0000950170-21-000805 | 10-Q | XBRL Viewer

Stock-Based Compensation Expense

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

15. Stock-Based Compensation Expense

The following two tables show stock-based compensation expense by award type and where the stock-based compensation expense is recorded in the Company’s consolidated statements of operations:


	Three Months End June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Options	$	1,572	$	1,586	$	3,166	$	3,408
RSUs		39,692		28,490		68,432		52,793
Employee stock purchase plan		2,169		1,298		4,258		2,636
Total stock-based compensation expense	$	43,433	$	31,374	$	75,856	$	58,837

Effect of stock-based compensation expense on income by line item:


	Three Months End June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Cost of revenue, subscription	$	1,582	$	1,075	$	2,892	$	1,974
Cost of revenue, professional services and other		826		628		1,523		1,234
Research and development		15,080		10,111		26,565		18,819
Sales and marketing		18,971		12,868		32,600		23,684
General and administrative		6,974		6,692		12,276		13,126
Total stock-based compensation expense	$	43,433	$	31,374	$	75,856	$	58,837

Capitalized software development costs excluded from stock-based compensation expense is $1.9 million for the three months ended June 30, 2021, $3.1 million for the six months ended June 30, 2021, $1.0 million for the three months ended June 30, 2020 and $1.8 million for the six months ended June 30, 2020.

Fair Value of Financial Instruments - Summary of Contractual Maturities of Short and Long Term Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Amortized Cost Basis, Due within one year	$ 875,331	$ 872,637
Amortized Cost Basis, Due after 1 year through 2 years	83,821	30,640
Amortized Cost	959,152	903,277
Aggregate Fair Value, Due within one year	875,395	873,073
Aggregate Fair Value, Due after 1 year through 2 years	83,762	30,697
Aggregate Fair Value, Total	$ 959,157	$ 903,770

Net Loss per Share - Schedule of Potentially Dilutive Common Stock Equivalents (Detail) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Conversion Option of the 2025 Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	664
Options to Purchase Common Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	749	1,280
RSUs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,462	1,865
Conversion Option of the 2022 Notes and Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,830	2,831
ESPP [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	8

Changes in Stockholders' Equity

6 Months Ended

Jun. 30, 2021

Stockholders Equity Note [Abstract]

Changes in Stockholders' Equity

13. Changes in Stockholders’ Equity

The following tables summarize the changes in stockholders’ equity for the six months ended June 30, 2021 and 2020.


	Common Stock, $0.001 Par Value					Treasury Stock, $0.001 Par Value				Additional Paid-In			Accumulated Other Comprehensive			Accumulated
	Shares			$		Shares		$		Capital			Income			Deficit			Total
Balances at December 31, 2020		46,115		$	46		12	$	—	$	1,241,167		$	4,603		$	(483,161	)		762,655
Issuance of common stock under stock plans, net of shares withheld for employee taxes		482			1		—		—		6,582			—			—			6,583
Stock-based compensation		—			—		—		—		32,947						—			32,947
Equity component of the 2022 Notes conversions		363			—		—		—		(2,307	)		—			—			(2,307	)
Settlement of Convertible Note Hedges		(364	)		—		364		—		724			—			—			724
Cumulative translation adjustment		—			—		—		—		—			(2,489	)		—			(2,489	)
Unrealized loss on investments, net of income taxes of ($36)		—			—		—		—		—			(240	)		—			(240	)
Net loss		—			—		—		—		—			—			(23,159	)		(23,159	)
Balances at March 31, 2021		46,596		$	47		376	$	—	$	1,279,113		$	1,874		$	(506,320	)	$	774,714
Issuance of common stock under stock plans, net of shares withheld for employee taxes		264			—		—		—		10,677			—			—			10,677
Equity component of the 2022 Notes conversions		108			—		—		—		(148	)		—			—			(148	)
Settlement of Convertible Note Hedges		(109	)		—		109		—		—			—			—			—
Stock-based compensation		—			—		—		—		44,659			—			—			44,659
Cumulative translation adjustment		—			—		—		—		—			534			—			534
Unrealized loss on investments, net of income taxes of ($7)		—			—		—		—		—			(180	)		—			(180	)
Net loss		—			—		—		—		—			—			(24,572	)		(24,572	)
Balances at June 30, 2021		46,859		$	47		485	$	—	$	1,334,301		$	2,228		$	(530,892	)	$	805,684


	Common Stock, $0.001 Par Value				Additional Paid-In			Accumulated Other Comprehensive			Accumulated
	Shares		$		Capital			(Loss)			Deficit			Total
Balances at December 31, 2019		42,955	$	44	$	1,048,380		$	(336	)	$	(398,130	)		649,958
Issuance of common stock under stock plans, net of shares withheld for employee taxes		411		—		1,320			—			—			1,320
Stock-based compensation		—		—		27,905						—			27,905
Cumulative translation adjustment		—		—		—			(1,077	)		—			(1,077	)
Unrealized gain on investments, net of income taxes of $0		—		—		—			583			—			583
Net loss		—		—		—			—			(17,716	)		(17,716	)
Balances at March 31, 2020		43,366	$	44	$	1,077,605		$	(830	)	$	(415,846	)	$	660,973
Issuance of common stock under stock plans, net of shares withheld for employee taxes		425		—		11,701			—			—			11,701
Equity component of 2025 Notes, net of issuance costs		—		—		96,610			—			—			96,610
Purchase of Capped Call Options		—		—		(50,600	)		—			—			(50,600	)
Equity component of the repayment of 2022 Notes		1,595		2		611			—			—			613
Stock-based compensation		—		—		31,864			—			—			31,864
Cumulative translation adjustment		—		—		—			1,159			—			1,159
Unrealized gain on investments, net of income taxes of ($76)		—		—		—			132			—			132
Net loss		—		—		—			—			(29,401	)		(29,401	)
Balances at June 30, 2020		45,386	$	46	$	1,167,791		$	461		$	(445,247	)	$	723,051

Convertible Senior Notes - Additional Information (Detail)	1 Months Ended		3 Months Ended	6 Months Ended
	Jun. 30, 2020 USD ($) $ / shares shares	May 31, 2017 USD ($) $ / shares	Jun. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) d $ / shares shares	Jun. 30, 2020 USD ($) $ / shares	Jul. 30, 2021 USD ($)
Debt Instrument [Line Items]
Loss on early extinguishment of debt				$ (3,088,000)	$ (10,493,000)
0.375% Convertible Senior Notes Due 2025 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	0.375%				0.375%
Debt instrument, maturity date				Jun. 01, 2025
Principal amount of each convertible note	$ 1,000,000,000				$ 1,000,000,000
Debt instrument, conversion ratio	3.5396
Principal amount settlement, Description				The Company expects to settle the principal amount of the 2025 Notes in cash.
Debt instrument, convertible, threshold trading days \| d				20
Debt instrument, convertible, threshold consecutive trading days \| d				30
Debt instrument, conversion price per share \| $ / shares	$ 282.52		$ 282.52	$ 282.52	$ 282.52
0.375% Convertible Senior Notes Due 2025 [Member] \| Capped Call Options [Member]
Debt Instrument [Line Items]
Cost of purchased capped call options	$ 50,600,000
Derivative, price risk option strike price \| $ / shares	$ 282.52				282.52
Derivative, cap price \| $ / shares	$ 426.44				$ 426.44
0.375% Convertible Senior Notes Due 2025 [Member] \| Private Offering [Member]
Debt Instrument [Line Items]
Principal amount of long term debt	$ 400,000,000				$ 400,000,000
0.375% Convertible Senior Notes Due 2025 [Member] \| Over-Allotment Options [Member]
Debt Instrument [Line Items]
Principal amount of long term debt	$ 60,000,000				$ 60,000,000
0.375% Convertible Senior Notes Due 2025 [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Percentage of closing price to trigger debt conversion				130.00%
0.375% Convertible Senior Notes Due 2025 [Member] \| Maximum [Member] \| Capped Call Options [Member]
Debt Instrument [Line Items]
Common stock shares covered under capped call transactions \| shares	1,600,000
0.25% Convertible Senior Notes Due 2022 [Member]
Debt Instrument [Line Items]
Principal amount of long term debt		$ 1,000,000,000	$ 68,700,000	$ 68,700,000
Debt instrument, interest rate, stated percentage		0.25%
Debt instrument, maturity date				Jun. 01, 2022
Debt instrument, conversion ratio		10.5519
Principal amount settlement, Description				The Company expects to settle the principal amount of the 2022 Notes in cash.
Debt instrument, convertible, threshold trading days \| d				20
Debt instrument, convertible, threshold consecutive trading days \| d				30
Debt instrument, conversion price per share \| $ / shares		$ 94.77
Debt instrument convertible, principal amount			12,700,000	$ 12,700,000
Loss on early extinguishment of debt			$ 700,000	$ 3,100,000
Number of common shares to be repurchased under convertible note hedge transactions with certain counterparties \| shares			4,200,000	4,200,000
Hedging option strike price per common stock \| $ / shares				$ 94.77
Warrants expected to settle, description				The Warrants are expected to settle three business days from each trading day commencing on September 1, 2022 and ending on the 79th trading day thereafter.
Settlement period of warrants excess price over strike price				3 days
Warrants expected to settle, commencement date				Sep. 01, 2022
0.25% Convertible Senior Notes Due 2022 [Member] \| Common Stock [Member]
Debt Instrument [Line Items]
Warrants holders option to purchase number of shares of company’s common stock \| shares			4,200,000	4,200,000
Warrants exercise price per share \| $ / shares			$ 115.8	$ 115.8
Debt instrument cash consideration for conversion			$ 12,700,000	$ 57,200,000
Debt instrument convertible to common stock for cash consideration \| shares			100,000	500,000
Debt instrument convertible to common stock for cash payment				$ 700,000
Debt instrument convertible to common stock \| shares				900,000
0.25% Convertible Senior Notes Due 2022 [Member] \| Warrants [Member]
Debt Instrument [Line Items]
Debt instrument convertible to common stock \| shares				1,300,000
0.25% Convertible Senior Notes Due 2022 [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Debt instrument convertible, principal amount						$ 46,400,000
0.25% Convertible Senior Notes Due 2022 [Member] \| Private Offering [Member]
Debt Instrument [Line Items]
Principal amount of long term debt		$ 350,000,000
0.25% Convertible Senior Notes Due 2022 [Member] \| Over-Allotment Options [Member]
Debt Instrument [Line Items]
Principal amount of long term debt		$ 50,000,000
0.25% Convertible Senior Notes Due 2022 [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Percentage of closing price to trigger debt conversion				130.00%

Stock-Based Compensation Expense (Tables)

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Stock-Based Compensation Expense by Award Type

The following two tables show stock-based compensation expense by award type and where the stock-based compensation expense is recorded in the Company’s consolidated statements of operations:


	Three Months End June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Options	$	1,572	$	1,586	$	3,166	$	3,408
RSUs		39,692		28,490		68,432		52,793
Employee stock purchase plan		2,169		1,298		4,258		2,636
Total stock-based compensation expense	$	43,433	$	31,374	$	75,856	$	58,837

Effect of Stock-Based Compensation on Income by Line Item

Effect of stock-based compensation expense on income by line item:


	Three Months End June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Cost of revenue, subscription	$	1,582	$	1,075	$	2,892	$	1,974
Cost of revenue, professional services and other		826		628		1,523		1,234
Research and development		15,080		10,111		26,565		18,819
Sales and marketing		18,971		12,868		32,600		23,684
General and administrative		6,974		6,692		12,276		13,126
Total stock-based compensation expense	$	43,433	$	31,374	$	75,856	$	58,837

Convertible Senior Notes

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Convertible Senior Notes

9. Convertible Senior Notes

2025 Convertible Senior Notes and Capped Call Options

In June 2020, the Company issued $400 million aggregate principal amount of 0.375% convertible senior notes due June 1, 2025 (the “2025 Notes”) in a private offering and an additional $60 million aggregate principal amount of the 2025 Notes pursuant to the exercise in full of the over-allotment options of the initial purchasers. Each $1,000 of principal amount of the 2025 Notes will initially be convertible into 3.5396 shares of the Company’s common stock (the “Conversion Option of the 2025 Notes”), which is equivalent to an initial conversion price of approximately $282.52 per share, subject to adjustment upon the occurrence of certain specified events. On or after March 1, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2025 Notes at any time. The 2025 Notes will be convertible at the option of the holders prior

to the close of business on the business day immediately preceding March 1, 2025 under certain circumstances as described in the indenture governing the 2025 Notes (the “Indenture”). Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. The Company expects to settle the principal amount of the 2025 Notes in cash. Because the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the calendar quarter ended June 30, 2021 was equal to or greater than 130% of the applicable conversion price on each applicable trading day, the 2025 Notes are convertible at the option of the holders thereof during the calendar quarter ending September 30, 2021. As of July 30, 2021, no holders have converted or indicated their intention to convert the 2025 Notes. The 2025 Notes are classified as long-term debt.

The net carrying amount of the liability component of the 2025 Notes is as follows:


	As of June 30, 2021			As of December 31, 2020
	(in thousands)
Principal	$	460,000		$	460,000
Unamortized debt discount		(79,864	)		(88,756	)
Unamortized issuance costs		(6,273	)		(6,973	)
Net carrying amount	$	373,863		$	364,271

The net carrying amount of the equity component of the 2025 Notes is as follows:


	As of June 30, 2021			As of December 31, 2020
	(in thousands)
Debt discount for conversion option	$	98,730		$	98,730
Issuance costs		(2,120	)		(2,120	)
Net carrying amount	$	96,610		$	96,610

Interest expense related to the 2025 Notes is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)
Contractual interest expense	$	431	$	125	$	862	$	125
Amortization of debt discount		4,510		1,218		8,901		1,218
Amortization of issuance costs		354		96		699		96
Total interest expense	$	5,295	$	1,439	$	10,462	$	1,439

In connection with the offering of the 2025 Notes, the Company purchased capped call options (“Capped Call Options”) with respect to its common stock for $50.6 million. The Capped Call Options are purchased call options that give the Company the option to purchase up to approximately 1.6 million shares of its common stock for $282.52 per share, which corresponds to the approximate initial conversion price of the 2025 Notes. The Capped Call Options were purchased in order to offset potential dilution to the Company’s common stock upon any conversion of the 2025 Notes, subject to a cap of $426.44 per share, and expire concurrently with the 2025 Notes. The $50.6 million paid for the Capped Call Options are recorded in stockholders’ equity as a reduction in additional paid-in capital and are not accounted for as separate derivative financial instruments.

2022 Convertible Senior Notes, Convertible Note Hedge and Warrant

In May 2017, the Company issued $350 million aggregate principal amount of 0.25% convertible senior notes due June 1, 2022 in a private offering and an additional $50 million aggregate principal amount of such notes pursuant to the exercise in full of the over-allotment options of the initial purchasers (the “2022 Notes”). Each $1,000 principal amount of the 2022 Notes will initially be convertible into 10.5519 shares of the Company’s common stock (the “Conversion Option of the 2022 Notes”), which is equivalent to a conversion price of approximately $94.77 per share, under certain circumstances, subject to adjustment upon the occurrence of specified events. On or after February 1, 2022 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes at any time. The 2022 Notes are convertible at the option of the holders prior to the close of business on the business day immediately preceding February 1, 2022 under certain circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. The Company expects to settle the principal amount of the 2022 Notes in cash. Because the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30

consecutive trading days ending on the last trading day of the calendar quarter ended June 30, 2021 was equal to or greater than 130% of the applicable conversion price on each applicable trading day, the 2022 Notes are convertible at the option of the holders thereof during the calendar quarter ending September 30, 2021. In the second quarter of 2021, the Company settled $12.7 million of principal balance of the 2022 Notes in cash. The Company compared the consideration attributed to the fair value of the debt component with the carrying value of the debt component, which includes the proportionate amounts of unamortized debt discount and the remaining unamortized debt issuance costs and recorded a loss on early extinguishment of $0.7 million for the three months ended June 30, 2021 and $3.1 million for the six months ended June 30, 2021 within interest expense on the Company’s statements of operations. As of July 30, 2021, the Company has received conversion notices for approximately $46.4 million of the principal balance of the 2022 Notes, which will be settled in cash during the quarter ended September 30, 2021.

The 2022 Notes are classified as short-term debt and the equity component of the 2022 Notes is classified as additional paid-in capital. As of June 30, 2021, $68.7 million of principal remains outstanding on the 2022 Notes.

In connection with the offering of the 2022 Notes, the Company entered into convertible note hedge transactions (the “Convertible Note Hedges”) with certain counterparties in which the Company has the option to purchase (subject to adjustment for certain specified events) up to approximately 4.2 million shares of the Company’s common stock at a price of approximately $94.77 per share. The Convertible Note Hedges will be settled in cash or shares, or any combination thereof, in accordance with the settlement method of the 2022 Notes in excess of the par amount, and are expected to settle concurrently with the conversion of the 2022 Notes. In addition, the Company sold warrants (the “Warrants”) to certain bank counterparties whereby the holders of the Warrants have the option to initially purchase (subject to adjustment for certain specified events) a total of approximately 4.2 million shares of the Company’s common stock at a price of $115.8 per share. The amount by which the settlement price exceeds the strike price may be settled in shares or cash at the Company’s election. The Warrants are expected to settle three business days from each trading day commencing on September 1, 2022 and ending on the 79th trading day thereafter.

During the three months ended June 30, 2021, the Company exercised and net-share-settled a portion of the Convertible Note Hedges, corresponding to approximately $12.7 million in principal amount of 2022 Notes and received approximately 0.1 million shares of common stock and an immaterial cash payment. During the six months ended June 30, 2021, the Company exercised and net-share-settled a portion of the Convertible Note Hedges, corresponding to approximately $57.2 million in principal amount of 2022 Notes and received approximately 0.5 million shares of common stock and a $0.7 million cash payment. As of June 30, 2021, Convertible Note Hedges giving the Company the option to purchase approximately 0.9 million shares of the Company’s common stock and Warrants giving certain counterparties the option to acquire up to 1.3 million shares of the Company’s common stock remain outstanding.

The net carrying amount of the liability component of the 2022 Notes is as follows:


	As of June 30, 2021			As of December 31, 2020
	(in thousands)
Principal	$	68,653		$	125,839
Unamortized debt discount		(3,620	)		(10,397	)
Unamortized issuance costs		(271	)		(777	)
Net carrying amount	$	64,762		$	114,665

The net carrying amount of the equity component of the 2022 Notes is as follows:


	As of June 30, 2021			As of December 31, 2020
	(in thousands)
Debt discount for conversion option	$	18,194		$	33,349
Issuance costs		(490	)		(898	)
Net carrying amount	$	17,704		$	32,451

Interest expense related to the 2022 Notes is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Contractual interest expense	$	46	$	212	$	115	$	462
Amortization of debt discount		1,074		4,323		2,709		9,629
Amortization of issuance costs		80		323		203		719
Total interest expense	$	1,200	$	4,858	$	3,027	$	10,810

Changes in Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2021

Stockholders Equity Note [Abstract]

Summary of Changes in Stockholders' Equity

The following tables summarize the changes in stockholders’ equity for the six months ended June 30, 2021 and 2020.


	Common Stock, $0.001 Par Value					Treasury Stock, $0.001 Par Value				Additional Paid-In			Accumulated Other Comprehensive			Accumulated
	Shares			$		Shares		$		Capital			Income			Deficit			Total
Balances at December 31, 2020		46,115		$	46		12	$	—	$	1,241,167		$	4,603		$	(483,161	)		762,655
Issuance of common stock under stock plans, net of shares withheld for employee taxes		482			1		—		—		6,582			—			—			6,583
Stock-based compensation		—			—		—		—		32,947						—			32,947
Equity component of the 2022 Notes conversions		363			—		—		—		(2,307	)		—			—			(2,307	)
Settlement of Convertible Note Hedges		(364	)		—		364		—		724			—			—			724
Cumulative translation adjustment		—			—		—		—		—			(2,489	)		—			(2,489	)
Unrealized loss on investments, net of income taxes of ($36)		—			—		—		—		—			(240	)		—			(240	)
Net loss		—			—		—		—		—			—			(23,159	)		(23,159	)
Balances at March 31, 2021		46,596		$	47		376	$	—	$	1,279,113		$	1,874		$	(506,320	)	$	774,714
Issuance of common stock under stock plans, net of shares withheld for employee taxes		264			—		—		—		10,677			—			—			10,677
Equity component of the 2022 Notes conversions		108			—		—		—		(148	)		—			—			(148	)
Settlement of Convertible Note Hedges		(109	)		—		109		—		—			—			—			—
Stock-based compensation		—			—		—		—		44,659			—			—			44,659
Cumulative translation adjustment		—			—		—		—		—			534			—			534
Unrealized loss on investments, net of income taxes of ($7)		—			—		—		—		—			(180	)		—			(180	)
Net loss		—			—		—		—		—			—			(24,572	)		(24,572	)
Balances at June 30, 2021		46,859		$	47		485	$	—	$	1,334,301		$	2,228		$	(530,892	)	$	805,684


	Common Stock, $0.001 Par Value				Additional Paid-In			Accumulated Other Comprehensive			Accumulated
	Shares		$		Capital			(Loss)			Deficit			Total
Balances at December 31, 2019		42,955	$	44	$	1,048,380		$	(336	)	$	(398,130	)		649,958
Issuance of common stock under stock plans, net of shares withheld for employee taxes		411		—		1,320			—			—			1,320
Stock-based compensation		—		—		27,905						—			27,905
Cumulative translation adjustment		—		—		—			(1,077	)		—			(1,077	)
Unrealized gain on investments, net of income taxes of $0		—		—		—			583			—			583
Net loss		—		—		—			—			(17,716	)		(17,716	)
Balances at March 31, 2020		43,366	$	44	$	1,077,605		$	(830	)	$	(415,846	)	$	660,973
Issuance of common stock under stock plans, net of shares withheld for employee taxes		425		—		11,701			—			—			11,701
Equity component of 2025 Notes, net of issuance costs		—		—		96,610			—			—			96,610
Purchase of Capped Call Options		—		—		(50,600	)		—			—			(50,600	)
Equity component of the repayment of 2022 Notes		1,595		2		611			—			—			613
Stock-based compensation		—		—		31,864			—			—			31,864
Cumulative translation adjustment		—		—		—			1,159			—			1,159
Unrealized gain on investments, net of income taxes of ($76)		—		—		—			132			—			132
Net loss		—		—		—			—			(29,401	)		(29,401	)
Balances at June 30, 2020		45,386	$	46	$	1,167,791		$	461		$	(445,247	)	$	723,051

Restricted cash

6 Months Ended

Jun. 30, 2021

Cash And Cash Equivalents [Abstract]

Restricted cash

6. Restricted cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows for the three months ended June 30, 2021 and 2020.


