,032		38,734
Other services	17,685		13,392
Total revenues	$	351,594	$	297,891

Deferred Revenue

During the year ended December 31, 2020, we recognized $172.0 million of revenue that was included in the deferred revenue balance at the beginning of the period.

Transaction Price Allocated to the Remaining Performance Obligations

- Definition

+ References

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Loss before income tax provision (benefit) consisted of the following (in thousands):


	For the year ended December 31,
	2020		2019		2018
United States	$	(50,193)	$	(46,580)	$	(50,268)
Foreign	1,504		(760)		444
Total	$	(48,689)	$	(47,340)	$	(49,824)

The provision (benefit) for income taxes consisted of the following (in thousands):


	For the year ended December 31,
	2020		2019		2018
Current
State	$	120	$	59	$	48
Foreign	(148)		252		203
Total Current	$	(28)	$	311	$	251

Deferred
Federal	$	—	$	(65)	$	(8)
Foreign	(263)		(107)		4
Total Deferred	$	(263)	$	(172)	$	(4)

Total	$	(291)	$	139	$	247

During the years ended December 31, 2020, 2019 and 2018, we recorded a federal income tax benefit of $0, $65,000, and $8,000, respectively. That benefit was primarily related to the allocation of tax expense (benefit) between continuing operations and other comprehensive income (loss) when applying the exception to the ASC 740 intraperiod tax allocation rule. Intraperiod tax allocation rules require us to allocate the provision for income taxes between continuing operations and other categories of earnings, such as other comprehensive income. In periods in which we have a year-to-date pre-tax loss from continuing operations and pre-tax income in other categories of earnings, such as other comprehensive income, we must allocate the tax provision to the other categories of earnings and then record a related tax benefit in continuing operations. This exception to the general rule applies even when a valuation allowance is in place at the beginning and end of the year.

In response to the COVID-19 pandemic, the Canada Revenue Agency extended the filing due dates allowing for the Scientific Research and Experimental Development (SR&ED) reporting deadlines to be extended for six months, but no later than December 31, 2020. We were able to leverage this deadline extension and amended our 2018 Canadian return for the SR&ED credit thus generating a current and deferred foreign tax benefit for the year ended December 31, 2020.

The items accounting for the difference between income taxes computed at the federal statutory income tax rate and the provision for income taxes consisted of the following (in thousands):


	For the year ended December 31,
	2020			2019			2018
Federal statutory rate	21.0		%	21.0		%	21.0		%
Effect of:
Tax benefit at federal statutory rate	$	(10,225)		$	(9,941)		$	(10,463)
State taxes, net of federal benefit	(3,394)			(4,985)			(2,587)
Revaluation of deferred tax items due to tax rate change (state)	(404)			—			—
Section 162(m) limitations	6,682			2,944			1,625
Stock-based compensation	(12,665)			(14,728)			(2,327)
Nondeductible permanent items	2,001			1,103			2,815
Tax benefit of federal R&D credit	(3,509)			(3,141)			(3,289)
Valuation allowance	21,981			29,068			14,044
Other	(758)			(181)			429
Total income tax provision	$	(291)		$	139		$	247

The components of deferred tax assets and liabilities were as follows (in thousands):


	As of December 31,
	2020		2019
Deferred tax assets:
Property and equipment	$	2,636	$	2,534
Accruals and reserves	173		164
Lease liability	9,984		10,833
Compensation and benefits	19,035		16,391
Deferred revenue	11,753		5,973
Net operating loss and credits	91,300		78,983
Interest expense	2,521		1,131
Other	347		338
Total deferred tax assets	137,749		116,347
Valuation allowance	(111,402)		(89,422)
Total deferred tax assets	26,347		26,925
Deferred tax liabilities:
Property and equipment	(10)		—
Right-of-use asset	(8,772)		(9,396)
Convertible Notes	(13,076)		(14,598)
Other deferred tax liabilities	(4,122)		(2,822)
Deferred tax liabilities	(25,980)		(26,816)
Total	$	367	$	109

Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three-year period ended December 31, 2020. Such objective evidence limits the ability to consider other subjective evidence, such as our projections for future growth. On the basis of this evaluation, we recognized a full valuation allowance against our net US deferred tax asset at December 31, 2020, because we believe it is more likely than not that these benefits will not be realized.

As of December 31, 2020, we have federal and state net operating loss carryforwards of approximately $283.0 million and $214.8 million, respectively, available to reduce any future taxable income. The federal net operating loss carryforwards will expire in varying amounts beginning in 2034. As a result of the TCJA the federal and some state net operating losses incurred after 2017 will have an indefinite carryforward. The state net operating loss carryforwards will expire in varying amounts beginning in 2021. Additionally, we have total net operating loss carryforwards from international operations of $1.8 million that do not expire. We also have approximately $16.4 million of federal and $2.9 million of state tax credit carryforwards as of December 31, 2020. The federal credits will expire in varying amounts between the years 2034 and 2040. The state credits expire beginning in 2021. Utilization of our net operating loss and tax credit carryforwards may be subject to substantial annual limitations due to the ownership change limitations provided by Section 382 of the Internal Revenue Code, as amended, and similar state provisions.

A reconciliation of the gross unrecognized tax benefits is as follows (in thousands):


	For the year ended December 31,
	2020		2019		2018
Unrecognized tax benefits-beginning of period	$	178	$	182	$	191


Foreign currency adjustments	17		(4)		(9)

Unrecognized tax benefits-end of period	$	195	$	178	$	182

We have analyzed our inventory of tax positions taken with respect to all applicable income tax issues for all open tax years. The gross unrecognized tax benefits, if recognized, would not materially affect the effective tax rate as of December 31, 2020, due to the availability of net operating losses.

We do not expect our gross unrecognized tax benefits to change significantly over the next 12 months. Our policy is to classify interest and penalties associated with uncertain tax positions, if any, as a component of our income tax provision. Interest and penalties were not significant during the years ended December 31, 2020, 2019 and 2018.

We are subject to taxation in the United States and various states and foreign jurisdictions. As of December 31, 2020, tax years for 2016 through 2019 are subject to examination by the tax authorities. Generally, as of December 31, 2020, we are no longer subject to federal, state, local or foreign examinations by tax authorities for years before 2016. However, to the extent allowed by law, the tax authorities may have the right to examine prior periods where net operating losses or tax credits were generated and carried forward, and make adjustments up to the amount of the net operating loss or credit carryforward.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Net Loss Per Share

12 Months Ended

Dec. 31, 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 our convertible senior notes, outstanding stock options, stock related to unvested restricted stock awards, 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 contractual 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.

We consider unvested restricted stock awards granted under the 2014 Equity Incentive Plan to be participating securities because holders of such shares have non-forfeitable dividend rights in the event of our declaration of a dividend for common shares. In future periods to the extent we are profitable, we will subtract earnings allocated to these participating securities from net income to determine net income attributable to common stockholders.

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):


	Year ended
	December 31, 2020				December 31, 2019				December 31, 2018
	Class A		Class B		Class A		Class B		Class A		Class B
Numerator
Net loss	$	(39,966)	$	(8,432)	$	(38,135)	$	(9,344)	$	(38,733)	$	(11,338)

Denominator
Weighted-average common shares outstanding - basic and diluted	40,007,839		8,440,327		37,190,224		9,112,432		33,758,623		9,881,785
Basic and diluted net loss per share	$	(1.00)	$	(1.00)	$	(1.03)	$	(1.03)	$	(1.15)	$	(1.15)

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 December 31,
	2020	2019	2018
Shares subject to outstanding common stock options	2,903,167	4,353,167	6,400,175
Shares subject to unvested restricted stock units	2,904,616	3,039,020	2,359,261
Shares issuable pursuant to the ESPP	94,390	76,466	105,583

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 year ended December 31, 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.

