0001564590-21-006083 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2020	Feb. 12, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Trading Symbol	HUBS
Entity Registrant Name	HubSpot, Inc.
Entity Central Index Key	0001404655
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,335,184
Entity Public Float			$ 9,621,952,510
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	true
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 Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive Proxy Statement for its 2021 Annual Meeting of Stockholders are incorporated by reference in Part III of this Annual Report on Form 10-K. Such Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates. Except with respect to information specifically incorporated by reference in this Form 10-K, the Proxy Statement is not deemed to be filed as part of this Form 10-K.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 378,123	$ 269,670
Short-term investments	873,073	691,834
Accounts receivable—net of allowance for doubtful accounts of $1,993 and $1,584 at December 31, 2020 and 2019, respectively	126,433	92,517
Deferred commission expense	44,576	32,078
Prepaid expenses and other current assets	34,716	23,625
Total current assets	1,456,921	1,109,724
Long-term investments	30,697	53,776
Property and equipment, net	101,123	83,649
Capitalized software development costs, net	24,943	16,793
Right-of-use assets	275,893	234,390
Deferred commission expense, net of current portion	28,296	19,110
Other assets	13,893	9,824
Intangible assets, net	10,282	11,752
Goodwill	31,318	30,250
Total assets	1,973,366	1,569,268
Current liabilities:
Accounts payable	13,540	12,842
Accrued compensation costs	44,054	26,318
Accrued expenses and other current liabilities	37,184	28,686
Convertible senior notes	7,837
Operating lease liabilities	30,020	23,613
Deferred revenue	312,866	231,030
Total current liabilities	445,501	322,489
Operating lease liabilities, net of current portion	279,664	244,216
Deferred revenue, net of current portion	3,636	3,058
Other long-term liabilities	10,811	8,983
Convertible senior notes, net of current portion	471,099	340,564
Total liabilities	1,210,711	919,310
Commitments and contingencies (Note 11)
Stockholders’ equity:
Common stock, $0.001 par value—authorized, 500,000 shares; 46,115 and 42,955 shares issued and outstanding at December 31, 2020 and 2019, respectively	46	44
Additional paid-in capital	1,241,167	1,048,380
Accumulated other comprehensive income (loss)	4,603	(336)
Accumulated deficit	(483,161)	(398,130)
Total stockholders’ equity	762,655	649,958
Total liabilities and stockholders’ equity	$ 1,973,366	$ 1,569,268

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Accounts receivable, net of allowance for doubtful accounts	$ 1,993	$ 1,584
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	46,115,000	42,955,000
Common stock, shares outstanding	46,115,000	42,955,000

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue:
Total revenue	$ 883,026	$ 674,860	$ 512,980
Cost of Revenue:
Total cost of revenue	166,959	129,958	100,357
Gross profit	716,067	544,902	412,623
Operating expenses:
Research and development	205,589	158,237	117,603
Sales and marketing	452,081	340,685	267,444
General and administrative	109,225	92,971	75,834
Total operating expenses	766,895	591,893	460,881
Loss from operations	(50,828)	(46,991)	(48,258)
Other expense:
Interest income	7,773	19,429	9,176
Interest expense	(37,049)	(22,818)	(21,386)
Other expense	(711)	(393)	(1,492)
Total other expense	(29,987)	(3,782)	(13,702)
Loss before income tax expense	(80,815)	(50,773)	(61,960)
Income tax expense	(4,216)	(2,973)	(1,868)
Net loss	$ (85,031)	$ (53,746)	$ (63,828)
Net loss per common share, basic and diluted	$ (1.90)	$ (1.28)	$ (1.66)
Weighted average common shares used in computing basic and diluted net loss per common share:	44,757	42,025	38,529
Subscription [Member]
Revenue:
Total revenue	$ 853,025	$ 646,266	$ 487,450
Cost of Revenue:
Total cost of revenue	130,685	98,510	69,718
Professional Services and Other [Member]
Revenue:
Total revenue	30,001	28,594	25,530
Cost of Revenue:
Total cost of revenue	$ 36,274	$ 31,448	$ 30,639

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (85,031)	$ (53,746)	$ (63,828)
Other comprehensive loss:
Foreign currency translation adjustments	4,790	(213)	(776)
Changes in unrealized gain on investments, net of income taxes of ($116) thousand in 2020, $156 thousand in 2019, and $0 in 2018.	149	600	110
Comprehensive loss	$ (80,092)	$ (53,359)	$ (64,494)

- Definition

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

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+ Details

Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Changes in unrealized gain (loss) on investments, income taxes	$ (116)	$ 156	$ 0

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	0.375%Convertible Senior Notes Due 2025 as Liability Component [Member]	0.25% Convertible Senior Notes Due 2022 as Liability Component [Member]	Common Stock [Member]	Common Stock [Member] 0.25% Convertible Senior Notes Due 2022 as Liability Component [Member]	Treasury Stock [Member]	Additional Paid-In Capital [Member]	Additional Paid-In Capital [Member] 0.375%Convertible Senior Notes Due 2025 as Liability Component [Member]	Additional Paid-In Capital [Member] 0.25% Convertible Senior Notes Due 2022 as Liability Component [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Accumulated Deficit [Member]
Beginning Balance, Amount at Dec. 31, 2017	$ 210,360			$ 38			$ 496,461			$ (57)	$ (286,082)
Beginning Balance, Shares at Dec. 31, 2017				37,503
Issuance of common stock under stock plans, net of shares withheld for employee taxes	14,731			$ 2			14,729
Issuance of common stock under stock plans, net of shares withheld for employee taxes, Shares				1,797
Stock-based compensation	78,518						78,518
Cumulative adjustment from adoption of revenue recognition standard	5,526										5,526
Cumulative translation adjustment	(776)									(776)
Unrealized gain on investments, net of income taxes of 0, 156 and ($116)	110									110
Net loss	(63,828)										(63,828)
Ending Balance, Amount at Dec. 31, 2018	244,641			$ 40			589,708			(723)	(344,384)
Ending Balance, Shares at Dec. 31, 2018				39,300
Issuance of common stock under stock plans, net of shares withheld for employee taxes	16,861			$ 2			16,859
Issuance of common stock under stock plans, net of shares withheld for employee taxes, Shares				1,504
Stock-based compensation	99,185						99,185
Issuance of common stock in relation to common stock offering, net of offering costs incurred $365	342,630			$ 2			342,628
Issuance of common stock in relation to common stock offering, net of offering costs incurred $365, Shares				2,151
Cumulative translation adjustment	(213)									(213)
Unrealized gain on investments, net of income taxes of 0, 156 and ($116)	600									600
Net loss	(53,746)										(53,746)
Ending Balance, Amount at Dec. 31, 2019	649,958			$ 44			1,048,380			(336)	(398,130)
Ending Balance, Shares at Dec. 31, 2019				42,955
Issuance of common stock under stock plans, net of shares withheld for employee taxes	22,174						22,174
Issuance of common stock under stock plans, net of shares withheld for employee taxes, Shares				1,565
Equity component of notes payable, net of issuance costs & repayment		$ 96,610	$ 613		$ 2			$ 96,610	$ 611
Equity component of notes payable, net of issuance costs & repayment, Shares					1,595
Purchase of Capped Call Options	(50,600)						(50,600)
Stock-based compensation	123,102						123,102
Equity component of the 2022 Notes conversion			$ (172)						$ (172)
Settlement of Convertible Note Hedges	1,062						1,062
Settlement of Convertible Note Hedges, Shares						12
Cumulative translation adjustment	4,790									4,790
Unrealized gain on investments, net of income taxes of 0, 156 and ($116)	149									149
Net loss	(85,031)										(85,031)
Ending Balance, Amount at Dec. 31, 2020	$ 762,655			$ 46			$ 1,241,167			$ 4,603	$ (483,161)
Ending Balance, Shares at Dec. 31, 2020				46,115		12

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Of Stockholders Equity [Abstract]
Offering costs incurred		$ 365
Unrealized gain (loss) on investments, tax	$ (116)	$ 156	$ 0

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Activities:
Net loss	$ (85,031)	$ (53,746)	$ (63,828)
Adjustments to reconcile net loss to net cash and cash equivalents provided by operating activities:
Depreciation and amortization	37,060	28,793	23,428
Stock-based compensation	121,488	97,754	76,261
Loss on early extinguishment of 2022 Convertible Notes	10,507
Repayment of 2022 Convertible Notes attributable to the debt discount	(49,048)
(Benefit) provision for deferred income taxes	(2,185)	(799)	36
Amortization of debt discount and issuance costs	24,890	21,790	20,335
Accretion of bond discount	(3,657)	(14,160)	(6,787)
Non-cash rent expense			2,336
Unrealized currency translation	(952)	(156)	483
Changes in assets and liabilities, net of acquisition
Accounts receivable	(29,971)	(15,428)	(17,726)
Prepaid expenses and other assets	(17,026)	(3,296)	3,880
Deferred commission expense	(19,288)	(9,666)	(23,900)
Right-of-use assets	31,406	22,657
Accounts payable	3,697	3,927	3,298
Accrued expenses and other current liabilities	26,020	7,819	11,920
Operating lease liabilities	(31,621)	(15,781)
Deferred rent			5,799
Deferred revenue	72,624	49,265	49,316
Net cash and cash equivalents provided by operating activities	88,913	118,973	84,851
Investing Activities:
Purchases of investments	(1,517,357)	(1,304,847)	(681,632)
Maturities of investments	1,352,231	1,066,366	644,375
Sale of investments	10,932
Purchases of property and equipment	(37,274)	(40,372)	(22,305)
Capitalization of software development costs	(21,599)	(13,474)	(11,168)
Acquisition of a business, net of cash acquired		(23,314)
Purchase of strategic investments	(2,500)	(553)	(500)
Net cash and cash equivalents used in investing activities	(215,567)	(316,194)	(71,230)
Financing Activities:
Proceeds from issuance of 2025 Convertible Notes, net of issuance costs paid of $9.9 million	450,123
Proceeds from settlement of Convertible Note Hedges related to the 2022 Convertible Notes	363,554
Payments for settlement of Warrants related to the 2022 Convertible Notes	(327,543)
Repayment of 2022 Convertible Notes attributable to the principal	(235,993)
Payments for Capped Call Options related to the 2025 Convertible Notes	(50,600)
Proceeds from common stock offering, net of offering costs paid of $365		342,628
Repayment of debt		(333)
Employee taxes paid related to the net share settlement of stock-based awards	(7,424)	(6,247)	(8,033)
Proceeds related to the issuance of common stock under stock plans	30,371	23,578	21,555
Repayment of finance lease obligations	(28)	(284)	(744)
Net cash and cash equivalents provided by financing activities	222,460	359,342	12,778
Effect on exchange rate changes on cash and cash equivalents	6,831	(720)	(2,069)
Net increase in cash, cash equivalents and restricted cash	102,637	161,401	24,330
Cash, cash equivalents and restricted cash, beginning of year	278,515	117,114	92,784
Cash, cash equivalents and restricted cash, end of year	381,152	278,515	117,114
Supplemental cash flow disclosure:
Cash paid for interest	1,512	1,014	1,036
Cash paid for income taxes	2,306	3,090	1,842
Right-of-use assets obtained in exchange for operating lease facilities	65,340	105,496
Non-cash investing and financing activities:
Capital expenditures incurred but not yet paid	1,038	4,606	666
Asset retirement obligations	773	$ 2,014	$ 216
2022 Convertible Notes
Non-cash investing and financing activities:
Issuance of common stock for repayment of 2022 Convertible Notes	$ 336,289

Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Statement Of Cash Flows [Abstract]
Convertible notes, issuance costs	$ 9,900
Offering costs paid	$ 365

Organization and Operations

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Organization and Operations

1. Organization and Operations

HubSpot, Inc. (the “Company”) provides a cloud-based 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, and a CMS Hub features integrated applications and tools that enable businesses to create a cohesive and adaptable customer experience.

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 December 31, 2020 financial statements and determined there were no material adjustments necessary with respect to these consolidated financial statements.

Given that the economic consequences of the pandemic have been exceptionally challenging for many customers, in March 2020, the Company implemented certain changes to pricing and packaging, including reducing prices on certain products and offering certain product functionality free of charge for a limited time. The Company also made a one-time payment to certain Solutions Partners for six months of commissions in advance of them being earned. While revenue, customer retention, and earnings are relatively predictable under a subscription-based business model, the potential effect of the pandemic will not be fully reflected in the results of operations and overall financial performance of the Company until future periods given the current macro-economic uncertainty.

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. The CARES Act and the JSS did not have a material impact with respect to these consolidated financial statements.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation —The consolidated financial statements have been prepared in U.S. dollars, in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation.

Use of Estimates —The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Operating Segments —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.

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 below), 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 loss per share is as follows:

	Year Ended December 31,
	2020			2019			2018
	(in thousands, except per share amounts)
Net loss	$	(85,031	)	$	(53,746	)	$	(63,828	)
Weighted-average common shares outstanding—basic		44,757			42,025			38,529
Dilutive effect of share equivalents resulting from stock options, RSUs, ESPP, Warrants and the Conversion Options		—			—			—
Weighted-average common shares outstanding-diluted		44,757			42,025			38,529
Net loss per common share, basic and diluted	$	(1.90	)	$	(1.28	)	$	(1.66	)

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 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 year ended December 31, 2020 was $240.59.

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 December 31, 2020 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 March 31, 2021. In the fourth quarter of 2020, the Company settled approximately $2 million of the principal balance of the 2022 Notes in cash. Between the end of the most recently completed fiscal quarter and February 12, 2021, the Company additionally settled $8.3 million of principal balance of the 2022 Notes in cash in response to conversion notices received prior to December 31, 2020. As of February 12, 2021, the Company has received additional conversion notices subsequent to year-end for approximately $36.1 million of the principal balance of the 2022 Notes, which will be settled in cash during the quarter ended March 31, 2021. 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.

	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Options to purchase common shares		1,020		1,489		1,824
RSUs		1,561		1,207		1,732
Conversion Option of the 2022 Notes and Warrants		1,873		3,104		1,211
Conversion Option of the 2025 Notes		318		—		—
ESPP		21		2		—

Cash and Cash Equivalents —

The Company considers all highly liquid investments purchased with original maturity of three months or less to be cash equivalents. Cash and cash equivalents consist of cash held in bank deposit accounts and short-term, highly-liquid investments with remaining maturities of three months or less at the date of purchase, consisting primarily of money-market funds.

Investments — Investments consist of commercial paper, corporate debt securities and U.S. Treasury securities. Securities having remaining maturities of more than three months at the date of purchase and less than one year from the date of the balance sheets are classified as short-term, and those with maturities of more than one year from the date of the balance sheet are classified as long-term in the consolidated balance sheets. The Company classifies its debt investments with readily determinable market values as available-for-sale. These investments are classified as investments on the consolidated balance sheets and are carried at fair market value, with unrealized gains and losses considered to be temporary in nature reported as accumulated other comprehensive loss, a separate component of stockholders’ equity. The Company reviews all investments for reductions in fair value that are other-than-temporary. When such reductions occur, the cost of the investment is adjusted to fair value through recording a loss on investments in the consolidated statements of operations. Gains and losses on investments are calculated on the basis of specific identification.

Investments are considered to be impaired when a decline in fair value below cost basis is determined to be other-than-temporary. The Company periodically evaluates whether a decline in fair value below cost basis is other-than-temporary by considering available evidence regarding these investments including, among other factors: the duration of the period that, and extent to which, the fair value is less than cost basis; the financial health of, and business outlook for the issuer, including industry and sector performance and operational and financing cash flow factors; overall market conditions and trends and the Company’s intent and ability to retain its investment in the security for a period of time sufficient to allow for an anticipated recovery in market value. Once a decline in fair value is determined to be other-than-temporary, a write-down is recorded and a new cost basis in the security is established.

Strategic investments — Strategic investments consist of non-controlling equity investments in privately held companies. These investments without readily determinable fair values for which the Company does not have the ability to exercise significant influence are accounted for using the measurement alternative. Under the measurement alternative, the non-marketable securities are carried at cost less any impairments, plus or minus adjustments resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer.

Accounts Receivable and Allowance for Doubtful Accounts — Accounts receivable are carried at the original invoiced amount less an allowance for doubtful accounts based on the probability of future collection. The probability of future collection is based on specific considerations of historical loss patterns and an assessment of the continuation of such patterns based on past collection trends and known or anticipated future economic events that may impact collectability. The probability of future collection is also assessed by geography. To date, losses resulting from uncollected receivables have not exceeded management’s expectations.