	June 30, 2021		June 30, 2020		December 31, 2020
	(in thousands)
Cash and cash equivalents	$	338,336	$	201,086	$	378,123
Restricted cash, included in other assets		3,029		3,029		3,029
Total cash, cash equivalents, and restricted cash	$	341,365	$	204,115	$	381,152

Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance, Amount	$ 762,655
Other comprehensive loss before reclassifications	(2,375)
Ending Balance, Amount	805,684
Cumulative Translation Adjustment [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance, Amount	4,180
Other comprehensive loss before reclassifications	(1,955)
Ending Balance, Amount	2,225
Unrealized Gain on Investments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance, Amount	423
Other comprehensive loss before reclassifications	(420)
Ending Balance, Amount	3
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance, Amount	4,603
Ending Balance, Amount	$ 2,228

- Definition

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

+ References + Details

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2021

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following:


	June 30, 2021			December 31, 2020
	(in thousands)
Computer equipment and purchased software	$	15,940		$	15,128
Employee related computer equipment		25,379			20,802
Furniture and fixtures		21,770			20,204
Leasehold improvements		96,369			89,850
Internal-use software		16,495			12,528
Construction in progress		420			10,014
Total property and equipment		176,373			168,526
Less accumulated depreciation		(78,488	)		(67,403	)
Property and equipment, net	$	97,885		$	101,123

Fair Value of Financial Instruments - Summary of Composition of Short and Long Term Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 959,152	$ 903,277
Unrealized Gains	143	532
Unrealized Losses	(138)	(39)
Aggregate Fair Value	959,157	903,770
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	201,194	12,233
Aggregate Fair Value	201,194	12,233
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	213,191	115,983
Unrealized Gains	114	427
Unrealized Losses	(115)	(39)
Aggregate Fair Value	213,190	116,371
U.S. Government Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	6,803
Unrealized Losses	(8)
Aggregate Fair Value	6,795
US Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	537,964	774,667
Unrealized Gains	29	105
Unrealized Losses	(15)
Aggregate Fair Value	$ 537,978	774,772
Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		394
Aggregate Fair Value		$ 394

Net Loss per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Loss per Share

3. Net Loss per Share

Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted net loss per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, options to purchase common stock, restricted stock units (“RSUs”), shares issued pursuant to the Employee Stock Purchase Plan (“ESPP”), the Warrants (defined in Note 9), the Conversion Option of the 2022 Notes, and the Conversion Option of the 2025 Notes (the “Conversion Options”) (Note 9) are considered to be potential common stock equivalents.

A reconciliation of the denominator used in the calculation of basic and diluted net loss per share is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Net loss	$	(24,572	)	$	(29,401	)	$	(47,731	)	$	(47,117	)
Weighted-average common shares outstanding — basic		46,777			44,130			46,603			43,703
Dilutive effect of share equivalents resulting from stock options, RSUs, ESPP, Warrants and the Conversion Options		—			—			—			—
Weighted-average common shares, outstanding — diluted		46,777			44,130			46,603			43,703
Net loss per share, basic and diluted	$	(0.53	)	$	(0.67	)	$	(1.02	)	$	(1.08	)

Since the Company incurred net losses for each of the periods presented, diluted net loss per share is the same as basic net loss per share. All of the Company’s outstanding stock options, RSUs, and shares issuable under the ESPP, as well as the Warrants and Conversion Options were excluded in the calculation of diluted net loss per share as the effect would be anti-dilutive.

The Company expects to settle the principal amount of the 2022 Notes and 2025 Notes (collectively, the “Notes”) (Note 9) in cash, and therefore, the Company uses the treasury stock method for calculating any potential dilutive effect of the Warrants and Conversion Options on diluted net income per share, if applicable. As a result, only the amount by which the conversion cost of the Notes, if settled in shares, exceeds the aggregated principal amount of the Notes (the “Conversion Spread”) is considered in the diluted earnings per share computation. The Conversion Spread has a dilutive impact on net income per share when the average market price of the Company’s common stock for a given period of time exceeds the initial conversion price of $94.77 per share for the 2022 Notes and $282.52 for the 2025 Notes. The average stock price for the three months ended June 30, 2021 was $521.54 and for the six months ended June 30, 2021 was $481.12.

As the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the calendar quarter ended June 30, 2021 was equal to or greater than 130% of the conversion price of $94.77 on each applicable trading day, the 2022 Notes are convertible at the option of the holders thereof during the calendar quarter ended June 30, 2021. In the second quarter of 2021, the Company settled $12.7 million of principal balance of the 2022 Notes in cash. As of July 30, 2021, the Company has received conversion notices for approximately $46.4 million of the principal balance of the 2022 Notes, which will be settled in cash during the quarter ended September 30, 2021. For disclosure purposes, the potentially dilutive effect of the Conversion Spread is calculated and included in the table below.

As the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the calendar quarter ended June 30, 2021 was equal to or greater than 130% of the conversion price of $282.52 on each applicable trading day, the 2025 Notes are convertible at the option of the holders thereof during the calendar quarter ended June 30, 2021. As of July 30, 2021, no holders have converted or indicated their intention to convert the 2025 Notes. For disclosure purposes, the potentially dilutive effect of the Conversion Spread is calculated and included in the table below.

The following table contains all potentially dilutive common stock equivalents.


	As of June 30,
	2021		2020
	(in thousands)
Options to purchase common shares		749		1,280
RSUs		1,462		1,865
Conversion Option of the 2022 Notes and Warrants		1,830		2,831
Conversion Option of the 2025 Notes		664		—
ESPP		8		—

Convertible Senior Notes (Tables)

6 Months Ended

Jun. 30, 2021

0.375%Convertible Senior Notes Due 2025 as Liability Component [Member]

Debt Instrument [Line Items]

Schedule of Net Carrying Amount of Notes

The net carrying amount of the liability component of the 2025 Notes is as follows:


	As of June 30, 2021			As of December 31, 2020
	(in thousands)
Principal	$	460,000		$	460,000
Unamortized debt discount		(79,864	)		(88,756	)
Unamortized issuance costs		(6,273	)		(6,973	)
Net carrying amount	$	373,863		$	364,271

0.375% Convertible Senior Notes Due 2025 as Equity Component [Member]

Debt Instrument [Line Items]

Schedule of Net Carrying Amount of Notes

The net carrying amount of the equity component of the 2025 Notes is as follows:


	As of June 30, 2021			As of December 31, 2020
	(in thousands)
Debt discount for conversion option	$	98,730		$	98,730
Issuance costs		(2,120	)		(2,120	)
Net carrying amount	$	96,610		$	96,610

0.375% Convertible Senior Notes Due 2025 [Member]

Debt Instrument [Line Items]

Schedule of Interest Expense

Interest expense related to the 2025 Notes is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)
Contractual interest expense	$	431	$	125	$	862	$	125
Amortization of debt discount		4,510		1,218		8,901		1,218
Amortization of issuance costs		354		96		699		96
Total interest expense	$	5,295	$	1,439	$	10,462	$	1,439

0.25% Convertible Senior Notes Due 2022 as Liability Component [Member]

Debt Instrument [Line Items]

Schedule of Net Carrying Amount of Notes

The net carrying amount of the liability component of the 2022 Notes is as follows:


	As of June 30, 2021			As of December 31, 2020
	(in thousands)
Principal	$	68,653		$	125,839
Unamortized debt discount		(3,620	)		(10,397	)
Unamortized issuance costs		(271	)		(777	)
Net carrying amount	$	64,762		$	114,665

0.25%Convertible Senior Notes Due 2022 as Equity Component [Member]

Debt Instrument [Line Items]

Schedule of Net Carrying Amount of Notes

The net carrying amount of the equity component of the 2022 Notes is as follows:


	As of June 30, 2021			As of December 31, 2020
	(in thousands)
Debt discount for conversion option	$	18,194		$	33,349
Issuance costs		(490	)		(898	)
Net carrying amount	$	17,704		$	32,451

0.25% Convertible Senior Notes Due 2022 [Member]

Debt Instrument [Line Items]

Schedule of Interest Expense

Interest expense related to the 2022 Notes is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Contractual interest expense	$	46	$	212	$	115	$	462
Amortization of debt discount		1,074		4,323		2,709		9,629
Amortization of issuance costs		80		323		203		719
Total interest expense	$	1,200	$	4,858	$	3,027	$	10,810

Business Acquisition (Tables)

6 Months Ended

Jun. 30, 2021

Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets [Abstract]

Summary of Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of assets acquired and liabilities assumed as of the date of acquisition:


	Fair value
	(in thousands)
Cash	$	3,089
Accounts receivable		1,153
Other current and noncurrent assets		835
Current backlog asset		677
Customer relationships		2,400
Goodwill		16,987
Accounts payable, accrued expenses, and other liabilities		(2,975	)
Deferred revenue		(825	)
Deferred tax liability		(1,042	)
Total purchase price	$	20,299

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements of Financial Assets and Liabilities

The following table details the fair value measurements within the fair value hierarchy of the Company’s financial assets and liabilities at June 30, 2021 and December 31, 2020:


	June 30, 2021
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents and investments:
Money market funds	$	166,818	$	—	$	—	$	166,818
Commercial paper		—		201,194		—		201,194
Corporate bonds		—		213,190		—		213,190
U.S. Government agency securities		—		6,795		—		6,795
U.S. Treasury securities		—		537,978		—		537,978
Restricted cash:
Money market funds		—		3,029		—		3,029
Total	$	166,818	$	962,186	$	—	$	1,129,004


	December 31, 2020
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents and investments:
Money market funds	$	172,485	$	—	$	—	$	172,485
Commercial paper		—		12,233		—		12,233
Corporate bonds		—		116,371		—		116,371
U.S. Treasury securities		—		774,772		—		774,772
Certificates of deposit				394		—		394
Restricted cash:
Money market funds		—		3,029		—		3,029
Total	$	172,485	$	906,799	$	—	$	1,079,284

Summary of Composition of Short and Long Term Investments

The following tables summarize the composition of our short- and long-term investments at June 30, 2021 and December 31, 2020.


