0001445305-22-000041 | 10-K | XBRL Viewer

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 300,386	$ 322,831
Marketable securities	230,060	207,207
Accounts receivable, net of allowance for doubtful accounts of $591 and $717 at December 31, 2021 and 2020, respectively	76,848	68,922
Deferred costs	31,152	21,923
Other receivables	3,538	3,155
Prepaid expenses and other	15,108	9,047
Total current assets	657,092	633,085
Property and equipment, net	28,821	29,365
Operating lease right-of-use assets	17,760	15,844
Deferred costs, non-current	33,091	23,421
Goodwill	34,556	0
Intangible assets, net	10,434	1,583
Other assets	5,005	3,708
Total assets	786,759	707,006
Current liabilities
Accounts payable	4,114	2,843
Accrued expenses and other current liabilities	84,126	68,256
Deferred revenue	258,023	208,990
Convertible senior notes, current	298,661	0
Finance lease obligations	1,575	1,705
Total current liabilities	646,499	281,794
Convertible senior notes, non-current	0	289,490
Deferred revenue, non-current	34,181	35,894
Other long-term liabilities	1,605	1,680
Operating lease liabilities, non-current	16,408	17,209
Finance lease obligations, non-current	15,087	16,662
Total liabilities	713,780	642,729
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	525,646	478,698
Accumulated deficit	(452,430)	(414,700)
Accumulated other comprehensive (loss) income	(288)	230
Total stockholders’ equity	72,979	64,277
Total liabilities and stockholders’ equity	786,759	707,006
Class A Common Stock
Stockholders’ equity
Common stock	47	41
Class B Common Stock
Stockholders’ equity
Common stock	$ 4	$ 8

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Allowance for doubtful accounts	$ 591	$ 717
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	47,293,775	40,719,189
Common stock, shares outstanding	47,293,775	40,719,189
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	4,150,583	8,069,610
Common stock, shares outstanding	4,150,583	8,069,610

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue
Total revenue	$ 443,285	$ 351,594	$ 297,891
Cost of revenue
Total cost of revenue	103,833	90,177	85,012
Gross profit	339,452	261,417	212,879
Operating expenses
Research and development	115,735	94,844	89,921
Sales and marketing	178,785	144,687	120,300
General and administrative	74,287	59,688	48,064
Total operating expenses	368,807	299,219	258,285
Loss from operations	(29,355)	(37,802)	(45,406)
Interest income	1,041	3,282	4,657
Interest expense	(14,015)	(13,964)	(6,027)
Other income and (expense), net	3,229	(205)	(564)
Loss before (benefit) provision for income taxes	(39,100)	(48,689)	(47,340)
(Benefit) Provision for income taxes	(1,370)	(291)	139
Net loss	$ (37,730)	$ (48,398)	$ (47,479)
Earnings Per Share [Abstract]
Basic (in dollars per share)	$ (0.74)	$ (1.00)	$ (1.03)
Diluted (in dollars per share)	$ (0.74)	$ (1.00)	$ (1.03)
Weighted-average common shares outstanding - basic (in shares)	51,126,510	48,448,166	46,302,656
Weighted-average common shares outstanding - diluted (in shares)	51,126,510	48,448,166	46,302,656
Subscription and support
Revenue
Total revenue	$ 379,340	$ 295,877	$ 245,765
Cost of revenue
Total cost of revenue	60,551	49,503	42,881
Professional services
Revenue
Total revenue	63,945	55,717	52,126
Cost of revenue
Total cost of revenue	$ 43,282	$ 40,674	$ 42,131

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (37,730)	$ (48,398)	$ (47,479)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment, net of income tax expense	266	(137)	13
Unrealized (loss) gain on available-for-sale securities, net of income tax expense	(784)	80	176
Other comprehensive (loss) income, net of tax	(518)	(57)	189
Comprehensive loss	$ (38,248)	$ (48,455)	$ (47,290)

- 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, 2018			44,044,000
Beginning 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)			1,398,000
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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 48,633			48,633
Issuance of common stock upon exercise of stock options (in shares)	1,141,092		1,141,000
Issuance of common stock upon exercise of stock options	$ 16,600		$ 2	16,598
Issuance of common stock under employee stock purchase plan (in shares)			149,000
Issuance of common stock under employee stock purchase plan	8,861			8,861
Issuance of restricted stock units (in shares)			1,578,000
Tax withholdings related to net share settlements of stock-based compensation awards (in shares)			(213,000)
Tax withholdings related to net share settlements of stock-based compensation awards	(27,144)			(27,144)
Net loss	(37,730)					(37,730)
Other comprehensive income (loss)	(518)				(518)
Balance at the end of the period (in shares) at Dec. 31, 2021			51,444,000
End of the period at Dec. 31, 2021	$ 72,979		$ 51	$ 525,646	$ (288)	$ (452,430)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net loss	$ (37,730)	$ (48,398)	$ (47,479)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	5,244	4,296	3,844
Stock-based compensation expense	48,633	45,771	35,784
Recovery of doubtful accounts	(125)	(159)	(92)
Amortization of premiums and discounts on marketable securities, net	3,024	668	13
Amortization of debt discount and issuance costs	9,171	8,889	3,262
Gain on settlement of equity securities	(3,698)	0	0
Deferred income tax	(1,973)	0	(65)
Changes in assets and liabilities:
Accounts receivable	(7,683)	(8,028)	5,166
Deferred costs	(19,207)	(15,953)	(10,268)
Operating lease right-of-use asset	4,197	3,906	2,552
Other receivables	(391)	(680)	(1,250)
Prepaid expenses and other	(6,522)	(2,492)	(2,084)
Other assets	(1,222)	(215)	(1,860)
Accounts payable	972	(4,106)	2,153
Deferred revenue	47,419	37,479	32,039
Operating lease liability	(4,934)	(4,525)	(3,035)
Accrued expenses and other liabilities	14,669	16,790	12,238
Net cash provided by operating activities	49,844	33,243	30,918
Cash flows from investing activities
Purchase of property and equipment	(3,534)	(1,873)	(3,104)
Purchase of marketable securities	(170,070)	(175,926)	(112,565)
Maturities of marketable securities	143,159	62,922	26,840
Sale of marketable securities	250	11,423	498
Acquisitions, net of cash acquired	(37,467)	0	0
Purchase of intangible assets	(219)	(296)	(734)
Other investments	(750)	0	(1,000)
Net cash used in investing activities	(68,631)	(103,750)	(90,065)
Cash flows from financing activities
Proceeds from option exercises	16,600	19,189	24,152
Taxes paid related to net share settlements of stock-based compensation awards	(27,144)	(13,657)	(390)
Proceeds from shares issued in connection with employee stock purchase plan	8,861	7,227	4,922
Proceeds from the issuance of convertible senior notes, net of issuance costs	0	0	335,899
Principal payments on finance lease obligations	(1,705)	(1,641)	(1,565)
Net cash (used in) provided by financing activities	(3,388)	11,118	363,018
Effect of foreign exchange rates on cash	(270)	478	287
Net (decrease) increase in cash and cash equivalents	(22,445)	(58,911)	304,158
Cash and cash equivalents at beginning of year	322,831	381,742	77,584
Cash and cash equivalents at end of year	300,386	322,831	381,742
Supplemental cash flow disclosure
Cash paid for interest	4,837	5,067	1,340
Cash paid for income taxes, net of refunds	(41)	679	371
Supplemental disclosure of noncash investing and financing activities
Allowance for tenant improvements	0	149	270
Purchases of property and equipment, accrued but not paid	$ 350	$ 263	$ 144

Organization and Significant Accounting Policies	12 Months Ended
Organization and Significant Accounting Policies	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Significant Accounting Policies	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. 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 cash bonus payments 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, goodwill, 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 years ended December 31, 2021 and 2020. There was no impairment charge for any unrealized losses in 2019. 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, 2021 or 2020. 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 related to property and equipment totaled $4.1 million, $3.8 million and $3.4 million for the years ended December 31, 2021, 2020 and 2019, 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 Financial Accounting Standards Board (“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 $5.6 million, $3.8 million and $3.4 million for the years ended December 31, 2021, 2020 and 2019, 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. Acquisitions When we acquire a business, the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statement of operations. Goodwill Goodwill represents the cost in excess of the fair value of the net assets acquired in a business combination. Goodwill is tested for impairment at the reporting unit level on an annual basis and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We perform our annual goodwill impairment test as of October 1. For the year ended December 31, 2021, we determined there were no events or circumstances which indicated that the carrying value of a reporting unit exceeded the fair value. Intangible Assets Intangible assets consist of patents and intangible assets acquired in a business combination or asset acquisition, primarily technology, customer-related assets, and trade names. Patents are recorded at cost to obtain and amortized over the useful lives. Certain patents are in the legal application process and therefore are not currently being amortized. Intangible assets acquired in a business combination or an asset acquisition are recorded at fair value on the date of acquisition and amortized over their estimated useful lives. 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. There were no impairment losses related to long-lived assets in any of the periods presented. 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 shares to be issued pursuant to our Employee Stock Purchase Plan (“ESPP”). 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. We account for the effects of Global Intangible Low-Taxed Income 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, Income Taxes, 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 (benefit) provision for income taxes line in the accompanying consolidated statements of operations. Interest and penalties were not significant during the years ended December 31, 2021, 2020 and 2019. Accrued interest and penalties are included on the accrued expenses and other current liabilities 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 In December 2019, the FASB issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which was issued to simplify the accounting for income taxes by removing certain exceptions for recognizing deferred taxes, performing intraperiod allocation, and calculating income taxes in interim periods. Further, ASU 2019-12 adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax basis goodwill and allocating taxes to members of a consolidated group. The standard became effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. Effective January 1, 2021, 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 October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which amends the accounting related to contract assets and liabilities acquired in business combinations. This ASU requires that entities recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers. This update is effective for fiscal years beginning after December 15, 2022. We intend to adopt this standard on January 1, 2022 and do not expect the adoption of this update to 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. Under ASU 2020-06, embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, or that do not result in substantial premiums accounted for as paid-in capital. The convertible debt instruments will be accounted for as a single liability measured at amortized cost. This will also result in the interest expense recognized for convertible debt instruments to be closer to the coupon interest rate. The new guidance also requires the if-converted method to be applied for all convertible instruments when calculating earnings per share. The new standard is effective for interim and annual periods beginning after December 15, 2021 and can be adopted on either a modified retrospective or full retrospective basis. We will adopt this standard on January 1, 2022 using the modified retrospective method. Adoption of the new standard is expected to result in a decrease to accumulated deficit of approximately $18 million, a decrease to additional paid-in capital of approximately $58 million, and an increase to convertible senior notes, current of approximately $40 million on the consolidated balance sheet.