The following is a roll forward of the Company’s allowance for doubtful accounts (in thousands):

	Balance Beginning of Period		Charged to Statement of Operations		Deductions⁽¹⁾			Balance at End of Period
Allowance for doubtful accounts
Year ended December 31, 2020	$	1,584	$	8,501	$	(8,092	)	$	1,993
Year ended December 31, 2019	$	1,317	$	7,895	$	(7,628	)	$	1,584
Year ended December 31, 2018	$	638	$	5,514	$	(4,835	)	$	1,317

(1)	Deductions include actual accounts written-off, net of recoveries.

Restricted Cash —The Company had restricted cash of $3.0 million at December 31, 2020 and $8.8 million at December 31, 2019 related to letters of credit for it leased facilities. The following table provides a reconciliation of the cash, cash equivalents and restricted cash within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows for the year ended December 31, 2020 and 2019.

	December 31, 2020		December 31, 2019
	(in thousands)
Cash and cash equivalents	$	378,123	$	269,670
Restricted cash, included in other assets		3,029		8,845
Total cash, cash equivalents, and restricted cash	$	381,152	$	278,515

Property and Equipment —Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the related assets. Expenditures for maintenance and repairs are charged to expense as incurred, whereas major betterments are capitalized as additions to leasehold improvements. Depreciation is recorded over the following estimated useful lives:

		Estimated Useful Life
Employee related computer equipment		2 - 3 years
Computer equipment and purchased software		3 years
Furniture and fixtures		5 years
Internal-use software		5 years
Leasehold improvements		Lesser of lease term or useful life

The Company capitalizes certain payroll and stock compensation costs incurred to develop functionality for certain of the Company’s internally built software platforms. The costs incurred during the preliminary stages of development are expensed as incurred. Once a piece of incremental functionality has reached the development stage certain internal costs are capitalized until the functionality is ready for its intended use. Internal-use software is included within property and equipment on the balance sheet. The costs are generally amortized on a straight-line basis over an estimated useful life of approximately five years.

Impairment of Long-Lived Assets —Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable or that the useful lives of those assets are no longer appropriate. Management considers the following potential indicators of impairment of its long-lived assets (asset group): a substantial decrease in the Company’s stock price, a significant adverse change in the extent or manner in which a long-lived asset (asset group) is being used, a significant adverse change in legal factors or in the business climate that could affect the value of the long-lived asset (asset group), an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset (asset group), and a current expectation that, more likely than not, a long lived asset (asset group) will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. When such events occur, the Company compares the carrying amounts of the assets to their undiscounted expected future cash flows. If this comparison indicates that there may be an impairment, the amount of the impairment is calculated as the difference between the carrying value and fair value. For the years presented, the Company did not recognize an impairment charge.

Intangible Assets — Intangible assets consist of acquired technology, trade name and customer relationships. The Company records acquired intangible assets at fair value on the date of acquisition and amortize such assets in a pattern reflective of the expected economic benefits consumption over the expected useful life of the asset. If this pattern cannot be reliably determined, a straight-line amortization method is used. The estimated useful life of acquired technology is two to seven years and is based on the period over which economic benefits will be derived from each acquired intangible asset. The Company evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying value of the intangible asset is amortized prospectively over the revised remaining useful life.

Goodwill —Goodwill represents the excess of cost over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. Goodwill is not subject to amortization but is monitored annually for impairment or more frequently if there are indicators of impairment. Management considers the following potential indicators of impairment: significant underperformance relative to historical or projected future operating results, significant changes in the Company’s use of acquired assets or the strategy of the Company’s overall business, significant negative industry or economic trends and a significant decline in the Company’s stock price for a sustained period. The Company performs its annual impairment test on November 30. Currently, the Company’s goodwill is evaluated at the entity level as it has been determined there is one operating segment comprised of one reporting unit. When assessing goodwill for impairment the Company first performs a qualitative assessment to determine whether it is necessary to perform a quantitative analysis. If the Company determines it is unlikely that the reporting unit fair value is less than its carrying value then no quantitative assessment is performed. If the Company cannot determine that it is likely that the reporting unit fair value is more than its carrying value, then the Company performs a quantitative assessment. Based on the qualitative assessment performed on November 30, 2020, the Company determined it was unlikely that it’s reporting unit fair value was less than its carrying value and no quantitative assessment was required. There were no indicators that the Company’s goodwill had become impaired since that date, and as such, there was no impairment of goodwill as of November 30, 2020 or December 31, 2020.

For the years ended December 31, 2020, 2019 and 2018, the Company did not recognize an impairment charge.

Business Combinations — The Company uses its best estimates and assumptions to assign fair value to assets acquired and liabilities assumed. Significant judgment is used in determining fair values of assets acquired and liabilities assumed, as well as acquired assets and their estimated useful lives. Fair value and useful life determinations are based on, among other factors, estimates

of future expected cash flows attributable to the acquired intangible assets and appropriate discount rates used in computing present values. Goodwill represents the excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed.

The Company’s estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. The Company continues to collect information and reevaluates these estimates and assumptions quarterly and records any adjustments to the Company’s preliminary estimates to goodwill provided that the Company is within the measurement period. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statement of operations.

Advertising Expense —The Company expenses advertising as incurred, which is included in sales and marketing expense in the accompanying consolidated statements of operations. The Company incurred $21.9 million of advertising expense in 2020, $14.9 million in 2019, and $8.4 million in 2018.

Leases — On January 1, 2019, the Company adopted the new lease guidance using a modified retrospective transition method applied to those leases which were not completed as of January 1, 2019. The Company determines if an arrangement contains a lease at inception and does not separate lease and non-lease components of an arrangement determined to contain a lease. Operating leases are included in right-of-use (“ROU”) assets, current operating lease liabilities and operating lease liabilities, net of current portion, on the Company’s consolidated balance sheet. Finance leases are included in property and equipment, net, accrued expenses, and other current liabilities on the Company’s consolidated balance sheet. Operating and finance leases with a duration of less than 12 months are excluded from right-of-use-assets and operating lease liabilities and related expense is recorded as incurred.

ROU assets represent the Company's right to use an underlying asset for the lease term and the corresponding lease liabilities represent its obligation to make lease payments arising from the lease. Lease ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the lease commencement date. The lease ROU asset includes any initial direct costs incurred and is reduced for tenant incentives. As the Company’s operating leases do not provide an implicit rate, the net present value of future minimum lease payments is determined using the Company’s incremental borrowing rate. 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.

Lease expense for minimum lease payments for operating leases is recognized on a straight-line basis over the lease term. Finance leases use the effective interest method to record expense which results in a front-loaded expense recognition pattern.

Asset retirement obligations (“ARO”)

On the lease commencement date the Company establishes an ARO based on the present value of contractually required estimated future costs to retire long-lived assets at the termination or expiration of a lease. The asset associated with the ARO is amortized over the corresponding lease term to operating expense and the ARO is accreted to the end of lease obligation value over the same term.

Revenue Recognition — The Company generates revenue from arrangements with multiple performance obligations, which typically include subscriptions to its online software products and professional services which include on-boarding and training services. The Company’s customers do not have the right to take possession of the online software products. The Company recognizes revenue from contracts with customers using a five-step model, which is described below:

•

Identify the customer contract;

•

Identify performance obligations that are distinct;

•

Determine the transaction price;

•

Allocate the transaction price to the distinct performance obligations; and

•

Recognize revenue as the performance obligations are satisfied.

Identify the customer contract

A customer contract is generally identified when the Company and a customer have executed an arrangement that calls for the Company to grant access to its online software products and provide professional services in exchange for consideration from the customer.

Identify performance obligations that are distinct

A performance obligation is a promise to provide a distinct good or service or a series of distinct goods or services. A good or service that is promised to a customer is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and a company’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. The Company has determined that subscriptions for its online software products are distinct because, once a customer has access to the online software product that it purchased, the online software product is fully functional and does not require any additional development, modification, or customization. Professional services sold are distinct because the customer benefits from the on-boarding and training to make better use of the online software products it purchased.

Determine the transaction price

The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer, excluding sales taxes that are collected on behalf of government agencies. The Company estimates any variable consideration to which it will be entitled at contract inception, and reassesses at each reporting date, when determining the transaction price. The Company does not include variable consideration to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will occur when any uncertainty associated with the variable consideration is resolved.

Allocate the transaction price to the distinct performance obligations

The transaction price is allocated to each performance obligation based on the relative standalone selling prices (“SSP”) of the goods or services being provided to the customer. The Company determines the SSP of its goods and services based upon the average sales prices for each type of online software product and professional services sold. In instances where there are not sufficient data points, or the selling prices for a particular online software product or professional service are disparate, the Company estimates the SSP using other observable inputs, such as similar products or services.

Recognize revenue as the performance obligations are satisfied

Revenues are recognized when or as control of the promised goods or services is transferred to customers. Revenue from online software products is recognized ratably over the subscription period beginning on the date the Company’s online software products are made available to customers. Most subscription contracts are one year or less. The Company recognizes revenue from on-boarding and training services as the services are provided. Cash payments received in advance of providing subscription or services are recorded to deferred revenue until the performance obligation is satisfied.

Solutions Partner Commissions

The Company pays its Solutions Partners a commission based on the online software product sales price for sales to end-customers. The classification of the commission paid in the Company’s consolidated statements of operations depends on who purchases the online software product. In instances where an end-customer purchases from the Company, the commission paid to the Solutions Partner is recorded as sales and marketing expense. When a Solutions Partner purchases from the Company, the commission paid to the Solutions Partner is netted against the associated revenue recognized.

Concentrations of Credit Risk and Significant Customers —Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, investments and accounts receivable.

The Company's cash and cash equivalents are generally held with large financial institutions. Although the Company's deposits may exceed federally insured limits, the financial institutions that the Company uses have high investment-grade credit ratings and, as a result, the Company believes that, as of December 31, 2020, its risk relating to deposits exceeding federally insured limits was not significant.

The Company’s investments consist of highly rated corporate debt securities and U.S. Treasury securities. The Company limits the amount of investments in any single issuer, except U.S. Treasuries. The Company believes that, as of December 31, 2020, its concentration of credit risk related to investments was not significant.

The Company has no significant off-balance sheet risk such as foreign exchange contracts, option contracts, or other hedging arrangements.

The Company generally does not require collateral from its customers and generally requires payment 30 days from the invoice date. The Company maintains an allowance for doubtful accounts based on its assessment of the collectability of accounts receivable. Credit risk arising from accounts receivable is mitigated as a result of transacting with a large number of geographically dispersed customers spread across various industries.

At December 31, 2020 and 2019, there were no customers that represented more than 10% of the net accounts receivable balance. There were no customers that individually exceeded 10% of the Company’s revenue in any of the periods presented.

Foreign Currency —The functional currency of the Company’s foreign subsidiaries is the local currency. Assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rates in effect at the balance sheet dates, with the resulting translation adjustments directly recorded to a separate component of accumulated other comprehensive loss. Income and expense accounts are translated at the weighted-average exchange rates during the period. Foreign currency transaction gains and losses are recorded in other expense.

Research and Development —Research and development expenses include payroll, employee benefits and other expenses associated with product development. Also included is a benefit related to an Irish research and development tax credit, under which the Company is able to obtain a refundable credit of up to 25% of eligible research and development expenses incurred. The credit is recorded as a reduction of research and development expenses in the period in which the eligible expenses are recorded in the consolidated financial statements.

Capitalized Software Development Costs —Certain payroll and stock compensation costs incurred to develop functionality for the Company’s software and internally built software platforms, as well as certain upgrades and enhancements that are expected to result in enhanced functionality are capitalized. The costs incurred in the preliminary stages of development are expensed as incurred. Once an application has reached the development stage, the Company capitalizes certain software development costs for new offerings as well as upgrades to existing software platforms. Capitalized software development costs are amortized on a straight-line basis over their estimated useful life of two to five years. Management evaluates the useful lives of these assets on a quarterly basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.

The Company determines the amount of internal software costs to be capitalized based on the amount of time spent by the developers on projects in the application stage of development. There is judgment involved in estimating time allocated to a particular project in the application stage. Costs associated with building or significantly enhancing the CRM Platform and internally built software platforms are capitalized, while costs associated with planning new developments and maintaining the CRM Platform software and internally built software platforms are expensed as incurred.

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

	December 31, 2020			December 31, 2019
	(in thousands)
Gross capitalized software development costs	$	85,630		$	61,641
Accumulated amortization		(60,687	)		(44,848	)
Capitalized software development costs, net	$	24,943		$	16,793

Amortization of capitalized software development costs, exclusive of costs recorded within property and equipment, was $16.0 million in 2020, $11.6 million in 2019, and $9.2 million in 2018. Amortization expense is included in cost of revenue in the consolidated statements of operations.

Income Taxes —Deferred tax assets and liabilities are recognized for the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities using tax rates expected to be in effect in the years in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Accounting for uncertainty in income taxes recognized in the financial statements is in accordance with accounting authoritative guidance, which prescribes a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination. If the tax position is deemed “more-likely-than-not” to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50 percent likelihood of being realized upon ultimate settlement.

Stock-Based Compensation — The Company accounts for all stock options and awards granted to employees and nonemployees using a fair value method. Stock-based compensation is recognized as an expense and is measured at the fair value of the award. The measurement date for awards is generally the date of the grant. For stock options, the Black-Scholes option pricing model is used to measure the fair value of the grant. The fair value of the Company’s common stock is the closing price of the stock on the date of the grant. The expected term of options granted to employees was calculated using the simplified method, which represents the average of the contractual term of the option and the weighted-average vesting period of the option. The Company considers this appropriate as there is no other method that would be more indicative of exercise activity. The expected volatility for the Company’s common stock was based on an average of the historical volatility of a peer group of similar public companies. The determine the Company’s peer companies, the following criteria was used: software or software-as-a-service companies; similar histories and relatively comparable financial leverage; sufficient public company trading history; similar talent pool; and in similar businesses and geographical markets. The risk-free interest rate is based on the rate on U.S. Treasury securities with maturities consistent with the estimated expected term of the awards. The assumed dividend yield is based upon the Company’s expectation of not paying dividends in the foreseeable future.

Stock-based compensation costs are recognized as expense over the requisite service period, which is generally the vesting period for awards, on a straight-line basis.

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.

Accounting Pronouncements Adopted in 2019:

On January 1, 2019, the Company adopted the lease guidance using a modified retrospective transition method applied to those leases which were not completed as of January 1, 2019. Results for reporting periods beginning after December 31, 2018 are presented under the new guidance, while prior period comparative amounts are not adjusted and continue to be reported in accordance with historical guidance. The Company applied the new standard using the package of practical expedients permitted under the transition guidance where the Company:

•

did not reassess whether any expired or existing contracts contain a lease;

•

did not reassess the classification of existing leases; and

•

did not reassess initial direct costs for any existing leases.

In addition, the Company elected the hindsight practical expedient to determine the lease term for existing leases.

The resulting impact, as of the adoption date, to the consolidated balance sheet of applying the new guidance in 2019 versus the prior guidance was an increase to right-of-use assets of $152.2 million, a decrease to other assets of $0.3 million, an increase to total assets of $151.9 million, an increase to short-term lease liabilities of $14.1 million, a decrease to accrued expenses and other current liabilities of $0.5 million, an increase to total current liabilities of $13.5 million, an increase to long-term lease liabilities of $164.8 million, a decrease to deferred rent, net of current portion of $26.4 million and an increase to total liabilities of $151.9 million. There was no impact to stockholders’ equity or the consolidated statements of operations as a result of adopting the new guidance. There was no impact to total operating or financing cash flows of applying the new guidance in 2019 versus the prior guidance other than renaming or adding line items to the statements of cash flows to conform to the accounting for, and presentation of, the new standard.

Recent Accounting Pronouncements Adopted in 2020:

In January 2017, the FASB issued guidance simplifying the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test. Under previous guidance, Step 2 of the goodwill impairment test required entities to calculate the implied fair value of goodwill in the same manner as the amount of goodwill recognized in a business combination by assigning the fair value of a reporting unit to all of the assets and liabilities of the reporting unit. The carrying value in excess of the implied fair value was recognized as goodwill impairment. Under the new guidance, goodwill impairment is recognized based on Step 1 of the current guidance, which calculates the carrying value in excess of the reporting unit’s fair value. The guidance was adopted effective January 1, 2020 and did not have a material impact on the consolidated financial statements.

In June 2016, the FASB issued guidance that introduces a new methodology for accounting for credit losses on financial instruments. The guidance establishes a new forward-looking "expected loss model" that requires entities to estimate current expected credit losses on accounts receivable and other financial instruments by using all practical and relevant information. The guidance was adopted effective January 1, 2020 and did not have a material impact on the consolidated financial statements.