Unaudited Quarterly Results of Operations

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Results of Operations

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


	Three months ended
	Dec 31, 2020		Sep 30, 2020 (1)		Jun 30, 2020 (1)		Mar 31, 2020 (1)		Dec 31, 2019 (1)		Sep 30, 2019 (1)		Jun 30, 2019 (1)		Mar 31, 2019 (1)
	(in thousands)
Revenue
Subscription and support	$	80,970	$	75,850	$	70,696	$	68,361	$	66,148	$	63,022	$	60,472	$	56,123
Professional services	12,864		12,249		13,164		17,440		14,117		11,157		13,012		13,840
Total revenue	93,834		88,099		83,860		85,801		80,265		74,179		73,484		69,963
Cost of revenue
Subscription and support	13,239		12,013		12,098		12,153		11,946		10,924		10,202		9,809
Professional services	10,412		9,873		10,146		10,243		11,102		10,827		10,475		9,727
Total cost of revenue	23,651		21,886		22,244		22,396		23,048		21,751		20,677		19,536
Gross profit	70,183		66,213		61,616		63,405		57,217		52,428		52,807		50,427
Operating expenses
Research and development	24,386		23,956		23,508		22,994		23,216		22,899		21,795		22,011
Sales and marketing	37,813		35,487		35,270		36,117		33,732		32,990		28,213		25,365
General and administrative (2)	13,124		13,642		19,553		13,369		14,675		11,938		11,147		10,304
Total operating expenses	75,323		73,085		78,331		72,480		71,623		67,827		61,155		57,680
Loss from operations	(5,140)		(6,872)		(16,715)		(9,075)		(14,406)		(15,399)		(8,348)		(7,253)
Interest income	450		471		655		1,706		2,064		1,460		641		492
Interest expense	(3,497)		(3,500)		(3,489)		(3,478)		(3,456)		(1,880)		(343)		(348)
Other (expense) income, net	(468)		(387)		(68)		718		(305)		24		(111)		(172)
Loss before provision (benefit) for income taxes	(8,655)		(10,288)		(19,617)		(10,129)		(16,103)		(15,795)		(8,161)		(7,281)
Provision (benefit) for income taxes	(642)		67		(5)		289		38		98		(8)		11
Net loss	$	(8,013)	$	(10,355)	$	(19,612)	$	(10,418)	$	(16,141)	$	(15,893)	$	(8,153)	$	(7,292)
Net loss per common share:
Basic and diluted	$	(0.16)	$	(0.21)	$	(0.41)	$	(0.22)	$	(0.34)	$	(0.34)	$	(0.18)	$	(0.16)
Weighted-average common shares outstanding - basic and diluted	49,222,465		48,840,131		48,171,552		47,545,703		47,058,209		46,731,663		46,166,660		45,229,279

(1) Refer to Note 1. “Organization and Significant Accounting Policies” for further detail related to adjustments made in the previously issued consolidated financial statements as a result of misstatements related to the application of the transitional guidance from the adoption of FASB ASU No. 2016-02, Leases (Topic 842). The effect of the misstatements on the quarterly periods ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019 was a decrease in interest expense of approximately $72,000, $74,000, $76,000, $78,000, $79,000, $90,000 and $92,000, respectively, and a decrease in general and administrative expense related to depreciation and amortization of approximately $80,000 per quarter.

(2) During the second quarter of 2020, we recorded an additional $1.2 million and $4.8 million of cash-based and equity-based compensation, respectively, to general and administrative expense pursuant to a separation agreement with a former executive.

Organization and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of Workiva Inc. and its wholly owned subsidiaries.
Principles of Consolidation	All intercompany accounts and transactions have been eliminated in consolidation.
Segments	Our chief operating decision maker reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. There are no segment managers who are held accountable by the chief operating decision maker, or anyone else, for operations, operating results and planning for levels or components below the consolidated unit level. Accordingly, we determined we have one operating and reportable segment.
Foreign Currency	We translate the financial statements of our foreign subsidiaries, which have a functional currency in the respective country’s local currency, to U.S. dollars using month-end exchange rates for assets and liabilities and average exchange rates for revenue, costs and expenses. Translation gains and losses are recorded in accumulated other comprehensive income as a component of stockholders’ equity (deficit). Gains and losses resulting from foreign currency transactions that are denominated in currencies other than the entity's functional currency are included within “Other (expense) income, net” on the consolidated statements of operations.
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.
Cash and Cash Equivalents	Cash consists of cash on deposit with banks that is stated at cost, which approximates fair value. We invest our excess cash primarily in highly liquid money market funds and marketable securities. We classify all highly liquid investments with stated maturities of three months or less from date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months as marketable securities.
Marketable Securities	Our marketable securities consist of commercial paper, corporate debt securities, U.S. treasury debt securities and foreign government debt securities. We classify our marketable securities as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. We may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, we classify our investments, including securities with maturities beyond twelve months as current assets in the accompanying consolidated balance sheets. Available-for-sale securities are recorded at fair value each reporting period. Unrealized gains and losses are excluded from earnings and recorded as a separate component within “Accumulated other comprehensive income” on the consolidated balance sheets until realized. Dividend income is reported within “Other (expense) income, net” on the consolidated statements of operations. We evaluate our investments to assess whether the amortized cost basis is in excess of estimated fair value and determine what amount of that difference, if any, is caused by expected credit losses. Allowance for credit losses are recognized as a charge in “Other (expense) income, net” on the consolidated statements of operations, and any remaining unrealized losses are included in “Accumulated other comprehensive income” on the consolidated balance sheets. There were no credit losses recorded for the year ended December 31, 2020. There was no impairment charge for any unrealized losses in 2019 and 2018. We determine realized gains and losses on the sale of marketable securities on the specific identification method and record such gains and losses in “Other (expense) income, net” on the consolidated statements of operations.
Fair Value of Financial Instruments	Our financial assets, which include cash equivalents and marketable securities, are measured and recorded at fair value on a recurring basis. Our other current financial assets and our other current financial liabilities have fair values that approximate their carrying value due to their short-term maturities.
Concentration of Credit Risk	Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. We place our cash and cash equivalents with high credit-quality financial institutions. Such deposits may be in excess of federally insured limits. To date, we have not experienced any losses on our cash and cash equivalents. We perform periodic evaluations of the relative credit standing of the financial institutions.We perform ongoing credit evaluations of our customers’ financial condition and require no collateral from our customers. We maintain an allowance for doubtful accounts receivable based upon the expected collectability of accounts receivable balances.
Deferred Costs	We pay sales commissions for initial contracts and expansions of existing contracts with customers. These commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions paid where the amortization period is one year or less are expensed as incurred. All other sales commissions are deferred and then amortized on a straight-line basis over a period of benefit that we have determined to be three years. We determined the period of benefit by taking into consideration our standard contract terms and conditions, rate of technological change and other factors. Amortization expense is included in sales and marketing expense in the accompanying consolidated statements of operations.
Property and Equipment, net	Property and equipment is stated at cost, net of accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, generally three to ten years. We amortize leasehold improvements and assets under finance leases over the lesser of the term of the lease including renewal options that are reasonably assured or the estimated useful life of the assets.
Revenue Recognition	We generate revenue through the sale of subscriptions to our cloud-based software and the delivery of professional services. We recognize revenue when control of these services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those services. We determine revenue recognition through the following steps: •Identification of the contract, or contracts, with a customer •Identification of the performance obligations in the contract •Determination of the transaction price •Allocation of the transaction price to the performance obligations in the contract •Recognition of revenue when, or as, we satisfy a performance obligation We report revenue net of sales and other taxes collected from customers to be remitted to government authorities. Subscription and Support Revenue We recognize subscription and support revenue on a ratable basis over the contract term beginning on the date that our service is made available to the customer. Our subscription contracts are generally twelve to 36 months in duration, are billed either annually or in advance and are non-cancelable. We consider the access to our platform and related support services in a customer contract to be a series of distinct services which comprise a single performance obligation because they are substantially the same and have the same pattern of transfer. Professional Services Revenue and Customer Options Professional services revenues primarily consist of fees for document set up, XBRL tagging, and consulting with our customers on business processes and best practices. We have determined that an agreement to purchase these professional services constitutes an option to purchase services in accordance with FASB Accounting Standards Codification No. 606, Revenue from Contracts with Customers, (ASC 606) rather than an agreement that creates enforceable rights and obligations because of the customer's contractual right to cancel services that have not yet been used. In the limited case of agreements where we determined that the option provides the customer with a material right, we allocate a portion of the transaction price to the material right based upon the relative standalone selling price. Professional service agreements that do not contain a material right are accounted for when the customer exercises its option to purchase additional services. Revenue is recognized for document set ups when the service is complete and control has transferred to the customer. Revenues from XBRL tagging and consulting services are recognized as the services are performed. Contracts with Multiple Performance Obligations Some of our contracts with customers contain multiple performance obligations. For these contracts, we account for the individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. We determine the standalone selling prices based on our overall pricing objectives, taking into consideration market conditions and entity-specific factors, including the value of our arrangements, length of term, customer demographics and the numbers and types of users within our arrangements. We typically invoice our customers for subscription and support fees annually in advance on one- to three-year contract terms. For contracts with a two or three year term, customers sometimes elect to pay the entire multi-year subscription term in advance. Unpaid invoice amounts for non-cancelable services starting in future periods are included in accounts receivable and deferred revenue. The portion of deferred revenue that we anticipate will be recognized after the succeeding twelve-month period is recorded as non-current deferred revenue, and the remaining portion is recorded as current deferred revenue.As an agreement to purchase professional services constitutes a customer option, fees received in advance of these services being performed are considered customer deposits and are included in accrued expenses and other current liabilities on the consolidated balance sheets. Unpaid invoice amounts for these professional services starting in future periods are excluded from accounts receivable and accrued expenses and other current liabilities.Cost of revenue consists primarily of personnel and related costs directly associated with the professional services and customer success teams and training personnel, including salaries, benefits, bonuses, and stock-based compensation; the costs of contracted third-party vendors; the costs of server usage by our customers; information technology costs; and facility costs.
Sales and Marketing Expenses	Sales and marketing expenses consist primarily of personnel and related costs, including salaries, benefits, bonuses, commissions, travel, and stock-based compensation. Other costs included in this expense are marketing and promotional events, our annual user conference, online marketing, product marketing, information technology costs, and facility costs.
Advertising Costs	Advertising costs are charged to sales and marketing expense as incurred.
Research and Development Expenses	Research and development expenses consist primarily of personnel and related costs, including salaries, benefits, bonuses, and stock-based compensation, costs of server usage by our developers, information technology costs, and facility costs.
General and Administrative Expenses	General and administrative expenses consist primarily of personnel and related costs for our executive, finance, legal, human resources, and administrative personnel, including salaries, benefits, bonuses, and stock-based compensation; legal, accounting, and other professional service fees; other corporate expenses; information technology costs; and facility costs.
Leases	We determine whether an arrangement contains a lease at inception. Operating leases are included in operating lease right-of-use (ROU) assets, other current liabilities, and operating lease liabilities on our consolidated balance sheets. Finance leases are included in property and equipment, net, finance lease obligations, and finance lease obligations, non-current on our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Our variable lease payments consist of non-lease services related to the lease. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. We do not include options to extend or terminate the lease term unless it is reasonably certain that we will exercise any such options. We recognize rent expense under our operating leases on a straight-line basis. For finance leases, we record interest expense on the lease liability in addition to amortizing the right-of-use asset (generally straight-line) over the shorter of the lease term or the useful life of the right-of-use asset. We have lease agreements with lease and non-lease components. We have elected to account for these lease and non-lease components as a single lease component. We do not recognize right-of-use assets or lease liabilities for short-term leases, which have a lease term of twelve months or less, and instead will recognize lease payments as expense on a straight-line basis over the lease term.
Intangible Assets	We account for intangible assets under ASC 350, Goodwill and Other. Intangible assets consist primarily of legal fees incurred for patents and are recorded at cost and amortized over the useful lives of the assets of ten years, using the straight-line method. Certain patents are in the legal application process and therefore are not currently being amortized.
Impairment of Long-Lived Assets	Long-lived assets, such as property, equipment, right-of-use assets, and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If circumstances require that a long-lived asset or asset group be tested for possible impairment, we first compare the undiscounted cash flows expected to be generated by that long-lived asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value.
Stock-based Compensation	We measure all share-based payments, including grants of options to purchase common stock and the issuance of restricted stock units to employees, service providers and board members, using a fair-value based method. We record forfeitures as they occur. The cost of services received from employees and non-employees in exchange for awards of equity instruments is recognized in the consolidated statement of operations based on the estimated fair value of those awards on the grant date or reporting date, if required to be remeasured, and amortized on a straight-line basis over the requisite service period. We use the Black-Scholes option-pricing model to determine the fair values of stock option awards. For restricted stock units, fair value is based on the closing price of our common stock on the grant date.
Income Taxes	We record current income taxes based on our estimates of current taxable income and provide for deferred income taxes to reflect estimated future income tax payments and receipts. We are subject to federal income taxes as well as state taxes. In addition, we are subject to taxes in the foreign jurisdictions where we operate. We account for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, we determine deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment rate. On December 22, 2017, the U.S. government enacted legislation commonly referred to as the “Tax Cuts and Jobs Act” (TCJA). The TCJA made widespread changes to the Internal Revenue Code, including, among other items, the introduction of a new international “Global Intangible Low-Taxed Income” (GILTI) regime effective January 1, 2018. Companies may adopt one of two views in regards to establishing deferred taxes in accordance with the new (GILTI) regime under ASC 740, Income Taxes. Companies may account for the effects of GILTI either (1) in the period the entity becomes subject to GILTI, or (2) establish deferred taxes (similar to the guidance that currently exists with respect to basis differences that will reverse under current Subpart F rules) for basis differences that upon reversal will be subject to GILTI. We have elected to account for GILTI in the period incurred. We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. We recognize interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included on the related tax liability line in the consolidated balance sheets.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts receivable are recorded at the invoiced amount net of an allowance for doubtful accounts. The allowance for doubtful accounts is based on our assessment of the collectability of customer accounts. We regularly review our receivables that remain outstanding past their applicable payment terms and established an allowance for potential write-offs by considering factors such as historical experience, credit quality, age of the accounts receivable balances, and current and forecasted economic conditions that may affect a customer’s ability to pay. Accounts receivable deemed uncollectible are charged against the allowance once collection efforts have been exhausted.
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements Not Yet Adopted	On January 1, 2020, we adopted ASU No. 2018-13, Changes to Disclosure Requirements for Fair Value Measurements (Topic 820), which improved the effectiveness of disclosure requirements for recurring and nonrecurring fair value measurements. The standard removes, modifies, and adds certain disclosure requirements. The adoption of this new standard did not have a material impact on our consolidated financial statements.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 will be required to use a forward-looking expected loss model that reflects probable losses rather than the incurred loss model for recognizing credit losses. 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. 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.