Cash Equivalents and Marketable Securities

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Marketable Securities

Cash Equivalents and Marketable SecuritiesAt December 31, 2021, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	259,754	$	—	$	—	$	259,754
Commercial paper	10,479		—		—		10,479
U.S. treasury debt securities	54,809		2		(206)		54,605
Corporate debt securities	161,792		3		(334)		161,461
Foreign government debt securities	5,014		1		—		5,015
	$	491,848	$	6	$	(540)	$	491,314
Included in cash and cash equivalents	$	261,254	$	—	$	—	$	261,254
Included in marketable securities	$	230,594	$	6	$	(540)	$	230,060

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

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


	As of December 31, 2021
Due within one year	$	138,637
Due in one to two years	91,423
Due in three to five years	—
	$	230,060

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, 2021, 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, 2021
	Less than 12 months				12 months or greater
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. treasury debt securities	$	46,553	$	(206)	$	—	$	—
Corporate debt securities	156,588		(334)		—		—
Total	$	203,141	$	(540)	$	—	$	—

We do not believe the unrealized losses represent credit losses based on our evaluation of available evidence as of December 31, 2021, 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, 2021

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, 2021 and 2020 consisted of (in thousands):


	As of December 31,
	2021		2020
Building under finance lease	$	21,574	$	21,574
Computers, equipment and software	10,495		7,995
Furniture and fixtures	8,373		8,284
Vehicles	97		97
Leasehold improvements	7,907		7,755
Construction in process	361		93
	48,807		45,798
Less: accumulated depreciation and amortization	(19,986)		(16,433)
	$	28,821	$	29,365

Accumulated amortization related to finance leases was $2.7 million and $1.8 million as of December 31, 2021 and 2020, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities as of December 31, 2021 and 2020 consisted of (in thousands):


	As of December 31,
	2021		2020
Accrued vacation	$	11,221	$	10,294
Accrued commissions	11,122		12,678
Accrued bonuses	8,292		6,573
Accrued payroll	4,494		2,631
Estimated health insurance claims	1,814		1,224
Accrued interest	1,455		1,455
ESPP employee contributions	5,349		4,269
Customer deposits	26,517		18,283
Operating lease liabilities	6,008		4,541
Accrued other liabilities	7,854		6,308
	$	84,126	$	68,256

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

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, 2021 and 2020, all of our marketable securities were valued using quoted prices for comparable instruments in active markets and are classified as Level 2.

Based on our valuation of our money market funds and marketable securities, we concluded that they are classified in either Level 1 or Level 2. 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, 2021						Fair Value Measurements as of December 31, 2020
Description	Total		Level 1		Level 2		Total		Level 1		Level 2
Money market funds	$	259,754	$	259,754	$	—	$	265,578	$	265,578	$	—
Commercial paper	10,479		—		10,479		21,489		—		21,489
U.S. treasury debt securities	54,605		—		54,605		51,809		—		51,809
Corporate debt securities	161,461		—		161,461		147,882		—		147,882
Foreign government debt securities	5,015		—		5,015		1,027		—		1,027
	$	491,314	$	259,754	$	231,560	$	487,785	$	265,578	$	222,207

Included in cash and cash equivalents	$	261,254					$	280,578
Included in marketable securities	$	230,060					$	207,207

We completed acquisitions during the year ended December 31, 2021. The values of the net assets acquired and any resulting goodwill were recorded at fair value using Level 3 inputs. The majority of the related current assets acquired and liabilities assumed were recorded at their carrying values as of the date of acquisition, as their carrying values approximated their fair values due to their short-term nature. The fair values of goodwill and definite-lived intangible assets acquired in the acquisition was externally estimated primarily based on the income approach. The income approach estimates fair value

based on the present value of the cash flows that the assets are expected to generate in the future. We developed internal estimates for the expected cash flows and discount rates used in the present value calculations.

Convertible Senior Notes

As of December 31, 2021, the fair value of our convertible senior notes was $614.7 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, 2021

Revenue from Contract with Customer [Abstract]

Deferred Costs

Deferred CostsDeferred costs, which primarily consist of costs to obtain contracts with customers, were $64.2 million and $45.3 million for the years ended December 31, 2021 and 2020, respectively. Amortization expense for the deferred costs was $34.1 million and $21.0 million for the years ended December 31, 2021 and 2020, 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,
	2021		2020		2019
Information technology	$	47,697	$	34,878	$	30,798
Diversified financials	57,470		44,326		34,614
Consumer discretionary	41,826		34,029		29,147
Industrials	59,797		46,764		39,210
Healthcare	39,394		30,676		24,764
Banks	46,702		39,630		33,573
Insurance	27,206		21,993		18,047
Energy	21,093		18,380		18,113
Real estate	21,042		18,070		16,572
Utilities	21,319		13,561		12,231
Materials	19,357		16,321		14,761
Public administration	13,719		11,433		6,974
Consumer staples	13,146		10,683		9,570
Other	13,517		10,850		9,517
Total revenues	$	443,285	$	351,594	$	297,891

Revenues by industry are derived from leading software providers. In 2021 we refined our policy surrounding customer industry categorization and accordingly the prior year amounts have been updated to reflect these refinements.

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


	For the year ended December 31,
	2021		2020		2019
Subscription and support	$	379,340	$	295,877	$	245,765
XBRL professional services	44,763		38,032		38,734
Other services	19,182		17,685		13,392
Total revenues	$	443,285	$	351,594	$	297,891

Deferred Revenue

During the year ended December 31, 2021, we recognized $239.3 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, 2021, revenue of approximately $576.2 million is expected to be recognized from remaining performance obligations for subscription contracts. We expect to recognize approximately $336.0 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=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-Paragraph 13
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2021
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 $13.7 million in fiscal year 2022, $13.5 million in fiscal year 2023, and $11.1 million in fiscal year 2024. 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, 2021

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,
	2021		2020		2019
Operating lease cost	$	4,750	$	4,475	$	3,544
Finance lease cost:
Amortization of right-of-use assets	880		922		926
Interest on lease obligations	956		1,197		1,306
Short-term lease cost	1,667		1,727		1,324
Variable lease cost	1,163		1,214		923
	$	9,416	$	9,535	$	8,023

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


	Year ended December 31,
	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,028	$	5,350	$	4,018
Finance cash flows from finance leases	1,705		1,641		1,565
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	6,299	$	4,121	$	2,207
Finance leases	—		—		—

Other supplemental information related to leases was as follows:


	As of December 31,
	2021		2020		2019
Weighted Average Remaining Lease Term (in years)
Operating leases	5.7		6.5		7.6
Finance leases	21.4		22.4		23.4
Weighted Average Discount Rate
Operating leases	4.9	%	5.5	%	5.7	%
Finance leases	5.5	%	5.5	%	6.0	%

As of December 31, 2021, the aggregate annual lease obligations were as follows (in thousands):


	Operating Leases		Finance Leases
2022	$	6,946	$	2,436
2023	5,561		1,315
2024	4,247		1,315
2025	2,572		1,315
2026	1,536		1,315
Thereafter	5,439		18,661
Total lease obligations	26,301		26,357
Less: Amount representing interest	(3,885)		(9,695)
Net lease obligations	$	22,416	$	16,662

Leases

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


	Year ended December 31,
	2021		2020		2019
Operating lease cost	$	4,750	$	4,475	$	3,544
Finance lease cost:
Amortization of right-of-use assets	880		922		926
Interest on lease obligations	956		1,197		1,306
Short-term lease cost	1,667		1,727		1,324
Variable lease cost	1,163		1,214		923
	$	9,416	$	9,535	$	8,023

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


	Year ended December 31,
	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,028	$	5,350	$	4,018
Finance cash flows from finance leases	1,705		1,641		1,565
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	6,299	$	4,121	$	2,207
Finance leases	—		—		—

Other supplemental information related to leases was as follows:


	As of December 31,
	2021		2020		2019
Weighted Average Remaining Lease Term (in years)
Operating leases	5.7		6.5		7.6
Finance leases	21.4		22.4		23.4
Weighted Average Discount Rate
Operating leases	4.9	%	5.5	%	5.7	%
Finance leases	5.5	%	5.5	%	6.0	%

As of December 31, 2021, the aggregate annual lease obligations were as follows (in thousands):


	Operating Leases		Finance Leases
2022	$	6,946	$	2,436
2023	5,561		1,315
2024	4,247		1,315
2025	2,572		1,315
2026	1,536		1,315
Thereafter	5,439		18,661
Total lease obligations	26,301		26,357
Less: Amount representing interest	(3,885)		(9,695)
Net lease obligations	$	22,416	$	16,662

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

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.