In December 2019, the FASB issued guidance simplifying the accounting for incomes taxes by removing (i) the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items, (ii) the exception to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, and (iii) the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The guidance also improves consistent application of and simplifies GAAP for other areas accounting for income taxes. The guidance was adopted effective January 1, 2020, using a prospective approach and did not have a material impact on the consolidated financial statements.

Recent Accounting Pronouncements to be Adopted in Future Periods:

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

12 Months Ended

Dec. 31, 2020

Revenue From Contract With Customer [Abstract]

Revenues

3. Revenues

Disaggregation of Revenue

The Company provides disaggregation of revenue based on geographic region (Note 10) 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 year ended December 31, 2020 increased by $82.4 million resulting from $965.4 million of calculated billings and was offset by revenue recognized of $883.0 million during the same period. $232.0 million of revenue was recognized during the year ended December 31, 2020 that was included in deferred revenue at the beginning of the period. As of December 31, 2020, approximately $255.6 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 $1.7 million and $1.4 million were included in accrued expenses and other current liabilities as of December 31, 2020 and December 31, 2019.

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 year ended December 31, 2020 increased by $21.7 million as a result of deferring incremental costs of obtaining a contract of $65.6 million and was offset by amortization of $43.9 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
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

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

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

+ Details

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

4. Leases

The Company leases office facilities under non-cancelable operating leases that expire at various dates through May 2031.

Operating lease expense costs were $44.6 million in 2020 and $32.2 million in 2019.

The Company subleases some of its unused spaces to third parties. Operating sublease income generated under all operating lease agreements for the year ended 2020 and 2019 are as follows:

	Year ended December 31,
	2020		2019
	(in thousands)
Operating sublease income	$	5,000	$	2,498

The following table provides a reconciliation between non-cancelable lease commitments and lease liabilities as of December 31, 2020:

	Operating leases
Lease commitments (Note 11)	$	388,962
Less: Legally binding minimum lease payments for leases signed but not yet commenced		—
Less: Present value discount		(79,469	)
Total lease liabilities	$	309,493

Certain leases contain optional termination dates, and the Company is not reasonably certain to extend its lease agreements beyond those dates. The Company evaluates whether it will extend these lease agreements each reporting period and updates its lease liabilities accordingly. If the Company were to extend leases beyond the optional termination date, the future commitments would increase by approximately $90.8 million.

Lease Term and Discount Rate

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 following table provides weighted average remaining lease terms and weighted average discount rate for operating and finance leases as of December 31, 2020:

Weighted-average remaining lease term:		8.0 years
Weighted-average discount rate:		5.3%

Other Information

Cash payments related to operating lease liabilities were $48.8 million in 2020 and $28.8 million in 2019.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

5. 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 December 31, 2020 and December 31, 2019 :

	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

	December 31, 2019
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents and investments:
Money market funds	$	96,618	$	—	$	—	$	96,618
Commercial paper		—		87,185		—		87,185
Corporate bonds		—		87,138		—		87,138
U.S. Treasury securities		—		631,174		—		631,174
Restricted cash:
Certificates of deposit		—		5,816		—		5,816
Money market funds		—		3,029		—		3,029
Total	$	96,618	$	814,342	$	—	$	910,960

The Company considers all highly liquid investments purchased with a remaining 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, and restricted cash (within other long-term assets) on the consolidated balance sheets. At December 31, 2020 and 2019, 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 December 31, 2020, the fair value of the 2022 Notes was $526.1 million and the fair value of the 2025 Notes was $718.8 million (Note 9). 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, finance leases 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 and certificates of deposit 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 $6.7 million of strategic investments without readily determinable fair values at December 31, 2020 and $4.4 million of strategic investments without readily determinable fair values at December 31, 2019. These investments are included in other assets on the consolidated balance sheets. For the year ended December 31, 2020, the Company recorded an impairment of $250 thousand and there have been no adjustments to the carrying value of the strategic investments in 2019 or 2018.

The following tables summarize the composition of our short- and long-term investments at December 31, 2020 and 2019:

	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

	December 31, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Commercial paper	$	77,214	$	—	$	—		$	77,214
Corporate bonds		86,900		251		(13	)		87,138
U.S. Treasury securities		581,066		207		(15	)		581,258
Total	$	745,180	$	458	$	(28	)	$	745,610

For all of our securities for which the amortized cost basis was greater than the fair value at December 31, 2020 and 2019, 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 as follows:

	December 31, 2020				December 31, 2019
	Amortized Cost Basis		Aggregate Fair Value		Amortized Cost Basis		Aggregate Fair Value
	( in thousands)
Due within one year	$	872,637	$	873,073	$	691,556	$	691,834
Due after 1 year and within 2 years		30,640		30,697		53,624		53,776
Total	$	903,277	$	903,770	$	745,180	$	745,610

- 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

Property and Equipment

12 Months Ended

Dec. 31, 2020

Property Plant And Equipment [Abstract]

Property and Equipment

6. Property and Equipment

Property and equipment consists of the following:

	December 31.
	2020			2019
	(in thousands)
Computer equipment and purchased software	$	15,128		$	13,028
Employee related computer equipment		20,802			13,829
Furniture and fixtures		20,204			14,319
Leasehold improvements		89,850			56,618
Equipment under finance lease		3,450			3,450
Internal-use software		12,528			7,770
Construction in progress		10,014			23,714
Total property and equipment		171,976			132,728
Less accumulated depreciation		(70,853	)		(49,079	)
Property and equipment, net	$	101,123		$	83,649

Depreciation and amortization expense was $20.6 million in 2020, $15.0 million in 2019, and $12.9 million in 2018.

The Company capitalized asset retirement costs of $4.4 million at December 31, 2020 and $3.3 million at December 31, 2019 within leasehold improvements and the related liability is within other long-term liabilities on the consolidated balance sheet. These costs represent future lease restoration obligations as required by Company’s leases.

The changes in the asset retirement obligation balance during the year ending December 31, 2020 and December 31, 2019 are as follows:

	Year Ended December 31,
	2020		2019
	(in thousands)
Beginning balance	$	3,533	$	1,424
Additions		750		2,028
Accretion		236		103
Updates to estimated cash flows		365		(22	)
Ending balance	$	4,884	$	3,533

Business Acquisitions

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Business Acquisitions

7. Business Acquisitions

On October 31, 2019, the Company acquired 100% of the equity interests of PieSync, a Belgian-based technology company that operates an integration platform as a service (“iPaaS”) solution which continuously syncs customer data bi-directionally across various software applications. PieSync is one of the only iPaaS technologies that provides both a current and historical two-way sync of customer data that operates in the background, which will offer customers a more efficient way of managing multiple applications. The total cash purchase price for the acquisition was $23.3 million, net of cash acquired, which includes a working capital settlement of $0.3 million. Other liabilities assumed includes $333 thousand of debt, which the Company repaid in 2019. There was approximately $2.7 million of potential consideration that was not included in the purchase price allocation as it is not associated with pre-combination services. This potential additional payment is contingent upon post-acquisition employment and will be recognized as compensation expense in the consolidated statement of operations over a period of 2 years. Through December 31, 2020, $1.6 million of this consideration had been earned and recorded as operating expense in the consolidated statements of operations. The transaction costs associated with the acquisition were approximately $527 thousand and were recorded in general and administrative expense.

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

	Fair value
	(in thousands)
Cash	$	646
Accounts receivable		133
Other current and noncurrent assets		218
Acquired developed technology		9,800
Other intangible assets		70
Goodwill		15,219
Accounts payable, accrued expenses, and other liabilities		(731	)
Deferred revenue		(210	)
Deferred tax liability		(1,324	)
Total purchase price	$	23,821

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 will derive significant value from this acquisition through synergies such as cross selling opportunities and a stronger platform that offers a suite of products not directly matched by competitors. The goodwill recognized is not deductible for foreign income tax purposes.

The Company applied variations of the income approach to estimate the fair values of the intangible assets acquired. The primary intangible asset acquired in the business combination was developed technology and the fair value of the developed technology of $9.8 million was determined based on the estimated present value of expected after-tax cash flows attributable to the technology using an excess earnings method. The Company applied significant estimates and assumptions with respect to forecasted

revenue growth rates, the revenue attributable to the acquired intangible asset over its estimated economic life, 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 acquired technology on the date of acquisition. The acquired technology is being amortized over seven years using a method reflective of the expected economic benefit consumption over the expected useful life of the asset. The weighted average amortization period for the acquired technology is approximately 4.3 years. The amortization expense is recorded to cost of subscription revenue in the consolidated statements of operations.

The Company has included the operating results of PieSync, which are not material, 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 2018 were not materially different from the amounts reflected in the accompanying consolidated financial statements.

Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

8. Intangible Assets and Goodwill

Intangible assets acquired through business combinations

Intangible assets as of December 31, 2020 and 2019 consist of the following:

	Weighted Average Remaining Useful Life	December 31,
		2020			2019
		(in thousands)
Acquired technology	40 Months	$	18,383		$	17,297
Other intangible assets	9 Months		70			70
Accumulated amortization			(8,171	)		(5,615	)
Total		$	10,282		$	11,752

Other intangible assets include trade name and customer relationship.

The estimated useful life of acquired technology is two to seven years. The Company evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.

Amortization expense related to intangible assets was $2.6 million in 2020, $3.2 million in 2019, and $1.4 million in 2018. Amortization expense of acquired technology is included in cost of subscription revenue in the consolidated statements of operations.

Estimated future amortization expense for intangible assets as of December 31, 2020 is as follows:

Years ended December 31,	Amortization Expense
	(in thousands)
2021	$	1,083
2022		1,406
2023		1,844
2024		2,150
2025		2,126
Thereafter		1,673
Total	$	10,282

Goodwill

Goodwill represents the excess of the purchase price in a business combination over the fair value of net assets acquired and is generally not deductible for tax purposes. Goodwill amounts are not amortized, but rather tested for impairment annually.

The changes in the carrying amounts of goodwill consist of the following:

	(in thousands)
Balance as of December 31, 2018	$	14,950
PieSync acquisition		15,219
Effect of foreign currency translation		81
Balance as of December 31, 2019		30,250
Effect of foreign currency translation		1,431
Measurement period adjustments		(363	)
Balance as of December 31, 2020	$	31,318

Convertible Senior Notes

12 Months Ended

Dec. 31, 2020

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. The interest rate is fixed at 0.375% per annum and is payable semi-annually in arrears on June 1 and December 1 of each year. The total net proceeds from the debt offering, after deducting initial purchase discounts and debt issuance costs, were approximately $450.1 million.

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. If the Company undergoes a fundamental change prior to the maturity date, holders of the notes may require the Company to repurchase for cash all or any portion of their notes at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, if specific corporate events occur prior to the applicable maturity date or if the Company delivers a notice of redemption, the Company will increase the conversion rate for a holder who elects to convert their notes in connection with such a corporate event or convert its 2025 Notes called for redemption in connection with such notice of redemption, as permitted by the Indenture. During the year ended December 31, 2020, the conditions allowing holders of the 2025 Notes to convert have not been met and are therefore not convertible during the year ended December 31, 2020. 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 December 31, 2020 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 March 31, 2021. As of February 12, 2021, no holders have converted or indicated their intention to convert the 2025 Notes. The 2025 Notes are classified as long-term debt.

In accounting for the issuance of the 2025 Notes, the Company separated the 2025 Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated convertible feature. The carrying amount of the equity component representing the Conversion Option was $98.7 million and was determined by deducting the fair value of the liability component from the par value of the 2025 Notes. The equity component is recorded in additional paid-in capital in the consolidated balance sheets and is not remeasured as long as it continues to meet the conditions for equity classification. The excess of the principal amount of the liability component over its carrying amount (the "Debt Discount") is amortized to interest expense at an effective interest rate of 5.71% over the contractual term of the 2025 Notes.

In accounting for the debt issuance costs of $9.9 million related to the 2025 Notes, the Company allocated the total amount incurred to the liability and equity components of the 2025 Notes based on their relative values. Issuance costs attributable to the liability component were $7.8 million and will be amortized to interest expense using the effective interest method over the contractual terms of the 2025 Notes. Issuance costs attributable to the equity component were $2.1 million and are netted with the equity component of the 2025 Notes in stockholders’ equity.

The difference in the book and tax allocation between the liability and equity components of the 2025 Notes resulted in a difference between the carrying amount and tax basis of the 2025 Notes. This taxable temporary difference resulted in the Company

recognizing a deferred tax liability and a corresponding reduction in the Company's valuation allowance on its US deferred tax assets, resulting in no net deferred tax impact.

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

	As of December 31, 2020			As of December 31, 2019
	(in thousands)
Principal	$	460,000		$	—
Unamortized debt discount		(88,756	)		—
Unamortized issuance costs		(6,973	)		—
Net carrying amount	$	364,271		$	—

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

	As of December 31, 2020			As of December 31, 2019
	(in thousands)
Debt discount for conversion option	$	98,730		$	—
Issuance costs		(2,120	)		—
Net carrying amount	$	96,610		$	—

Interest expense related to the 2025 Notes is as follows:

	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Contractual interest expense	$	987	$	—	$	—
Amortization of debt discount		9,974		—		—
Amortization of issuance costs		784		—		—
Total interest expense	$	11,745	$	—	$	—

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 Capped Call Options automatically settle in components commencing on April 16, 2025 and are subject to either adjustment or termination upon the occurrence of specified extraordinary events affecting the Company, including a merger event; a tender offer; and a nationalization, insolvency or delisting involving the Company. In addition, the Capped Call Options are subject to certain specified additional disruption events that may give rise to a termination of the Capped Call Options, including changes in law, insolvency filings, and hedging disruptions. Since the transaction meets certain accounting criteria, the $50.6 million paid for the Capped Call Options is 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 (the “2022 Notes”) 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 of the 2022 Notes. The interest rate is fixed at 0.25% per annum and is payable semi-annually in arrears on June 1 and December 1 of each year. The total net proceeds from the debt offering, after deducting initial purchase discounts and debt issuance costs, were approximately $389.2 million.

Each $1,000 principal amount of the 2022 Notes are currently convertible into 10.5519 shares of the Company’s common stock (the “Conversion Option of the 2022 Notes”), which is equivalent to an initial conversion price of approximately $94.77 per share, 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 December 31, 2020 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 March 31, 2021. In the fourth quarter of 2020, the Company settled $2 million of principal balance of the 2022 Notes in cash. Between the end of the most recently completed fiscal quarter and February 12, 2021, the Company additionally settled $8.3 million of principal balance of the 2022 Notes in cash in response to conversion notices received prior to December 31, 2020. As of February 12, 2021, the Company has received additional conversion notices subsequent to year-end for approximately $36.1 million of the principal balance of the 2022 Notes, which will be settled in cash during the quarter ended March 31, 2021.

The 2022 Notes are classified as long-term debt, except for $7.8 million classified as current as of December 31, 2020 for conversion notices received prior to year-end, for which the principal amount is expected to be cash-settled within the next fiscal quarter. The equity component of the 2022 Notes will continue to be classified as additional paid-in capital because the Company has the option to settle the principal amount in shares and the maturity date of the 2022 Notes is more than 12 months away. However, it is the Company’s intent to settle the principal amount of the 2022 Notes in cash.

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. The total cost of the Convertible Note Hedges was $78.9 million. 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. The Company received $58.9 million in cash proceeds, net of issuance costs of $200 thousand, from the sale of these Warrants. The purchase of the Convertible Note Hedges and the sale of Warrants is intended to effectively increase the overall conversion price from $94.77 to $115.83 per share. As these transactions meet certain accounting criteria, the net $20.0 million paid for the Convertible Note Hedges and Warrants is recorded in stockholders’ equity and are not accounted for as separate derivative financial instruments.

In June 2020, the Company used part of the net proceeds from the issuance of the 2025 Notes for the partial repurchase of the 2022 Notes, which consisted of a repurchase of $272.1 million aggregate principal amount of the 2022 Notes for an aggregate purchase price of approximately $283.0 in cash and approximately 1.6 million shares of its common stock at $207.17 per share. Of the $613.5 million in aggregate consideration, $248.7 million was allocated to the fair value of the debt component of the repurchase, and $364.8 million was allocated to the equity component (the associated Conversion Option of the 2022 Notes) of the repurchases, utilizing a discount rate of 4.9% to determine the fair value of the liability component. This rate was based on the Company’s estimated borrowing rate for a similar liability with the same maturity, but without the associated conversion option. To derive this effective discount rate, the Company utilized observable market rates for liabilities with similar estimated credit characteristics. As of the partial repurchase date, the carrying value of the 2022 Notes subject to the 2022 Notes partial repurchase, net of unamortized debt discount and issuance costs, was $238.2 million. The 2022 Notes partial repurchase and issuance of the 2025 Notes were deemed to have substantially different terms due to the significant difference between the value of the conversion option immediately prior to and after the exchange, and accordingly, the 2022 Notes partial repurchase was accounted for as a debt extinguishment. The 2022 Notes partial repurchase resulted in a $10.5 million loss on early extinguishment of debt, which is recorded within interest expense on the Company’s statements of operations. The loss on extinguishment was determined by comparing 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. In connection with the partial repurchase of the 2022 Notes, the consideration allocated to the equity component of $364.8 million was recorded as a reduction to additional paid-in capital on the Company’s consolidated balance sheet. The Company also reversed a corresponding portion of the associated deferred tax liability and increased the Company’s valuation allowance on its US deferred tax assets, resulting in no net deferred tax impact. As of December 31, 2020, $125.8 million of principal remains outstanding on the 2022 Notes.