Organization and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Error Corrections and Prior Period Adjustments


	As of December 31, 2019
	As reported		Adjustments		As corrected
Property and equipment, net	$	39,745	$	(7,445)	$	32,300
Total assets	646,396		(7,445)		638,951
Accrued expenses and other current liabilities	49,930		(131)		49,799
Current portion of finance lease obligations	1,328		301		1,629
Total current liabilities	231,932		170		232,102
Finance lease obligations, non-current	15,889		3,526		19,415
Total liabilities	581,053		3,696		584,749
Accumulated deficit	(355,161)		(11,141)		(366,302)
Total stockholders’ equity	65,343		(11,141)		54,202
Total liabilities and stockholders’ equity	646,396		(7,445)		638,951

Cash Equivalents and Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities

At December 31, 2020, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	265,578	$	—	$	—	$	265,578
Commercial paper	21,489		—		—		21,489
U.S. treasury debt securities	51,731		80		(2)		51,809
Corporate debt securities	147,715		214		(47)		147,882
Foreign government debt securities	1,025		2		—		1,027
	$	487,538	$	296	$	(49)	$	487,785
Included in cash and cash equivalents	$	280,578	$	—	$	—	$	280,578
Included in marketable securities	$	206,960	$	296	$	(49)	$	207,207

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
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 December 31, 2020, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	265,578	$	—	$	—	$	265,578
Commercial paper	21,489		—		—		21,489
U.S. treasury debt securities	51,731		80		(2)		51,809
Corporate debt securities	147,715		214		(47)		147,882
Foreign government debt securities	1,025		2		—		1,027
	$	487,538	$	296	$	(49)	$	487,785
Included in cash and cash equivalents	$	280,578	$	—	$	—	$	280,578
Included in marketable securities	$	206,960	$	296	$	(49)	$	207,207

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
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

Investments Classified by Contractual Maturity Date

The contractual maturities of the investments classified as marketable securities are as follows (in thousands):


	As of December 31, 2020
Due within one year	$	130,383
Due in one to two years	73,960
Due in three to five years	2,864
	$	207,207

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


	As of December 31, 2020
	Less than 12 months				12 months or greater
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. treasury debt securities	$	15,042	$	(2)	$	—	$	—
Corporate debt securities	65,630		(47)		—		—
Total	$	80,672	$	(49)	$	—	$	—

Supplemental Consolidated Balance Sheet Information (Tables)

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Property, Plant and Equipment

Property and equipment, net as of December 31, 2020 and 2019 consisted of (in thousands):


	As of December 31,
	2020		2019
Building under finance lease	$	21,574	$	22,608
Computers, equipment and software	7,995		8,029
Furniture and fixtures	8,284		8,494
Vehicles	97		97
Leasehold improvements	7,755		7,500
Construction in process	93		34
	45,798		46,762
Less: accumulated depreciation and amortization	(16,433)		(14,462)
	$	29,365	$	32,300

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities as of December 31, 2020 and 2019 consisted of (in thousands):


