0001564590-21-026068 | 10-Q | XBRL Viewer

9 years

^[1]

Maximum

Lease term

9 years

Summary of Additional Information Related to Leases

9 years

[1]	Lesser of the lease term or the estimated useful lives of the improvements, which may be up to 9 years.

Basic and Diluted Net Loss per Share - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended			3 Months Ended
	Mar. 31, 2021	Dec. 31, 2019	Nov. 30, 2017	Mar. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Amount of common stock reserved	5.9			5.9
0% Convertible Senior Notes Due 2026
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Payments to enter capped call options	$ 35.1			$ 35.1
Convertible debt Instrument, Issuance date, month and year	2021-03
0.125% Convertible Senior Notes Due 2024
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Payments to enter capped call options		$ 44.9		44.9
Convertible debt Instrument, Issuance date, month and year		2019-12
1.50% Convertible Senior Notes Due 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Payments to enter capped call options			$ 12.9
Convertible debt Instrument, Issuance date, month and year			2017-11
Proceeds from capped call options	$ 10.6	$ 5.8
Modification expense recognized				$ 0.2

Leases - Additional Information (Details)	3 Months Ended
Leases - Additional Information (Details)	Mar. 31, 2021
Leases [Abstract]
Lease expiration period start	2021
Lease expiration period end	2029
Option to extend	true
Operating lease, not yet commenced, description	As of March 31, 2021, the Company does not have any leases that have not yet commenced that create significant rights and obligations.

Revenue Recognition - Summary of Revenues Disaggregated by Revenue Source (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation Of Revenue [Line Items]
Revenue	$ 82,210	$ 58,900
Subscription Services
Disaggregation Of Revenue [Line Items]
Revenue	70,432	53,811
Professional Services
Disaggregation Of Revenue [Line Items]
Revenue	5,940	4,481
Software Licenses and Other
Disaggregation Of Revenue [Line Items]
Revenue	$ 5,838	$ 608

- 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
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+ Details

Accounts Receivable and Contract Assets, Net - Schedule of Changes in Allowance for Credit Losses for Contract Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Allowance For Credit Loss [Abstract]
Balance, beginning of period	$ (398)
Provision for expected credit losses	(444)	$ (25)
Balance, end of period	$ (842)	$ (25)

Segment Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Information

(14) Segment information

The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), who is the Company’s chief executive officer, in deciding how to allocate resources and assess the Company’s financial and operational performance. While the Company has applications that address multiple use cases, the Company’s applications generally operate on and leverage a single technology platform and are deployed and sold in an identical way. In addition, the Company’s CODM evaluates the Company’s financial information and resources and assesses the performance of these resources on a consolidated basis. As a result, the Company has determined that the Company’s business operates in a single operating segment. Since the Company operates as one operating segment, all required financial segment information can be found in the consolidated financial statements.

- 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
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+ Details

Fair Value Measurements - Summary of Changes in Level 3 Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance, fair value	$ 10,619
Ending balance, fair value	19,331	$ 2,530
Foreign currency translation	(465)
Connexient
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Contingent consideration		340
One2Many Group B.V.
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Contingent consideration		$ 2,190
Adjustment for acquisition	(690)
Red Sky Technologies Inc.
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Contingent consideration	9,135
SnapComms Limited
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Adjustment for acquisition	$ 732

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Additional information related to the Company’s leases is as follows (in thousands, except lease term and discount rate):

	As of			As of
	March 31, 2021			December 31, 2020
Balance sheet information
ROU assets	$	14,179		$	15,045
Lease liabilities, current	$	4,244		$	4,259
Lease liabilities, non-current		13,406			14,403
Total lease liabilities	$	17,650		$	18,662
Supplemental data
Weighted average remaining lease term	4.36 years			4.57 years
Weighted average discount rate		6.97	%		7.00	%

	Three Months Ended March 31,
	2021		2020
Cash paid for amounts included in lease liabilities	$	1,784	$	1,158
ROU assets obtained in exchange for new lease obligations		163		5,055

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of March 31, 2021 were as follows (in thousands):

Year ending December 31,
2021 (for the remaining nine months)	$	4,173
2022		5,248
2023		5,097
2024		2,631
2025		930
Thereafter		2,769
Total undiscounted lease payments		20,848
Less: imputed interest		(3,198	)
Total lease liabilities	$	17,650

Schedule of Components of Lease Expense

The following table presents components of lease expense (in thousands):

	Three Months Ended March 31,
	2021		2020
Operating lease expense	$	1,303	$	1,149
Short-term lease expense⁽¹⁾		166		215
		1,469		1,364
Less: Sublease income		—		(46	)
Total lease expense	$	1,469	$	1,318

⁽¹⁾	Short-term lease expense includes all leases with lease terms ranging from less than one month to one year.

Stockholders' Equity

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Stockholders' Equity

(10) Stockholders’ Equity

Preferred Stock

As of March 31, 2021, the Company had authorized 10,000,000 shares of preferred stock, par value $0.001, of which no shares were outstanding.

Common Stock

As of March 31, 2021, the Company had authorized 100,000,000 shares of common stock, par value $0.001. Holders of common stock are entitled to one vote per share. At March 31, 2021 and December 31, 2020, there were 37,612,199 and 35,449,447 shares of common stock issued and outstanding, respectively.