In connection with the partial repurchase of the 2022 Notes, the Company terminated Convertible Note Hedges corresponding to approximately 2.9 million shares of the Company’s common stock in exchange for cash consideration of $362.5 million, and certain counterparties terminated Warrants corresponding to approximately 2.9 million shares of the Company’s common stock in exchange for cash consideration of $327.6 million. The net proceeds of $34.9 million received from these transactions were recorded as an increase to additional paid-in capital. As of December 31, 2020, Convertible Note Hedges giving the Company the option to purchase approximately 1.3 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 December 31, 2020			As of December 31, 2019
	(in thousands)
Principal	$	125,839		$	399,992
Unamortized debt discount		(10,397	)		(55,299	)
Unamortized issuance costs		(777	)		(4,129	)
Net carrying amount	$	114,665		$	340,564

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

	As of December 31, 2020			As of December 31, 2019
	(in thousands)
Debt discount for conversion option	$	33,349			106,006
Issuance costs		(898	)		(2,854	)
Net carrying amount	$	32,451		$	103,152

Interest expense related to the 2022 Notes is as follows:

	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Contractual interest expense	$	614	$	1,000	$	1,000
Amortization of debt discount		13,150		20,277		18,923
Amortization of issuance costs		982		1,513		1,412
Total interest expense	$	14,746	$	22,790	$	21,335

The net equity impact, included in additional paid-in capital, of the above components of the 2022 Notes is as follows:

	(in thousands)
Conversion Option	$	(364,835	)
Issuance of common stock for repayment of 2022 Notes		330,497
Proceeds from settlements of Convertible Note Hedges		362,492
Payments for settlement of Warrants		(327,543	)
Total	$	611

Segment Information and Geographic Data

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Information and Geographic Data

10. Segment Information and Geographic Data

As more fully described in the Company’s Summary of Significant Accounting Policies, the Company operates in one operating segment. Revenue and long-lived assets by geographic region, based on physical location of the operations recording the sale or the assets are as follows:

Revenues by geographical region:

	Year Ended December 31,
	2020			2019			2018
	(In thousands)
Americas	$	568,365		$	456,568		$	361,136
Europe		243,811			168,452			117,670
Asia Pacific		70,850			49,840			34,174
Total	$	883,026		$	674,860		$	512,980
Percentage of revenues generated outside of the Americas		36	%		32	%		30	%

Revenue derived from customers outside the United States (international) was approximately 43% of total revenue in 2020, 40% of total revenue in 2019 and 37% of total revenue in 2018.

Total long-lived assets by geographical region:

	As of December 31, 2020			As of December 31, 2019
	(In thousands)
Americas	$	206,789		$	175,821
Europe		159,338			127,395
Asia Pacific		10,889			14,823
Total long lived assets	$	377,016		$	318,039
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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. Commitments and Contingencies

The Company leases its office facilities under non-cancelable operating leases that expire at various dates through May 2031. Rent expense for non-cancellable 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 $21.8 million are being amortized on a straight-line basis into rent expense over the terms of the corresponding leases. Certain leases contain optional termination dates. The table below only includes payments up to the optional termination date. If the Company were to extended leases beyond the optional termination date the future commitments would increase by approximately $90.8 million.

Future minimum payments under all operating lease agreements as of December 31, 2020, are as follows:

	Operating
	(in thousands)
2021	$	51,933
2022		50,449
2023		49,994
2024		48,617
2025		48,686
Thereafter		139,283
Total	$	388,962

The Company has entered into certain non-cancelable arrangements (“Vendor Commitments”), which require the future purchase of goods or services.

Future minimum payments under all Vendor Commitments as of December 31, 2020, are as follows:

	Product related obligations		INBOUND event obligations
	(in thousands)
2021	$	31,138	$	-
2022		48,140		316
2023		22,150		653
2024		—		—
2025		—		—
Total	$	101,428	$	969

In December 2020, the Company committed to invest $12.5 million in the Black Economic Development Fund managed by the Local Initiatives Support Corporation to support Black-led financial institutions, community centers, anchor institutions, and business transactions.

Legal Contingencies

From time to time the Company may become involved in legal proceedings or be subject to claims arising in the ordinary course of its business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that

the final outcome of these ordinary course matters will not have a material adverse effect on its business, operating results, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors.

Changes in Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Changes in Accumulated Other Comprehensive Loss

12. 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 years ended December 31, 2020 and 2019:

	Cumulative Translation Adjustment			Unrealized Gain (Loss) on Investments			Total
	(in thousands)
Beginning balance at January 1, 2019	$	(397	)	$	(326	)	$	(723	)
Other comprehensive (loss) income before reclassifications		(213	)		600			387
Amounts reclassified from accumulated other comprehensive loss		—			—			—
Ending balance at December 31, 2019	$	(610	)	$	274		$	(336	)
Other comprehensive income before reclassifications		4,790			149			4,939
Amounts reclassified from accumulated other comprehensive loss		—			—			—
Ending balance at December 31, 2020	$	4,180		$	423		$	4,603

Stockholders' Equity and Stock-Based Compensation

12 Months Ended

Dec. 31, 2020

Stockholders Equity And Stock Based Compensation [Abstract]

Stockholders' Equity and Stock-Based Compensation

13. Stockholders’ Equity and Stock-Based Compensation

Common Stock Reserved — As of December 31, 2020 and 2019, the Company has authorized 500 million shares of common stock. The number of shares of common stock reserved for the vesting of restricted stock units (“RSUs”), and exercise of common stock options are as follows (in thousands):

	December 31, 2020		December 31, 2019
RSUs		1,561		1,529
Common stock options		1,020		1,494
		2,581		3,023

For shares reserved for issuance for the Conversion Options, Warrants and Capped Call Options of the Notes, see Note 9.

Equity Incentive Plan —The Company’s 2007 Equity Incentive Plan (the “2007 Plan”) was terminated in connection with the IPO, and accordingly, no shares are available for issuance under the 2007 Plan. The 2007 Plan will continue to govern outstanding awards granted thereunder, the 2007 Plan provided for the grant of qualified incentive stock options and nonqualified stock options or other awards such as RSUs to the Company’s employees, officers, directors and outside consultants. The term of each option is fixed by the Company’s compensation committee and may not exceed 10 years from the date of grant. As of December 31, 2020, 472 thousand options to purchase common stock and no RSUs remained outstanding under the 2007 Plan.

On September 25, 2014, the Company’s board of directors adopted and the Company’s stockholders approved the 2014 Stock Option and Incentive Plan (the “2014 Plan”). The 2014 Plan became effective upon the closing of the Company’s IPO in the fourth quarter of 2014. The Company initially reserved 1,973,551 shares of its common stock, or the Initial Limit, for the issuance of awards under the 2014 Plan. The 2014 Plan provides that the number of shares reserved and available for issuance under the plan automatically increases each January 1, by 5% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31 or such lesser number of shares as determined by the compensation committee. This number is subject to adjustment in the event of a stock split, stock dividend or other change in the Company’s capitalization. The term of each option is fixed by the Company’s compensation committee and may not exceed 10 years from the date of grant. As of December 31, 2020, 549 thousand options to purchase common stock and 1.6 million RSUs remained outstanding under the 2014 Plan.

Equity Compensation Expense —The Company’s equity compensation expense is comprised of awards of options to purchase common stock, RSUs, and stock issued under the Company’s employee stock purchase plan (“ESPP”).

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

	Year Ended December 31,
	2020		2019		2018
	( in thousands)
Options	$	6,377	$	5,078	$	5,108
ESPP		6,850		4,866		2,833
RSUs		108,261		87,810		68,320
Total stock-based compensation	$	121,488	$	97,754	$	76,261

	2020		2019		2018
	(in thousands)
Cost of revenue, subscription	$	4,408	$	3,127	$	1,476
Cost of revenue, service		2,536		2,829		2,924
Research and development		39,366		33,748		23,328
Sales and marketing		50,552		36,599		31,099
General and administrative		24,626		21,451		17,434
Total stock-based compensation	$	121,488	$	97,754	$	76,261

Excluded from stock-based compensation expense is $3.6 million of capitalized software development costs in 2020, $2.4 million in 2019, and $2.4 million in 2018.

Stock Options —The fair value of employee options is estimated on the date of each grant using the Black-Scholes option-pricing model with the following assumptions:

	Year Ended December 31,
	2020		2019		2018
Risk-free interest rate (%)	0.47-1.66		1.95-2.55		2.62-2.85
Expected term (years)	5.50-6.24		5.50-6.02		5.06-6.42
Volatility (%)	38.15-40.63		39.46-41.41		41.34-43.55
Expected dividends		—		—		—

The weighted-average grant-date fair value of options granted was $70.98 per share in 2020, $69.44 per share in 2019, and $51.48 per share in 2018.

The interest rate was based on the U.S. Treasury bond rate at the date of grant with a maturity approximately equal to the expected term. The expected term of options granted to employees was calculated using the simplified method, which represents the average of the contractual term of the option and the weighted-average vesting period of the option. The expected volatility for the Company’s common stock was based on an average of the historical volatility of a peer group of similar public companies. The assumed dividend yield is based upon the Company’s expectation of not paying dividends in the foreseeable future. Forfeitures of share-based awards prior to vesting results in a reversal of previously recorded stock-compensation expense associated with such forfeited awards. The fair value of the Company’s common stock is the closing price of the stock on the date of grant.

The stock option activity for the year ended December 31, 2020 is as follows:

	Options (in thousands)			Weighted- Average Exercise Price		Weighted- Average Remaining Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding—January 1, 2020		1,494		$	33.09		4.0	$	187,398
Granted	111				183.25
Exercised		(580	)	17.16
Forfeited/expired		(5	)	145.4
Outstanding—December 31, 2020		1,020			57.98		4.4	$	345,144
Options vested or expected to vest—December 31, 2020		1,020		$	57.98		4.4	$	345,144
Options exercisable—December 31, 2020		828		$	34.85		3.5	$	299,266

Total unrecognized compensation cost related to the nonvested options was $9.8 million at December 31, 2020. That cost is expected to be recognized over a weighted-average period of 2.4 years as of December 31, 2020.

Restricted Stock Units —RSUs vest upon achievement of a service condition. The service condition is a time-based condition met over a period of four years, with 25% met after one year, and then in equal monthly or quarterly installments over the succeeding three years, or over a period of four years, with equal quarterly installments over those four years. As soon as practicable following each vesting date, the Company will issue to the holder of the RSUs the number of shares of common stock equal to the aggregate number of RSUs that have vested. Notwithstanding the foregoing, the Company may, in its sole discretion, in lieu of issuing shares of common stock to the holder of the RSUs, pay the holder an amount in cash equal to the fair market value of such shares of common stock. . The total stock-based compensation expense expected to be recorded over the remaining life of outstanding RSUs is approximately $213.4 million at December 31, 2020. That cost is expected to be recognized over a weighted-average period of 2.6 years. As of December 31, 2020, there are 1.6 million RSUs expected to vest with an aggregate intrinsic value of $618.5 million. The total fair value of RSUs vested was approximately $101.2 million in 2020, $85.2 million in 2019, and $65.0 million in 2018.

The following table summarizes the activity related to RSUs for the year ended December 31, 2020:

	RSUs Outstanding
	Shares (in thousands)			Weighted- Average Grant Date Fair Value Per Share
Unvested and outstanding at January 1, 2020		1,529		$	119.46
Granted		1,035			169.79
Vested		(880	)		115.01
Canceled		(123	)		137.73
Unvested and outstanding at December 31, 2020		1,561		$	153.91

Employee Stock Purchase Plan (“ESPP”)— The ESPP authorizes the issuance of up to a total of 2,005,274 shares of common stock to participating employees and allows eligible employees to purchase shares of common stock at a 15% discount from the fair market value of the stock as determined on specific dates at six-month intervals. The offering periods for the ESPP commence on June 1 and December 1 of each year.

The fair value of employee options is estimated using the Black-Scholes option-pricing model with the following assumptions:

	Year Ended December 31,
	2020		2019		2018
Risk-free interest rate (%)	0.14-1.60		2.56		1.61-2.10
Expected term (years)		0.50		0.50	0.42-0.50
Volatility (%)	34.75-67.22		41.32-45.07		28.45-28.81
Expected dividends		—		—		—

The interest rate was based on the U.S. Treasury bond rate at the date of grant with a maturity approximately equal to the expected term. The expected term is based on the offering period. The expected volatility for the Company’s common stock was based on an average of the historical volatility of a peer group of similar public companies. The assumed dividend yield is based upon the Company’s expectation of not paying dividends in the foreseeable future. The fair value of the Company’s common stock is the closing price of the stock on the date the offering period starts.

The following table summarizes the activity related to ESPP:

	Shares Issued (in thousands)		Weighted- Average Purchase Price		Total Cash Proceeds (in thousands)
2020		132	$	149.23	$	19,653
2019		116	$	123.69	$	14,383
2018		148	$	80.21	$	11,863

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

Loss before provision for income taxes was as follows:

	Year Ended December 31,
	2020			2019			2018
	(in thousands)
United States	$	(96,555	)	$	(63,200	)	$	(69,769	)
Foreign		15,740			12,427			7,809
Total	$	(80,815	)	$	(50,773	)	$	(61,960	)

The (provision) benefit for income taxes consists of the following:

	Year Ended December 31,
	2020			2019			2018
	(in thousands)
Current income tax provision
Federal	$	(406	)	$	(238	)	$	(184	)
State		(487	)		(241	)		(140	)
Foreign		(5,508	)		(3,293	)		(1,508	)
Total current income tax provision		(6,401	)		(3,772	)		(1,832	)
Deferred income tax benefit
Federal		(116	)		160			21
State		—			—			—
Foreign		2,301			639			(57	)
Total deferred income tax benefit (expense)		2,185			799			(36	)
Total income tax provision	$	(4,216	)	$	(2,973	)	$	(1,868	)

The following reconciles the differences between income taxes computed at the federal statutory rate of 21% for 2020, 2019 and 2018 and the provision for income taxes:

	Year Ended December 31,
	2020			2019			2018
	(in thousands)
Expected income tax benefit at the federal statutory rate	$	16,899		$	10,665		$	12,955
State taxes net of federal benefit		4,618			3,700			5,155
Stock-based compensation		25,196			16,055			17,575
Executive compensation limitation		(3,004	)		(7,244	)		—
Difference in foreign tax rates		830			693			435
U.S. tax credits		11,529			24,170			1,763
GILTI inclusion		—			(1,645	)		(1,177	)
Meals and entertainment		(478	)		(1,208	)		(1,411	)
Change in valuation allowance		(62,182	)		(47,523	)		(37,059	)
Other		2,376			(636	)		(104	)
Income tax benefit (provision)	$	(4,216	)	$	(2,973	)	$	(1,868	)

On December 22, 2017, the United States of America signed tax legislation (the “2017 Act”) which enacted a wide range of changes to the U.S. corporate income tax system. The 2017 Act reduced the U.S. corporate tax rate from 35% to 21% effective January 1, 2018, broadened the tax base and changes rules for expensing and capitalizing business expenditures, established a territorial tax system for foreign earnings as well as a minimum tax on certain foreign earnings, provided for a one-time transition tax on previously undistributed foreign earnings, and introduced new rules for the treatment of certain export sales.

In 2020, the Company reversed the 2019 recognized tax benefit under the item-by-item method and recorded a tax expense of $116 thousand.