	As of December 31,
	2020		2019
Accrued vacation	$	10,294	$	8,353
Accrued commissions	12,678		5,561
Accrued bonuses	6,573		7,121
Accrued payroll	2,631		1,221
Estimated health insurance claims	1,224		1,040
Accrued interest	1,455		1,446
ESPP employee contributions	4,269		3,734
Customer deposits	18,283		12,151
Operating lease liabilities	4,541		3,064
Accrued other liabilities	6,308		6,108
	$	68,256	$	49,799

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2020						Fair Value Measurements as of December 31, 2019
Description	Total		Level 1		Level 2		Total		Level 1		Level 2
Money market funds	$	265,578	$	265,578	$	—	$	360,471	$	360,471	$	—
Commercial paper	21,489		—		21,489		—		—		—
U.S. treasury debt securities	51,809		—		51,809		10,349		—		10,349
Corporate debt securities	147,882		—		147,882		95,865		—		95,865
Foreign government debt securities	1,027		—		1,027		—		—		—
	$	487,785	$	265,578	$	222,207	$	466,685	$	360,471	$	106,214

Included in cash and cash equivalents	$	280,578					$	360,471
Included in marketable securities	$	207,207					$	106,214

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Financing Obligation Payments

As of December 31, 2020, the aggregate annual lease obligations were as follows (in thousands):


	Operating Leases		Finance Leases
2021	$	5,584	$	2,660
2022	5,214		2,436
2023	3,772		1,315
2024	3,201		1,315
2025	2,312		1,315
Thereafter	6,266		19,976
Total lease obligations	26,349		29,017
Less: Amount representing interest	(4,599)		(10,650)
Net lease obligations	$	21,750	$	18,367

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Summary of Lease Expense Components, Supplemental Cash Flow Information and Other Information

The components of lease expense recognized in the consolidated statements of operations were as follows (in thousands):


	Year ended December 31,
	2020		2019
Operating lease cost	$	4,475	$	3,544
Finance lease cost:
Amortization of right-of-use assets	922		926
Interest on lease obligations	1,197		1,306
Short-term lease cost	1,727		1,324
Variable lease cost	1,214		923
	$	9,535	$	8,023

Under ASC 840, rent expense for the year ended December 31, 2018 was $5.6 million.

Supplemental cash flow information related to leases was as follows (in thousands):


	Year ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,350	$	4,018
Finance cash flows from finance leases	1,641		1,565
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	4,121	$	2,207
Finance leases	—		—

Other supplemental information related to leases was as follows:


	As of December 31,
	2020		2019
Weighted Average Remaining Lease Term (in years)
Operating leases	6.5		7.6
Finance leases	22.4		23.4
Weighted Average Discount Rate
Operating leases	5.5	%	5.7	%
Finance leases	5.5	%	6.0	%

Summary of Future Estimated Minimum Operating Lease Payments

As of December 31, 2020, the aggregate annual lease obligations were as follows (in thousands):


	Operating Leases		Finance Leases
2021	$	5,584	$	2,660
2022	5,214		2,436
2023	3,772		1,315
2024	3,201		1,315
2025	2,312		1,315
Thereafter	6,266		19,976
Total lease obligations	26,349		29,017
Less: Amount representing interest	(4,599)		(10,650)
Net lease obligations	$	21,750	$	18,367

Schedule of Financing Obligation Payments

As of December 31, 2020, the aggregate annual lease obligations were as follows (in thousands):


	Operating Leases		Finance Leases
2021	$	5,584	$	2,660
2022	5,214		2,436
2023	3,772		1,315
2024	3,201		1,315
2025	2,312		1,315
Thereafter	6,266		19,976
Total lease obligations	26,349		29,017
Less: Amount representing interest	(4,599)		(10,650)
Net lease obligations	$	21,750	$	18,367

Debt (Tables)

12 Months Ended

Dec. 31, 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):


	As of December 31,
	2020		2019
Liability component:
Principal	$	345,000	$	345,000
Unamortized discount	(49,346)		(57,247)
Unamortized issuance costs	(6,164)		(7,152)
Net carrying amount	$	289,490	$	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):


	Year ended December 31,
	2020		2019
Contractual interest expense	$	3,880	$	1,444
Amortization of debt discount	7,901		2,900
Amortization of issuance costs	988		362
Total interest expense	$	12,769	$	4,706

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 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):


	Year ended December 31,
	2020		2019		2018
Cost of revenue
Subscription and support	$	1,709	$	1,554	$	700
Professional services	1,434		1,725		619
Operating expenses
Research and development	8,100		8,006		5,842
Sales and marketing	11,062		8,792		5,416
General and administrative	23,466		15,707		18,264
Total	$	45,771	$	35,784	$	30,841

Schedule of Stock-Option Activity

The following table summarizes the option activity under the Plans for the year ended December 31, 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	(51,858)	21.23
Exercised	(1,398,142)	13.72
Outstanding at December 31, 2020	2,903,167	$	14.48	4.7	$	223,941

Exercisable at December 31, 2020	2,777,620	$	14.28	4.6	$	214,810

Summary of Restricted Stock Units

The following table summarizes the restricted stock unit activity under the Plan for the year ended December 31, 2020:


	Number of Shares	Weighted-Average Grant Date Fair Value

Unvested at December 31, 2019	3,039,020	$	31.39
Granted	1,017,914	45.46
Forfeited	(330,025)	39.14
Vested(1)	(822,293)	33.68
Unvested at December 31, 2020	2,904,616	$	35.72

Schedule of Share-based Payment Award, ESPP, Valuation Assumptions

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


	Year ended December 31,
	2020	2019	2018
ESPP
Expected term (in years)	0.5	0.5	0.5
Risk-free interest rate	0.2% - 1.5%	1.9% - 2.6%	1.8% - 2.4%
Expected volatility	40.6% - 61.0%	35.0% - 49.0%	22.2% - 36.4%

Schedule of Employee Stock Purchase Plan

The following table summarizes the ESPP activity under the Plan for the years ended December 31, 2020, 2019 and 2018:


	For the year ended December 31,
	2020		2019		2018
Shares issued	186,855		188,390		179,377
Weighted-average purchase price	$	38.68	$	26.13	$	17.93
Total proceeds (in thousands)	$	7,227	$	4,922	$	3,216

Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income

The following table summarizes the activity of accumulated other comprehensive income during the years ended December 31, 2020, 2019 and 2018 (in thousands):


	Accumulated translation adjustment		Accumulated unrealized holding gains (losses) on available-for-sale securities		Accumulated other comprehensive income
Balance at December 31, 2017	$	139	$	(67)	$	72
Other comprehensive income	26		—		26
Balance at December 31, 2018	165		(67)		98
Other comprehensive income	13		176		189
Balance at December 31, 2019	178		109		287
Other comprehensive (loss) income	(137)		80		(57)
Balance at December 31, 2020	$	41	$	189	$	230

Geographic Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of Revenue by Geographic Region

Revenues by geographical region consisted of the following (in thousands):


	For the year ended December 31,
	2020		2019		2018
Subscription and support revenue
Americas	$	273,574	$	233,653	$	192,596
Other	22,303		12,112		7,796
Professional services revenue
Americas	51,142		49,323		41,238
Other	4,575		2,803		2,714
	$	351,594	$	297,891	$	244,344

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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


	For the year ended December 31,
	2020		2019
Information technology	$	46,958	$	39,417
Diversified financials	42,683		33,783
Consumer discretionary	38,741		33,658
Industrials	37,633		33,281
Healthcare	35,471		28,100
Banks	35,084		28,788
Insurance	23,773		18,608
Energy	23,618		22,551
Real estate	15,893		16,134
Utilities	14,740		13,209
Materials	14,641		12,239
Other	22,359		18,123
Total revenues	$	351,594	$	297,891

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


	For the year ended December 31,
	2020		2019
Subscription and support	$	295,877	$	245,765
XBRL professional services	38,032		38,734
Other services	17,685		13,392
Total revenues	$	351,594	$	297,891

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Loss before income tax provision (benefit) consisted of the following (in thousands):


	For the year ended December 31,
	2020		2019		2018
United States	$	(50,193)	$	(46,580)	$	(50,268)
Foreign	1,504		(760)		444
Total	$	(48,689)	$	(47,340)	$	(49,824)

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes consisted of the following (in thousands):


	For the year ended December 31,
	2020		2019		2018
Current
State	$	120	$	59	$	48
Foreign	(148)		252		203
Total Current	$	(28)	$	311	$	251

Deferred
Federal	$	—	$	(65)	$	(8)
Foreign	(263)		(107)		4
Total Deferred	$	(263)	$	(172)	$	(4)

Total	$	(291)	$	139	$	247

Schedule of Effective Income Tax Rate Reconciliation

The items accounting for the difference between income taxes computed at the federal statutory income tax rate and the provision for income taxes consisted of the following (in thousands):