Holders of the Notes may convert all or a portion of their Notes prior to the close of business on May 15, 2026, in multiples of $1,000 principal amount, 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 16, 2026, holders of the Notes may convert their Notes at any time until the close of business on the second scheduled trading day immediately preceding the maturity date of the Notes.

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.

The Company may redeem for cash all or any portion of the Notes, at its option, on or after August 21, 2023, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus any 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.

During the third and fourth quarters of 2021 one of the conversion conditions was met and the Notes are convertible at the option of the holders through March 31, 2022. Specifically, the last reported sale price of our Class A common stock exceeded 130% of the conversion price of the Notes for more than 20 trading days during the 30 consecutive trading days ended September 30, 2021 and December 31, 2021. As a result, the Notes are classified as current liabilities on the condensed consolidated balance sheet as of December 31, 2021. As of December 31, 2021, and through the date of this filing, we have not received any conversion requests for the Notes.

As of December 31, 2021 the if-converted value of the Notes exceeded the principal amount by $216.6 million.

As of December 31, 2021, the remaining life of the Notes is approximately 4.8 years.

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


	As of December 31,
	2021		2020
Liability component:
Principal	$	345,000	$	345,000
Unamortized discount	(41,193)		(49,346)
Unamortized issuance costs	(5,146)		(6,164)
Net carrying amount	$	298,661	$	289,490

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,
	2021		2020		2019
Contractual interest expense	$	3,881	$	3,880	$	1,444
Amortization of debt discount	8,153		7,901		2,900
Amortization of issuance costs	1,018		988		362
Total interest expense	$	13,052	$	12,769	$	4,706

Stockholders' Equity (Deficit)	12 Months Ended
Stockholders' Equity (Deficit)	Dec. 31, 2021
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.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation We grant stock-based incentive awards to attract, motivate and retain qualified employees, non-employee directors and consultants, and to align their financial interests with those of our stockholders. We utilize stock-based compensation in the form of restricted stock units, options to purchase Class A common stock and 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, 2021, 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. As of December 31, 2021, 1,180,086 shares of Class A common stock were available for grant under the 2014 Plan.

Our ESPP became effective on June 13, 2017. Under the ESPP, eligible employees are granted options to purchase shares of Class A common stock at the lower of 85% of the fair market value of the stock at the time of grant or 85% of the fair market value at the time of exercise. Options to purchase shares are granted twice yearly on or about 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, 2021, 4,296,514 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,
	2021		2020		2019
Cost of revenue
Subscription and support	$	2,868	$	1,709	$	1,554
Professional services	1,729		1,434		1,725
Operating expenses
Research and development	9,590		8,100		8,006
Sales and marketing	13,901		11,062		8,792
General and administrative	20,545		23,466		15,707
Total	$	48,633	$	45,771	$	35,784

Stock Options

The following table summarizes the option activity under the Plans for the year ended December 31, 2021:


	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding at December 31, 2020	2,903,167	$	14.48	4.7	$	223,941
Granted	—	—
Forfeited	(6,895)	19.29
Exercised	(1,141,092)	14.55
Outstanding at December 31, 2021	1,755,180	$	14.42	4.0	$	203,720

Exercisable at December 31, 2021	1,755,180	$	14.42	4.0	$	203,720

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, 2021, 2020 and 2019 was $123.4 million, $55.8 million and $75.6 million, respectively.

No options were granted during the years ended December 31, 2021, 2020 and 2019. The total fair value of options vested during the years ended December 31, 2021, 2020 and 2019 was approximately $0.9 million, $3.5 million and $5.8 million, respectively. As of December 31, 2021 there was no unrecognized compensation expense related to options.

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 2014 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, 2021, 2020, and 2019 was approximately $54.9 million, $27.7 million, and $8.8 million, respectively.

The following table summarizes the restricted stock unit activity under the Plan for the year ended December 31, 2021:


	Number of Shares	Weighted-Average Grant Date Fair Value

Unvested at December 31, 2020	2,904,616	$	35.72
Granted	916,634	109.64
Forfeited	(218,852)	64.36
Vested(1)	(1,710,699)	31.89
Unvested at December 31, 2021	1,891,699	$	73.04

(1) During the year ended December 31, 2021, in accordance with our Nonqualified Deferred Compensation Plan, recipients of 402,832 shares had elected to defer settlement of the vested restricted stock units and 270,567 were released from deferral. This resulted in total deferred units of 695,869 as of December 31, 2021.

Compensation expense associated with unvested restricted stock units is recognized on a straight-line basis over the vesting period. At December 31, 2021, there was approximately $100.6 million of total unrecognized compensation expense related to restricted stock units, which is expected to be recognized over a weighted-average period of 2.7 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,
	2021	2020	2019
ESPP
Expected term (in years)	0.5	0.5	0.5
Risk-free interest rate	0.1%	0.2% - 1.5%	1.9% - 2.6%
Expected volatility	41.8% - 45.0%	40.6% - 61.0%	35.0% - 49.0%

The following table summarizes the ESPP activity under the Plan for the years ended December 31, 2021, 2020 and 2019:


	For the year ended December 31,
	2021		2020		2019
Shares issued	148,864		186,855		188,390
Weighted-average purchase price	$	59.52	$	38.68	$	26.13
Total proceeds (in thousands)	$	8,861	$	7,227	$	4,922

Compensation expense associated with ESPP purchase rights is recognized on a straight-line basis over the vesting period. At December 31, 2021, there was approximately $129,438 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, 2021

Equity [Abstract]

Accumulated Other Comprehensive Income

The following table summarizes the activity of accumulated other comprehensive income during the years ended December 31, 2021, 2020 and 2019 (in thousands):


	Accumulated translation adjustment		Accumulated unrealized holding gains (losses) on available-for-sale securities		Accumulated other comprehensive income (loss)
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
Other comprehensive income (loss)	266		(784)		(518)
Balance at December 31, 2021	$	307	$	(595)	$	(288)

Acquisitions

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Mark V Systems Limited

On December 29, 2021, we acquired all of the stock in Mark V Systems Limited, the author of the only open source eXtensible Business Reporting Language validation engine, which ensures the continued accessibility of the open source validation engine. The acquisition was not material to the consolidated financial statements.

AuditNet, LLC

On December 10, 2021, we acquired all of the membership interests in AuditNet, LLC, a global audit content and services provider, which strengthens Workiva’s risk and assurance offerings. The acquisition was not material to the consolidated financial statements.

OneCloud, Inc.

On July 30, 2021, we acquired all of the equity interest in OneCloud, Inc. (“OneCloud”), an integration platform as a service (“iPaaS”) company, in order to extend our integration and data preparation capabilities, for $35.1 million, net of cash acquired of $1.5 million.

We previously held an investment in OneCloud which was accounted for as an investment in equity securities. Prior to performing purchase accounting we remeasured the previous ownership interest to fair value, increasing the value to $4.7 million, which resulted in a gain of $3.7 million recorded in other income (expense), net in the condensed consolidated statement of operations.

The transaction has been accounted for as a business combination and the purchase price has been preliminarily allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill. The goodwill recognized was primarily attributable to the assembled workforce and strategic benefits that are expected to be achieved and is not deductible for income tax purposes.

The following table presents a preliminary allocation of the purchase price to the assets acquired and liabilities assumed at the date of acquisition (in thousands):


Cash consideration	$	36,564
Previously held equity interest	4,698
Total consideration	$	41,262

Cash	$	1,497
Intangible assets	7,000
Goodwill	34,556
Other assets	548
Deferred revenue	(900)
Deferred tax liability	(1,265)
Other liabilities	(174)
Fair value of assets and liabilities	$	41,262

We incurred costs related to the acquisition of approximately $0.4 million during the year ended December 31, 2021. All acquisition related costs were expensed as incurred and have been recorded in general and administrative expenses in our condensed consolidated statements of operations.

The amount of revenues and net loss from the acquisition included in our consolidated statements of operations for the year ended December 31, 2021 were insignificant.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The changes in the carrying amount of goodwill were as follows (in thousands):


December 31, 2020	$	—
Acquisition and purchase accounting adjustment	34,556

December 31, 2021	$	34,556

Intangible Assets

The following table presents the components of net intangible assets (in thousands):


	December 31, 2021							December 31, 2020
	Weighted Average Useful Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired technology	4	$	7,920	$	(701)	$	7,219	$	—	$	—	$	—
Acquired customer-related	8.7	360		(14)		346		—		—		—
Acquired trade names	2	1,478		(21)		1,457		—		—		—
Patents	10	2,740		(1,328)		1,412		2,538		(955)		1,583
Total	5.2	$	12,498	$	(2,064)	$	10,434	$	2,538	$	(955)	$	1,583

Amortization expense related to intangible assets was $1.1 million, $0.4 million and $0.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, expected remaining amortization expense of intangible assets by fiscal year is as follows (in thousands):


2022	$	3,074
2023	2,962
2024	2,201
2025	1,473
2026	163
Thereafter	561
Total expected amortization expense	$	10,434

Geographic Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Geographic Information

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


	For the year ended December 31,
	2021		2020		2019
Subscription and support revenue
Americas	$	342,673	$	273,574	$	233,653
Other	36,666		22,303		12,112
Professional services revenue
Americas	58,312		51,142		49,323
Other	5,634		4,575		2,803
	$	443,285	$	351,594	$	297,891

Revenues by geography are generally based on the country of the customer as specified in our subscription order. Total Americas revenue attributed to the United States was approximately 93%, 94%, and 95% during each of the years ended December 31, 2021, 2020, and 2019, respectively. No other country represented more than 10% of total revenue during the years presented.