Deferred Tax Assets and Liabilities —Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities were as follows:

	Year Ended December 31,
	2020			2019
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	190,555		$	142,512
Research and investment credits		46,729			35,285
Accruals and reserves		15,278			9,239
Depreciation		2,223			1,756
Intangible assets		164			—
Stock-based compensation		7,354			5,451
Interest expense		8,650			3,197
Total deferred tax assets		270,953			197,440
Deferred tax liabilities:
Intangible assets		(2,546	)		(2,678	)
Convertible debt		(21,873	)		(3,550	)
Capitalized costs		(17,009	)		(11,351	)
Depreciation		(231	)		(138	)
Total deferred tax liabilities		(41,659	)		(17,717	)
Valuation allowance		(227,062	)		(180,092	)
Net deferred tax assets	$	2,232		$	(369	)

The Company reviews all available evidence to evaluate the realizability of its deferred tax assets, including its recent history of accumulated losses over the most recent three years as well as its ability to generate income in future periods. The Company has provided a valuation allowance against its U.S. net deferred tax assets as it is more likely than not that these assets will not be realized given the nature of the assets and the likelihood of future utilization.

The valuation allowance increased by $47.0 million in 2020, $47.3 million in 2019 and $36.1 million in 2018, primarily due to the increase in the U.S. net operating loss deferred tax asset. The Company does not expect any significant changes in its valuation allowance positions within the next 12 months.

Prior to the 2017 Act, the Company had asserted that the earnings of its foreign subsidiaries were indefinitely reinvested in the operations of those subsidiaries. In 2018, the Company completed its accounting for the impact of the 2017 Act and determined that it would no longer assert indefinite reinvestment of its foreign earnings. Earnings through December 31, 2017 have been subject to U.S. federal income tax via the one-time transition tax on previously undistributed foreign earnings. The 2017 Act eliminated the U.S. federal income tax cost for qualified repatriation beginning in 2018. The Company has determined that any incremental tax incurred upon ultimate distribution of these earnings to the U.S. would not be material.

The Company had federal and state net operating loss carryforwards of $760 million and $508 million at December 31, 2020 and $568 million and $379 million at December 31, 2019. The Company also had international net operating loss carryforwards of $8 million at December 31, 2020 and $6 million at December 31, 2019. As a result of the 2017 Act all federal net operating losses, created after January 1, 2018, have an indefinite carryforward period. All federal net operating losses, created before January 1, 2018, are subject to a 20 year carryforward period and will expire at various dates through 2037. State net operating losses will expire at various dates through 2040. The Company has a federal interest expense carryforward of $35.2 million at December 31, 2020, and $13.0 million at December 31, 2019, which have an indefinite carryforward period.

The Company had federal research and development credit carryforwards of $31.0 million at December 31, 2020 that expire at various dates through 2040. The Company also has state research and investment tax credit carryforwards of $15.7 million, that expire at various dates through 2035.

Under Section 382 of the Internal Revenue Code of 1986, as amended, substantial changes in the Company's ownership may limit the amount of net operating loss carryforwards that could be utilized annually in the future to offset taxable income. Specifically, this limitation may arise in the event of a cumulative change in ownership of the Company of more than 50% within a three-year period. Any such annual limitation may significantly reduce the utilization of net operating loss carryforwards before they expire.

Uncertain Tax Positions —The Company accounts for uncertainty in income taxes using a two-step process. The Company first determines whether it is more likely than not that a tax position will be sustained upon examination by a tax authority, including resolutions of any related appeals or litigation processes, based on technical merit. If a tax position meets the more-likely-than-not recognition threshold it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement.

The following summarizes activity related to unrecognized tax benefits:

	Year Ended December 31,
	2020		2019			2018
	(in thousands)
Unrecognized benefit—beginning of the year	$	5,445	$	3,925		$	2,725
Gross increases—current period positions		3,003		2,387			1,200
Gross decrease—prior period positions		—		(867	)		—
Unrecognized benefit—end of period	$	8,448	$	5,445		$	3,925

All of the gross unrecognized tax benefits represent a reduction to the research and development tax credit carryforward. The gross decrease to prior period positions is a result of the Company completing its documentation of credits generated between 2015 and 2018.

All of the unrecognized tax benefits decrease deferred tax assets with a corresponding decrease to the valuation allowance. None of the unrecognized tax benefits would affect the Company’s effective tax rate if recognized in the future.

The Company has elected to recognize interest and penalties related to uncertain tax positions as a component of income tax expense. No interest or penalties have been recorded through December 31, 2020 because the Company has no tax due because of significant NOL carryforwards.

The Company does not expect any significant change in its unrecognized tax benefits within the next 12 months.

The Company files tax returns in the United States and various jurisdictions throughout the world where the Company has operations or established a taxable presence. All of the Company’s tax years remain open to examination in the United States, as carryforward attributes generated in past years may still be adjusted upon examination by the Internal Revenue Service or state tax authorities if they have or will be used in future periods. The Company remains open to examination for varying periods in the other foreign jurisdictions and is routinely examined by various taxing authorities.

- Definition

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

+ References + Details

Employee Benefit Plan

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plan

15. Employee Benefit Plan

The Company maintains a defined contribution savings plan under Section 401(k) of the Internal Revenue Code. This plan covers certain employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pretax basis, subject to legal limitations. Total employer contributions were $5.9 million in 2020, $4.8 million in 2019, and $4.0 million in 2018.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Subsequent Event

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Event

16. Subsequent Event

On February 8, 2021, the Company acquired 100% of the outstanding equity securities of Hustle Con Media, Inc. (the “Hustle”) for approximately $20 million. The Hustle is a media company that produces a newsletter, podcast, and premium research content for innovative professionals.

Quarterly Financial Results (unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Results (unaudited)

17. Quarterly Financial Results (unaudited)

	Fourth Quarter			Third Quarter			Second Quarter			First Quarter
	(in thousands, except per share amounts)
Year ended December 31, 2020
Revenue	$	252,065		$	228,385		$	203,608		$	198,968
Cost of revenue		47,294			42,603			38,777			38,285
Gross profit		204,771			185,782			164,831			160,683
Net loss		(15,416	)		(22,498	)		(29,401	)		(17,716	)
Basic and diluted net loss per share	$	(0.34	)	$	(0.49	)	$	(0.67	)	$	(0.41	)
Year ended December 31, 2019
Revenue	$	186,186		$	173,621		$	163,255		$	151,798
Cost of revenue		35,975			33,263			31,142			29,578
Gross profit		150,211			140,358			132,113			122,220
Net loss		(10,302	)		(14,987	)		(17,357	)		(11,100	)
Basic and diluted net loss per share	$	(0.24	)	$	(0.35	)	$	(0.41	)	$	(0.27	)

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Operating Segments

Loss Per Share

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

	Year Ended December 31,
	2020			2019			2018
	(in thousands, except per share amounts)
Net loss	$	(85,031	)	$	(53,746	)	$	(63,828	)
Weighted-average common shares outstanding—basic		44,757			42,025			38,529
Dilutive effect of share equivalents resulting from stock options, RSUs, ESPP, Warrants and the Conversion Options		—			—			—
Weighted-average common shares outstanding-diluted		44,757			42,025			38,529
Net loss per common share, basic and diluted	$	(1.90	)	$	(1.28	)	$	(1.66	)

The following table contains all potentially dilutive common stock equivalents.

	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Options to purchase common shares		1,020		1,489		1,824
RSUs		1,561		1,207		1,732
Conversion Option of the 2022 Notes and Warrants		1,873		3,104		1,211
Conversion Option of the 2025 Notes		318		—		—
ESPP		21		2		—

Cash and Cash Equivalents

Cash and Cash Equivalents —

Investments

Strategic Investments

Accounts Receivable and Allowance for Doubtful Accounts

The following is a roll forward of the Company’s allowance for doubtful accounts (in thousands):

	Balance Beginning of Period		Charged to Statement of Operations		Deductions⁽¹⁾			Balance at End of Period
Allowance for doubtful accounts
Year ended December 31, 2020	$	1,584	$	8,501	$	(8,092	)	$	1,993
Year ended December 31, 2019	$	1,317	$	7,895	$	(7,628	)	$	1,584
Year ended December 31, 2018	$	638	$	5,514	$	(4,835	)	$	1,317

(1)	Deductions include actual accounts written-off, net of recoveries.

Restricted Cash

	December 31, 2020		December 31, 2019
	(in thousands)
Cash and cash equivalents	$	378,123	$	269,670
Restricted cash, included in other assets		3,029		8,845
Total cash, cash equivalents, and restricted cash	$	381,152	$	278,515

Property and Equipment

		Estimated Useful Life
Employee related computer equipment		2 - 3 years
Computer equipment and purchased software		3 years
Furniture and fixtures		5 years
Internal-use software		5 years
Leasehold improvements		Lesser of lease term or useful life

Impairment of Long-Lived Assets

Intangible Assets

Goodwill

For the years ended December 31, 2020, 2019 and 2018, the Company did not recognize an impairment charge.

Business Combinations

Advertising Expense

Leases

Asset retirement obligations (“ARO”)

Revenue Recognition

•

Identify the customer contract;

•

Identify performance obligations that are distinct;

•

Determine the transaction price;

•

Allocate the transaction price to the distinct performance obligations; and

•

Recognize revenue as the performance obligations are satisfied.

Identify the customer contract

Identify performance obligations that are distinct

Determine the transaction price

Allocate the transaction price to the distinct performance obligations

Recognize revenue as the performance obligations are satisfied

Solutions Partner Commissions

Concentrations of Credit Risk and Significant Customers

The Company has no significant off-balance sheet risk such as foreign exchange contracts, option contracts, or other hedging arrangements.

Foreign Currency

Research and Development

Capitalized Software Development Costs

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

	December 31, 2020			December 31, 2019
	(in thousands)
Gross capitalized software development costs	$	85,630		$	61,641
Accumulated amortization		(60,687	)		(44,848	)
Capitalized software development costs, net	$	24,943		$	16,793

Income Taxes

Stock-Based Compensation

Stock-based compensation costs are recognized as expense over the requisite service period, which is generally the vesting period for awards, on a straight-line basis.

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.

Accounting Pronouncements Adopted in 2019:

•

did not reassess whether any expired or existing contracts contain a lease;

•

did not reassess the classification of existing leases; and

•

did not reassess initial direct costs for any existing leases.

In addition, the Company elected the hindsight practical expedient to determine the lease term for existing leases.

Recent Accounting Pronouncements Adopted in 2020:

Recent Accounting Pronouncements to be Adopted in Future Periods:

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

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

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

	Year Ended December 31,
	2020			2019			2018
	(in thousands, except per share amounts)
Net loss	$	(85,031	)	$	(53,746	)	$	(63,828	)
Weighted-average common shares outstanding—basic		44,757			42,025			38,529
Dilutive effect of share equivalents resulting from stock options, RSUs, ESPP, Warrants and the Conversion Options		—			—			—
Weighted-average common shares outstanding-diluted		44,757			42,025			38,529
Net loss per common share, basic and diluted	$	(1.90	)	$	(1.28	)	$	(1.66	)

Schedule of Potentially Dilutive Common Stock Equivalents

The following table contains all potentially dilutive common stock equivalents.

	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Options to purchase common shares		1,020		1,489		1,824
RSUs		1,561		1,207		1,732
Conversion Option of the 2022 Notes and Warrants		1,873		3,104		1,211
Conversion Option of the 2025 Notes		318		—		—
ESPP		21		2		—

Schedule of Roll Forward of Company's Allowance for Doubtful Accounts

The following is a roll forward of the Company’s allowance for doubtful accounts (in thousands):

	Balance Beginning of Period		Charged to Statement of Operations		Deductions⁽¹⁾			Balance at End of Period
Allowance for doubtful accounts
Year ended December 31, 2020	$	1,584	$	8,501	$	(8,092	)	$	1,993
Year ended December 31, 2019	$	1,317	$	7,895	$	(7,628	)	$	1,584
Year ended December 31, 2018	$	638	$	5,514	$	(4,835	)	$	1,317

(1)	Deductions include actual accounts written-off, net of recoveries.

Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of the cash, cash equivalents and restricted cash within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows for the year ended December 31, 2020 and 2019

	December 31, 2020		December 31, 2019
	(in thousands)
Cash and cash equivalents	$	378,123	$	269,670
Restricted cash, included in other assets		3,029		8,845
Total cash, cash equivalents, and restricted cash	$	381,152	$	278,515

Schedule of Property Plant and Equipment Useful Life

Depreciation is recorded over the following estimated useful lives:

		Estimated Useful Life
Employee related computer equipment		2 - 3 years
Computer equipment and purchased software		3 years
Furniture and fixtures		5 years
Internal-use software		5 years
Leasehold improvements		Lesser of lease term or useful life

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

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

	December 31, 2020			December 31, 2019
	(in thousands)
Gross capitalized software development costs	$	85,630		$	61,641
Accumulated amortization		(60,687	)		(44,848	)
Capitalized software development costs, net	$	24,943		$	16,793

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of Operating Sublease Income Generated under Operating Lease Agreements

The Company subleases some of its unused spaces to third parties. Operating sublease income generated under all operating lease agreements for the year ended 2020 and 2019 are as follows:

	Year ended December 31,
	2020		2019
	(in thousands)
Operating sublease income	$	5,000	$	2,498

Summary of Reconciliation Between Non-cancelable Lease Commitments And Lease Liabilities [Table Text Block]

The following table provides a reconciliation between non-cancelable lease commitments and lease liabilities as of December 31, 2020:

	Operating leases
Lease commitments (Note 11)	$	388,962
Less: Legally binding minimum lease payments for leases signed but not yet commenced		—
Less: Present value discount		(79,469	)
Total lease liabilities	$	309,493

Summary of Weighted Average Remaining Lease Terms And Weighted Average Discount Rate For Operating And Finance Leases [Table Text Block]

The following table provides weighted average remaining lease terms and weighted average discount rate for operating and finance leases as of December 31, 2020:

Weighted-average remaining lease term:		8.0 years
Weighted-average discount rate:		5.3%

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

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 December 31, 2020 and December 31, 2019 :

	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

	December 31, 2019
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents and investments:
Money market funds	$	96,618	$	—	$	—	$	96,618
Commercial paper		—		87,185		—		87,185
Corporate bonds		—		87,138		—		87,138
U.S. Treasury securities		—		631,174		—		631,174
Restricted cash:
Certificates of deposit		—		5,816		—		5,816
Money market funds		—		3,029		—		3,029
Total	$	96,618	$	814,342	$	—	$	910,960

Summary of Composition of Short and Long Term Investments

The following tables summarize the composition of our short- and long-term investments at December 31, 2020 and 2019:

	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

	December 31, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Commercial paper	$	77,214	$	—	$	—		$	77,214
Corporate bonds		86,900		251		(13	)		87,138
U.S. Treasury securities		581,066		207		(15	)		581,258
Total	$	745,180	$	458	$	(28	)	$	745,610

Summary of Contractual Maturities of Short and Long Term Investments

The contractual maturities of short-term and long-term investments held as follows:

	December 31, 2020				December 31, 2019
	Amortized Cost Basis		Aggregate Fair Value		Amortized Cost Basis		Aggregate Fair Value
	( in thousands)
Due within one year	$	872,637	$	873,073	$	691,556	$	691,834
Due after 1 year and within 2 years		30,640		30,697		53,624		53,776
Total	$	903,277	$	903,770	$	745,180	$	745,610

- 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

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consists of the following:

	December 31.
	2020			2019
	(in thousands)
Computer equipment and purchased software	$	15,128		$	13,028
Employee related computer equipment		20,802			13,829
Furniture and fixtures		20,204			14,319
Leasehold improvements		89,850			56,618
Equipment under finance lease		3,450			3,450
Internal-use software		12,528			7,770
Construction in progress		10,014			23,714
Total property and equipment		171,976			132,728
Less accumulated depreciation		(70,853	)		(49,079	)
Property and equipment, net	$	101,123		$	83,649

Schedule of Changes in Asset Retirement Obligations

The changes in the asset retirement obligation balance during the year ending December 31, 2020 and December 31, 2019 are as follows:

	Year Ended December 31,
	2020		2019
	(in thousands)
Beginning balance	$	3,533	$	1,424
Additions		750		2,028
Accretion		236		103
Updates to estimated cash flows		365		(22	)
Ending balance	$	4,884	$	3,533

Business Acquisitions (Tables)

12 Months Ended

Dec. 31, 2020

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	$	646
Accounts receivable		133
Other current and noncurrent assets		218
Acquired developed technology		9,800
Other intangible assets		70
Goodwill		15,219
Accounts payable, accrued expenses, and other liabilities		(731	)
Deferred revenue		(210	)
Deferred tax liability		(1,324	)
Total purchase price	$	23,821

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets as of December 31, 2020 and 2019 consist of the following:

	Weighted Average Remaining Useful Life	December 31,
		2020			2019
		(in thousands)
Acquired technology	40 Months	$	18,383		$	17,297
Other intangible assets	9 Months		70			70
Accumulated amortization			(8,171	)		(5,615	)
Total		$	10,282		$	11,752

Estimated Future Amortization Expense for Intangible Assets

Estimated future amortization expense for intangible assets as of December 31, 2020 is as follows:

Years ended December 31,	Amortization Expense
	(in thousands)
2021	$	1,083
2022		1,406
2023		1,844
2024		2,150
2025		2,126
Thereafter		1,673
Total	$	10,282

Schedule of Changes in Carrying Amounts of Goodwill

The changes in the carrying amounts of goodwill consist of the following:

	(in thousands)
Balance as of December 31, 2018	$	14,950
PieSync acquisition		15,219
Effect of foreign currency translation		81
Balance as of December 31, 2019		30,250
Effect of foreign currency translation		1,431
Measurement period adjustments		(363	)
Balance as of December 31, 2020	$	31,318

Convertible Senior Notes (Tables)

12 Months Ended

Dec. 31, 2020

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 December 31, 2020			As of December 31, 2019
	(in thousands)
Principal	$	460,000		$	—
Unamortized debt discount		(88,756	)		—
Unamortized issuance costs		(6,973	)		—
Net carrying amount	$	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 December 31, 2020			As of December 31, 2019
	(in thousands)
Debt discount for conversion option	$	98,730		$	—
Issuance costs		(2,120	)		—
Net carrying amount	$	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:

	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Contractual interest expense	$	987	$	—	$	—
Amortization of debt discount		9,974		—		—
Amortization of issuance costs		784		—		—
Total interest expense	$	11,745	$	—	$	—

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 December 31, 2020			As of December 31, 2019
	(in thousands)
Principal	$	125,839		$	399,992
Unamortized debt discount		(10,397	)		(55,299	)
Unamortized issuance costs		(777	)		(4,129	)
Net carrying amount	$	114,665		$	340,564

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 December 31, 2020			As of December 31, 2019
	(in thousands)
Debt discount for conversion option	$	33,349			106,006
Issuance costs		(898	)		(2,854	)
Net carrying amount	$	32,451		$	103,152

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:

	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Contractual interest expense	$	614	$	1,000	$	1,000
Amortization of debt discount		13,150		20,277		18,923
Amortization of issuance costs		982		1,513		1,412
Total interest expense	$	14,746	$	22,790	$	21,335

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

Debt Instrument [Line Items]

Schedule of Net Equity Impact, Included in Additional Paid-in Capital, of the Liability and Equity Components

The net equity impact, included in additional paid-in capital, of the above components of the 2022 Notes is as follows:

	(in thousands)
Conversion Option	$	(364,835	)
Issuance of common stock for repayment of 2022 Notes		330,497
Proceeds from settlements of Convertible Note Hedges		362,492
Payments for settlement of Warrants		(327,543	)
Total	$	611

Segment Information and Geographic Data (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Revenues by Geographical Region

Revenues by geographical region:

	Year Ended December 31,
	2020			2019			2018
	(In thousands)
Americas	$	568,365		$	456,568		$	361,136
Europe		243,811			168,452			117,670
Asia Pacific		70,850			49,840			34,174
Total	$	883,026		$	674,860		$	512,980
Percentage of revenues generated outside of the Americas		36	%		32	%		30	%

Long Lived Assets by Geographical Region

Total long-lived assets by geographical region:

	As of December 31, 2020			As of December 31, 2019
	(In thousands)
Americas	$	206,789		$	175,821
Europe		159,338			127,395
Asia Pacific		10,889			14,823
Total long lived assets	$	377,016		$	318,039
Percentage of long lived assets held outside of the Americas		45	%		45	%

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Schedule of Future Minimum Payments

Future minimum payments under all operating lease agreements as of December 31, 2020, are as follows:

	Operating
	(in thousands)
2021	$	51,933
2022		50,449
2023		49,994
2024		48,617
2025		48,686
Thereafter		139,283
Total	$	388,962

Schedule of Future Minimum Payments Under Vendor Commitments

Future minimum payments under all Vendor Commitments as of December 31, 2020, are as follows:

	Product related obligations		INBOUND event obligations
	(in thousands)
2021	$	31,138	$	-
2022		48,140		316
2023		22,150		653
2024		—		—
2025		—		—
Total	$	101,428	$	969

Changes in Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2020

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 years ended December 31, 2020 and 2019:

	Cumulative Translation Adjustment			Unrealized Gain (Loss) on Investments			Total
	(in thousands)
Beginning balance at January 1, 2019	$	(397	)	$	(326	)	$	(723	)
Other comprehensive (loss) income before reclassifications		(213	)		600			387
Amounts reclassified from accumulated other comprehensive loss		—			—			—
Ending balance at December 31, 2019	$	(610	)	$	274		$	(336	)
Other comprehensive income before reclassifications		4,790			149			4,939
Amounts reclassified from accumulated other comprehensive loss		—			—			—
Ending balance at December 31, 2020	$	4,180		$	423		$	4,603

Stockholders' Equity and Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Stockholders Equity And Stock Based Compensation [Abstract]

Summary of Number of Shares of Common Stock Reserved

The number of shares of common stock reserved for the vesting of restricted stock units (“RSUs”), and exercise of common stock options are as follows (in thousands):

	December 31, 2020		December 31, 2019
RSUs		1,561		1,529
Common stock options		1,020		1,494
		2,581		3,023

Schedule of Stock Compensation Expense by Award Type

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

	Year Ended December 31,
	2020		2019		2018
	( in thousands)
Options	$	6,377	$	5,078	$	5,108
ESPP		6,850		4,866		2,833
RSUs		108,261		87,810		68,320
Total stock-based compensation	$	121,488	$	97,754	$	76,261

Effect of Stock-Based Compensation on Income by Line Item

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

	2020		2019		2018
	(in thousands)
Cost of revenue, subscription	$	4,408	$	3,127	$	1,476
Cost of revenue, service		2,536		2,829		2,924
Research and development		39,366		33,748		23,328
Sales and marketing		50,552		36,599		31,099
General and administrative		24,626		21,451		17,434
Total stock-based compensation	$	121,488	$	97,754	$	76,261

Schedule of Assumptions Used for Estimation of Fair Value of Options Granted to Employees

Stock Options —The fair value of employee options is estimated on the date of each grant using the Black-Scholes option-pricing model with the following assumptions:

	Year Ended December 31,
	2020		2019		2018
Risk-free interest rate (%)	0.47-1.66		1.95-2.55		2.62-2.85
Expected term (years)	5.50-6.24		5.50-6.02		5.06-6.42
Volatility (%)	38.15-40.63		39.46-41.41		41.34-43.55
Expected dividends		—		—		—

Summary of Stock Option Activity

The stock option activity for the year ended December 31, 2020 is as follows:

	Options (in thousands)			Weighted- Average Exercise Price		Weighted- Average Remaining Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding—January 1, 2020		1,494		$	33.09		4.0	$	187,398
Granted	111				183.25
Exercised		(580	)	17.16
Forfeited/expired		(5	)	145.4
Outstanding—December 31, 2020		1,020			57.98		4.4	$	345,144
Options vested or expected to vest—December 31, 2020		1,020		$	57.98		4.4	$	345,144
Options exercisable—December 31, 2020		828		$	34.85		3.5	$	299,266

Summary of Activity Related to RSUs

The following table summarizes the activity related to RSUs for the year ended December 31, 2020:

	RSUs Outstanding
	Shares (in thousands)			Weighted- Average Grant Date Fair Value Per Share
Unvested and outstanding at January 1, 2020		1,529		$	119.46
Granted		1,035			169.79
Vested		(880	)		115.01
Canceled		(123	)		137.73
Unvested and outstanding at December 31, 2020		1,561		$	153.91

Schedule of Assumptions Used for Estimation of Fair Value of Employee Options

The fair value of employee options is estimated using the Black-Scholes option-pricing model with the following assumptions:

	Year Ended December 31,
	2020		2019		2018
Risk-free interest rate (%)	0.14-1.60		2.56		1.61-2.10
Expected term (years)		0.50		0.50	0.42-0.50
Volatility (%)	34.75-67.22		41.32-45.07		28.45-28.81
Expected dividends		—		—		—

Summary of Activity Related to Employee Stock Purchase Plan

The following table summarizes the activity related to ESPP:

	Shares Issued (in thousands)		Weighted- Average Purchase Price		Total Cash Proceeds (in thousands)
2020		132	$	149.23	$	19,653
2019		116	$	123.69	$	14,383
2018		148	$	80.21	$	11,863

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Loss Before Provision for Income Taxes

Loss before provision for income taxes was as follows:

	Year Ended December 31,
	2020			2019			2018
	(in thousands)
United States	$	(96,555	)	$	(63,200	)	$	(69,769	)
Foreign		15,740			12,427			7,809
Total	$	(80,815	)	$	(50,773	)	$	(61,960	)

Components of Income Tax (Provision) Benefit

The (provision) benefit for income taxes consists of the following:

	Year Ended December 31,
	2020			2019			2018
	(in thousands)
Current income tax provision
Federal	$	(406	)	$	(238	)	$	(184	)
State		(487	)		(241	)		(140	)
Foreign		(5,508	)		(3,293	)		(1,508	)
Total current income tax provision		(6,401	)		(3,772	)		(1,832	)
Deferred income tax benefit
Federal		(116	)		160			21
State		—			—			—
Foreign		2,301			639			(57	)
Total deferred income tax benefit (expense)		2,185			799			(36	)
Total income tax provision	$	(4,216	)	$	(2,973	)	$	(1,868	)

Schedule of Differences Between Income Taxes Computed at the Federal Statutory Rate and the Provision for Income Taxes

The following reconciles the differences between income taxes computed at the federal statutory rate of 21% for 2020, 2019 and 2018 and the provision for income taxes:

	Year Ended December 31,
	2020			2019			2018
	(in thousands)
Expected income tax benefit at the federal statutory rate	$	16,899		$	10,665		$	12,955
State taxes net of federal benefit		4,618			3,700			5,155
Stock-based compensation		25,196			16,055			17,575
Executive compensation limitation		(3,004	)		(7,244	)		—
Difference in foreign tax rates		830			693			435
U.S. tax credits		11,529			24,170			1,763
GILTI inclusion		—			(1,645	)		(1,177	)
Meals and entertainment		(478	)		(1,208	)		(1,411	)
Change in valuation allowance		(62,182	)		(47,523	)		(37,059	)
Other		2,376			(636	)		(104	)
Income tax benefit (provision)	$	(4,216	)	$	(2,973	)	$	(1,868	)

Components of the Company's Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows:

	Year Ended December 31,
	2020			2019
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	190,555		$	142,512
Research and investment credits		46,729			35,285
Accruals and reserves		15,278			9,239
Depreciation		2,223			1,756
Intangible assets		164			—
Stock-based compensation		7,354			5,451
Interest expense		8,650			3,197
Total deferred tax assets		270,953			197,440
Deferred tax liabilities:
Intangible assets		(2,546	)		(2,678	)
Convertible debt		(21,873	)		(3,550	)
Capitalized costs		(17,009	)		(11,351	)
Depreciation		(231	)		(138	)
Total deferred tax liabilities		(41,659	)		(17,717	)
Valuation allowance		(227,062	)		(180,092	)
Net deferred tax assets	$	2,232		$	(369	)

Summary of Activity Related to Unrecognized Tax Benefits

The following summarizes activity related to unrecognized tax benefits:

	Year Ended December 31,
	2020		2019			2018
	(in thousands)
Unrecognized benefit—beginning of the year	$	5,445	$	3,925		$	2,725
Gross increases—current period positions		3,003		2,387			1,200
Gross decrease—prior period positions		—		(867	)		—
Unrecognized benefit—end of period	$	8,448	$	5,445		$	3,925

Quarterly Financial Results (unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Results

	Fourth Quarter			Third Quarter			Second Quarter			First Quarter
	(in thousands, except per share amounts)
Year ended December 31, 2020
Revenue	$	252,065		$	228,385		$	203,608		$	198,968
Cost of revenue		47,294			42,603			38,777			38,285
Gross profit		204,771			185,782			164,831			160,683
Net loss		(15,416	)		(22,498	)		(29,401	)		(17,716	)
Basic and diluted net loss per share	$	(0.34	)	$	(0.49	)	$	(0.67	)	$	(0.41	)
Year ended December 31, 2019
Revenue	$	186,186		$	173,621		$	163,255		$	151,798
Cost of revenue		35,975			33,263			31,142			29,578
Gross profit		150,211			140,358			132,113			122,220
Net loss		(10,302	)		(14,987	)		(17,357	)		(11,100	)
Basic and diluted net loss per share	$	(0.24	)	$	(0.35	)	$	(0.41	)	$	(0.27	)

Summary of Significant Accounting Policies - Additional Information (Detail)		12 Months Ended
	Nov. 30, 2020 USD ($)	Dec. 31, 2020 USD ($) Segment d Reporting_Unit Customer $ / shares	Dec. 31, 2019 USD ($) Customer	Dec. 31, 2018 USD ($)	Feb. 12, 2021 USD ($)	Jun. 30, 2020 $ / shares
Schedule Of Accounting Policies [Line Items]
Number of operating segment \| Segment		1
Average stock price \| $ / shares		$ 240.59
Cash and cash equivalents, maturity description		three months or less at the date of purchase, consisting primarily of money-market funds.
Restricted cash related to letters of credit for leased facilities		$ 3,000,000.0	$ 8,800,000
Impairment charges of long lived assets		$ 0
Number of reporting unit \| Reporting_Unit		1
Goodwill impairment	$ 0	$ 0	0	$ 0
Advertising expense		$ 21,900,000	$ 14,900,000	8,400,000
Revenue subscription contract period		one year or less
Off-balance sheet risk amount		$ 0
Accounts receivable payment period		30 days
Maximum percentage of refundable credit of eligible research and development expenses incurred			25.00%
Amortization of software development costs, exclusive of costs recorded within property and equipment		$ 16,000,000.0	$ 11,600,000	$ 9,200,000
Minimum percentage chances of tax benefit to be realized on examination		50.00%
Right-of-use assets		$ 275,893,000	234,390,000
Total assets		1,973,366,000	1,569,268,000
Short-term lease liabilities		30,020,000	23,613,000
Accrued expenses and other current liabilities		37,184,000	28,686,000
Long-term lease liabilities		279,664,000	244,216,000
Total liabilities		$ 1,210,711,000	919,310,000
Adjustment [Member] \| ASC Topic 842 [Member]
Schedule Of Accounting Policies [Line Items]
Right-of-use assets			152,200,000
Other assets			300,000
Total assets			151,900,000
Short-term lease liabilities			14,100,000
Accrued expenses and other current liabilities			500,000
Total current liabilities			13,500,000
Long-term lease liabilities			164,800,000
Deferred rent, net of current portion			26,400,000
Total liabilities			$ 151,900,000
Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Schedule Of Accounting Policies [Line Items]
Number of customers represented more than 10% \| Customer		0	0
Revenue [Member] \| Customer Concentration Risk [Member]
Schedule Of Accounting Policies [Line Items]
Number of customers represented more than 10% \| Customer		0	0
Internal Use Software [Member]
Schedule Of Accounting Policies [Line Items]
Property and equipment, estimated useful life		5 years
Maximum [Member]
Schedule Of Accounting Policies [Line Items]
Business combination, measurement period		1 year
Maximum [Member] \| Acquired Technology [Member]
Schedule Of Accounting Policies [Line Items]
Estimated useful life		7 years
Maximum [Member] \| Capitalized Software Development Costs [Member]
Schedule Of Accounting Policies [Line Items]
Property and equipment, estimated useful life		5 years
Minimum [Member] \| Acquired Technology [Member]
Schedule Of Accounting Policies [Line Items]
Estimated useful life		2 years
Minimum [Member] \| Capitalized Software Development Costs [Member]
Schedule Of Accounting Policies [Line Items]
Property and equipment, estimated useful life		2 years
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member]
Schedule Of Accounting Policies [Line Items]
Common stock conversion price \| $ / shares		$ 94.77
Debt instrument, convertible, threshold trading days \| d		20
Debt instrument, convertible, threshold consecutive trading days \| d		30
Percentage of closing price to trigger debt conversion		130.00%
Debt instrument convertible, principal amount		$ 2,000,000
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] \| Maximum [Member]
Schedule Of Accounting Policies [Line Items]
Debt instrument convertible, principal amount		$ 8,300,000
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] \| Subsequent Event [Member]
Schedule Of Accounting Policies [Line Items]
Debt instrument convertible, principal amount					$ 36,100,000
0.375% Convertible Senior Notes Due 2025 [Member]
Schedule Of Accounting Policies [Line Items]
Common stock conversion price \| $ / shares		$ 282.52				$ 282.52
Debt instrument, convertible, threshold trading days \| d		20
Debt instrument, convertible, threshold consecutive trading days \| d		30
0.375% Convertible Senior Notes Due 2025 [Member] \| Maximum [Member]
Schedule Of Accounting Policies [Line Items]
Percentage of closing price to trigger debt conversion		130.00%