Leases - Summary of Additional Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Balance sheet information
ROU assets	$ 14,179		$ 15,045
Lease liabilities, current	$ 4,244		$ 4,259
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent		us-gaap:OtherLiabilitiesCurrent
Lease liabilities, non-current	$ 13,406		$ 14,403
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent		us-gaap:OtherLiabilitiesNoncurrent
Total lease liabilities	$ 17,650		$ 18,662
Supplemental data
Weighted average remaining lease term	4 years 4 months 9 days		4 years 6 months 25 days
Weighted average discount rate	6.97%		7.00%
Cash paid for amounts included in lease liabilities	$ 1,784	$ 1,158
ROU assets obtained in exchange for new lease obligations	$ 163	$ 5,055

Basic and Diluted Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule of Common Equivalent Shares were Excluded from Diluted Net Loss Per Share Calculation because their Inclusion would have been Anti-Dilutive

The following common equivalent shares were excluded from the diluted net loss per share calculation because their inclusion would have been anti-dilutive:

	As of March 31,
	2021		2020
Convertible senior notes		6,125,864		6,733,914
Stock-based compensation grants		1,602,837		2,020,460
Total		7,728,701		8,754,374

Revenue Recognition - Remaining Performance Obligations - Additional Information (Details 1) $ in Millions	Mar. 31, 2021 USD ($)
Subscription and Other Contracts \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01
Disaggregation Of Revenue [Line Items]
Revenue remaining performance obligation	$ 223.3
Remaining performance obligation recognition period	12 months
Professional Services
Disaggregation Of Revenue [Line Items]
Revenue remaining performance obligation	$ 11.5
Professional Services \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01
Disaggregation Of Revenue [Line Items]
Revenue remaining performance obligation	$ 9.9
Remaining performance obligation recognition period	12 months

Goodwill and Intangible Assets, Net

3 Months Ended

Mar. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

(7) Goodwill and Intangible Assets, Net

The following table displays the changes in the gross carrying amount of goodwill (in thousands):


Balance at December 31, 2020	$	187,411
Increase due to acquisition		49,308
Foreign currency translation		(1,940	)
Balance at March 31, 2021	$	234,779

There were no impairments recorded against goodwill during the three months ended March 31, 2021 and for the year ended December 31, 2020.

Intangible assets consisted of the following (in thousands):

				As of March 31, 2021
	Gross carrying amount		Weighted average life (years)	Accumulated amortization			Net carrying amount
Amortizable intangible assets:
Developed technology	$	35,258	3.49	$	(7,879	)	$	27,379
Tradenames		17,501	3.59		(7,873	)		9,628
Customer relationships		119,837	7.67		(25,970	)		93,867
Total intangible assets	$	172,596		$	(41,722	)	$	130,874

					As of December 31, 2020
	Gross carrying amount		Weighted average life (years)		Accumulated amortization			Net carrying amount
Amortizable intangible assets:
Developed technology	$	31,851		3.54	$	(5,322	)	$	26,529
Tradenames		15,360		3.52		(6,638	)		8,722
Customer relationships		100,590		7.41		(22,079	)		78,511
Total intangible assets	$	147,801			$	(34,039	)	$	113,762

Amortization expense for intangible assets was $7.9 million and $4.1 million for the three months ended March 31, 2021 and 2020, respectively. The Company recorded amortization expense attributed to developed technology within cost of revenue of $2.6 million and $0.7 million for the three months ended March 31, 2021 and 2020, respectively.

The expected amortization of the intangible assets, as of March 31, 2021, for each of the next five years and thereafter is as follows (in thousands):


2021 (for the remaining nine months)	$	23,319
2022		28,024
2023		23,021
2024		20,143
2025		13,202
Thereafter		23,165
	$	130,874

Convertible Senior Notes - Summary of Fair Value and Carrying Value of Convertible Senior Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
0% Convertible Senior Notes Due 2026 \| Fair Value
Debt Instrument [Line Items]
Convertible senior notes	$ 369,000
0% Convertible Senior Notes Due 2026 \| Carrying Value
Debt Instrument [Line Items]
Convertible senior notes	263,080
0.125% Convertible Senior Notes Due 2024 \| Fair Value
Debt Instrument [Line Items]
Convertible senior notes	585,000	$ 663,615
0.125% Convertible Senior Notes Due 2024 \| Carrying Value
Debt Instrument [Line Items]
Convertible senior notes	373,672	369,032
1.50% Convertible Senior Notes Due 2022 \| Fair Value
Debt Instrument [Line Items]
Convertible senior notes	7,170	265,488
1.50% Convertible Senior Notes Due 2022 \| Carrying Value
Debt Instrument [Line Items]
Convertible senior notes	$ 1,413	$ 72,482

Capitalized Software Development Costs, Net (Tables)

3 Months Ended

Mar. 31, 2021

Research And Development [Abstract]

Summary of Capitalized Software Development Costs, Net

Capitalized software development costs consisted of the following (in thousands):

Gross

carrying

amount

Amortization

period

Accumulated

amortization

Net

carrying

amount

As of March 31, 2021

62,341

3 years

(45,554

)

16,787

As of December 31, 2020

59,761

3 years

(43,432

)

16,329

Schedule of Expected Amortization of Capitalized Software Development Costs

The expected amortization of capitalized software development costs, as of March 31, 2021, for each of the following years is as follows (in thousands):


2021 (for the remaining nine months)	$	6,298
2022		6,469
2023		3,824
2024		196
	$	16,787

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Less accumulated depreciation and amortization

$ 16,737

$ 15,166

(8,236)

(7,392)

Property and equipment, net

8,501

7,774

Furniture and Equipment

$ 2,044

2,041

5 years

Leasehold Improvements

$ 4,957

4,944

^[1]

9 years

Systems Hardware

$ 812

807

5 years

Office Computers

$ 6,856

6,547

Computer and System Software

3 years

$ 2,068

$ 827