	For the year ended December 31,
	2020			2019			2018
Federal statutory rate	21.0		%	21.0		%	21.0		%
Effect of:
Tax benefit at federal statutory rate	$	(10,225)		$	(9,941)		$	(10,463)
State taxes, net of federal benefit	(3,394)			(4,985)			(2,587)
Revaluation of deferred tax items due to tax rate change (state)	(404)			—			—
Section 162(m) limitations	6,682			2,944			1,625
Stock-based compensation	(12,665)			(14,728)			(2,327)
Nondeductible permanent items	2,001			1,103			2,815
Tax benefit of federal R&D credit	(3,509)			(3,141)			(3,289)
Valuation allowance	21,981			29,068			14,044
Other	(758)			(181)			429
Total income tax provision	$	(291)		$	139		$	247

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities were as follows (in thousands):


	As of December 31,
	2020		2019
Deferred tax assets:
Property and equipment	$	2,636	$	2,534
Accruals and reserves	173		164
Lease liability	9,984		10,833
Compensation and benefits	19,035		16,391
Deferred revenue	11,753		5,973
Net operating loss and credits	91,300		78,983
Interest expense	2,521		1,131
Other	347		338
Total deferred tax assets	137,749		116,347
Valuation allowance	(111,402)		(89,422)
Total deferred tax assets	26,347		26,925
Deferred tax liabilities:
Property and equipment	(10)		—
Right-of-use asset	(8,772)		(9,396)
Convertible Notes	(13,076)		(14,598)
Other deferred tax liabilities	(4,122)		(2,822)
Deferred tax liabilities	(25,980)		(26,816)
Total	$	367	$	109

Schedule of Unrecognized Tax Benefits

A reconciliation of the gross unrecognized tax benefits is as follows (in thousands):


	For the year ended December 31,
	2020		2019		2018
Unrecognized tax benefits-beginning of period	$	178	$	182	$	191


Foreign currency adjustments	17		(4)		(9)

Unrecognized tax benefits-end of period	$	195	$	178	$	182

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 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):


	Year ended
	December 31, 2020				December 31, 2019				December 31, 2018
	Class A		Class B		Class A		Class B		Class A		Class B
Numerator
Net loss	$	(39,966)	$	(8,432)	$	(38,135)	$	(9,344)	$	(38,733)	$	(11,338)

Denominator
Weighted-average common shares outstanding - basic and diluted	40,007,839		8,440,327		37,190,224		9,112,432		33,758,623		9,881,785
Basic and diluted net loss per share	$	(1.00)	$	(1.00)	$	(1.03)	$	(1.03)	$	(1.15)	$	(1.15)

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 December 31,
	2020	2019	2018
Shares subject to outstanding common stock options	2,903,167	4,353,167	6,400,175
Shares subject to unvested restricted stock units	2,904,616	3,039,020	2,359,261
Shares issuable pursuant to the ESPP	94,390	76,466	105,583

Unaudited Quarterly Results of Operations (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information


	Three months ended
	Dec 31, 2020		Sep 30, 2020 (1)		Jun 30, 2020 (1)		Mar 31, 2020 (1)		Dec 31, 2019 (1)		Sep 30, 2019 (1)		Jun 30, 2019 (1)		Mar 31, 2019 (1)
	(in thousands)
Revenue
Subscription and support	$	80,970	$	75,850	$	70,696	$	68,361	$	66,148	$	63,022	$	60,472	$	56,123
Professional services	12,864		12,249		13,164		17,440		14,117		11,157		13,012		13,840
Total revenue	93,834		88,099		83,860		85,801		80,265		74,179		73,484		69,963
Cost of revenue
Subscription and support	13,239		12,013		12,098		12,153		11,946		10,924		10,202		9,809
Professional services	10,412		9,873		10,146		10,243		11,102		10,827		10,475		9,727
Total cost of revenue	23,651		21,886		22,244		22,396		23,048		21,751		20,677		19,536
Gross profit	70,183		66,213		61,616		63,405		57,217		52,428		52,807		50,427
Operating expenses
Research and development	24,386		23,956		23,508		22,994		23,216		22,899		21,795		22,011
Sales and marketing	37,813		35,487		35,270		36,117		33,732		32,990		28,213		25,365
General and administrative (2)	13,124		13,642		19,553		13,369		14,675		11,938		11,147		10,304
Total operating expenses	75,323		73,085		78,331		72,480		71,623		67,827		61,155		57,680
Loss from operations	(5,140)		(6,872)		(16,715)		(9,075)		(14,406)		(15,399)		(8,348)		(7,253)
Interest income	450		471		655		1,706		2,064		1,460		641		492
Interest expense	(3,497)		(3,500)		(3,489)		(3,478)		(3,456)		(1,880)		(343)		(348)
Other (expense) income, net	(468)		(387)		(68)		718		(305)		24		(111)		(172)
Loss before provision (benefit) for income taxes	(8,655)		(10,288)		(19,617)		(10,129)		(16,103)		(15,795)		(8,161)		(7,281)
Provision (benefit) for income taxes	(642)		67		(5)		289		38		98		(8)		11
Net loss	$	(8,013)	$	(10,355)	$	(19,612)	$	(10,418)	$	(16,141)	$	(15,893)	$	(8,153)	$	(7,292)
Net loss per common share:
Basic and diluted	$	(0.16)	$	(0.21)	$	(0.41)	$	(0.22)	$	(0.34)	$	(0.34)	$	(0.18)	$	(0.16)
Weighted-average common shares outstanding - basic and diluted	49,222,465		48,840,131		48,171,552		47,545,703		47,058,209		46,731,663		46,166,660		45,229,279

Organization and Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2020 USD ($) segment	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Debt security credit losses \| $	$ 0
Impairment charges on debt securities \| $		$ 0	$ 0
Sales commissions amortization period	3 years

Organization and Significant Accounting Policies - Prior Period Revision (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Property and equipment, net	$ 29,365				$ 32,300				$ 29,365	$ 32,300
Total assets	707,006				638,951				707,006	638,951
Accrued expenses and other current liabilities	68,256				49,799				68,256	49,799
Current portion of finance lease obligations	1,705				1,629				1,705	1,629
Total current liabilities	281,794				232,102				281,794	232,102
Finance lease obligations, non-current	16,662				19,415				16,662	19,415
Total liabilities	642,729				584,749				642,729	584,749
Accumulated deficit	(414,700)				(366,302)				(414,700)	(366,302)
Stockholders' equity	64,277				54,202				64,277	54,202	$ (9,740)	$ (16,934)
Total liabilities and stockholders’ equity	707,006				638,951				707,006	638,951
Decrease in general and administrative expense	(13,124)	$ (13,642)	$ (19,553)	$ (13,369)	(14,675)	$ (11,938)	$ (11,147)	$ (10,304)	(59,688)	(48,064)	(56,333)
Decrease in interest expense	(3,497)	(3,500)	(3,489)	(3,478)	(3,456)	(1,880)	(343)	(348)	(13,964)	(6,027)	(1,827)
Decrease in net loss	$ (8,013)	(10,355)	(19,612)	(10,418)	(16,141)	(15,893)	(8,153)	(7,292)	(48,398)	(47,479)	(50,071)
Reduction in financing activities									(11,118)	(363,018)	(16,876)
Increase in operating activities									$ 33,243	30,918	$ 6,400
As reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Property and equipment, net					39,745					39,745
Total assets					646,396					646,396
Accrued expenses and other current liabilities					49,930					49,930
Current portion of finance lease obligations					1,328					1,328
Total current liabilities					231,932					231,932
Finance lease obligations, non-current					15,889					15,889
Total liabilities					581,053					581,053
Accumulated deficit					(355,161)					(355,161)
Stockholders' equity					65,343					65,343
Total liabilities and stockholders’ equity					646,396					646,396
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Property and equipment, net					(7,445)					(7,445)
Total assets					(7,445)					(7,445)
Accrued expenses and other current liabilities					(131)					(131)
Current portion of finance lease obligations					301					301
Total current liabilities					170					170
Finance lease obligations, non-current					3,526					3,526
Total liabilities					3,696					3,696
Accumulated deficit					(11,141)					(11,141)
Stockholders' equity					(11,141)					(11,141)
Total liabilities and stockholders’ equity					(7,445)					(7,445)
Decrease in general and administrative expense		80	80	80	80	80	80	80		316
Decrease in interest expense		$ 72	$ 74	$ 76	$ 78	$ 79	$ 90	$ 92		339
Decrease in net loss										655
Reduction in financing activities										352
Increase in operating activities										$ 352