	June 30, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Commercial paper	$	201,194	$	—	$	—		$	201,194
Corporate bonds		213,191		114		(115	)		213,190
U.S. Government agency securities		6,803		—		(8	)		6,795
U.S. Treasury securities		537,964		29		(15	)		537,978
Total	$	959,152	$	143	$	(138	)	$	959,157


	December 31, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Commercial paper	$	12,233	$	—	$	—		$	12,233
Corporate bonds		115,983		427		(39	)		116,371
U.S. Treasury securities		774,667		105		—			774,772
Certificates of deposit		394		—		—			394
Total	$	903,277	$	532	$	(39	)	$	903,770

Summary of Contractual Maturities of Short and Long Term Investments

The contractual maturities of short-term and long-term investments held at June 30, 2021 and December 31, 2020 are as follows:


	June 30, 2021				December 31, 2020
	Amortized Cost Basis		Aggregate Fair Value		Amortized Cost Basis		Aggregate Fair Value
	(in thousands)				(in thousands)
Due within one year	$	875,331	$	875,395	$	872,637	$	873,073
Due after 1 year through 2 years		83,821		83,762		30,640		30,697
Total	$	959,152	$	959,157	$	903,277	$	903,770

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Changes in Stockholders' Equity - Summary of Changes in Stockholders' Equity (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Class Of Stock [Line Items]
Beginning Balance, Amount	$ 774,714	$ 762,655	$ 660,973	$ 649,958	$ 762,655	$ 649,958
Issuance of common stock under stock plans, net of shares withheld for employee taxes	10,677	6,583	11,701	1,320
Purchase of Capped Call Options			(50,600)
Stock-based compensation	44,659	32,947	31,864	27,905
Settlement of Convertible Note Hedges		724
Cumulative translation adjustment	534	(2,489)	1,159	(1,077)
Unrealized gain (loss) on investments, net of income taxes of ($36), ($7), $0 and ($76)	(180)	(240)	132	583
Net loss	(24,572)	(23,159)	(29,401)	(17,716)	(47,731)	(47,117)
Ending Balance, Amount	805,684	774,714	723,051	660,973	805,684	723,051
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member]
Class Of Stock [Line Items]
Equity component of the 2022 Notes conversions	(148)	(2,307)
Equity component of notes payable, net of issuance costs & repayment			613
0.375%Convertible Senior Notes Due 2025 as Liability Component [Member]
Class Of Stock [Line Items]
Equity component of notes payable, net of issuance costs & repayment			96,610
Common Stock [Member]
Class Of Stock [Line Items]
Beginning Balance, Amount	$ 47	$ 46	$ 44	$ 44	$ 46	$ 44
Beginning Balance, Shares	46,596	46,115	43,366	42,955	46,115	42,955
Issuance of common stock under stock plans, net of shares withheld for employee taxes		$ 1
Issuance of common stock under stock plans, net of shares withheld for employee taxes, Shares	264	482	425	411
Settlement of Convertible Note Hedges, Shares	(109)	(364)
Ending Balance, Amount	$ 47	$ 47	$ 46	$ 44	$ 47	$ 46
Ending Balance, Shares	46,859	46,596	45,386	43,366	46,859	45,386
Common Stock [Member] \| 0.25% Convertible Senior Notes Due 2022 as Liability Component [Member]
Class Of Stock [Line Items]
Equity component of the 2022 Notes conversions, Shares	108	363
Equity component of notes payable, net of issuance costs & repayment			$ 2
Equity component of notes payable, net of issuance costs & repayment, Shares			1,595
Treasury Stock [Member]
Class Of Stock [Line Items]
Beginning Balance, Shares	376	12			12
Settlement of Convertible Note Hedges, Shares	109	364
Ending Balance, Shares	485	376			485
Additional Paid-In Capital [Member]
Class Of Stock [Line Items]
Beginning Balance, Amount	$ 1,279,113	$ 1,241,167	$ 1,077,605	$ 1,048,380	$ 1,241,167	$ 1,048,380
Issuance of common stock under stock plans, net of shares withheld for employee taxes	10,677	6,582	11,701	1,320
Purchase of Capped Call Options			(50,600)
Stock-based compensation	44,659	32,947	31,864	27,905
Settlement of Convertible Note Hedges		724
Ending Balance, Amount	1,334,301	1,279,113	1,167,791	1,077,605	1,334,301	1,167,791
Additional Paid-In Capital [Member] \| 0.25% Convertible Senior Notes Due 2022 as Liability Component [Member]
Class Of Stock [Line Items]
Equity component of the 2022 Notes conversions	(148)	(2,307)
Equity component of notes payable, net of issuance costs & repayment			611
Additional Paid-In Capital [Member] \| 0.375%Convertible Senior Notes Due 2025 as Liability Component [Member]
Class Of Stock [Line Items]
Equity component of notes payable, net of issuance costs & repayment			96,610
Accumulated Other Comprehensive Income (Loss) [Member]
Class Of Stock [Line Items]
Beginning Balance, Amount	1,874	4,603	(830)	(336)	4,603	(336)
Cumulative translation adjustment	534	(2,489)	1,159	(1,077)
Unrealized gain (loss) on investments, net of income taxes of ($36), ($7), $0 and ($76)	(180)	(240)	132	583
Ending Balance, Amount	2,228	1,874	461	(830)	2,228	461
Accumulated Deficit [Member]
Class Of Stock [Line Items]
Beginning Balance, Amount	(506,320)	(483,161)	(415,846)	(398,130)	(483,161)	(398,130)
Net loss	(24,572)	(23,159)	(29,401)	(17,716)
Ending Balance, Amount	$ (530,892)	$ (506,320)	$ (445,247)	$ (415,846)	$ (530,892)	$ (445,247)

Revenues

6 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

Revenues

2. Revenues

Disaggregation of Revenue

The Company provides disaggregation of revenue based on geographic region (Note 16) and based on the subscription versus professional services and other classification on the consolidated statements of operations as it believes these best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

Deferred Revenue and Deferred Commission Expense

Amounts that have been invoiced are recorded in accounts receivable and deferred revenue or revenue, depending on whether the revenue recognition criteria have been met. Deferred revenue represents amounts billed for which revenue has not yet been recognized. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as current deferred revenue, and the remaining portion is recorded as long-term deferred revenue. Deferred revenue during the six months ended June 30, 2021 increased by $45.7 million resulting from $356.5 million of additional invoicing and was offset by revenue recognized of $310.8 million during the same period. $180.7 million of revenue was recognized during the three months ended June 30, 2021 that was included in deferred revenue at the beginning of the period. $240.1 million of revenue was recognized during the six months ended June 30, 2020 that was included in deferred revenue at the beginning of the period. As of June 30, 2021, approximately $305.8 million of revenue is expected to be recognized from remaining performance obligations for contracts with original performance obligations that exceed one year. The Company expects to recognize revenue on approximately 93% of these remaining performance obligations over the next 24 months, with the balance recognized thereafter.

Additional contract liabilities of $1.9 million and $1.7 were included in accrued expenses and other current liabilities on the consolidated balance sheet as of June 30, 2021 and December 31, 2020.

The incremental direct costs of obtaining a contract, which primarily consist of sales commissions paid for new subscription contracts, are deferred and amortized on a straight-line basis over a period of approximately one to three years. The one to three-year period has been determined by taking into consideration the type of product sold, the commitment term of the customer contract, the nature of the Company’s technology development life-cycle, and an estimated customer relationship period. Sales commissions for upgrade contracts are deferred and amortized on a straight-line basis over the remaining estimated customer relationship period of the related customer. Deferred commission expense that will be recorded as expense during the succeeding 12-month period is recorded as current deferred commission expense, and the remaining portion is recorded as long-term deferred commission expense.

Deferred commission expense during the three months ended June 30, 2021 increased by $10.3 million as a result of deferring incremental costs of obtaining a contract of $25.9 million and was offset by amortization of $15.6 million during the same period. Deferred commission expense during the six months ended June 30, 2021 increased by $15.3 million as a result of deferring incremental costs of obtaining a contract of $46.6 million and was offset by amortization of $31.3 million during the same period.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

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

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

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

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

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

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Changes in Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Changes in Accumulated Other Comprehensive Loss

14. Changes in Accumulated Other Comprehensive Loss

The following table summarizes the changes in accumulated other comprehensive loss, which is reported as a component of stockholders’ equity, for the six months ended June 30, 2021.


	Cumulative Translation Adjustment			Unrealized Gain on Investments			Total
	(in thousands)
Beginning balance at January 1, 2021		4,180			423			4,603
Other comprehensive loss before reclassifications		(1,955	)		(420	)		(2,375	)
Amounts reclassified from accumulated other comprehensive income		—			—			—
Ending balance at June 30, 2021		2,225			3			2,228

Changes in Stockholders' Equity - Summary of Changes in Stockholders' Equity (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Stockholders Equity Note [Abstract]
Unrealized gain (loss) on investments, tax	$ (7)	$ (36)	$ (76)	$ 0

Convertible Senior Notes - Schedule of Interest Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
0.375% Convertible Senior Notes Due 2025 [Member]
Debt Instrument [Line Items]
Contractual interest expense	$ 431	$ 125	$ 862	$ 125
Amortization of debt discount	4,510	1,218	8,901	1,218
Amortization of issuance costs	354	96	699	96
Total interest expense	5,295	1,439	10,462	1,439
0.25% Convertible Senior Notes Due 2022 [Member]
Debt Instrument [Line Items]
Contractual interest expense	46	212	115	462
Amortization of debt discount	1,074	4,323	2,709	9,629
Amortization of issuance costs	80	323	203	719
Total interest expense	$ 1,200	$ 4,858	$ 3,027	$ 10,810

Segment Information and Geographic Data - Additional Information (Detail) - Segment	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Number of operating segment	1
Revenue [Member] \| Outside Of United States [Member] \| Geographic Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage	46.00%	42.00%

Segment Information and Geographic Data (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Revenues by Geographical Region

Revenues by geographical region:


	Three Months End June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
	(in thousands)
Americas	$	190,728		$	133,719		$	364,599		$	264,858
Europe		93,365			54,558			176,735			107,229
Asia Pacific		26,695			15,331			50,819			30,488
Total	$	310,788		$	203,608		$	592,153		$	402,575
Percentage of revenues generated outside of the Americas		39	%		34	%		38	%		34	%

Long Lived Assets by Geographical Region

Total long-lived assets by geographical region:


	As of June 30, 2021			As of December 31, 2020
	(in thousands)
Americas	$	195,409		$	206,789
Europe		150,072			159,338
Asia Pacific		9,727			10,889
Total long-lived assets	$	355,208		$	377,016
Percentage of long-lived assets held outside of the Americas		45	%		45	%

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 338,336	$ 378,123
Short-term investments	875,395	873,073
Accounts receivable - net of allowance for doubtful accounts of $1,388 and $1,993 at June 30, 2021 and December 31, 2020, respectively	117,030	126,433
Deferred commission expense	52,941	44,576
Prepaid expenses and other current assets	42,626	34,716
Total current assets	1,426,328	1,456,921
Long-term investments	83,762	30,697
Property and equipment, net	97,885	101,123
Capitalized software development costs, net	33,513	24,943
Right-of-use assets	257,323	275,893
Deferred commission expense, net of current portion	35,211	28,296
Other assets	25,157	13,893
Intangible assets, net	11,644	10,282
Goodwill	47,789	31,318
Total assets	2,018,612	1,973,366
Current liabilities:
Accounts payable	12,178	13,540
Accrued compensation costs	51,986	44,054
Accrued expenses and other current liabilities	44,744	37,184
Convertible senior notes	64,762	7,837
Operating lease liabilities	31,410	30,020
Deferred revenue	358,830	312,866
Total current liabilities	563,910	445,501
Operating lease liabilities, net of current portion	259,696	279,664
Deferred revenue, net of current portion	3,403	3,636
Other long-term liabilities	12,056	10,811
Convertible senior notes	373,863	471,099
Total liabilities	1,212,928	1,210,711
Commitments and contingencies (Note 11)
Stockholders’ equity:
Common stock	47	46
Additional paid-in capital	1,334,301	1,241,167
Accumulated other comprehensive loss	2,228	4,603
Accumulated deficit	(530,892)	(483,161)
Total stockholders’ equity	805,684	762,655
Total liabilities and stockholders’ equity	$ 2,018,612	$ 1,973,366