Our long-lived assets, which primarily consist of property and equipment and operating lease right-of-use assets, are attributed to a country based on the physical location of the assets. Aggregate long-lived assets by geographical region consisted of the following (in thousands):


	For the year ended December 31,
	2021		2020
United States	$	40,585	$	42,422
United Kingdom	4,437		69
Other	1,559		2,718
	$	46,581	$	45,209

- 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
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-Section 50
-Paragraph 31
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue Recognition

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
Information technology	$	47,697	$	34,878	$	30,798
Diversified financials	57,470		44,326		34,614
Consumer discretionary	41,826		34,029		29,147
Industrials	59,797		46,764		39,210
Healthcare	39,394		30,676		24,764
Banks	46,702		39,630		33,573
Insurance	27,206		21,993		18,047
Energy	21,093		18,380		18,113
Real estate	21,042		18,070		16,572
Utilities	21,319		13,561		12,231
Materials	19,357		16,321		14,761
Public administration	13,719		11,433		6,974
Consumer staples	13,146		10,683		9,570
Other	13,517		10,850		9,517
Total revenues	$	443,285	$	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,
	2021		2020		2019
Subscription and support	$	379,340	$	295,877	$	245,765
XBRL professional services	44,763		38,032		38,734
Other services	19,182		17,685		13,392
Total revenues	$	443,285	$	351,594	$	297,891

Deferred Revenue

During the year ended December 31, 2021, we recognized $239.3 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, 2021

Income Tax Disclosure [Abstract]

Income Taxes

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


	For the year ended December 31,
	2021		2020		2019
United States	$	(41,567)	$	(50,193)	$	(46,580)
Foreign	2,467		1,504		(760)
Total	$	(39,100)	$	(48,689)	$	(47,340)

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


	For the year ended December 31,
	2021		2020		2019
Current
Federal	$	—	$	—	$	—
State	98		120		59
Foreign	479		(148)		252
Total Current	$	577	$	(28)	$	311

Deferred
Federal	$	(1,252)	$	—	$	(65)
State	(374)		—		—
Foreign	(321)		(263)		(107)
Total Deferred	$	(1,947)	$	(263)	$	(172)

Total	$	(1,370)	$	(291)	$	139

During the years ended December 31, 2021, 2020 and 2019, we recorded a federal income tax benefit of $1,252,000, $0, and $65,000, respectively. The current year benefit was related to current year acquisitions. As the reversal of the acquired net deferred tax liabilities will be recognized on future tax returns, these provide an objective source of taxable income. Therefore, a corresponding portion of our valuation allowance has been released to reflect this availability, resulting in a federal and state tax benefit reflected in the table above. The prior year federal 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. Prior to the adoption of ASU 2019-12, intraperiod tax allocation rules required 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,
	2021			2020			2019
Federal statutory rate	21.0		%	21.0		%	21.0		%
Effect of:
Tax benefit at federal statutory rate	$	(8,211)		$	(10,225)		$	(9,941)
State taxes, net of federal benefit	(15,350)			(3,394)			(4,985)
Revaluation of deferred tax items due to tax rate change (state)	—			(404)			—
Section 162(m) limitations	9,008			6,682			2,944
Stock-based compensation	(49,020)			(12,665)			(14,728)
Nondeductible permanent items	1,422			2,001			1,103
Tax benefit of federal R&D credit	(3,694)			(3,509)			(3,141)
Valuation allowance	63,369			21,981			29,068
Other	1,106			(758)			(181)
Total income tax provision	$	(1,370)		$	(291)		$	139

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


	As of December 31,
	2021		2020
Deferred tax assets:
Property and equipment	$	2,770	$	2,636
Accruals and reserves	48		173
Lease liability	9,014		9,984
Compensation and benefits	15,266		19,035
Deferred revenue	21,709		11,753
Net operating loss and credits	150,448		91,300
Interest expense	4,035		2,521
Other	546		347
Total deferred tax assets	203,836		137,749
Valuation allowance	(174,771)		(111,402)
Total deferred tax assets	29,065		26,347
Deferred tax liabilities:
Property and equipment	(48)		(10)
Right-of-use asset	(8,275)		(8,772)
Convertible notes	(10,916)		(13,076)
Acquired intangibles	(2,022)		—
Deferred commissions	(6,761)		(3,900)
Other deferred tax liabilities	(321)		(222)
Deferred tax liabilities	(28,343)		(25,980)
Total	$	722	$	367

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, 2021. 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, 2021, because we believe it is more likely than not that these benefits will not be realized.

As of December 31, 2021, we have federal and state net operating loss carryforwards of approximately $481.8 million and $466.9 million, respectively, available to reduce any future taxable income. The federal net operating loss carryforwards will expire in varying amounts beginning in 2034. 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 $2.9 million that do not expire. We also have approximately $19.8 million of federal and $3.1 million of state tax credit carryforwards as of December 31, 2021. The federal credits will expire in varying amounts between the years 2034 and 2040. The state credits expire beginning in 2022. 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.

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, 2021, due to the availability of net operating losses.We are subject to taxation in the United States and various states and foreign jurisdictions. As of December 31, 2021, tax years for 2017 through 2020 are subject to examination by the tax authorities. Generally, as of December 31, 2021, we are no longer subject to federal, state, local or foreign examinations by tax authorities for years before 2017. 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

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+ Details

Net Loss Per Share

12 Months Ended

Dec. 31, 2021

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, 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 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, 2021				December 31, 2020				December 31, 2019
	Class A		Class B		Class A		Class B		Class A		Class B
Numerator
Net loss	$	(32,724)	$	(5,006)	$	(39,966)	$	(8,432)	$	(38,135)	$	(9,344)

Denominator
Weighted-average common shares outstanding - basic and diluted	44,343,177		6,783,333		40,007,839		8,440,327		37,190,224		9,112,432
Basic and diluted net loss per share	$	(0.74)	$	(0.74)	$	(1.00)	$	(1.00)	$	(1.03)	$	(1.03)

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,
	2021	2020	2019
Shares subject to outstanding common stock options	1,755,180	2,903,167	4,353,167
Shares subject to unvested restricted stock units	1,891,699	2,904,616	3,039,020
Shares issuable pursuant to the ESPP	53,877	94,390	76,466

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.

Organization and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
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, goodwill, 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 years ended December 31, 2021 and 2020. There was no impairment charge for any unrealized losses in 2019. 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 Financial Accounting Standards Board (“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.
Acquisitions	When we acquire a business, the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statement of operations.
Goodwill	Goodwill represents the cost in excess of the fair value of the net assets acquired in a business combination. Goodwill is tested for impairment at the reporting unit level on an annual basis and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We perform our annual goodwill impairment test as of October 1.
Intangible Assets	Intangible assets consist of patents and intangible assets acquired in a business combination or asset acquisition, primarily technology, customer-related assets, and trade names. Patents are recorded at cost to obtain and amortized over the useful lives. Certain patents are in the legal application process and therefore are not currently being amortized. Intangible assets acquired in a business combination or an asset acquisition are recorded at fair value on the date of acquisition and amortized over their estimated useful lives.
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 shares to be issued pursuant to our Employee Stock Purchase Plan (“ESPP”). 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. We account for the effects of Global Intangible Low-Taxed Income 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, Income Taxes, 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 (benefit) provision for income taxes line in the accompanying consolidated statements of operations. Interest and penalties were not significant during the years ended December 31, 2021, 2020 and 2019. Accrued interest and penalties are included on the accrued expenses and other current liabilities 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	In December 2019, the FASB issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which was issued to simplify the accounting for income taxes by removing certain exceptions for recognizing deferred taxes, performing intraperiod allocation, and calculating income taxes in interim periods. Further, ASU 2019-12 adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax basis goodwill and allocating taxes to members of a consolidated group. The standard became effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. Effective January 1, 2021, we adopted this standard. The adoption of this new standard did not have a material impact on our consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which amends the accounting related to contract assets and liabilities acquired in business combinations. This ASU requires that entities recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers. This update is effective for fiscal years beginning after December 15, 2022. We intend to adopt this standard on January 1, 2022 and do not expect the adoption of this update to 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. Under ASU 2020-06, embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, or that do not result in substantial premiums accounted for as paid-in capital. The convertible debt instruments will be accounted for as a single liability measured at amortized cost. This will also result in the interest expense recognized for convertible debt instruments to be closer to the coupon interest rate. The new guidance also requires the if-converted method to be applied for all convertible instruments when calculating earnings per share. The new standard is effective for interim and annual periods beginning after December 15, 2021 and can be adopted on either a modified retrospective or full retrospective basis. We will adopt this standard on January 1, 2022 using the modified retrospective method. Adoption of the new standard is expected to result in a decrease to accumulated deficit of approximately $18 million, a decrease to additional paid-in capital of approximately $58 million, and an increase to convertible senior notes, current of approximately $40 million on the consolidated balance sheet.