Organization and Significant Accounting Policies - Property and Equipment, net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation	$ 3.8	$ 3.4	$ 3.4
Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years

Organization and Significant Accounting Policies - Revenue Recognition and Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advertising expense	$ 3.8	$ 3.4	$ 2.9
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Subscription and support
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue recognition, customer contract period, min	12 months
Revenue recognition, customer contract period, max	36 months

Organization and Significant Accounting Policies - Intangible Assets (Details) - Patents - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	10 years
Finite-lived intangible assets, accumulated amortization	$ 955	$ 592
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2021	374
2022	230
2023	144
2024	130
2025	104
Thereafter	$ 217

Cash Equivalents and Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 322,831	$ 381,742
Debt Securities, Available-for-sale [Line Items]
Unrealized Gains	296	172
Unrealized Losses	(49)	(6)
Aggregate Fair Value	207,207
Cash and cash equivalents and available-for-sale securities, amortized cost	487,538	466,519
Cash and cash equivalents and available-for-sale securities	487,785	466,685
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	21,489
Unrealized Gains	0
Unrealized Losses	0
Aggregate Fair Value	21,489
U.S. treasury debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	51,731	10,342
Unrealized Gains	80	8
Unrealized Losses	(2)	(1)
Aggregate Fair Value	51,809	10,349
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	147,715	95,706
Unrealized Gains	214	164
Unrealized Losses	(47)	(5)
Aggregate Fair Value	147,882	95,865
Foreign government debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,025
Unrealized Gains	2
Unrealized Losses	0
Aggregate Fair Value	1,027
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	265,578	360,471
Cash and cash equivalents, aggregate fair value	265,578	360,471
Cash and cash equivalents \| Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	280,578	360,471
Cash and cash equivalents, aggregate fair value	280,578	360,471
Marketable securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	206,960	106,048
Unrealized Gains	296	172
Unrealized Losses	(49)	(6)
Aggregate Fair Value	$ 207,207	$ 106,214

Cash Equivalents and Marketable Securities - Schedule of Contractual Maturities (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Investments, Debt and Equity Securities [Abstract]
Due within one year	$ 130,383
Due in one to two years	73,960
Due in three to five years	2,864
Marketable securities	$ 207,207

Cash Equivalents and Marketable Securities - Continuous Unrealized Loss Position (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Fair Value
Less than 12 months	$ 80,672
12 months or greater	0
Unrealized Loss
Less than 12 months	(49)
12 months or greater	0
U.S. treasury debt securities
Fair Value
Less than 12 months	15,042
12 months or greater	0
Unrealized Loss
Less than 12 months	(2)
12 months or greater	0
Corporate debt securities
Fair Value
Less than 12 months	65,630
12 months or greater	0
Unrealized Loss
Less than 12 months	(47)
12 months or greater	$ 0

Supplemental Consolidated Balance Sheet Information - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Building under finance lease	$ 21,574	$ 22,608
Property and equipment, gross	45,798	46,762
Less: accumulated depreciation and amortization	(16,433)	(14,462)
Property and equipment, net	29,365	32,300
Finance lease, accumulated amortization	1,800	900
Computers, equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7,995	8,029
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,284	8,494
Vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	97	97
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7,755	7,500
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 93	$ 34

Supplemental Consolidated Balance Sheet Information - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accrued Liabilities and Other Liabilities [Abstract]
Accrued vacation	$ 10,294	$ 8,353
Accrued commissions	12,678	5,561
Accrued bonuses	6,573	7,121
Accrued payroll	2,631	1,221
Estimated health insurance claims	1,224	1,040
Accrued interest	1,455	1,446
ESPP employee contributions	4,269	3,734
Customer deposits	18,283	12,151
Operating lease liabilities	4,541	3,064
Accrued other liabilities	6,308	6,108
Accrued expenses and other current liabilities	$ 68,256	$ 49,799

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 207,207
Marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	207,207	$ 106,214
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	21,489
U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	51,809	10,349
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	147,882	95,865
Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	1,027
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	265,578	360,471
Money market funds \| Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	280,578	360,471
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of convertible debt	453,200
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	487,785	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	280,578	360,471
Recurring \| Marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	207,207	106,214
Recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	21,489	0
Recurring \| U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	51,809	10,349
Recurring \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	147,882	95,865
Recurring \| Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	1,027	0
Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	265,578	360,471
Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	265,578	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 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Recurring \| Level 1 \| Foreign government 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	265,578	360,471
Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	222,207	106,214
Recurring \| Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	21,489	0
Recurring \| Level 2 \| U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	51,809	10,349
Recurring \| Level 2 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	147,882	95,865
Recurring \| Level 2 \| Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	1,027	0
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

Deferred Costs (Details) - USD ($) $ in Thousands	12 Months Ended
Deferred Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Deferred costs	$ 45,300	$ 29,100
Amortization expense for deferred costs	21,000	15,200
Impairment loss	$ 0	$ 0

Commitments and Contingencies - Other Purchase Commitments (Details) - Cloud Services Arrangement $ in Millions	Dec. 31, 2020 USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
Other purchase commitments, due in fiscal year 2021	$ 13.2
Other purchase commitments, due in fiscal year 2022	9.0
Other purchase commitments, due in fiscal year 2023	$ 0.4

Leases (Details) $ in Thousands	12 Months Ended
Leases (Details) $ in Thousands	Dec. 31, 2020 USD ($) renewal_option	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Lessee, Lease, Description [Line Items]
Rent expense			$ 5,600
Lease, Cost [Abstract]
Operating lease cost	$ 4,475	$ 3,544
Amortization of right-of-use assets	922	926
Interest on lease obligations	1,197	1,306
Short-term lease cost	1,727	1,324
Variable lease cost	1,214	923
Lease cost	9,535	8,023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	5,350	4,018
Finance cash flows from finance leases	1,641	1,565
Right-of-use assets obtained in exchange for lease obligations: Operating leases	4,121	2,207
Right-of-use assets obtained in exchange for lease obligations: Finance leases	$ 0	$ 0
Weighted Average Remaining Lease Term (in years) - Operating leases	6 years 6 months	7 years 7 months 6 days
Weighted Average Remaining Lease Term (in years) - Finance leases	22 years 4 months 24 days	23 years 4 months 24 days
Weighted Average Discount Rate - Operating leases	5.50%	5.70%
Weighted Average Discount Rate - Finance leases	5.50%	6.00%
Office
Lessee, Lease, Description [Line Items]
Number of renewal options (or more) \| renewal_option	1
Office \| Minimum
Lessee, Lease, Description [Line Items]
Renewal term	1 year
Office \| Maximum
Lessee, Lease, Description [Line Items]
Renewal term	5 years

Leases - Schedule of Lease Obligations (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021	$ 5,584
2022	5,214
2023	3,772
2024	3,201
2025	2,312
Thereafter	6,266
Total lease obligations	26,349
Less: Amount representing interest	(4,599)
Net lease obligations	21,750
Financing Obligations
2021	2,660
2022	2,436
2023	1,315
2024	1,315
2025	1,315
Thereafter	19,976
Total lease obligations	29,017
Less: Amount representing interest	(10,650)
Net lease obligations	$ 18,367

Debt (Details)	1 Months Ended	12 Months Ended
Debt (Details)	Aug. 31, 2019 USD ($) day $ / shares	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2019 USD ($) $ / shares	Dec. 31, 2018 USD ($)	Aug. 31, 2014 USD ($)
Debt Instrument [Line Items]
Proceeds from the issuance of convertible senior notes, net of issuance costs		$ 0	$ 335,899,000	$ 0
Line of Credit \| Silicon Valley Bank
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 15,000,000.0
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
Threshold number of trading days (day) \| day	20
Threshold number of consecutive trading days (day) \| day	30
Threshold percentage of stock price trigger	130.00%
Redemption price, percentage	100.00%
Effective interest percentage	4.30%
Equity component, gross amount	$ 60,100,000
Issuance costs attributable to the liability component	7,500,000
Issuance costs attributable to the equity component	1,600,000
Convertible debt \| 1.125% Convertible Senior Notes, Due 2026, Over-Allotment option
Debt Instrument [Line Items]
Face amount of debt issued	$ 45,000,000.0
Class A Common Stock
Debt Instrument [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001	$ 0.001
Debt conversion terms one \| Convertible debt \| 1.125% Convertible Senior Notes, Due 2026
Debt Instrument [Line Items]
Threshold number of trading days (day) \| day	20
Threshold number of consecutive trading days (day) \| day	30
Threshold percentage of stock price trigger	130.00%
Debt conversion terms two \| Convertible debt \| 1.125% Convertible Senior Notes, Due 2026
Debt Instrument [Line Items]
Threshold number of trading days (day) \| day	5
Threshold number of consecutive trading days (day) \| day	10
Threshold percentage of stock trading price	98.00%