Revenues - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Additions in deferred revenue			$ 45,700
Additional Invoicing			356,500
Total revenues	$ 310,788	$ 203,608	592,153	$ 402,575
Deferred revenue, revenue recognized	180,700			$ 240,100
Revenue remaining performance obligation, contracts exceeds one year	305,800		$ 305,800
Revenue remaining performance obligation contract period			1 year
Revenue remaining performance obligation percentage recognized			93.00%
Short-term deferred revenue	358,830		$ 358,830		$ 312,866
Increase (decrease) in deferred commission expense	10,300		15,300
Incremental costs of deferred sales commission expense	25,900		46,600
Amortization of deferred commission expense	15,600		$ 31,300
Minimum [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Amortization period of deferred commissions			1 year
Maximum [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Amortization period of deferred commissions			3 years
Accrued Expenses and Other Current Liabilities [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Short-term deferred revenue	$ 1,900		$ 1,900		$ 1,700

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Schedule of Future Minimum Payments

Future minimum payments under all operating lease agreements as of June 30, 2021 are as follows:


	Operating
	(in thousands)
Remainder of 2021	$	20,286
2022		51,445
2023		50,396
2024		49,217
2025		49,286
Thereafter		138,887
Total	$	359,517

Capitalized Software Development Costs - Summary of Capitalized Software Development Costs, Exclusive of those Recorded within Property and Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Capitalized Computer Software Net [Abstract]
Gross capitalized software development costs	$ 103,231	$ 85,630
Accumulated amortization	(69,718)	(60,687)
Capitalized software development costs, net	$ 33,513	$ 24,943

Convertible Senior Notes - Schedule of Net Carrying Amount of Liability Component (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Net carrying amount	$ 373,863	$ 471,099
0.375%Convertible Senior Notes Due 2025 as Liability Component [Member]
Debt Instrument [Line Items]
Principal	460,000	460,000
Unamortized debt discount	(79,864)	(88,756)
Unamortized issuance costs	(6,273)	(6,973)
Net carrying amount	373,863	364,271
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member]
Debt Instrument [Line Items]
Principal	68,653	125,839
Unamortized debt discount	(3,620)	(10,397)
Unamortized issuance costs	(271)	(777)
Net carrying amount	$ 64,762	$ 114,665

Business Acquisition

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Business Acquisition

12. Business Acquisition

On February 9, 2021, the Company acquired 100% of the equity interests of Hustle Con Media, Inc. (the “Hustle”), a media company that produces a newsletter, podcast, and premium research content for innovative professionals. The Hustle will enable the Company to better meet the needs of scaling companies by delivering educational, business and technology trend content in their preferred formats. The total cash purchase price for the acquisition was $17.2 million, net of cash acquired, which included a upward working capital adjustment of $0.4 million.

The following table summarizes the fair value of assets acquired and liabilities assumed as of the date of acquisition:


	Fair value
	(in thousands)
Cash	$	3,089
Accounts receivable		1,153
Other current and noncurrent assets		835
Current backlog asset		677
Customer relationships		2,400
Goodwill		16,987
Accounts payable, accrued expenses, and other liabilities		(2,975	)
Deferred revenue		(825	)
Deferred tax liability		(1,042	)
Total purchase price	$	20,299

As part of the purchase price allocation, the Company recorded a net deferred tax liability for approximately $1.0 million related to the difference between the tax basis and fair value of the acquired intangible assets. This net deferred tax liability provided a source of additional income to support the realizability of the Company’s pre-existing, U.S. deferred tax assets. As the Company has recorded a full valuation allowance against its U.S. deferred tax assets, the Company released a portion of its valuation allowance and recorded a corresponding income tax benefit of $1.0 million in the consolidated statement of operations for the period ended March 31, 2021.

The excess of the purchase consideration over the fair value of net tangible and identifiable intangible assets and liabilities acquired was recorded as goodwill. The Company believes the goodwill is attributable to the significant value obtained from the Company utilizing the advertising space within the Hustle’s newsletter and podcast, as well as the market influence of the premium research content to promote its products to the Hustle’s customer base and acquire new customers. The goodwill recognized is not deductible for U.S. or foreign income tax purposes.

The Company applied an income approach to estimate the fair values of the intangible assets acquired. The primary intangible asset acquired in the business acquisition was customer relationships and the fair value of $2.4 million was determined based on the estimated present value of expected after-tax cash flows attributable to subscribers using an excess earnings method. The Company applied various estimates and assumptions with respect to forecasted revenue growth rates, the revenue attributable to the existing customers over time and the discount rate. The fair values assigned to the other tangible and identifiable intangible assets acquired and liabilities assumed as part of the business combination were based on management’s estimates and assumptions.

The Company began amortizing the customer relationships on the date of acquisition over a period of seven years based on expected future cash flow attributable to existing customers. The amortization expense is recorded to sales and marketing expense in the consolidated statements of operations.

The Company has included the operating results of the Hustle in its consolidated financial statements since the date of the acquisition. The acquisition did not have a material effect on the revenue or earnings in the consolidated income statement for the reporting periods presented. The pro forma results of the Company as if the acquisition had taken place on the first day of 2020 were not materially different from the amounts reflected in the accompanying consolidated financial statements.

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (24,572)	$ (29,401)	$ (47,731)	$ (47,117)
Other comprehensive loss:
Foreign currency translation adjustment	534	1,159	(1,955)	82
Changes in unrealized (loss) gain on investments, net of income taxes of ($7) and ($43) for the three and six months ended June 30, 2021, and $0 and ($76) thousand for the three and six months ended June 30, 2020	(180)	132	(420)	715
Comprehensive loss	$ (24,218)	$ (28,110)	$ (50,106)	$ (46,320)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss per Share - Additional Information (Detail) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021 USD ($) $ / shares	Jun. 30, 2021 USD ($) d $ / shares	Jul. 30, 2021 USD ($)	Jun. 30, 2020 $ / shares
Earnings Per Share Basic [Line Items]
Average stock price \| $ / shares	$ 521.54	$ 481.12
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member]
Earnings Per Share Basic [Line Items]
Common stock conversion price \| $ / shares	$ 94.77	$ 94.77
Debt instrument, convertible, threshold trading days		20
Debt instrument, convertible, threshold consecutive trading days		30
Percentage of closing price to trigger debt conversion		130.00%
Debt instrument convertible, principal amount \| $	$ 12.7	$ 12.7
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] \| Subsequent Event [Member]
Earnings Per Share Basic [Line Items]
Debt instrument convertible, principal amount \| $			$ 46.4
0.375% Convertible Senior Notes Due 2025 [Member]
Earnings Per Share Basic [Line Items]
Common stock conversion price \| $ / shares	$ 282.52	$ 282.52		$ 282.52
Debt instrument, convertible, threshold trading days		20
Debt instrument, convertible, threshold consecutive trading days		30
0.375% Convertible Senior Notes Due 2025 [Member] \| Maximum [Member]
Earnings Per Share Basic [Line Items]
Percentage of closing price to trigger debt conversion		130.00%

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Accounts receivable, net of allowance for doubtful accounts	$ 1,388	$ 1,993

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Jul. 30, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Trading Symbol	HUBS
Entity Registrant Name	HubSpot, Inc.
Entity Central Index Key	0001404655
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NYSE
Entity File Number	001-36680
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-2632791
Entity Address, Address Line One	25 First Street
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02141
City Area Code	888
Local Phone Number	482-7768
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		47,005,359

Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 176,373	$ 168,526
Less accumulated depreciation	(78,488)	(67,403)
Property and equipment, net	97,885	101,123
Computer Equipment and Purchased Software [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	15,940	15,128
Employee Related Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	25,379	20,802
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	21,770	20,204
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	96,369	89,850
Internal Use Software [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	16,495	12,528
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 420	$ 10,014

Equity method investment

6 Months Ended

Jun. 30, 2021

Equity Method Investments And Joint Ventures [Abstract]

Equity method investment

5. Equity method investment

On March 9, 2021, the Company made a contribution of $2.3 million in cash in the Black Economic Development Fund (the “Fund”) managed by the Local Initiatives Support Corporation. In the three months ended June 30, 2021, the Company made an additional contribution of $0.8 million in cash for an aggregate of 5.0% ownership interest and income share in the Fund.

The Company has commitments to contribute additional capital of $9.4 million to the Fund over the next three years. Given the level of ownership interest in the Fund, which is a limited liability company, and the fact that the Fund maintains specific ownership accounts for investors, the Company accounts for this investment using the equity method of accounting. The Fund is included in other assets on the consolidated balance sheet.

The Company's share of the Fund’s net earnings and impairment charges on investments are reported in the consolidated statements of operations as other income (expense), net of tax. As of June 30, 2021, the carrying amount of the Company’s investment in the Fund was $3.0 million. There was no material difference between the carrying value and the fair value of the underlying net assets of the Fund that would result in adjustments to the Company’s proportionate share of the Fund’s net earnings.

Capitalized Software Development Costs (Tables)

6 Months Ended

Jun. 30, 2021

Research And Development [Abstract]

Summary of Capitalized Software Development Costs, Exclusive of those Recorded within Property and Equipment

Capitalized software development costs, exclusive of those recorded within property and equipment, consisted of the following:


	June 30, 2021			December 31, 2020
	(in thousands)
Gross capitalized software development costs	$	103,231		$	85,630
Accumulated amortization		(69,718	)		(60,687	)
Capitalized software development costs, net	$	33,513		$	24,943

Stock-Based Compensation Expense - Schedule of Stock-Based Compensation Expense by Award Type (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 43,433	$ 31,374	$ 75,856	$ 58,837
Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	1,572	1,586	3,166	3,408
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	39,692	28,490	68,432	52,793
ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 2,169	$ 1,298	$ 4,258	$ 2,636

Capitalized Software Development Costs

6 Months Ended

Jun. 30, 2021

Research And Development [Abstract]

Capitalized Software Development Costs

8. Capitalized Software Development Costs

Capitalized software development costs, exclusive of those recorded within property and equipment, consisted of the following:


	June 30, 2021			December 31, 2020
	(in thousands)
Gross capitalized software development costs	$	103,231		$	85,630
Accumulated amortization		(69,718	)		(60,687	)
Capitalized software development costs, net	$	33,513		$	24,943

These capitalized software development costs are associated with software developed for customer purchase. Capitalized software development costs recorded within property and equipment are associated with software developed for Company use.