Cash Equivalents and Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities

At December 31, 2021, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	259,754	$	—	$	—	$	259,754
Commercial paper	10,479		—		—		10,479
U.S. treasury debt securities	54,809		2		(206)		54,605
Corporate debt securities	161,792		3		(334)		161,461
Foreign government debt securities	5,014		1		—		5,015
	$	491,848	$	6	$	(540)	$	491,314
Included in cash and cash equivalents	$	261,254	$	—	$	—	$	261,254
Included in marketable securities	$	230,594	$	6	$	(540)	$	230,060

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

Schedule of Cash and Cash Equivalents

At December 31, 2021, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	259,754	$	—	$	—	$	259,754
Commercial paper	10,479		—		—		10,479
U.S. treasury debt securities	54,809		2		(206)		54,605
Corporate debt securities	161,792		3		(334)		161,461
Foreign government debt securities	5,014		1		—		5,015
	$	491,848	$	6	$	(540)	$	491,314
Included in cash and cash equivalents	$	261,254	$	—	$	—	$	261,254
Included in marketable securities	$	230,594	$	6	$	(540)	$	230,060

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

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, 2021
Due within one year	$	138,637
Due in one to two years	91,423
Due in three to five years	—
	$	230,060

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


	As of December 31, 2021
	Less than 12 months				12 months or greater
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. treasury debt securities	$	46,553	$	(206)	$	—	$	—
Corporate debt securities	156,588		(334)		—		—
Total	$	203,141	$	(540)	$	—	$	—

Supplemental Consolidated Balance Sheet Information (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Property, Plant and Equipment

Property and equipment, net as of December 31, 2021 and 2020 consisted of (in thousands):


	As of December 31,
	2021		2020
Building under finance lease	$	21,574	$	21,574
Computers, equipment and software	10,495		7,995
Furniture and fixtures	8,373		8,284
Vehicles	97		97
Leasehold improvements	7,907		7,755
Construction in process	361		93
	48,807		45,798
Less: accumulated depreciation and amortization	(19,986)		(16,433)
	$	28,821	$	29,365

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities as of December 31, 2021 and 2020 consisted of (in thousands):


	As of December 31,
	2021		2020
Accrued vacation	$	11,221	$	10,294
Accrued commissions	11,122		12,678
Accrued bonuses	8,292		6,573
Accrued payroll	4,494		2,631
Estimated health insurance claims	1,814		1,224
Accrued interest	1,455		1,455
ESPP employee contributions	5,349		4,269
Customer deposits	26,517		18,283
Operating lease liabilities	6,008		4,541
Accrued other liabilities	7,854		6,308
	$	84,126	$	68,256

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021						Fair Value Measurements as of December 31, 2020
Description	Total		Level 1		Level 2		Total		Level 1		Level 2
Money market funds	$	259,754	$	259,754	$	—	$	265,578	$	265,578	$	—
Commercial paper	10,479		—		10,479		21,489		—		21,489
U.S. treasury debt securities	54,605		—		54,605		51,809		—		51,809
Corporate debt securities	161,461		—		161,461		147,882		—		147,882
Foreign government debt securities	5,015		—		5,015		1,027		—		1,027
	$	491,314	$	259,754	$	231,560	$	487,785	$	265,578	$	222,207

Included in cash and cash equivalents	$	261,254					$	280,578
Included in marketable securities	$	230,060					$	207,207

Leases (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
Operating lease cost	$	4,750	$	4,475	$	3,544
Finance lease cost:
Amortization of right-of-use assets	880		922		926
Interest on lease obligations	956		1,197		1,306
Short-term lease cost	1,667		1,727		1,324
Variable lease cost	1,163		1,214		923
	$	9,416	$	9,535	$	8,023

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


	Year ended December 31,
	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,028	$	5,350	$	4,018
Finance cash flows from finance leases	1,705		1,641		1,565
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	6,299	$	4,121	$	2,207
Finance leases	—		—		—

Other supplemental information related to leases was as follows:


	As of December 31,
	2021		2020		2019
Weighted Average Remaining Lease Term (in years)
Operating leases	5.7		6.5		7.6
Finance leases	21.4		22.4		23.4
Weighted Average Discount Rate
Operating leases	4.9	%	5.5	%	5.7	%
Finance leases	5.5	%	5.5	%	6.0	%

Summary of Future Estimated Minimum Operating Lease Payments

As of December 31, 2021, the aggregate annual lease obligations were as follows (in thousands):


	Operating Leases		Finance Leases
2022	$	6,946	$	2,436
2023	5,561		1,315
2024	4,247		1,315
2025	2,572		1,315
2026	1,536		1,315
Thereafter	5,439		18,661
Total lease obligations	26,301		26,357
Less: Amount representing interest	(3,885)		(9,695)
Net lease obligations	$	22,416	$	16,662

Schedule of Financing Obligation Payments

As of December 31, 2021, the aggregate annual lease obligations were as follows (in thousands):


	Operating Leases		Finance Leases
2022	$	6,946	$	2,436
2023	5,561		1,315
2024	4,247		1,315
2025	2,572		1,315
2026	1,536		1,315
Thereafter	5,439		18,661
Total lease obligations	26,301		26,357
Less: Amount representing interest	(3,885)		(9,695)
Net lease obligations	$	22,416	$	16,662

Debt (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020
Liability component:
Principal	$	345,000	$	345,000
Unamortized discount	(41,193)		(49,346)
Unamortized issuance costs	(5,146)		(6,164)
Net carrying amount	$	298,661	$	289,490

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,
	2021		2020		2019
Contractual interest expense	$	3,881	$	3,880	$	1,444
Amortization of debt discount	8,153		7,901		2,900
Amortization of issuance costs	1,018		988		362
Total interest expense	$	13,052	$	12,769	$	4,706

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
Cost of revenue
Subscription and support	$	2,868	$	1,709	$	1,554
Professional services	1,729		1,434		1,725
Operating expenses
Research and development	9,590		8,100		8,006
Sales and marketing	13,901		11,062		8,792
General and administrative	20,545		23,466		15,707
Total	$	48,633	$	45,771	$	35,784

Schedule of Stock-Option Activity

The following table summarizes the option activity under the Plans for the year ended December 31, 2021:


	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding at December 31, 2020	2,903,167	$	14.48	4.7	$	223,941
Granted	—	—
Forfeited	(6,895)	19.29
Exercised	(1,141,092)	14.55
Outstanding at December 31, 2021	1,755,180	$	14.42	4.0	$	203,720

Exercisable at December 31, 2021	1,755,180	$	14.42	4.0	$	203,720

Summary of Restricted Stock Units

The following table summarizes the restricted stock unit activity under the Plan for the year ended December 31, 2021:


	Number of Shares	Weighted-Average Grant Date Fair Value

Unvested at December 31, 2020	2,904,616	$	35.72
Granted	916,634	109.64
Forfeited	(218,852)	64.36
Vested(1)	(1,710,699)	31.89
Unvested at December 31, 2021	1,891,699	$	73.04

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,
	2021	2020	2019
ESPP
Expected term (in years)	0.5	0.5	0.5
Risk-free interest rate	0.1%	0.2% - 1.5%	1.9% - 2.6%
Expected volatility	41.8% - 45.0%	40.6% - 61.0%	35.0% - 49.0%

Schedule of Employee Stock Purchase Plan

The following table summarizes the ESPP activity under the Plan for the years ended December 31, 2021, 2020 and 2019:


	For the year ended December 31,
	2021		2020		2019
Shares issued	148,864		186,855		188,390
Weighted-average purchase price	$	59.52	$	38.68	$	26.13
Total proceeds (in thousands)	$	8,861	$	7,227	$	4,922

Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021, 2020 and 2019 (in thousands):


	Accumulated translation adjustment		Accumulated unrealized holding gains (losses) on available-for-sale securities		Accumulated other comprehensive income (loss)
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
Other comprehensive income (loss)	266		(784)		(518)
Balance at December 31, 2021	$	307	$	(595)	$	(288)

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Assets Acquired and Liabilities Assumed

The following table presents a preliminary allocation of the purchase price to the assets acquired and liabilities assumed at the date of acquisition (in thousands):


Cash consideration	$	36,564
Previously held equity interest	4,698
Total consideration	$	41,262

Cash	$	1,497
Intangible assets	7,000
Goodwill	34,556
Other assets	548
Deferred revenue	(900)
Deferred tax liability	(1,265)
Other liabilities	(174)
Fair value of assets and liabilities	$	41,262

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill

The changes in the carrying amount of goodwill were as follows (in thousands):


December 31, 2020	$	—
Acquisition and purchase accounting adjustment	34,556

December 31, 2021	$	34,556

Summary of Intangible Assets

The following table presents the components of net intangible assets (in thousands):


	December 31, 2021							December 31, 2020
	Weighted Average Useful Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired technology	4	$	7,920	$	(701)	$	7,219	$	—	$	—	$	—
Acquired customer-related	8.7	360		(14)		346		—		—		—
Acquired trade names	2	1,478		(21)		1,457		—		—		—
Patents	10	2,740		(1,328)		1,412		2,538		(955)		1,583
Total	5.2	$	12,498	$	(2,064)	$	10,434	$	2,538	$	(955)	$	1,583