Debt - Summary of Convertible Debt (Details) - Convertible debt - 1.125% Convertible Senior Notes, Due 2026 - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal	$ 345,000	$ 345,000
Unamortized discount	(49,346)	(57,247)
Unamortized issuance costs	(6,164)	(7,152)
Net carrying amount	289,490	280,601
Equity component, net of purchase discounts and issuance costs	$ 58,560	$ 58,560

Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Contractual interest expense	$ 3,880	$ 1,444
Amortization of debt discount	7,901	2,900
Amortization of issuance costs	988	362
Total interest expense	$ 12,769	$ 4,706

Stockholders' Equity (Deficit) (Details)	12 Months Ended
Stockholders' Equity (Deficit) (Details)	Dec. 31, 2020 class vote
Equity [Abstract]
Number of classes of common stock \| class	2
Class A Common Stock
Class of Stock [Line Items]
Common stock, number of votes per share	1
Class B Common Stock
Class of Stock [Line Items]
Common stock, number of votes per share	10
Common stock, conversion rate	1

Stock-Based Compensation - Narrative (Details) - USD ($)		1 Months Ended		12 Months Ended
	Jun. 13, 2017	Jun. 30, 2018	Jun. 30, 2016	Dec. 31, 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]
Increase in number of shares available for grant (in shares)		3,000,000	3,900,000
Number of shares available for grant (in shares)				1,659,252

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 45,771	$ 35,784	$ 30,841
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	8,100	8,006	5,842
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	11,062	8,792	5,416
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	23,466	15,707	18,264
Subscription and support \| Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	1,709	1,554	700
Professional services \| Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 1,434	$ 1,725	$ 619

Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Options (in shares):
Outstanding beginning of the period (in shares)	4,353,167
Granted (in shares)	0	0	0
Forfeited (in shares)	(51,858)
Exercised (in shares)	(1,398,142)
Outstanding end of the period (in shares)	2,903,167	4,353,167
Exercisable at end of the period (in shares)	2,777,620
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)	21.23
Exercised (in dollars per share)	13.72
Outstanding end of the period (in dollars per share)	14.48	$ 14.32
Exercisable at the end of the period (in dollars per share)	$ 14.28
Outstanding, weighted-average remaining contractual term (years)	4 years 8 months 12 days	5 years 7 months 6 days
Exercisable, weighted-average remaining contractual term (years)	4 years 7 months 6 days
Outstanding, aggregate intrinsic value	$ 223,941	$ 120,714
Exercisable, aggregate intrinsic value	214,810
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options exercised intrinsic value	55,800	75,600	$ 27,500
Options vested in period fair value	3,500	$ 5,800	$ 12,400
Options unrecognized compensation expense	$ 700
Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options unrecognized compensation expense, period for recognition (years)	7 months 6 days
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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period, fair value	$ 27.7	$ 8.8	$ 7.7
Number of Shares (in shares)
Unvested at beginning of period (in shares)	3,039,020
Granted (in shares)	1,017,914
Forfeited (in shares)	(330,025)
Vested (in shares)	(822,293)
Unvested at end of period (in shares)	2,904,616	3,039,020
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)	45.46
Forfeited (in dollars per share)	39.14
Vested (in dollars per share)	33.68
Unvested at end of period (in dollars per share)	$ 35.72	$ 31.39
Number of vested shares recipient elected to defer settlement (in shares)	87,037
Number of shares elected to defer settlement, released from deferral (in shares)	60,635
Number of deferred shares vested and outstanding (in shares)	563,604
Unrecognized compensation expense	$ 56.0
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 - Assumptions (Details) - Employee Stock Purchase Plan	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Weighted-Average Assumptions
Expected term (in years)	6 months	6 months	6 months
Risk-free interest rate, min (as percent)	0.20%	1.90%	1.80%
Risk-free interest rate, max (as percent)	1.50%	2.60%	2.40%
Expected volatility, min (as percent)	40.60%	35.00%	22.20%
Expected volatility, max (as percent)	61.00%	49.00%	36.40%

Stock-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total proceeds (in thousands)	$ 7,227,000	$ 4,922,000	$ 3,216,000
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	186,855	188,390	179,377
Weighted average purchase price (in dollars per share)	$ 38.68	$ 26.13	$ 17.93
Total proceeds (in thousands)	$ 7,227,000	$ 4,922,000	$ 3,216,000
Unrecognized compensation expense	$ 124,398
Unrecognized compensation expense, period for recognition (years)	14 days

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of the period	$ 54,202	$ (9,740)	$ (16,934)
Other comprehensive income (loss)	(57)	189	26
End of the period	64,277	54,202	(9,740)
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of the period	287	98	72
Other comprehensive income (loss)	(57)	189	26
End of the period	230	287	98
Accumulated translation adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of the period	178	165	139
Other comprehensive income (loss)	(137)	13	26
End of the period	41	178	165
Accumulated unrealized holding gains (losses) on available-for-sale securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of the period	109	(67)	(67)
Other comprehensive income (loss)	80	176	0
End of the period	$ 189	$ 109	$ (67)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Geographic Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Concentration Risk [Line Items]
Total revenue	$ 93,834	$ 88,099	$ 83,860	$ 85,801	$ 80,265	$ 74,179	$ 73,484	$ 69,963	$ 351,594	$ 297,891	$ 244,344
Subscription and support
Concentration Risk [Line Items]
Total revenue	$ 80,970	$ 75,850	$ 70,696	$ 68,361	$ 66,148	$ 63,022	$ 60,472	$ 56,123	295,877	245,765	200,392
XBRL professional services
Concentration Risk [Line Items]
Total revenue									38,032	38,734
Americas \| Subscription and support
Concentration Risk [Line Items]
Total revenue									273,574	233,653	192,596
Americas \| XBRL professional services
Concentration Risk [Line Items]
Total revenue									51,142	49,323	41,238
Other \| Subscription and support
Concentration Risk [Line Items]
Total revenue									22,303	12,112	7,796
Other \| XBRL professional services
Concentration Risk [Line Items]
Total revenue									$ 4,575	$ 2,803	$ 2,714
Revenue From Contract With Customer, Americas Revenue \| Geographic concentration risk \| United States
Concentration Risk [Line Items]
Concentration risk percentage									94.00%	95.00%	94.00%

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenue	$ 93,834	$ 88,099	$ 83,860	$ 85,801	$ 80,265	$ 74,179	$ 73,484	$ 69,963	$ 351,594	$ 297,891	$ 244,344
Subscription and support
Disaggregation of Revenue [Line Items]
Total revenue	$ 80,970	$ 75,850	$ 70,696	$ 68,361	$ 66,148	$ 63,022	$ 60,472	$ 56,123	295,877	245,765	$ 200,392
XBRL professional services
Disaggregation of Revenue [Line Items]
Total revenue									38,032	38,734
Other services
Disaggregation of Revenue [Line Items]
Total revenue									17,685	13,392
Information technology
Disaggregation of Revenue [Line Items]
Total revenue									46,958	39,417
Diversified financials
Disaggregation of Revenue [Line Items]
Total revenue									42,683	33,783
Consumer discretionary
Disaggregation of Revenue [Line Items]
Total revenue									38,741	33,658
Industrials
Disaggregation of Revenue [Line Items]
Total revenue									37,633	33,281
Healthcare
Disaggregation of Revenue [Line Items]
Total revenue									35,471	28,100
Banks
Disaggregation of Revenue [Line Items]
Total revenue									35,084	28,788
Insurance
Disaggregation of Revenue [Line Items]
Total revenue									23,773	18,608
Energy
Disaggregation of Revenue [Line Items]
Total revenue									23,618	22,551
Real estate
Disaggregation of Revenue [Line Items]
Total revenue									15,893	16,134
Utilities
Disaggregation of Revenue [Line Items]
Total revenue									14,740	13,209
Materials
Disaggregation of Revenue [Line Items]
Total revenue									14,641	12,239
Other
Disaggregation of Revenue [Line Items]
Total revenue									$ 22,359	$ 18,123

Revenue Recognition - Deferred Revenue and Transaction Price Allocated to the Remaining Performance Obligations (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized	$ 172.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	402.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 247.8
Expected period of recognition	12 months