Amortization of capitalized software development costs, exclusive of costs recorded within property and equipment, was $5.3 million for the three months ended June 30, 2021, $10.2 million for the six months ended June 30, 2021, $3.7 million for three months ended June 30, 2020, and $7.1 million for the six months ended June 30, 2020.

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation and amortization	$ 6.1	$ 4.9	$ 12.1	$ 9.6

Commitments and Contingencies - Schedule of Future Minimum Payments (Detail) $ in Thousands	Jun. 30, 2021 USD ($)
Commitments And Contingencies Disclosure [Abstract]
Operating, Remainder of 2021	$ 20,286
Operating, 2022	51,445
Operating, 2023	50,396
Operating, 2024	49,217
Operating, 2025	49,286
Operating, Thereafter	138,887
Total	$ 359,517

Net Loss per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Summary of Reconciliation of Denominator Used in Calculation of Basic and Diluted Net Loss Per Share

A reconciliation of the denominator used in the calculation of basic and diluted net loss per share is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Net loss	$	(24,572	)	$	(29,401	)	$	(47,731	)	$	(47,117	)
Weighted-average common shares outstanding — basic		46,777			44,130			46,603			43,703
Dilutive effect of share equivalents resulting from stock options, RSUs, ESPP, Warrants and the Conversion Options		—			—			—			—
Weighted-average common shares, outstanding — diluted		46,777			44,130			46,603			43,703
Net loss per share, basic and diluted	$	(0.53	)	$	(0.67	)	$	(1.02	)	$	(1.08	)

Schedule of Potentially Dilutive Common Stock Equivalents

The following table contains all potentially dilutive common stock equivalents.


	As of June 30,
	2021		2020
	(in thousands)
Options to purchase common shares		749		1,280
RSUs		1,462		1,865
Conversion Option of the 2022 Notes and Warrants		1,830		2,831
Conversion Option of the 2025 Notes		664		—
ESPP		8		—

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. Commitments and Contingencies

Contractual Obligations

The Company leases its office facilities under non-cancelable operating leases that expire at various dates through May 2031. Lease expense for non-cancelable operating leases with free rental periods or scheduled rent increases is recognized on a straight-line basis over the terms of the leases. Improvement reimbursements from landlords of $24.4 million are being amortized on a straight-line basis into lease expense over the terms of the leases. Certain leases contain optional termination dates. The table below only includes payments up to the optional termination date. If the Company were to extend leases beyond the optional termination date, the future commitments would increase by approximately $87.9 million.

Included in the table below is an operating lease commitment for a lease that has not yet commenced of approximately $6.5 million for facilities with lease terms of approximately 7 years in Colombia.

Future minimum payments under all operating lease agreements as of June 30, 2021 are as follows:


	Operating
	(in thousands)
Remainder of 2021	$	20,286
2022		51,445
2023		50,396
2024		49,217
2025		49,286
Thereafter		138,887
Total	$	359,517

In July 2021, the Company entered into various agreements for office facilities in Cambridge, Massachusetts, to extend the lease term of certain facilities and to terminate the lease for certain facilities. As a result of these agreements, the Company will pay an aggregate of approximately $148 million in incremental rent over the lease term. In connection with the termination of the existing lease, during the third quarter of 2021, the Company will record a gain on lease extinguishment of approximately $4 million and an acceleration of furniture, fixture, and leasehold improvement depreciation expense of approximately $7 million.

As of June 30, 2021, there were no material changes in our vendor commitments under non-cancelable arrangements, as disclosed in the Company’s audited consolidated financial statements for the year ended December 31, 2020 and related notes thereto contained in the Company’s Annual Report on Form 10-K, except as noted below.

During the six months ended June 30, 2021, the Company entered various vendor commitments with contractual obligations of approximately $5.3 million, payable over the two to three year term of the agreements.

Legal Contingencies

From time to time, the Company may become a party to litigation and subject to claims incident to the ordinary course of business, including intellectual property claims, labor and employment claims, and threatened claims, breach of contract claims, tax, and other matters. The Company currently has no material pending litigation.

Organization and Operations (Policies)	6 Months Ended
Organization and Operations (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recent accounting standards not included below are not expected to have a material impact on our consolidated financial position and results of operations. In August 2020, the FASB issued guidance simplifying the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being bifurcated from the host contract and separately recognized as compared with current GAAP. In addition, it eliminates the treasury stock method for calculating diluted earnings per share for convertible instruments and requires the use of the if-converted method. The new standard will be effective for the Company on January 1, 2022, with early adoption permitted. The Company is currently evaluating the impact of adoption of the standard on its consolidated financial statements.
Revenues	Disaggregation of Revenue The Company provides disaggregation of revenue based on geographic region (Note 16) and based on the subscription versus professional services and other classification on the consolidated statements of operations as it believes these best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Deferred Revenue and Deferred Commission Expense Amounts that have been invoiced are recorded in accounts receivable and deferred revenue or revenue, depending on whether the revenue recognition criteria have been met. Deferred revenue represents amounts billed for which revenue has not yet been recognized. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as current deferred revenue, and the remaining portion is recorded as long-term deferred revenue. Deferred revenue during the six months ended June 30, 2021 increased by $45.7 million resulting from $356.5 million of additional invoicing and was offset by revenue recognized of $310.8 million during the same period. $180.7 million of revenue was recognized during the three months ended June 30, 2021 that was included in deferred revenue at the beginning of the period. $240.1 million of revenue was recognized during the six months ended June 30, 2020 that was included in deferred revenue at the beginning of the period. As of June 30, 2021, approximately $305.8 million of revenue is expected to be recognized from remaining performance obligations for contracts with original performance obligations that exceed one year. The Company expects to recognize revenue on approximately 93% of these remaining performance obligations over the next 24 months, with the balance recognized thereafter. Additional contract liabilities of $1.9 million and $1.7 were included in accrued expenses and other current liabilities on the consolidated balance sheet as of June 30, 2021 and December 31, 2020. The incremental direct costs of obtaining a contract, which primarily consist of sales commissions paid for new subscription contracts, are deferred and amortized on a straight-line basis over a period of approximately one to three years. The one to three-year period has been determined by taking into consideration the type of product sold, the commitment term of the customer contract, the nature of the Company’s technology development life-cycle, and an estimated customer relationship period. Sales commissions for upgrade contracts are deferred and amortized on a straight-line basis over the remaining estimated customer relationship period of the related customer. Deferred commission expense that will be recorded as expense during the succeeding 12-month period is recorded as current deferred commission expense, and the remaining portion is recorded as long-term deferred commission expense. Deferred commission expense during the three months ended June 30, 2021 increased by $10.3 million as a result of deferring incremental costs of obtaining a contract of $25.9 million and was offset by amortization of $15.6 million during the same period. Deferred commission expense during the six months ended June 30, 2021 increased by $15.3 million as a result of deferring incremental costs of obtaining a contract of $46.6 million and was offset by amortization of $31.3 million during the same period.

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Total revenue	$ 310,788	$ 203,608	$ 592,153	$ 402,575
Cost of revenues:
Total cost of revenues	62,877	38,777	117,611	77,061
Gross profit	247,911	164,831	474,542	325,514
Operating expenses:
Research and development	72,104	49,372	140,500	95,573
Sales and marketing	157,799	102,600	298,817	204,928
General and administrative	34,610	26,484	66,860	52,741
Total operating expenses	264,513	178,456	506,177	353,242
Loss from operations	(16,602)	(13,625)	(31,635)	(27,728)
Other expense:
Interest income	341	2,135	816	6,192
Interest expense	(7,179)	(16,809)	(16,578)	(22,761)
Other income (expense)	528	(91)	1,188	(1,143)
Total other expense	(6,310)	(14,765)	(14,574)	(17,712)
Loss before income tax expense	(22,912)	(28,390)	(46,209)	(45,440)
Income tax expense	(1,660)	(1,011)	(1,522)	(1,677)
Net loss	$ (24,572)	$ (29,401)	$ (47,731)	$ (47,117)
Net loss per share, basic and diluted	$ (0.53)	$ (0.67)	$ (1.02)	$ (1.08)
Weighted average common shares used in computing basic and diluted net loss per share:	46,777	44,130	46,603	43,703
Subscription [Member]
Revenues:
Total revenue	$ 300,423	$ 196,415	$ 570,686	$ 387,643
Cost of revenues:
Total cost of revenues	51,134	30,400	94,986	60,135
Professional Services and Other [Member]
Revenues:
Total revenue	10,365	7,193	21,467	14,932
Cost of revenues:
Total cost of revenues	$ 11,743	$ 8,377	$ 22,625	$ 16,926

Business Acquisition - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Feb. 09, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Cash purchase price for the acquisition, net of cash acquired				$ 16,810
Income tax benefit		$ 1,660	$ 1,011	$ 1,522	$ 1,677
Hustle Con Media, Inc. [Member]
Business Acquisition [Line Items]
Acquisition effective date				Feb. 09, 2021
Business acquisition, description of acquired entity				On February 9, 2021, the Company acquired 100% of the equity interests of Hustle Con Media, Inc. (the “Hustle”), a media company that produces a newsletter, podcast, and premium research content for innovative professionals.
Percentage of equity interests acquired	100.00%
Cash purchase price for the acquisition, net of cash acquired	$ 17,200
Payments to acquire businesses, working capital adjustment	400
Net deferred tax liability	1,042
Income tax benefit	1,000
Hustle Con Media, Inc. [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Business acquisition, fair value of customer relationships	$ 2,400
Business acquisition, estimated useful life of customer relationships	7 years

Convertible Senior Notes - Schedule of Net Carrying Amount of Equity Component (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
0.375% Convertible Senior Notes Due 2025 as Equity Component [Member]
Debt Instrument [Line Items]
Debt discount for conversion option	$ 98,730	$ 98,730
Issuance costs	(2,120)	(2,120)
Net carrying amount	96,610	96,610
0.25%Convertible Senior Notes Due 2022 as Equity Component [Member]
Debt Instrument [Line Items]
Debt discount for conversion option	18,194	33,349
Issuance costs	(490)	(898)
Net carrying amount	$ 17,704	$ 32,451

Segment Information and Geographic Data - Long Lived Assets by Geographical Region (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total long lived assets	$ 355,208	$ 377,016
Americas [Member]
Segment Reporting Information [Line Items]
Total long lived assets	195,409	206,789
Europe [Member]
Segment Reporting Information [Line Items]
Total long lived assets	150,072	159,338
Asia Pacific [Member]
Segment Reporting Information [Line Items]
Total long lived assets	$ 9,727	$ 10,889
Outside Of Americas [Member] \| Assets Total [Member] \| Geographic Concentration Risk [Member]
Segment Reporting Information [Line Items]
Percentage of long lived assets held outside of the Americas	45.00%	45.00%