Schedule of Expected Amortization Expense of Intangible Assets

As of December 31, 2021, expected remaining amortization expense of intangible assets by fiscal year is as follows (in thousands):


2022	$	3,074
2023	2,962
2024	2,201
2025	1,473
2026	163
Thereafter	561
Total expected amortization expense	$	10,434

Geographic Information (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
Subscription and support revenue
Americas	$	342,673	$	273,574	$	233,653
Other	36,666		22,303		12,112
Professional services revenue
Americas	58,312		51,142		49,323
Other	5,634		4,575		2,803
	$	443,285	$	351,594	$	297,891

Schedule of Long-lived Assets by Geographic Areas

Aggregate long-lived assets by geographical region consisted of the following (in thousands):


	For the year ended December 31,
	2021		2020
United States	$	40,585	$	42,422
United Kingdom	4,437		69
Other	1,559		2,718
	$	46,581	$	45,209

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
Information technology	$	47,697	$	34,878	$	30,798
Diversified financials	57,470		44,326		34,614
Consumer discretionary	41,826		34,029		29,147
Industrials	59,797		46,764		39,210
Healthcare	39,394		30,676		24,764
Banks	46,702		39,630		33,573
Insurance	27,206		21,993		18,047
Energy	21,093		18,380		18,113
Real estate	21,042		18,070		16,572
Utilities	21,319		13,561		12,231
Materials	19,357		16,321		14,761
Public administration	13,719		11,433		6,974
Consumer staples	13,146		10,683		9,570
Other	13,517		10,850		9,517
Total revenues	$	443,285	$	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,
	2021		2020		2019
Subscription and support	$	379,340	$	295,877	$	245,765
XBRL professional services	44,763		38,032		38,734
Other services	19,182		17,685		13,392
Total revenues	$	443,285	$	351,594	$	297,891

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
United States	$	(41,567)	$	(50,193)	$	(46,580)
Foreign	2,467		1,504		(760)
Total	$	(39,100)	$	(48,689)	$	(47,340)

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,
	2021		2020		2019
Current
Federal	$	—	$	—	$	—
State	98		120		59
Foreign	479		(148)		252
Total Current	$	577	$	(28)	$	311

Deferred
Federal	$	(1,252)	$	—	$	(65)
State	(374)		—		—
Foreign	(321)		(263)		(107)
Total Deferred	$	(1,947)	$	(263)	$	(172)

Total	$	(1,370)	$	(291)	$	139

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,
	2021			2020			2019
Federal statutory rate	21.0		%	21.0		%	21.0		%
Effect of:
Tax benefit at federal statutory rate	$	(8,211)		$	(10,225)		$	(9,941)
State taxes, net of federal benefit	(15,350)			(3,394)			(4,985)
Revaluation of deferred tax items due to tax rate change (state)	—			(404)			—
Section 162(m) limitations	9,008			6,682			2,944
Stock-based compensation	(49,020)			(12,665)			(14,728)
Nondeductible permanent items	1,422			2,001			1,103
Tax benefit of federal R&D credit	(3,694)			(3,509)			(3,141)
Valuation allowance	63,369			21,981			29,068
Other	1,106			(758)			(181)
Total income tax provision	$	(1,370)		$	(291)		$	139

Schedule of Deferred Tax Assets and Liabilities

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


	As of December 31,
	2021		2020
Deferred tax assets:
Property and equipment	$	2,770	$	2,636
Accruals and reserves	48		173
Lease liability	9,014		9,984
Compensation and benefits	15,266		19,035
Deferred revenue	21,709		11,753
Net operating loss and credits	150,448		91,300
Interest expense	4,035		2,521
Other	546		347
Total deferred tax assets	203,836		137,749
Valuation allowance	(174,771)		(111,402)
Total deferred tax assets	29,065		26,347
Deferred tax liabilities:
Property and equipment	(48)		(10)
Right-of-use asset	(8,275)		(8,772)
Convertible notes	(10,916)		(13,076)
Acquired intangibles	(2,022)		—
Deferred commissions	(6,761)		(3,900)
Other deferred tax liabilities	(321)		(222)
Deferred tax liabilities	(28,343)		(25,980)
Total	$	722	$	367

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021				December 31, 2020				December 31, 2019
	Class A		Class B		Class A		Class B		Class A		Class B
Numerator
Net loss	$	(32,724)	$	(5,006)	$	(39,966)	$	(8,432)	$	(38,135)	$	(9,344)

Denominator
Weighted-average common shares outstanding - basic and diluted	44,343,177		6,783,333		40,007,839		8,440,327		37,190,224		9,112,432
Basic and diluted net loss per share	$	(0.74)	$	(0.74)	$	(1.00)	$	(1.00)	$	(1.03)	$	(1.03)

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,
	2021	2020	2019
Shares subject to outstanding common stock options	1,755,180	2,903,167	4,353,167
Shares subject to unvested restricted stock units	1,891,699	2,904,616	3,039,020
Shares issuable pursuant to the ESPP	53,877	94,390	76,466

Organization and Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 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	$ 0
Impairment charges on debt securities			$ 0
Sales commissions amortization period	3 years
Impairment charges	$ 0	0	0
Interest and penalties	$ 0	$ 0	$ 0

Organization and Significant Accounting Policies - Property and Equipment, net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Depreciation	$ 4.1	$ 3.8	$ 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, 2021	Dec. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advertising expense	$ 5.6	$ 3.8	$ 3.4
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
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 - Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jan. 01, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity		$ 72,979	$ 64,277	$ 54,202	$ (9,740)
Convertible senior notes, current		298,661	0
Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate202006Member
Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity		(452,430)	(414,700)	(366,302)	(307,027)
Additional Paid-in-Capital
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity		$ 525,646	$ 478,698	$ 420,170	297,145
Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity					(11,796)
Adjustment \| Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Convertible senior notes, current	$ 40,000
Adjustment \| Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity					$ (11,796)
Adjustment \| Accumulated Deficit \| Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	18,000
Adjustment \| Additional Paid-in-Capital \| Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	$ (58,000)

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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+ Details

Cash Equivalents and Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 300,386	$ 322,831
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	230,594	206,960
Unrealized Gains	6	296
Unrealized Losses	(540)	(49)
Aggregate Fair Value	230,060	207,207
Cash and cash equivalents	300,386	322,831
Cash and cash equivalents and available-for-sale securities, amortized cost	491,848	487,538
Cash and cash equivalents and available-for-sale securities	491,314	487,785
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,479	21,489
Unrealized Gains	0	0
Unrealized Losses	0	0
Aggregate Fair Value	10,479	21,489
U.S. treasury debt securities
Debt Securities, Available-for-sale [Line Items]
Unrealized Gains	2	80
Unrealized Losses	(206)	(2)
Cash and cash equivalents and available-for-sale securities, amortized cost	54,809	51,731
Cash and cash equivalents and available-for-sale securities	54,605	51,809
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	161,792	147,715
Unrealized Gains	3	214
Unrealized Losses	(334)	(47)
Aggregate Fair Value	161,461	147,882
Foreign government debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,014	1,025
Unrealized Gains	1	2
Unrealized Losses	0	0
Aggregate Fair Value	5,015	1,027
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	259,754	265,578
Cash and cash equivalents, aggregate fair value	259,754	265,578
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	259,754	265,578
Cash and cash equivalents, aggregate fair value	259,754	265,578
Cash Equivalents
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	261,254	280,578
Cash and cash equivalents, aggregate fair value	261,254	280,578
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	261,254	280,578
Cash and cash equivalents, aggregate fair value	$ 261,254	$ 280,578

Cash Equivalents and Marketable Securities - Schedule of Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Due within one year	$ 138,637
Due in one to two years	91,423
Due in three to five years	0
Marketable securities	$ 230,060	$ 207,207

Cash Equivalents and Marketable Securities - Continuous Unrealized Loss Position (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Fair Value
Less than 12 months	$ 203,141
12 months or greater	0
Unrealized Loss
Less than 12 months	(540)
12 months or greater	0
U.S. treasury debt securities
Fair Value
Less than 12 months	46,553
12 months or greater	0
Unrealized Loss
Less than 12 months	(206)
12 months or greater	0
Corporate debt securities
Fair Value
Less than 12 months	156,588
12 months or greater	0
Unrealized Loss
Less than 12 months	(334)
12 months or greater	$ 0

Supplemental Consolidated Balance Sheet Information - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Building under finance lease	$ 21,574	$ 21,574
Property and equipment, gross	48,807	45,798
Less: accumulated depreciation and amortization	(19,986)	(16,433)
Property and equipment, net	28,821	29,365
Finance lease, accumulated amortization	2,700	1,800
Computers, equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	10,495	7,995
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,373	8,284
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	7,907	7,755
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 361	$ 93

Supplemental Consolidated Balance Sheet Information - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Liabilities and Other Liabilities [Abstract]
Accrued vacation	$ 11,221	$ 10,294
Accrued commissions	11,122	12,678
Accrued bonuses	8,292	6,573
Accrued payroll	4,494	2,631
Estimated health insurance claims	1,814	1,224
Accrued interest	1,455	1,455
ESPP employee contributions	5,349	4,269
Customer deposits	26,517	18,283
Operating lease liabilities	6,008	4,541
Accrued other liabilities	7,854	6,308
Accrued expenses and other current liabilities	$ 84,126	$ 68,256