Summary of Significant Accounting Policies - Summary of Reconciliation of Denominator Used in Calculation of Basic and Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share Basic And Diluted [Abstract]
Net loss	$ (15,416)	$ (22,498)	$ (29,401)	$ (17,716)	$ (10,302)	$ (14,987)	$ (17,357)	$ (11,100)	$ (85,031)	$ (53,746)	$ (63,828)
Weighted-average common shares outstanding - basic									44,757	42,025	38,529
Weighted-average common shares outstanding - diluted									44,757	42,025	38,529
Net loss per common share, basic and diluted	$ (0.34)	$ (0.49)	$ (0.67)	$ (0.41)	$ (0.24)	$ (0.35)	$ (0.41)	$ (0.27)	$ (1.90)	$ (1.28)	$ (1.66)

- Definition

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

+ References

+ Details

Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Common Stock Equivalents (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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	1,020	1,489	1,824
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	1,873	3,104	1,211
RSUs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,561	1,207	1,732
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	318
ESPP [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	21	2

Summary of Significant Accounting Policies - Schedule of Roll Forward of Company's Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Allowance for doubtful accounts, Beginning Balance	$ 1,584	$ 1,317	$ 638
Allowance for doubtful accounts, Charged to Statement of Operations	8,501	7,895	5,514
Allowance for doubtful accounts, Deductions	(8,092)	(7,628)	(4,835)
Allowance for doubtful accounts, Ending Balance	$ 1,993	$ 1,584	$ 1,317

Summary of Significant Accounting Policies - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 378,123	$ 269,670
Restricted cash, included in other assets	$ 3,029	$ 8,845
Restricted Cash, Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets	us-gaap:OtherAssets
Total cash, cash equivalents, and restricted cash	$ 381,152	$ 278,515

Summary of Significant Accounting Policies - Schedule of Property Plant and Equipment Useful Life (Detail)	12 Months Ended
	Dec. 31, 2020
Employee Related Computer Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Estimated Useful Life	2 years
Employee Related Computer Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Estimated Useful Life	3 years
Computer Equipment and Purchased Software [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Estimated Useful Life	3 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Estimated Useful Life	5 years
Internal Use Software [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Estimated Useful Life	5 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Estimated Useful Life, Description	Lesser of lease term or useful life

Summary of Significant Accounting Policies - Summary of Capitalized Software Development Costs, Exclusive of those Costs Recorded within Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Capitalized Computer Software Net [Abstract]
Gross capitalized software development costs	$ 85,630	$ 61,641
Accumulated amortization	(60,687)	(44,848)
Capitalized software development costs, net	$ 24,943	$ 16,793

Revenues - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Additions in deferred revenue									$ 82,400
Additional Invoicing									965,400
Total revenues	$ 252,065	$ 228,385	$ 203,608	$ 198,968	$ 186,186	$ 173,621	$ 163,255	$ 151,798	883,026	$ 674,860	$ 512,980
Deferred revenue, revenue recognized									232,000
Revenue remaining performance obligation, contracts exceeds one year	255,600								$ 255,600
Revenue remaining performance obligation contract period									1 year
Revenue remaining performance obligation percentage recognized									93.00%
Short-term deferred revenue	312,866				231,030				$ 312,866	231,030
Increase (decrease) in deferred commission expense									21,700
Incremental costs of deferred sales commission expense									65,600
Amortization of deferred commission expense									$ 43,900
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	$ 1,700				$ 1,400				$ 1,700	$ 1,400

Revenues - Additional Information1 (Detail)	Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Revenue remaining performance obligations recognition period	24 months

Leases - Schedule of Changes in Asset Retirement Obligations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Beginning balance	$ 3,533	$ 1,424
Additions	750	2,028
Accretion	236	103
Updates to estimated cash flows	365	(22)
Ending balance	$ 4,884	$ 3,533

Leases - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease expense costs	$ 44.6	$ 32.2
Increase in future lease commitments	90.8
Cash payments for operating lease liabilities	$ 48.8	$ 28.8

Leases - Schedule of Operating Sublease Income Generated under Operating Lease Agreements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating sublease income	$ 5,000	$ 2,498

Leases - Summary of Reconciliation between Non-cancelable Lease Commitments and Lease Liabilities (Detail) $ in Thousands	Dec. 31, 2020 USD ($)
Leases [Abstract]
Lease commitments (Note 11)	$ 388,962
Less: Present value discount	(79,469)
Total lease liabilities	$ 309,493

Leases - Summary of Weighted Average Remaining Lease Terms and Weighted Average Discount Rate for Operating and Finance Leases (Detail)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term:	8 years
Weighted-average discount rate:	5.30%

Fair Value of Financial Instruments - Schedule of Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of short and long term investments	$ 903,770	$ 745,610
Fair value of financial assets	1,079,284	910,960
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of financial assets	172,485	96,618
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of financial assets	906,799	814,342
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of cash and cash equivalents	172,485	96,618
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	172,485	96,618
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	12,233	87,185
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	12,233	87,185
Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of short and long term investments	116,371	87,138
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	116,371	87,138
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	774,772	631,174
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	774,772	631,174
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
Fair value of restricted cash	394	5,816
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 restricted cash	$ 394	$ 5,816

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)		12 Months Ended
	Nov. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other assets		$ 13,893,000	$ 9,824,000
Impairment charges	$ 0	0	0	$ 0
Strategic Investments [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other assets		6,700,000	$ 4,400,000
Impairment charges		250,000
2022 Notes [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of notes		526,100,000
2025 Notes [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of notes		$ 718,800,000

Fair Value of Financial Instruments - Summary of Composition of Short and Long Term Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 903,277	$ 745,180
Unrealized Gains	532	458
Unrealized Losses	(39)	(28)
Aggregate Fair Value	903,770	745,610
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	12,233	77,214
Aggregate Fair Value	12,233	77,214
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	115,983	86,900
Unrealized Gains	427	251
Unrealized Losses	(39)	(13)
Aggregate Fair Value	116,371	87,138
US Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	774,667	581,066
Unrealized Gains	105	207
Unrealized Losses		(15)
Aggregate Fair Value	774,772	$ 581,258
Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	394
Aggregate Fair Value	$ 394

Fair Value of Financial Instruments - Summary of Contractual Maturities of Short and Long Term Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Amortized Cost Basis, Due within one year	$ 872,637	$ 691,556
Amortized Cost Basis, Due after 1 year and within 2 years	30,640	53,624
Amortized Cost	903,277	745,180
Aggregate Fair Value, Due within one year	873,073	691,834
Aggregate Fair Value, Due after 1 year and within 2 years	30,697	53,776
Aggregate Fair Value, Total	$ 903,770	$ 745,610

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 171,976	$ 132,728
Less accumulated depreciation	(70,853)	(49,079)
Property and equipment, net	101,123	83,649
Computer Equipment and Purchased Software [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	15,128	13,028
Employee Related Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	20,802	13,829
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	20,204	14,319
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	89,850	56,618
Equipment under Finance Lease [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	3,450	3,450
Internal Use Software [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	12,528	7,770
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 10,014	$ 23,714

Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 20.6	$ 15.0	$ 12.9
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Capitalized asset retirement costs	$ 4.4	$ 3.3

Property and Equipment - Schedule of Changes in Asset Retirement Obligations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Beginning balance	$ 3,533	$ 1,424
Additions	750	2,028
Accretion	236	103
Updates to estimated cash flows	365	(22)
Ending balance	$ 4,884	$ 3,533

Business Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Oct. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Cash purchase price for the acquisition, net of cash acquired			$ 23,314
Acquired Technology [Member]
Business Acquisition [Line Items]
Weighted average amortization period		40 months
PieSync [Member]
Business Acquisition [Line Items]
Acquisition effective date		Oct. 31, 2019
Business acquisition, description of acquired entity		On October 31, 2019, the Company acquired 100% of the equity interests of PieSync, a Belgian-based technology company that operates an integration platform as a service (“iPaaS”) solution which continuously syncs customer data bi-directionally across various software applications.
Percentage of equity interests acquired	100.00%
Cash purchase price for the acquisition, net of cash acquired	$ 23,300
Payments to acquire businesses, working capital settlement	300
Other liabilities assumed (debt repaid)	333
Business combination, potential consideration not included in purchase price allocation	$ 2,700
Potential consideration recording period	2 years
Business combination developed technology and fair value of developed technology	$ 9,800
PieSync [Member] \| Developed Technology [Member]
Business Acquisition [Line Items]
Business combination developed technology and fair value of developed technology	9,800
PieSync [Member] \| Acquired Technology [Member]
Business Acquisition [Line Items]
Estimated useful life		7 years
Weighted average amortization period		4 years 3 months 18 days
PieSync [Member] \| General and Administrative Expense [Member]
Business Acquisition [Line Items]
Transaction cost	$ 527
PieSync [Member] \| Operating Expense [Member]
Business Acquisition [Line Items]
Business combination consideration earned		$ 1,600

Business Acquisitions - Summary of Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Oct. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 31,318	$ 30,250		$ 14,950
PieSync [Member]
Business Acquisition [Line Items]
Cash			$ 646
Accounts receivable			133
Other current and noncurrent assets			218
Acquired developed technology			9,800
Other intangible assets			70
Goodwill			15,219
Accounts payable, accrued expenses, and other liabilities			(731)
Deferred revenue			(210)
Deferred tax liability			(1,324)
Total purchase price			$ 23,821

Intangible Assets and Goodwill - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Accumulated amortization	$ (8,171)	$ (5,615)
Intangible assets, net	10,282	11,752
Acquired Technology [Member]
Finite Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 18,383	17,297
Intangible assets, Weighted average remaining useful life	40 months
Other Intangible Assets [Member]
Finite Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 70	$ 70
Intangible assets, Weighted average remaining useful life	9 months

Intangible Assets and Goodwill - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 2,600,000	$ 3,200,000	$ 1,400
Acquired Technology [Member] \| Minimum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life	2 years
Acquired Technology [Member] \| Maximum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life	7 years

Intangible Assets and Goodwill - Estimated Future Amortization Expense for Intangible Assets (Detail) $ in Thousands	Dec. 31, 2020 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2021	$ 1,083
2022	1,406
2023	1,844
2024	2,150
2025	2,126
Thereafter	1,673
Total	$ 10,282

Intangible Assets and Goodwill - Schedule of Changes in Carrying Amounts of Goodwill (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Beginning balance	$ 30,250	$ 14,950
PieSync acquisition		15,219
Effect of foreign currency translation	1,431	81
Measurement period adjustments	(363)
Ending balance	$ 31,318	$ 30,250

Convertible Senior Notes - Additional Information (Detail)	1 Months Ended		12 Months Ended
	Jun. 30, 2020 USD ($) $ / shares shares	May 31, 2017 USD ($) d $ / shares	Dec. 31, 2020 USD ($) d $ / shares shares	Feb. 12, 2021 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of notes			$ 450,123,000
Loss on early extinguishment of debt			$ (10,507,000)
0.375% Convertible Senior Notes Due 2025 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	0.375%
Debt instrument, maturity date			Jun. 01, 2025
Debt instrument, payment terms			The interest rate is fixed at 0.375% per annum and is payable semi-annually in arrears on June 1 and December 1 of each year.
Proceeds from issuance of notes	$ 450,100,000
Principal amount of each convertible note	$ 1,000,000,000
Debt instrument, conversion ratio	3.5396
Common stock conversion price \| $ / shares	$ 282.52		$ 282.52
Debt Instrument, Redemption Price, Percentage	100.00%
Debt Instrument, Redemption, Description			repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.
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
Carrying amount of equity component	$ 98,700,000
Debt instrument, effective interest rate	5.71%
Debt issuance costs	$ 9,900,000
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
Derivative, cap price \| $ / shares	426.44
0.375% Convertible Senior Notes Due 2025 [Member] \| Liability Component [Member]
Debt Instrument [Line Items]
Debt issuance costs	$ 7,800,000
0.375% Convertible Senior Notes Due 2025 [Member] \| Equity Component [Member]
Debt Instrument [Line Items]
Debt issuance costs	$ 2,100,000
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
0.375% Convertible Senior Notes Due 2025 [Member] \| Private Offering [Member]
Debt Instrument [Line Items]
Principal amount of long term debt	$ 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
0.25% Convertible Senior Notes Due 2022 [Member]
Debt Instrument [Line Items]
Principal amount of long term debt		$ 1,000,000,000
Debt instrument, interest rate, stated percentage		0.25%
Debt instrument, maturity date			Jun. 01, 2022
Debt instrument, payment terms			The interest rate is fixed at 0.25% per annum and is payable semi-annually in arrears on June 1 and December 1 of each year.
Proceeds from issuance of notes		$ 389,200,000
Debt instrument, conversion ratio		10.5519
Common stock conversion price \| $ / shares		$ 94.77
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, effective interest rate	4.90%
Debt instrument convertible, principal amount	$ 364,800,000		$ 2,000,000
Long-term debt, current			$ 7,800,000
Number of common shares to be repurchased under convertible note hedge transactions with certain counterparties \| shares			4,200,000
Hedging option strike price per common stock \| $ / shares			$ 94.77
Cost of convertible note hedge transactions			$ 78,900,000
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
Sales of warrants			$ 58,900,000
Net of issuance costs			200,000
Convertible notes hedge and warrant transactions cost net			$ 20,000,000.0
Repurchase of aggregate principal amount	272,100,000
Debt instrument, aggregate purchase price	283,000,000.0
Debt instrument, aggregate consideration	613,500,000
Fair value of debt component of repurchases	$ 248,700,000
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
Warrants exercise price per share \| $ / shares			$ 115.8
Debt instrument convertible to common stock \| shares	1,600,000
Debt instrument convertible to common stock, value per share \| $ / shares	$ 207.17
0.25% Convertible Senior Notes Due 2022 [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Debt instrument convertible, principal amount				$ 36,100,000
0.25% Convertible Senior Notes Due 2022 [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Common stock conversion price \| $ / shares			$ 115.83
Percentage of closing price to trigger debt conversion		130.00%
Debt instrument convertible, principal amount			$ 8,300,000
0.25% Convertible Senior Notes Due 2022 [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Common stock conversion price \| $ / shares			$ 94.77
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
2022 Notes Partial Repurchase [Member]
Debt Instrument [Line Items]
Principal amount of long term debt			$ 125,800,000
Unamortized debt discount	$ 238,200,000
Unamortized issuance costs	238,200,000
Loss on early extinguishment of debt	10,500,000
Adjustments to additional paid in capital, equity component of convertible debt	364,800,000
Two Thousand And Twenty Two Notes Convertible Note Hedges
Debt Instrument [Line Items]
Proceeds from issuance of notes	$ 34,900,000
Two Thousand And Twenty Two Notes Convertible Note Hedges \| Common Stock [Member]
Debt Instrument [Line Items]
Debt instrument convertible to common stock \| shares			1,300,000
Debt instrument convertible to common stock for cash consideration \| shares	2,900,000
Debt instrument cash consideration for conversion	$ 362,500,000
Two Thousand And Twenty Two Notes Convertible Note Hedges \| Warrants [Member]
Debt Instrument [Line Items]
Debt instrument convertible to common stock \| shares			1,300,000
Debt instrument convertible to common stock for cash consideration \| shares	2,900,000
Debt instrument cash consideration for conversion	$ 327,600,000

Convertible Senior Notes - Schedule of Net Carrying Amount of Liability Component (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Net carrying amount	$ 471,099	$ 340,564
0.375%Convertible Senior Notes Due 2025 as Liability Component [Member]
Debt Instrument [Line Items]
Principal	460,000
Unamortized debt discount	(88,756)
Unamortized issuance costs	(6,973)
Net carrying amount	364,271
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member]
Debt Instrument [Line Items]
Principal	125,839	399,992
Unamortized debt discount	(10,397)	(55,299)
Unamortized issuance costs	(777)	(4,129)
Net carrying amount	$ 114,665	$ 340,564

Convertible Senior Notes - Schedule of Net Carrying Amount of Equity Component (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
0.375% Convertible Senior Notes Due 2025 as Equity Component [Member]
Debt Instrument [Line Items]
Debt discount for conversion option	$ 98,730
Issuance costs	(2,120)
Net carrying amount	96,610
0.25%Convertible Senior Notes Due 2022 as Equity Component [Member]
Debt Instrument [Line Items]
Debt discount for conversion option	33,349	$ 106,006
Issuance costs	(898)	(2,854)
Net carrying amount	$ 32,451	$ 103,152