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating Activities:
Net loss	$ (47,731)	$ (47,117)
Adjustments to reconcile net loss to net cash and cash equivalents provided by operating activities
Depreciation and amortization	21,736	17,683
Stock-based compensation	75,856	58,837
Loss on early extinguishment of 2022 Convertible Notes	3,088	10,493
Repayment of 2022 Convertible Notes attributable to the debt discount	(13,028)	(48,675)
Gain on strategic investments	(1,022)
Benefit from deferred income taxes	(1,120)	(422)
Amortization of debt discount and issuance costs	12,512	11,662
Amortization (accretion) of bond discount	1,670	(3,490)
Unrealized currency translation	280	184
Changes in assets and liabilities
Accounts receivable	8,944	5,930
Prepaid expenses and other assets	(7,694)	(20,420)
Deferred commission expense	(16,402)	(5,837)
Right-of-use assets	18,547	13,398
Accounts payable	(1,269)	1,837
Accrued expenses and other liabilities	15,533	444
Operating lease liabilities	(18,374)	(12,314)
Deferred revenue	49,365	7,128
Net cash and cash equivalents provided by (used in) operating activities	100,891	(10,679)
Investing Activities:
Purchases of investments	(654,063)	(967,028)
Maturities of investments	596,602	710,002
Sale of investments		10,932
Purchases of property and equipment	(10,746)	(19,897)
Acquisition of a business, net of cash acquired	(16,810)
Purchases of strategic investments	(6,202)	(1,000)
Equity method investment	(3,100)
Capitalization of software development costs	(16,421)	(10,163)
Net cash and cash equivalents used in investing activities	(110,740)	(277,154)
Financing Activities:
Proceeds from settlement of Convertible Note Hedges related to the 2022 Convertible Notes	725	362,492
Proceeds from issuance of 2025 Convertible Notes, net of issuance costs paid of $9.4 million		450,614
Payments for settlement of Warrants related to the 2022 Convertible Notes		(327,543)
Repayment of 2022 Convertible Notes attributable to the principal	(45,409)	(234,366)
Payments for Capped Call Options related to the 2025 Convertible Notes		(50,600)
Employee taxes paid related to the net share settlement of stock-based awards	(6,913)	(2,200)
Proceeds related to the issuance of common stock under stock plans	24,868	15,208
Repayments of finance lease obligations		(28)
Net cash and cash equivalents (used in) provided by financing activities	(26,729)	213,577
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(3,209)	(144)
Net increase in cash, cash equivalents and restricted cash	(39,787)	(74,400)
Cash, cash equivalents and restricted cash, beginning of period	381,152	278,515
Cash, cash equivalents and restricted cash, end of period	341,365	204,115
Supplemental cash flow disclosure:
Cash paid for interest	948	508
Cash paid for income taxes	4,198	1,646
Right-of-use assets obtained in exchange for operating lease liabilities	3,767	51,742
Non-cash investing and financing activities:
Capital expenditures incurred but not yet paid	219	447
Asset retirement obligations	71	87
2022 Convertible Notes
Non-cash investing and financing activities:
Issuance of common stock for repayment of 2022 Convertible Notes	$ 209,859	330,497
2025 Convertible Notes
Non-cash investing and financing activities:
2025 Convertible Notes issuance costs incurred but not paid		$ 490

Equity Method Investment - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Mar. 09, 2021
Schedule Of Equity Method Investments [Line Items]
Commitments to contribute additional capital	$ 9.4
Carrying amount of investment	3.0
Black Economic Development Fund [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method investment	$ 0.8	$ 2.3
Percentage of ownership interest and income share	5.00%

Net Loss per Share - Summary of Reconciliation of Denominator Used in Calculation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share Basic And Diluted [Abstract]
Net loss	$ (24,572)	$ (23,159)	$ (29,401)	$ (17,716)	$ (47,731)	$ (47,117)
Weighted-average common shares outstanding — basic	46,777		44,130		46,603	43,703
Weighted-average common shares, outstanding — diluted	46,777		44,130		46,603	43,703
Net loss per share, basic and diluted	$ (0.53)		$ (0.67)		$ (1.02)	$ (1.08)

- Definition

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

+ References

+ Details

Capitalized Software Development Costs - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Capitalized Computer Software Net [Abstract]
Amortization of software development costs, exclusive of costs recorded within property and equipment	$ 5.3	$ 3.7	$ 10.2	$ 7.1

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

4. Fair Value of Financial Instruments

The Company measures certain financial assets at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows:



Level 1 — Quoted prices in active markets for identical assets or liabilities.



Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.



Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

The following table details the fair value measurements within the fair value hierarchy of the Company’s financial assets and liabilities at June 30, 2021 and December 31, 2020:


	June 30, 2021
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents and investments:
Money market funds	$	166,818	$	—	$	—	$	166,818
Commercial paper		—		201,194		—		201,194
Corporate bonds		—		213,190		—		213,190
U.S. Government agency securities		—		6,795		—		6,795
U.S. Treasury securities		—		537,978		—		537,978
Restricted cash:
Money market funds		—		3,029		—		3,029
Total	$	166,818	$	962,186	$	—	$	1,129,004


	December 31, 2020
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents and investments:
Money market funds	$	172,485	$	—	$	—	$	172,485
Commercial paper		—		12,233		—		12,233
Corporate bonds		—		116,371		—		116,371
U.S. Treasury securities		—		774,772		—		774,772
Certificates of deposit				394		—		394
Restricted cash:
Money market funds		—		3,029		—		3,029
Total	$	172,485	$	906,799	$	—	$	1,079,284

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The fair value of the Company’s investments in certain money market funds is their face value and such instruments are classified as Level 1 and are included in cash and cash equivalents on the consolidated balance sheets. At June 30, 2021 and December 31, 2020, Level 2 securities were priced by pricing vendors. These pricing vendors utilize the most recent observable market information in pricing these securities or, if specific prices are not available for these securities, use other observable inputs like market transactions involving identical or comparable securities.

As of June 30, 2021, the fair value of the 2022 Notes was $421.3 million and the fair value of the 2025 Notes was $986.0 million. The fair value was determined based on the quoted price of the 2022 and 2025 Notes in an inactive market on the last trading day of the reporting period and has been classified as Level 2 within the fair value hierarchy.

For certain other financial instruments, including accounts receivable, accounts payable, and other current liabilities, the carrying amounts approximate their fair value due to the relatively short maturity of these balances.

Restricted cash is comprised of money market funds related to landlord guarantees for leased facilities. These restricted cash balances have been excluded from our cash and cash equivalents balance on our consolidated balance sheets.

Strategic investments consist of non-controlling equity investments in privately held companies. The Company elected the measurement alternative for these investments without readily determinable fair values and for which the Company does not have the ability to exercise significant influence. These investments are accounted for under the cost method of accounting. Under the cost method of accounting, the non-marketable equity securities are carried at cost less any impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer, which is recorded within the statement of operations. The Company holds $14.0 million of strategic investments without readily determinable fair values at June 30, 2021 and $6.7 million of strategic investments without readily determinable fair values at December 31, 2020. These investments are included in other assets on the consolidated balance sheets. During the three months ended June 30, 2021, an acquisition of an entity in which the Company held a strategic investment was completed, which resulted in an observable price change. The Company adjusted the fair value of its investment and recognized a gain of $1.0 million reported in the consolidated statements of operations as other income. There were no other adjustments to the carrying value of the strategic investments resulting from impairments or observable price changes in the six months ended June 30, 2021.

The following tables summarize the composition of our short- and long-term investments at June 30, 2021 and December 31, 2020.


	June 30, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Commercial paper	$	201,194	$	—	$	—		$	201,194
Corporate bonds		213,191		114		(115	)		213,190
U.S. Government agency securities		6,803		—		(8	)		6,795
U.S. Treasury securities		537,964		29		(15	)		537,978
Total	$	959,152	$	143	$	(138	)	$	959,157


	December 31, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Commercial paper	$	12,233	$	—	$	—		$	12,233
Corporate bonds		115,983		427		(39	)		116,371
U.S. Treasury securities		774,667		105		—			774,772
Certificates of deposit		394		—		—			394
Total	$	903,277	$	532	$	(39	)	$	903,770

For all of our securities for which the amortized cost basis was greater than the fair value at June 30, 2021, the Company has concluded that there is no plan to sell the security nor is it more likely than not that the Company would be required to sell the security before its anticipated recovery. In making the determination as to whether the unrealized loss is other-than-temporary, the Company considered the length of time and extent the investment has been in an unrealized loss position, the financial condition and near-term prospects of the issuers, the issuers’ credit rating and the time to maturity.

Contractual Maturities

The contractual maturities of short-term and long-term investments held at June 30, 2021 and December 31, 2020 are as follows:


	June 30, 2021				December 31, 2020
	Amortized Cost Basis		Aggregate Fair Value		Amortized Cost Basis		Aggregate Fair Value
	(in thousands)				(in thousands)
Due within one year	$	875,331	$	875,395	$	872,637	$	873,073
Due after 1 year through 2 years		83,821		83,762		30,640		30,697
Total	$	959,152	$	959,157	$	903,277	$	903,770

- 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

Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Statement Of Cash Flows [Abstract]
Convertible notes, issuance costs	$ 9.4

Segment Information and Geographic Data - Revenues by Geographical Region (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 310,788	$ 203,608	$ 592,153	$ 402,575
Americas [Member]
Segment Reporting Information [Line Items]
Total revenues	190,728	133,719	364,599	264,858
Europe [Member]
Segment Reporting Information [Line Items]
Total revenues	93,365	54,558	176,735	107,229
Asia Pacific [Member]
Segment Reporting Information [Line Items]
Total revenues	$ 26,695	$ 15,331	$ 50,819	$ 30,488
Revenue [Member] \| Outside Of Americas [Member] \| Geographic Concentration Risk [Member]
Segment Reporting Information [Line Items]
Percentage of revenues generated outside of the Americas	39.00%	34.00%	38.00%	34.00%

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 41
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-Paragraph 4
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Property and Equipment, Net

6 Months Ended

Jun. 30, 2021

Property Plant And Equipment [Abstract]

Property and Equipment, Net

7. Property and Equipment, Net

Property and equipment, net consists of the following:


	June 30, 2021			December 31, 2020
	(in thousands)
Computer equipment and purchased software	$	15,940		$	15,128
Employee related computer equipment		25,379			20,802
Furniture and fixtures		21,770			20,204
Leasehold improvements		96,369			89,850
Internal-use software		16,495			12,528
Construction in progress		420			10,014
Total property and equipment		176,373			168,526
Less accumulated depreciation		(78,488	)		(67,403	)
Property and equipment, net	$	97,885		$	101,123

Depreciation and amortization expense on property and equipment was $6.1 million for the three months ended June 30, 2021, $12.1 million for the six months ended June 30, 2021, $4.9 million for the three months ended June 30, 2020 and $9.6 million for the six months ended June 30, 2020.

Organization and Operations

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Organization and Operations

1. Organization and Operations

HubSpot, Inc. (the “Company”) provides a cloud-based customer relationship management (“CRM”) Platform, that enables companies to attract, engage, and delight customers throughout the customer experience. The Company’s CRM Platform comprised of Marketing Hub, Sales Hub, Service Hub, content management system ("CMS") Hub and Operations Hub (released in April 2021) features integrated applications and tools that enable businesses to create a cohesive and adaptable customer experience.