Income Taxes - Income Before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
United States									$ (50,193)	$ (46,580)	$ (50,268)
Foreign									1,504	(760)	444
Loss before (benefit) provision for income taxes	$ (8,655)	$ (10,288)	$ (19,617)	$ (10,129)	$ (16,103)	$ (15,795)	$ (8,161)	$ (7,281)	$ (48,689)	$ (47,340)	$ (49,824)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-Subparagraph (c)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Components of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current
State									$ 120	$ 59	$ 48
Foreign									(148)	252	203
Total Current									(28)	311	251
Deferred
Federal									0	(65)	(8)
Foreign									(263)	(107)	4
Total Deferred									(263)	(172)	(4)
Total income tax provision	$ (642)	$ 67	$ (5)	$ 289	$ 38	$ 98	$ (8)	$ 11	$ (291)	$ 139	$ 247

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal income tax benefit	$ 0	$ 65	$ 8

Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal statutory rate									21.00%	21.00%	21.00%
Tax benefit at federal statutory rate									$ (10,225)	$ (9,941)	$ (10,463)
State taxes, net of federal benefit									(3,394)	(4,985)	(2,587)
Revaluation of deferred tax items due to tax rate change (state)									(404)	0	0
Section 162(m) limitations									6,682	2,944	1,625
Stock-based compensation									(12,665)	(14,728)	(2,327)
Nondeductible permanent items									2,001	1,103	2,815
Tax benefit of federal R&D credit									(3,509)	(3,141)	(3,289)
Valuation allowance									21,981	29,068	14,044
Other									(758)	(181)	429
Total income tax provision	$ (642)	$ 67	$ (5)	$ 289	$ 38	$ 98	$ (8)	$ 11	$ (291)	$ 139	$ 247

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Property and equipment	$ 2,636	$ 2,534
Accruals and reserves	173	164
Lease liability	9,984	10,833
Compensation and benefits	19,035	16,391
Deferred revenue	11,753	5,973
Net operating loss and credits	91,300	78,983
Interest expense	2,521	1,131
Other	347	338
Total deferred tax assets	137,749	116,347
Valuation allowance	(111,402)	(89,422)
Total deferred tax assets	26,347	26,925
Deferred tax liabilities:
Property and equipment	(10)	0
Right-of-use asset	(8,772)	(9,396)
Convertible Notes	(13,076)	(14,598)
Other deferred tax liabilities	(4,122)	(2,822)
Deferred tax liabilities	(25,980)	(26,816)
Total	$ 367	$ 109

Income Taxes - Operating Loss Carryforwards (Details) $ in Millions	Dec. 31, 2020 USD ($)
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 283.0
State Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	214.8
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 1.8

Income Taxes - Tax Credit Carryforwards (Details) $ in Millions	Dec. 31, 2020 USD ($)
Domestic Tax Authority
Tax Credit Carryforward [Line Items]
Tax credit carryforward	$ 16.4
State Tax Authority
Tax Credit Carryforward [Line Items]
Tax credit carryforward	$ 2.9

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits-beginning of period	$ 178	$ 182	$ 191
Foreign currency adjustments	17
Foreign currency adjustments		(4)	(9)
Unrecognized tax benefits-end of period	195	178	182
Interest and penalties	$ 0	$ 0	$ 0

Net Loss Per Share - Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Denominator
Weighted-average common shares outstanding - basic and diluted (in shares)	49,222,465	48,840,131	48,171,552	47,545,703	47,058,209	46,731,663	46,166,660	45,229,279	48,448,166	46,302,656	43,640,408
Basic and diluted net loss per share (in dollars per share)	$ (0.16)	$ (0.21)	$ (0.41)	$ (0.22)	$ (0.34)	$ (0.34)	$ (0.18)	$ (0.16)	$ (1.00)	$ (1.03)	$ (1.15)
Class A Common Stock
Numerator
Net loss									$ (39,966)	$ (38,135)	$ (38,733)
Denominator
Weighted-average common shares outstanding - basic and diluted (in shares)									40,007,839	37,190,224	33,758,623
Basic and diluted net loss per share (in dollars per share)									$ (1.00)	$ (1.03)	$ (1.15)
Class B Common Stock
Numerator
Net loss									$ (8,432)	$ (9,344)	$ (11,338)
Denominator
Weighted-average common shares outstanding - basic and diluted (in shares)									8,440,327	9,112,432	9,881,785
Basic and diluted net loss per share (in dollars per share)									$ (1.00)	$ (1.03)	$ (1.15)

- 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
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

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+ Details

Net Loss Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Aug. 31, 2019
1.125% Convertible Senior Notes, Due 2026 \| Convertible debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion price (in dollars per share)				$ 80.16
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)	2,903,167	4,353,167	6,400,175
Shares subject to unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,904,616	3,039,020	2,359,261
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)	94,390	76,466	105,583
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

Unaudited Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue
Total revenue	$ 93,834	$ 88,099	$ 83,860	$ 85,801	$ 80,265	$ 74,179	$ 73,484	$ 69,963	$ 351,594	$ 297,891	$ 244,344
Cost of revenue
Total cost of revenue	23,651	21,886	22,244	22,396	23,048	21,751	20,677	19,536	90,177	85,012	65,860
Gross profit	70,183	66,213	61,616	63,405	57,217	52,428	52,807	50,427	261,417	212,879	178,484
Operating expenses
Research and development	24,386	23,956	23,508	22,994	23,216	22,899	21,795	22,011	94,844	89,921	81,602
Sales and marketing	37,813	35,487	35,270	36,117	33,732	32,990	28,213	25,365	144,687	120,300	90,337
General and administrative	13,124	13,642	19,553	13,369	14,675	11,938	11,147	10,304	59,688	48,064	56,333
Total operating expenses	75,323	73,085	78,331	72,480	71,623	67,827	61,155	57,680	299,219	258,285	228,272
Loss from operations	(5,140)	(6,872)	(16,715)	(9,075)	(14,406)	(15,399)	(8,348)	(7,253)	(37,802)	(45,406)	(49,788)
Interest income	450	471	655	1,706	2,064	1,460	641	492	3,282	4,657	1,278
Interest expense	(3,497)	(3,500)	(3,489)	(3,478)	(3,456)	(1,880)	(343)	(348)	(13,964)	(6,027)	(1,827)
Other (expense) income, net	(468)	(387)	(68)	718	(305)	24	(111)	(172)	(205)	(564)	513
Loss before (benefit) provision for income taxes	(8,655)	(10,288)	(19,617)	(10,129)	(16,103)	(15,795)	(8,161)	(7,281)	(48,689)	(47,340)	(49,824)
Provision (benefit) for income taxes	(642)	67	(5)	289	38	98	(8)	11	(291)	139	247
Net loss	$ (8,013)	$ (10,355)	$ (19,612)	$ (10,418)	$ (16,141)	$ (15,893)	$ (8,153)	$ (7,292)	$ (48,398)	$ (47,479)	$ (50,071)
Basic and diluted (in dollars per share)	$ (0.16)	$ (0.21)	$ (0.41)	$ (0.22)	$ (0.34)	$ (0.34)	$ (0.18)	$ (0.16)	$ (1.00)	$ (1.03)	$ (1.15)
Weighted-average common shares outstanding - basic and diluted (in shares)	49,222,465	48,840,131	48,171,552	47,545,703	47,058,209	46,731,663	46,166,660	45,229,279	48,448,166	46,302,656	43,640,408
Decrease in interest expense	$ (3,497)	$ (3,500)	$ (3,489)	$ (3,478)	$ (3,456)	$ (1,880)	$ (343)	$ (348)	$ (13,964)	$ (6,027)	$ (1,827)
Decrease in general and administrative expense	(13,124)	(13,642)	(19,553)	(13,369)	(14,675)	(11,938)	(11,147)	(10,304)	(59,688)	(48,064)	(56,333)
Adjustments
Operating expenses
General and administrative		(80)	(80)	(80)	(80)	(80)	(80)	(80)		(316)
Interest expense		72	74	76	78	79	90	92		339
Net loss										655
Decrease in interest expense		72	74	76	78	79	90	92		339
Decrease in general and administrative expense		80	80	80	80	80	80	80		316
Subscription and support
Revenue
Total revenue	80,970	75,850	70,696	68,361	66,148	63,022	60,472	56,123	295,877	245,765	200,392
Cost of revenue
Total cost of revenue	13,239	12,013	12,098	12,153	11,946	10,924	10,202	9,809	49,503	42,881	34,215
Professional services
Revenue
Total revenue	12,864	12,249	13,164	17,440	14,117	11,157	13,012	13,840	55,717	52,126	43,952
Cost of revenue
Total cost of revenue	$ 10,412	$ 9,873	10,146	$ 10,243	$ 11,102	$ 10,827	$ 10,475	$ 9,727	$ 40,674	$ 42,131	$ 31,645
Executive Officer \| General and administrative
Operating expenses
Severance costs			1,200
Compensation expense			$ 4,800