Convertible Senior Notes - Schedule of Interest Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
0.375% Convertible Senior Notes Due 2025 [Member]
Debt Instrument [Line Items]
Contractual interest expense	$ 987
Amortization of debt discount	9,974
Amortization of issuance costs	784
Total interest expense	11,745
0.25% Convertible Senior Notes Due 2022 [Member]
Debt Instrument [Line Items]
Contractual interest expense	614	$ 1,000	$ 1,000
Amortization of debt discount	13,150	20,277	18,923
Amortization of issuance costs	982	1,513	1,412
Total interest expense	$ 14,746	$ 22,790	$ 21,335

Convertible Senior Notes - Schedule of Net Equity Impact, Included in Additional Paid-in Capital, of the Liability and Equity Components (Detail) - 0.25% Convertible Senior Notes Due 2022 as Net Equity Impact [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Conversion Option	$ (364,835)
Issuance of common stock for repayment of 2022 Notes	330,497
Proceeds from settlements of Convertible Note Hedges	362,492
Payments for settlement of Warrants	(327,543)
Total	$ 611

Segment Information and Geographic Data - Additional Information (Detail) - Segment	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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	43.00%	40.00%	37.00%

Segment Information and Geographic Data - Revenues by Geographical Region (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total revenues	$ 252,065	$ 228,385	$ 203,608	$ 198,968	$ 186,186	$ 173,621	$ 163,255	$ 151,798	$ 883,026	$ 674,860	$ 512,980
Americas [Member]
Segment Reporting Information [Line Items]
Total revenues									568,365	456,568	361,136
Europe [Member]
Segment Reporting Information [Line Items]
Total revenues									243,811	168,452	117,670
Asia Pacific [Member]
Segment Reporting Information [Line Items]
Total revenues									$ 70,850	$ 49,840	$ 34,174
Revenue [Member] \| Outside Of Americas [Member] \| Geographic Concentration Risk [Member]
Segment Reporting Information [Line Items]
Percentage of revenues generated outside of the Americas									36.00%	32.00%	30.00%

- 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
-SubTopic 10
-Section 50
-Paragraph 40
-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
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 4
-Subparagraph (a)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 22
-Subparagraph (b)
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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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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Segment Information and Geographic Data - Long Lived Assets by Geographical Region (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total long lived assets	$ 377,016	$ 318,039
Americas [Member]
Segment Reporting Information [Line Items]
Total long lived assets	206,789	175,821
Europe [Member]
Segment Reporting Information [Line Items]
Total long lived assets	159,338	127,395
Asia Pacific [Member]
Segment Reporting Information [Line Items]
Total long lived assets	$ 10,889	$ 14,823
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%

Commitments and Contingencies - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Commitments and Contingencies [Line Items]
Improvement reimbursements from landlords	$ 21.8
Increase in future lease commitments	90.8
Black Economic Development Fund [Member]
Commitments and Contingencies [Line Items]
Investment commitments	$ 12.5

Commitments and Contingencies - Schedule of Future Minimum Payments (Detail) $ in Thousands	Dec. 31, 2020 USD ($)
Commitments And Contingencies Disclosure [Abstract]
Operating, 2021	$ 51,933
Operating, 2022	50,449
Operating, 2023	49,994
Operating, 2024	48,617
Operating, 2025	48,686
Operating, Thereafter	139,283
Lease commitments (Note 11)	$ 388,962

Commitments and Contingencies - Schedule of Future Minimum Payments Under Vendor Commitments (Detail) $ in Thousands	Dec. 31, 2020 USD ($)
Product Related Obligations [Member]
Long Term Purchase Commitment [Line Items]
Vendor Commitments, 2021	$ 31,138
Vendor Commitments, 2022	48,140
Vendor Commitments, 2023	22,150
Vendor Commitments, Total	101,428
INBOUND Event Obligations [Member]
Long Term Purchase Commitment [Line Items]
Vendor Commitments, 2022	316
Vendor Commitments, 2023	653
Vendor Commitments, Total	$ 969

Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance, Amount	$ 649,958	$ 244,641
Other comprehensive (loss) income before reclassifications	4,939	387
Ending Balance, Amount	762,655	649,958
Cumulative Translation Adjustment [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance, Amount	(610)	(397)
Other comprehensive (loss) income before reclassifications	4,790	(213)
Ending Balance, Amount	4,180	(610)
Unrealized Gain (Loss) on Investments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance, Amount	274	(326)
Other comprehensive (loss) income before reclassifications	149	600
Ending Balance, Amount	423	274
Accumulated Other Comprehensive (Loss) Income [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance, Amount	(336)	(723)
Ending Balance, Amount	$ 4,603	$ (336)

- 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

Stockholders' Equity and Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Sep. 25, 2014	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Common stock authorized		500,000,000	500,000,000
Number of Shares outstanding		1,020,000	1,494,000
Unrecognized compensation costs		$ 9.8
Unrecognized compensation costs, weighted average period		2 years 4 months 24 days
Percentage of discount allowed to employee to purchase common stock		15.00%
Number of shares authorizes for issuance		2,581,000	3,023,000
ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Number of shares authorizes for issuance		2,005,274,000
Software Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Capitalized software development costs excluded from stock based compensation		$ 3.6	$ 2.4	$ 2.4
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Percentage of service condition met		25.00%
Service agreement period description		The service condition is a time-based condition met over a period of four years, with 25% met after one year, and then in equal monthly or quarterly installments over the succeeding three years, or over a period of four years, with equal quarterly installments over those four years.
The total stock-based compensation expense expected to be recorded		$ 213.4
Weighted average period of RSU		2 years 7 months 6 days
Number of RSUs expected to vest		1,600,000
Aggregate intrinsic value of RSUs expected to vest		$ 618.5
Total fair value of RSUs vested		$ 101.2	$ 85.2	$ 65.0
Number of shares authorizes for issuance		1,561,000	1,529,000
Common Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Weighted-average grant date fair value of options granted		$ 70.98	$ 69.44	$ 51.48
Number of shares authorizes for issuance		1,020,000	1,494,000
Maximum [Member] \| RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Period of service condition met		4 years
Minimum [Member] \| RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Period of service condition met		1 year
2007 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Number of shares available for issuance		0
2007 Equity Incentive Plan [Member] \| Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Number of Shares outstanding		472,000
2007 Equity Incentive Plan [Member] \| RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Number of Shares outstanding		0
2007 Equity Incentive Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Number of years fixed for each option			10 years
2014 Stock Option and Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Percentage of common stock outstanding	5.00%
2014 Stock Option and Incentive Plan [Member] \| Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Number of shares available for issuance	1,973,551
Number of Shares outstanding		549,000
2014 Stock Option and Incentive Plan [Member] \| RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Number of Shares outstanding		1,600,000
2014 Stock Option and Incentive Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Number of years fixed for each option	10 years

Stockholders' Equity and Stock-Based Compensation - Summary of Number of Shares of Common Stock Reserved (Detail) - shares shares in Thousands	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for the potential conversion	2,581	3,023
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for the potential conversion	1,561	1,529
Common Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for the potential conversion	1,020	1,494

Stockholders' Equity and Stock-Based Compensation - Schedule of Stock Compensation Expense by Award Type (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 121,488	$ 97,754	$ 76,261
ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	6,850	4,866	2,833
Common Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	6,377	5,078	5,108
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 108,261	$ 87,810	$ 68,320

Stockholders' Equity and Stock-Based Compensation - Effect of Stock-Based Compensation on Income by Line Item (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 121,488	$ 97,754	$ 76,261
Cost of Revenue, Subscription [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	4,408	3,127	1,476
Cost of Revenue, Service [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	2,536	2,829	2,924
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	39,366	33,748	23,328
Sales and Marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	50,552	36,599	31,099
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 24,626	$ 21,451	$ 17,434

Stockholders' Equity and Stock-Based Compensation - Schedule of Assumptions Used for Estimation of Fair Value of Options Granted to Employees (Detail) - Common Stock Options [Member]	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate (%)	0.47%	1.95%	2.62%
Expected term (years)	5 years 6 months	5 years 6 months	5 years 21 days
Volatility (%)	38.15%	39.46%	41.34%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate (%)	1.66%	2.55%	2.85%
Expected term (years)	6 years 2 months 26 days	6 years 7 days	6 years 5 months 1 day
Volatility (%)	40.63%	41.41%	43.55%

Stockholders' Equity and Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Shares, Beginning balance	1,494
Number of Shares, Granted	111
Number of Shares, Exercised	(580)
Number of Shares, Forfeited/Expired	(5)
Number of Shares, Ending balance	1,020	1,494
Number of Shares, Vested and expected to vest	1,020
Number of Shares, Exercisable	828
Weighted Average Exercise Price, Beginning balance	$ 57.98	$ 33.09
Weighted Average Exercise Price, Granted		183.25
Weighted Average Exercise Price, Exercised		17.16
Weighted Average Exercise Price, Forfeited/ Expired		145.4
Weighted Average Exercise Price , Ending balance		57.98
Weighted Average Exercise Price, Vested and expected to vest		57.98
Weighted Average Exercise Price, Exercisable		$ 34.85
Weighted Average Remaining Life, Outstanding	4 years 4 months 24 days	4 years
Weighted Average Remaining Life, Options vested or expected to vest	4 years 4 months 24 days
Weighted Average Remaining Life, Options exercisable	3 years 6 months
Aggregate Intrinsic Value, Outstanding	$ 345,144	$ 187,398
Aggregate Intrinsic Value, Options vested or expected to vest	345,144
Aggregate Intrinsic Value, Options exercisable	$ 299,266

Stockholders' Equity and Stock-Based Compensation - Summary of Activity Related to RSUs (Detail) - RSUs [Member] shares in Thousands	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Shares, Beginning balance \| shares	1,529
Shares, Granted \| shares	1,035
Shares, Vested \| shares	(880)
Shares, Canceled \| shares	(123)
Restricted shares, Ending balance \| shares	1,561
Weighted average grant date fair value, Beginning balance \| $ / shares	$ 119.46
Weighted- Average Grant Date Fair Value, Granted \| $ / shares	169.79
Weighted- Average Grant Date Fair Value, Vested \| $ / shares	115.01
Weighted- Average Grant Date Fair, Canceled \| $ / shares	137.73
Weighted average grant date fair value, Ending balance \| $ / shares	$ 153.91

Stockholders' Equity and Stock-Based Compensation - Schedule of Assumptions Used for Estimation of Fair Value of Employee Options (Detail) - ESPP [Member]	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate (%)		2.56%
Expected term (years)	6 months	6 months
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate (%)	0.14%		1.61%
Expected term (years)			5 months 1 day
Volatility (%)	34.75%	41.32%	28.45%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate (%)	1.60%		2.10%
Expected term (years)			6 months
Volatility (%)	67.22%	45.07%	28.81%

Stockholders' Equity and Stock-Based Compensation - Summary of Activity Related to Employee Stock Purchase Plan (Detail) - ESPP [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Issued	132	116	148
Weighted- Average Purchase Price	$ 149.23	$ 123.69	$ 80.21
Total Cash Proceeds	$ 19,653	$ 14,383	$ 11,863

Income Taxes - Schedule of Loss Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
United States	$ (96,555)	$ (63,200)	$ (69,769)
Foreign	15,740	12,427	7,809
Total	$ (80,815)	$ (50,773)	$ (61,960)

Income Taxes - Components of Income Tax (Provision) Benefit (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current income tax provision
Federal	$ (406)	$ (238)	$ (184)
State	(487)	(241)	(140)
Foreign	(5,508)	(3,293)	(1,508)
Total current income tax provision	(6,401)	(3,772)	(1,832)
Deferred income tax benefit
Federal	(116)	160	21
Foreign	2,301	639	(57)
Total deferred income tax benefit (expense)	2,185	799	(36)
Total income tax provision	$ (4,216)	$ (2,973)	$ (1,868)

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation Of Income Taxes [Line Items]
Federal statutory income tax rate	21.00%	21.00%	21.00%	35.00%
Tax expense from prior year reversal	$ 116,000
Increase in valuation allowance	$ 47,000,000.0	$ 47,300,000	$ 36,100,000
Valuation allowance changes, description	The Company does not expect any significant changes in its valuation allowance positions within the next 12 months.
Federal net operating loss carryforwards	$ 760,000,000	568,000,000
State net operating loss carryforward	508,000,000	379,000,000
International net operating loss carryforwards	8,000,000	6,000,000
Research and development tax credits	$ 46,729,000	35,285,000
Minimum percentage chances of tax benefit to be realized on examination	50.00%
Unrecognized tax benefits affect the Company's effective tax rate	$ 0
Interest or penalties recorded	$ 0
Expected significant change in unrecognized tax benefits, description	The Company does not expect any significant change in its unrecognized tax benefits within the next 12 months
Federal [Member]
Reconciliation Of Income Taxes [Line Items]
Net operating loss, carryforwards, period	20 years
Net operating loss carryforwards, expiration year	Dec. 31, 2037
Interest expense carryforward	$ 35,200,000	$ 13,000,000.0
Research and development tax credits	$ 31,000,000.0
Research and development tax credit carryforwards, expiration year	Dec. 31, 2040
State [Member]
Reconciliation Of Income Taxes [Line Items]
Net operating loss carryforwards, expiration year	Dec. 31, 2040
Research and development tax credits	$ 15,700,000
Research and development tax credit carryforwards, expiration year	Dec. 31, 2035

Income Taxes - Schedule of Differences Between Income Taxes Computed at the Federal Statutory Rate and the Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Expected income tax benefit at the federal statutory rate	$ 16,899	$ 10,665	$ 12,955
State taxes net of federal benefit	4,618	3,700	5,155
Stock-based compensation	25,196	16,055	17,575
Executive compensation limitation	(3,004)	(7,244)
Difference in foreign tax rates	830	693	435
U.S. tax credits	11,529	24,170	1,763
GILTI inclusion		(1,645)	(1,177)
Meals and entertainment	(478)	(1,208)	(1,411)
Change in valuation allowance	(62,182)	(47,523)	(37,059)
Other	2,376	(636)	(104)
Total income tax provision	$ (4,216)	$ (2,973)	$ (1,868)

Income Taxes - Components of the Company's Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Net operating loss carryforwards	$ 190,555	$ 142,512
Research and investment credits	46,729	35,285
Accruals and reserves	15,278	9,239
Depreciation	2,223	1,756
Intangible assets	164
Stock-based compensation	7,354	5,451
Interest expense	8,650	3,197
Total deferred tax assets	270,953	197,440
Deferred tax liabilities:
Intangible assets	(2,546)	(2,678)
Convertible debt	(21,873)	(3,550)
Capitalized costs	(17,009)	(11,351)
Depreciation	(231)	(138)
Total deferred tax liabilities	(41,659)	(17,717)
Valuation allowance	(227,062)	(180,092)
Net deferred tax assets	$ 2,232
Net deferred tax liabilities		$ (369)

Income Taxes - Summary of Activity Related to Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Unrecognized benefit - beginning of the year	$ 5,445	$ 3,925	$ 2,725
Gross increases-current period positions	3,003	2,387	1,200
Gross decrease—prior period positions		(867)
Unrecognized benefit - end of period	$ 8,448	$ 5,445	$ 3,925

Employee Benefit Plan - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Postemployment Benefits [Abstract]
Employer contribution to defined contribution savings plan	$ 5.9	$ 4.8	$ 4.0

Subsequent Event - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Feb. 08, 2021	Dec. 31, 2019
Subsequent Event [Line Items]
Cash purchase price for the acquisition, net of cash acquired		$ 23,314
Hustle Con Media, Inc \| Subsequent Event [Member]
Subsequent Event [Line Items]
Percentage of equity interests acquired	100.00%
Cash purchase price for the acquisition, net of cash acquired	$ 20,000

Quarterly Financial Results (Unaudited) - Schedule of Quarterly Financial Results (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 252,065	$ 228,385	$ 203,608	$ 198,968	$ 186,186	$ 173,621	$ 163,255	$ 151,798	$ 883,026	$ 674,860	$ 512,980
Cost of revenue	47,294	42,603	38,777	38,285	35,975	33,263	31,142	29,578	166,959	129,958	100,357
Gross profit	204,771	185,782	164,831	160,683	150,211	140,358	132,113	122,220	716,067	544,902	412,623
Net loss	$ (15,416)	$ (22,498)	$ (29,401)	$ (17,716)	$ (10,302)	$ (14,987)	$ (17,357)	$ (11,100)	$ (85,031)	$ (53,746)	$ (63,828)
Basic and diluted net loss per share	$ (0.34)	$ (0.49)	$ (0.67)	$ (0.41)	$ (0.24)	$ (0.35)	$ (0.41)	$ (0.27)	$ (1.90)	$ (1.28)	$ (1.66)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 31
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-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 30
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
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-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

- Definition

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