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) applicable to interim periods, under the rules and regulations of the United States Securities and Exchange Commission (“SEC”). In the opinion of management, the Company has prepared the accompanying unaudited consolidated financial statements on a basis substantially consistent with the audited consolidated financial statements of the Company as of and for the year ended December 31, 2020, and these consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results of the interim periods presented. All intercompany balances and transactions have been eliminated in consolidation.

The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the entire year ending December 31, 2021. The year-end balance sheet data was derived from audited financial statements, but this Form 10-Q does not include all disclosures required under GAAP. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted under the rules and regulations of the SEC.

These interim financial statements should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 16, 2021. There have been no changes in the Company’s significant accounting policies from those that were disclosed in the Company’s Annual Report on Form 10-K that have had a material impact on our consolidated financial statements and related notes.

In March 2020, the World Health Organization (“WHO”) declared the outbreak of a disease caused by a novel strain of the coronavirus (“COVID-19”) to be a global pandemic (the “pandemic”). The Company has assessed the impact of the pandemic, and while the broader implications of the pandemic on the results of operations and overall financial performance remain uncertain, the Company assessed the potential impact on the June 30, 2021 financial statements and determined there were no material adjustments necessary with respect to these consolidated financial statements.

In March 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was signed into law by the United States. The CARES Act provides a substantial stimulus and assistance package intended to address the impact of the pandemic, including tax relief and government loans, grants, and investments. In June 2020, the Jobs Support Scheme (“JSS”) was announced by the Singapore government to provide support to employers and help enterprises retain their local employees during the pandemic. In March 2021, the American Rescue Plan was passed to build upon the measures in the CARES Act and provide direct relief to those impacted by the pandemic. The CARES Act, the JSS and the American Rescue Plan did not have a material impact with respect to these consolidated financial statements.

Recent Accounting Pronouncements

Recent accounting standards not included below are not expected to have a material impact on our consolidated financial position and results of operations.

In August 2020, the FASB issued guidance simplifying the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being bifurcated from the host contract and separately recognized as compared with current GAAP. In addition, it eliminates the treasury stock method for calculating diluted earnings per share for convertible instruments and requires the use of the if-converted method. The new standard will be effective for the Company on January 1, 2022, with early adoption permitted. The Company is currently evaluating the impact of adoption of the standard on its consolidated financial statements.

Leases - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Lessee Lease Description [Line Items]
Operating leases right-of-use assets	$ 257,323		$ 257,323		$ 275,893
Weighted average discount rate for operating leases	5.10%		5.10%
Operating lease expense costs	$ 11,900	$ 11,200	$ 24,000	$ 20,900
Cash payments for operating lease liabilities	14,000	$ 11,300	26,100	$ 20,900
Dublin, Ireland [Member]
Lessee Lease Description [Line Items]
Operating leases right-of-use assets	3,500		3,500
Operating leases lease liabilities	$ 3,500		$ 3,500

Revenues - Additional Information1 (Detail)	Jun. 30, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Revenue remaining performance obligations recognition period	24 months

Restricted Cash - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 338,336	$ 378,123	$ 201,086
Restricted cash, included in other assets	$ 3,029	$ 3,029	$ 3,029
Restricted Cash, Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets	us-gaap:OtherAssets	us-gaap:OtherAssets
Total cash, cash equivalents, and restricted cash	$ 341,365	$ 381,152	$ 204,115

Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Changes in unrealized (loss)gain on investments, income taxes	$ (7)	$ 0	$ (43)	$ (76)

Business Acquisition - Summary of Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Feb. 09, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 47,789		$ 31,318
Hustle Con Media, Inc. [Member]
Business Acquisition [Line Items]
Cash		$ 3,089
Accounts receivable		1,153
Other current and noncurrent assets		835
Current backlog asset		677
Customer relationships		2,400
Goodwill		16,987
Accounts payable, accrued expenses, and other liabilities		(2,975)
Deferred revenue		(825)
Deferred tax liability		(1,042)
Total purchase price		$ 20,299

Restricted cash (Tables)

6 Months Ended

Jun. 30, 2021

Cash And Cash Equivalents [Abstract]

Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash


	June 30, 2021		June 30, 2020		December 31, 2020
	(in thousands)
Cash and cash equivalents	$	338,336	$	201,086	$	378,123
Restricted cash, included in other assets		3,029		3,029		3,029
Total cash, cash equivalents, and restricted cash	$	341,365	$	204,115	$	381,152

Segment Information and Geographic Data

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Information and Geographic Data

16. Segment Information and Geographic Data

The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision maker (“CODM”), which is the Company’s chief executive officer, in deciding how to allocate resources and assess performance. The Company’s CODM evaluates the Company’s financial information and resources and assess the performance of these resources on a consolidated basis. Since the Company operates in one operating segment, all required financial segment information can be found in the consolidated financial statements. Revenue and long-lived assets by geographic region, based on the physical location of the operations recording the sale or the asset, are as follows:

Revenues by geographical region:


	Three Months End June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
	(in thousands)
Americas	$	190,728		$	133,719		$	364,599		$	264,858
Europe		93,365			54,558			176,735			107,229
Asia Pacific		26,695			15,331			50,819			30,488
Total	$	310,788		$	203,608		$	592,153		$	402,575
Percentage of revenues generated outside of the Americas		39	%		34	%		38	%		34	%

Revenue derived from customers outside the United States (international) was approximately 46% of total revenue in the three and six months ended June and 42% of total revenue in the three and six months ended June 30, 2020.

Total long-lived assets by geographical region:


	As of June 30, 2021			As of December 31, 2020
	(in thousands)
Americas	$	195,409		$	206,789
Europe		150,072			159,338
Asia Pacific		9,727			10,889
Total long-lived assets	$	355,208		$	377,016
Percentage of long-lived assets held outside of the Americas		45	%		45	%

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Leases - Schedule of Operating Sublease Income Generated under Operating Lease Agreements (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating sublease income	$ 1,247	$ 1,374	$ 2,506	$ 2,728

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Jul. 31, 2021	Sep. 30, 2021	Jun. 30, 2021
Commitments and Contingencies [Line Items]
Improvement reimbursements from landlords			$ 24.4
Increase in future lease commitments			87.9
Forecast [Member]
Commitments and Contingencies [Line Items]
Gain on lease extinguishment		$ 4.0
Furniture, fixture, and leasehold improvement depreciation expense		$ 7.0
Colombia [Member]
Commitments and Contingencies [Line Items]
Lessee operating lease not yet commenced commitment amount			$ 6.5
Lessee, operating lease not yet commenced, term			7 years
Subsequent Event [Member]
Commitments and Contingencies [Line Items]
Incremental lease rent	$ 148.0
Amended Agreement [Member] \| Web Hosting Vendor [Member]
Commitments and Contingencies [Line Items]
Description of contractual obligations			the six months ended June 30, 2021, the Company entered various vendor commitments with contractual obligations of approximately $5.3 million, payable over the two to three year term of the agreements.
Contractual obligations			$ 5.3
Amended Agreement [Member] \| Web Hosting Vendor [Member] \| Minimum [Member]
Commitments and Contingencies [Line Items]
Contractual obligation, payment term			2 years
Amended Agreement [Member] \| Web Hosting Vendor [Member] \| Maximum [Member]
Commitments and Contingencies [Line Items]
Contractual obligation, payment term			3 years

Fair Value of Financial Instruments - Schedule of Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of short and long term investments	$ 959,157	$ 903,770
Fair value of financial assets	1,129,004	1,079,284
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of financial assets	166,818	172,485
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of financial assets	962,186	906,799
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of cash and cash equivalents	166,818	172,485
Fair value of restricted cash	3,029	3,029
Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of cash and cash equivalents	166,818	172,485
Money Market Funds [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of restricted cash	3,029	3,029
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of short and long term investments	201,194	12,233
Commercial Paper [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of short and long term investments	201,194	12,233
Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of short and long term investments	213,190	116,371
Corporate Bonds [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of short and long term investments	213,190	116,371
U.S. Government Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of short and long term investments	6,795
U.S. Government Agency Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of short and long term investments	6,795
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of short and long term investments	537,978	774,772
US Treasury Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of short and long term investments	$ 537,978	774,772
Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of short and long term investments		394
Certificates of Deposit [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of short and long term investments		$ 394

Stock-Based Compensation Expense - Effect of Stock-Based Compensation on Income by Line Item (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 43,433	$ 31,374	$ 75,856	$ 58,837
Cost of Revenue, Subscription [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	1,582	1,075	2,892	1,974
Cost of Revenue, Professional Services and Other [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	826	628	1,523	1,234
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	15,080	10,111	26,565	18,819
Sales and Marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	18,971	12,868	32,600	23,684
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 6,974	$ 6,692	$ 12,276	$ 13,126

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other assets	$ 25,157	$ 13,893
Other Income [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Recognized gain on investment	1,000
Strategic Investments [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other assets	14,000	$ 6,700
2022 Notes [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of notes	421,300
2025 Notes [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of notes	$ 986,000

Stock-Based Compensation Expense - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Capitalized Software and PP&E [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Capitalized software development costs excluded from stock based compensation	$ 1.9	$ 1.0	$ 3.1	$ 1.8

Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

10. Leases

The Company leases office facilities under non-cancelable operating leases that expire at various dates through May 2031. Certain operating leases contain optional termination dates, and the Company is not reasonably certain to extend its lease agreements beyond those dates.

During the six months ended June 30, 2021, the Company extended the lease term for a lease in Tokyo, Japan and amended the agreements for certain leased spaces in Dublin, Ireland. The Company recorded $3.5 million of right-of-use assets and lease liabilities associated with these amendments.

The Company uses its estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of operating lease payments. To determine the estimated incremental borrowing rate, the Company uses publicly available credit ratings for peer companies. The Company estimates the incremental borrowing rate using yields for maturities that are in line with the duration of the lease payments. The weighted average discount rate for operating leases as of June 30, 2021 is 5.1%.

Operating lease expense costs were $11.9 million for the three months ended June 30, 2021, $24.0 million for the six months ended June 30, 2021, $11.2 million for the three months ended June 30, 2020, and $20.9 million for the six months ended June 30, 2020.

The Company subleases some of its unused spaces to third parties. Operating sublease income generated under all operating lease agreements for the three and six months ended June 30, 2021 and 2020 are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Operating sublease income	$	1,247	$	1,374	$	2,506	$	2,728

Cash payments related to operating lease liabilities were $14.0 million for the three months ended June 30, 2021, $26.1 million for the six months ended June 30, 2021, $11.3 million for the three months ended June 30, 2020, and $20.9 million for the six months ended June 30, 2020.

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Schedule of Operating Sublease Income Generated under Operating Lease Agreements


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Operating sublease income	$	1,247	$	1,374	$	2,506	$	2,728

Changes in Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Changes in Accumulated Other Comprehensive Loss

The following table summarizes the changes in accumulated other comprehensive loss, which is reported as a component of stockholders’ equity, for the six months ended June 30, 2021.


	Cumulative Translation Adjustment			Unrealized Gain on Investments			Total
	(in thousands)
Beginning balance at January 1, 2021		4,180			423			4,603
Other comprehensive loss before reclassifications		(1,955	)		(420	)		(2,375	)
Amounts reclassified from accumulated other comprehensive income		—			—			—
Ending balance at June 30, 2021		2,225			3			2,228