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and available-for-sale securities	$ 491,314	$ 487,785
Marketable securities	230,060	207,207
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	10,479	21,489
U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and available-for-sale securities	54,605	51,809
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	161,461	147,882
Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	5,015	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	259,754	265,578
Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	261,254	280,578
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of convertible debt	614,700
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	230,060	207,207
Total assets measured at fair value	491,314	487,785
Recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	10,479	21,489
Recurring \| U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and available-for-sale securities	54,605	51,809
Recurring \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	161,461	147,882
Recurring \| Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	5,015	1,027
Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	259,754	265,578
Recurring \| Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	261,254	280,578
Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	259,754	265,578
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]
Cash and cash equivalents and available-for-sale 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	259,754	265,578
Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	231,560	222,207
Recurring \| Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	10,479	21,489
Recurring \| Level 2 \| U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and available-for-sale securities	54,605	51,809
Recurring \| Level 2 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	161,461	147,882
Recurring \| Level 2 \| Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	5,015	1,027
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 Millions	12 Months Ended
Deferred Costs (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Deferred costs	$ 64.2	$ 45.3
Amortization expense for deferred costs	34.1	21.0
Impairment loss	$ 0.0	$ 0.0

Commitments and Contingencies - Other Purchase Commitments (Details) - Cloud Services Arrangement $ in Millions	Dec. 31, 2021 USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
Other purchase commitments, due in fiscal year 2022	$ 13.7
Other purchase commitments, due in fiscal year 2023	13.5
Other purchase commitments, due in fiscal year 2024	$ 11.1

Leases (Details) $ in Thousands	12 Months Ended
Leases (Details) $ in Thousands	Dec. 31, 2021 USD ($) renewal_option	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Lease, Cost [Abstract]
Operating lease cost	$ 4,750	$ 4,475	$ 3,544
Amortization of right-of-use assets	880	922	926
Interest on lease obligations	956	1,197	1,306
Short-term lease cost	1,667	1,727	1,324
Variable lease cost	1,163	1,214	923
Lease cost	9,416	9,535	8,023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	6,028	5,350	4,018
Finance cash flows from finance leases	1,705	1,641	1,565
Right-of-use assets obtained in exchange for lease obligations: Operating leases	6,299	4,121	2,207
Right-of-use assets obtained in exchange for lease obligations: Finance leases	$ 0	$ 0	$ 0
Weighted Average Remaining Lease Term (in years) - Operating leases	5 years 8 months 12 days	6 years 6 months	7 years 7 months 6 days
Weighted Average Remaining Lease Term (in years) - Finance leases	21 years 4 months 24 days	22 years 4 months 24 days	23 years 4 months 24 days
Weighted Average Discount Rate - Operating leases	4.90%	5.50%	5.70%
Weighted Average Discount Rate - Finance leases	5.50%	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, 2021 USD ($)
Operating Leases
2022	$ 6,946
2023	5,561
2024	4,247
2025	2,572
2026	1,536
Thereafter	5,439
Total lease obligations	26,301
Less: Amount representing interest	(3,885)
Net lease obligations	22,416
Financing Obligations
2022	2,436
2023	1,315
2024	1,315
2025	1,315
2026	1,315
Thereafter	18,661
Total lease obligations	26,357
Less: Amount representing interest	(9,695)
Net lease obligations	$ 16,662

Debt (Details)	1 Months Ended	12 Months Ended
Debt (Details)	Aug. 31, 2019 USD ($) d $ / shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Proceeds from the issuance of convertible senior notes, net of issuance costs		$ 0	$ 0	$ 335,899,000
Convertible debt \| 1.125% Convertible Senior Notes, Due 2026
Debt Instrument [Line Items]
Face amount of debt issued	$ 345,000,000
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) \| d	20
Threshold number of consecutive trading days (day) \| d	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
If-converted value in excess of principal		$ 216,600,000
Remaining life of debt instrument		4 years 9 months 18 days
Convertible debt \| 1.125% Convertible Senior Notes, Due 2026, Over-Allotment option
Debt Instrument [Line Items]
Face amount of debt issued	$ 45,000,000
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) \| d	20
Threshold number of consecutive trading days (day) \| d	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) \| d	5
Threshold number of consecutive trading days (day) \| d	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, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal	$ 345,000	$ 345,000
Unamortized discount	(41,193)	(49,346)
Unamortized issuance costs	(5,146)	(6,164)
Net carrying amount	298,661	289,490
Equity component, net of purchase discounts and issuance costs	$ 58,560	$ 58,560

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Contractual interest expense	$ 3,881	$ 3,880	$ 1,444
Amortization of debt discount	8,153	7,901	2,900
Amortization of issuance costs	1,018	988	362
Total interest expense	$ 13,052	$ 12,769	$ 4,706

Stockholders' Equity (Deficit) (Details)	12 Months Ended
Stockholders' Equity (Deficit) (Details)	Dec. 31, 2021 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 ($)		12 Months Ended
	Jun. 13, 2017	Dec. 31, 2021
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)		4,296,514
Purchase price of common stock, percentage of fair market value	85.00%
Maximum stock purchase value per employee		$ 12,500
2014 Equity Incentive Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)		1,180,086

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 48,633	$ 45,771	$ 35,784
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	9,590	8,100	8,006
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	13,901	11,062	8,792
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	20,545	23,466	15,707
Subscription and support \| Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	2,868	1,709	1,554
Professional services \| Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 1,729	$ 1,434	$ 1,725

Stock-Based Compensation - Stock Options (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Options (in shares):
Outstanding beginning of the period (in shares)	2,903,167
Granted (in shares)	0	0	0
Forfeited (in shares)	(6,895)
Exercised (in shares)	(1,141,092)
Outstanding end of the period (in shares)	1,755,180	2,903,167
Exercisable at end of the period (in shares)	1,755,180
Weighted-Average Exercise Price (in dollars per share):
Outstanding beginning of the period (in dollars per share)	$ 14.48
Granted (in dollars per share)	0
Forfeited (in dollars per share)	19.29
Exercised (in dollars per share)	14.55
Outstanding end of the period (in dollars per share)	14.42	$ 14.48
Exercisable at the end of the period (in dollars per share)	$ 14.42
Outstanding, weighted-average remaining contractual term (years)	4 years	4 years 8 months 12 days
Exercisable, weighted-average remaining contractual term (years)	4 years
Outstanding, aggregate intrinsic value	$ 203,720,000	$ 223,941,000
Exercisable, aggregate intrinsic value	203,720,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options exercised intrinsic value	123,400,000	55,800,000	$ 75,600,000
Options vested in period fair value	900,000	$ 3,500,000	$ 5,800,000
Options unrecognized compensation expense	$ 0
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, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period, fair value	$ 54.9	$ 27.7	$ 8.8
Number of Shares (in shares)
Unvested at beginning of period (in shares)	2,904,616
Granted (in shares)	916,634
Forfeited (in shares)	(218,852)
Vested (in shares)	(1,710,699)
Unvested at end of period (in shares)	1,891,699	2,904,616
Weighted- Average Grant Date Fair Value (in dollars per share)
Unvested at beginning of period (in dollars per share)	$ 35.72
Granted (in dollars per share)	109.64
Forfeited (in dollars per share)	64.36
Vested (in dollars per share)	31.89
Unvested at end of period (in dollars per share)	$ 73.04	$ 35.72
Number of vested shares recipient elected to defer settlement (in shares)	402,832
Number of shares elected to defer settlement, released from deferral (in shares)	270,567
Number of deferred shares vested and outstanding (in shares)	695,869
Unrecognized compensation expense	$ 100.6
Unrecognized compensation expense, period for recognition (years)	2 years 8 months 12 days
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, 2021	Dec. 31, 2020	Dec. 31, 2019
Weighted-Average Assumptions
Expected term (in years)	6 months	6 months	6 months
Risk-free interest rate (as percent)	0.10%
Risk-free interest rate, min (as percent)		0.20%	1.90%
Risk-free interest rate, max (as percent)		1.50%	2.60%
Expected volatility, min (as percent)	41.80%	40.60%	35.00%
Expected volatility, max (as percent)	45.00%	61.00%	49.00%

Stock-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total proceeds (in thousands)	$ 8,861,000	$ 7,227,000	$ 4,922,000
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	148,864	186,855	188,390
Weighted average purchase price (in dollars per share)	$ 59.52	$ 38.68	$ 26.13
Total proceeds (in thousands)	$ 8,861,000	$ 7,227,000	$ 4,922,000
Unrecognized compensation expense	$ 129,438
Unrecognized compensation expense, period for recognition (years)	14 days

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of the period	$ 64,277	$ 54,202	$ (9,740)
Other comprehensive income (loss)	(518)	(57)	189
End of the period	72,979	64,277	54,202
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of the period	230	287	98
Other comprehensive income (loss)	(518)	(57)	189
End of the period	(288)	230	287
Accumulated translation adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of the period	41	178	165
Other comprehensive income (loss)	266	(137)	13
End of the period	307	41	178
Accumulated unrealized holding gains (losses) on available-for-sale securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of the period	189	109	(67)
Other comprehensive income (loss)	(784)	80	176
End of the period	$ (595)	$ 189	$ 109

- Definition

+ References

+ Details

Acquisitions (Details) - USD ($) $ in Thousands		12 Months Ended
Acquisitions (Details) - USD ($) $ in Thousands	Jul. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired		$ 37,467	$ 0	$ 0
Equity securities	$ 4,700
Gain on equity securities	3,700	3,698	$ 0	$ 0
OneCloud, Inc.
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired	35,100
Cash acquired from acquisition	$ 1,500
Acquisition related costs		$ 400

Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jul. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill		$ 34,556	$ 0
OneCloud, Inc.
Business Acquisition [Line Items]
Cash consideration	$ 36,564
Previously held equity interest	4,698
Total consideration	41,262
Cash	1,497
Intangible assets	7,000
Goodwill	34,556
Other assets	548
Deferred revenue	(900)
Deferred tax liability	(1,265)
Other liabilities	(174)
Fair value of assets and liabilities	$ 41,262

Goodwill and Intangible Assets - Goodwill Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 0
Acquisition and purchase accounting adjustment	34,556
Goodwill, ending balance	$ 34,556

Goodwill and Intangible Assets - Intangible Asset Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	5 years 2 months 12 days
Gross Carrying Amount	$ 12,498	$ 2,538
Accumulated Amortization	(2,064)	(955)
Net Carrying Amount	$ 10,434	1,583
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	4 years
Gross Carrying Amount	$ 7,920	0
Accumulated Amortization	(701)	0
Net Carrying Amount	$ 7,219	0
Acquired customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	8 years 8 months 12 days
Gross Carrying Amount	$ 360	0
Accumulated Amortization	(14)	0
Net Carrying Amount	$ 346	0
Acquired trade name
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	2 years
Gross Carrying Amount	$ 1,478	0
Accumulated Amortization	(21)	0
Net Carrying Amount	$ 1,457	0
Patents
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	10 years
Gross Carrying Amount	$ 2,740	2,538
Accumulated Amortization	(1,328)	(955)
Net Carrying Amount	$ 1,412	$ 1,583

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense related to intangible assets	$ 1.1	$ 0.4	$ 0.3

Goodwill and Intangible Assets - Amortization of Intangible Assets by Fiscal Year (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 3,074
2023	2,962
2024	2,201
2025	1,473
2026	163
Thereafter	561
Net Carrying Amount	$ 10,434	$ 1,583

Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
Geographic Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 443,285	$ 351,594	$ 297,891
Long-Lived Assets	46,581	45,209
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	40,585	42,422
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	4,437	69
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	1,559	2,718
Subscription and support
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	379,340	295,877	245,765
Subscription and support \| Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	342,673	273,574	233,653
Subscription and support \| Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	36,666	22,303	12,112
Professional services revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	44,763	38,032	38,734
Professional services revenue \| Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	58,312	51,142	49,323
Professional services revenue \| Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 5,634	$ 4,575	$ 2,803

Geographic Information - Narrative (Details)	12 Months Ended
Geographic Information - Narrative (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue From Contract With Customer, Americas Revenue \| Geographic concentration risk \| United States
Concentration Risk [Line Items]
Concentration risk percentage	93.00%	94.00%	95.00%

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenue	$ 443,285	$ 351,594	$ 297,891
Subscription and support
Disaggregation of Revenue [Line Items]
Total revenue	379,340	295,877	245,765
XBRL professional services
Disaggregation of Revenue [Line Items]
Total revenue	44,763	38,032	38,734
Other services
Disaggregation of Revenue [Line Items]
Total revenue	19,182	17,685	13,392
Information technology
Disaggregation of Revenue [Line Items]
Total revenue	47,697	34,878	30,798
Diversified financials
Disaggregation of Revenue [Line Items]
Total revenue	57,470	44,326	34,614
Consumer discretionary
Disaggregation of Revenue [Line Items]
Total revenue	41,826	34,029	29,147
Industrials
Disaggregation of Revenue [Line Items]
Total revenue	59,797	46,764	39,210
Healthcare
Disaggregation of Revenue [Line Items]
Total revenue	39,394	30,676	24,764
Banks
Disaggregation of Revenue [Line Items]
Total revenue	46,702	39,630	33,573
Insurance
Disaggregation of Revenue [Line Items]
Total revenue	27,206	21,993	18,047
Energy
Disaggregation of Revenue [Line Items]
Total revenue	21,093	18,380	18,113
Real estate
Disaggregation of Revenue [Line Items]
Total revenue	21,042	18,070	16,572
Utilities
Disaggregation of Revenue [Line Items]
Total revenue	21,319	13,561	12,231
Materials
Disaggregation of Revenue [Line Items]
Total revenue	19,357	16,321	14,761
Public administration
Disaggregation of Revenue [Line Items]
Total revenue	13,719	11,433	6,974
Consumer staples
Disaggregation of Revenue [Line Items]
Total revenue	13,146	10,683	9,570
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 13,517	$ 10,850	$ 9,517

Revenue Recognition - Deferred Revenue and Transaction Price Allocated to the Remaining Performance Obligations (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized	$ 239.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	576.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 336.0
Expected period of recognition	12 months

Income Taxes - Income Before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
United States	$ (41,567)	$ (50,193)	$ (46,580)
Foreign	2,467	1,504	(760)
Loss before (benefit) provision for income taxes	$ (39,100)	$ (48,689)	$ (47,340)

- 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
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 30
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (f)
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current
Federal	$ 0	$ 0	$ 0
State	98	120	59
Foreign	479	(148)	252
Total Current	577	(28)	311
Deferred
Federal	(1,252)	0	(65)
State	(374)	0	0
Foreign	(321)	(263)	(107)
Total Deferred	(1,947)	(263)	(172)
Total income tax provision	$ (1,370)	$ (291)	$ 139

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal income tax benefit	$ 1,252	$ 0	$ 65

Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%	21.00%
Tax benefit at federal statutory rate	$ (8,211)	$ (10,225)	$ (9,941)
State taxes, net of federal benefit	(15,350)	(3,394)	(4,985)
Revaluation of deferred tax items due to tax rate change (state)	0	(404)	0
Section 162(m) limitations	9,008	6,682	2,944
Stock-based compensation	(49,020)	(12,665)	(14,728)
Nondeductible permanent items	1,422	2,001	1,103
Tax benefit of federal R&D credit	(3,694)	(3,509)	(3,141)
Valuation allowance	63,369	21,981	29,068
Other	1,106	(758)	(181)
Total income tax provision	$ (1,370)	$ (291)	$ 139

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Property and equipment	$ 2,770	$ 2,636
Accruals and reserves	48	173
Lease liability	9,014	9,984
Compensation and benefits	15,266	19,035
Deferred revenue	21,709	11,753
Net operating loss and credits	150,448	91,300
Interest expense	4,035	2,521
Other	546	347
Total deferred tax assets	203,836	137,749
Valuation allowance	(174,771)	(111,402)
Total deferred tax assets	29,065	26,347
Deferred tax liabilities:
Property and equipment	(48)	(10)
Right-of-use asset	(8,275)	(8,772)
Convertible notes	(10,916)	(13,076)
Acquired intangibles	(2,022)	0
Deferred commissions	(6,761)	(3,900)
Other deferred tax liabilities	(321)	(222)
Deferred tax liabilities	(28,343)	(25,980)
Total	$ 722	$ 367

Income Taxes - Operating Loss Carryforwards (Details) $ in Millions	Dec. 31, 2021 USD ($)
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 481.8
State Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	466.9
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 2.9

Income Taxes - Tax Credit Carryforwards (Details) $ in Millions	Dec. 31, 2021 USD ($)
Domestic Tax Authority
Tax Credit Carryforward [Line Items]
Tax credit carryforward	$ 19.8
State Tax Authority
Tax Credit Carryforward [Line Items]
Tax credit carryforward	$ 3.1

Net Loss Per Share - Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Denominator
Weighted-average common shares outstanding - basic (in shares)	51,126,510	48,448,166	46,302,656
Weighted-average common shares outstanding - diluted (in shares)	51,126,510	48,448,166	46,302,656
Basic net loss per share (in dollars per share)	$ (0.74)	$ (1.00)	$ (1.03)
Diluted net loss per share (in dollars per share)	$ (0.74)	$ (1.00)	$ (1.03)
Class A Common Stock
Numerator
Net loss	$ (32,724)	$ (39,966)	$ (38,135)
Denominator
Weighted-average common shares outstanding - basic (in shares)	44,343,177	40,007,839	37,190,224
Weighted-average common shares outstanding - diluted (in shares)	44,343,177	40,007,839	37,190,224
Basic net loss per share (in dollars per share)	$ (0.74)	$ (1.00)	$ (1.03)
Diluted net loss per share (in dollars per share)	$ (0.74)	$ (1.00)	$ (1.03)
Class B Common Stock
Numerator
Net loss	$ (5,006)	$ (8,432)	$ (9,344)
Denominator
Weighted-average common shares outstanding - basic (in shares)	6,783,333	8,440,327	9,112,432
Weighted-average common shares outstanding - diluted (in shares)	6,783,333	8,440,327	9,112,432
Basic net loss per share (in dollars per share)	$ (0.74)	$ (1.00)	$ (1.03)
Diluted net loss per share (in dollars per share)	$ (0.74)	$ (1.00)	$ (1.03)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

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Net Loss Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,300,000
Shares subject to outstanding common stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,755,180	2,903,167	4,353,167
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)	1,891,699	2,904,616	3,039,020
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)	53,877	94,390	76,466