0001660280-22-000035 | 10-K | XBRL Viewer

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (46,677)	$ (42,731)	$ (99,013)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Deferred income taxes	(10,468)	161	4,243
Depreciation and amortization	16,170	10,633	6,880
Stock-based compensation	79,405	59,573	41,610
Other	3,915	1,071	(784)
Changes in operating assets and liabilities:
Accounts receivable	(17,228)	(20,012)	(25,941)
Prepaid expenses and other assets	(46,207)	(19,372)	(16,954)
Accounts payable, accrued expenses and accrued compensation	24,330	(5,282)	10,513
Deferred revenue	92,486	71,383	72,799
Other current and noncurrent liabilities	1,039	8,808	(4,097)
Net cash provided by (used in) operating activities	96,765	64,232	(10,744)
Cash flows from investing activities:
Purchases of property and equipment	(6,561)	(20,277)	(20,674)
Purchases of short-term investments	(282,438)	(184,516)	(242,059)
Sales and maturities of short-term investments	160,874	209,148	224,594
Purchase of other investments	(5,000)	0	0
Business combinations, net of cash acquired	(258,465)	(276)	(74,911)
Net cash (used in) provided by investing activities	(391,590)	4,079	(113,050)
Cash flows from financing activities:
Proceeds from term loan	375,000	0	0
Credit facility issuance costs	(9,348)	(333)	0
Proceeds from loan agreement	0	2,000	0
Proceeds from stock issued in connection with the employee stock purchase plan	13,736	13,040	15,129
Proceeds from the exercise of stock options	18,268	21,709	19,048
Other financing activities	(10)	(13)	(16)
Net cash provided by financing activities	397,646	36,403	34,161
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(3,013)	(916)	(1,080)
Net increase (decrease) in cash and cash equivalents and restricted cash	99,808	103,798	(90,713)
Cash and cash equivalents and restricted cash at beginning of year	178,463	74,665	165,378
Cash and cash equivalents and restricted cash at end of year	278,271	178,463	74,665
Supplemental disclosure of cash flow information:
Cash paid for interest	4,978	335	96
Cash paid for income taxes, net of refunds	6,481	5,729	8,530
Supplemental cash flow information related to leases:
Cash payments for operating leases	$ 7,657	$ 8,807	$ 4,452

Leases - Supplemental Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating leases
Weighted average remaining lease term	9 years 2 months 12 days	10 years
Weighted average discount rate	5.50%	5.60%
ROU assets obtained in exchange for lease obligations
Operating leases	$ 3,137	$ 3,188	$ 39,170
Finance leases	$ 0	$ 0	$ 11

Net Loss Per Share - Computation of Basic and Diluted Net Loss (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net loss	$ (46,677)	$ (42,731)	$ (99,013)
Weighted-average shares used to compute net loss per share, basic (in shares)	106,387	101,009	96,014
Weighted-average shares used to compute net loss per share, diluted (in shares)	106,387	101,009	96,014
Net loss per share, basic (in usd per share)	$ (0.44)	$ (0.42)	$ (1.03)
Net loss per share, diluted (in usd per share)	$ (0.44)	$ (0.42)	$ (1.03)

- Definition

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

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-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2018		93,126,000
Beginning balance at Dec. 31, 2018	$ 121,763	$ 931	$ 586,940	$ 0	$ (466,108)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Exercise of stock options (in shares)	4,205,000	4,205,000
Exercise of stock options	$ 19,048	$ 42	19,006
Vesting of restricted stock units (in shares)		479,000
Vesting of restricted stock units	0	$ 5	(5)
Issuance of common stock under employee stock purchase plan (in shares)		777,000
Issuance of common stock under employee stock purchase plan	15,129	$ 8	15,121
Stock-based compensation	41,928		41,928
Other comprehensive income (loss)	50			50
Net loss	(99,013)				(99,013)
Ending balance (in shares) at Dec. 31, 2019		98,587,000
Ending balance at Dec. 31, 2019	$ 98,905	$ 986	662,990	50	(565,121)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Exercise of stock options (in shares)	2,956,000	2,956,000
Exercise of stock options	$ 21,709	$ 29	21,680
Vesting of restricted stock units (in shares)		1,504,000
Vesting of restricted stock units	0	$ 15	(15)
Issuance of common stock under employee stock purchase plan (in shares)		668,000
Issuance of common stock under employee stock purchase plan	13,040	$ 7	13,033
Stock-based compensation	59,782		59,782
Other comprehensive income (loss)	(40)			(40)
Net loss	$ (42,731)				(42,731)
Ending balance (in shares) at Dec. 31, 2020	103,715,000	103,715,000
Ending balance at Dec. 31, 2020	$ 150,665	$ 1,037	757,470	10	(607,852)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Exercise of stock options (in shares)	2,671,000	2,671,000
Exercise of stock options	$ 18,268	$ 26	18,242
Vesting of restricted stock units (in shares)		1,872,000
Vesting of restricted stock units	0	$ 19	(19)
Issuance of common stock under employee stock purchase plan (in shares)		671,000
Issuance of common stock under employee stock purchase plan	13,736	$ 7	13,729
Stock-based compensation	79,637		79,637
Other comprehensive income (loss)	(316)			(316)
Net loss	$ (46,677)				(46,677)
Ending balance (in shares) at Dec. 31, 2021	108,929,000	108,929,000
Ending balance at Dec. 31, 2021	$ 215,313	$ 1,089	$ 869,059	$ (306)	$ (654,529)

Income Taxes - Components of Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S. loss	$ (3,319)	$ (6,719)	$ (21,644)
Foreign loss	(47,310)	(30,355)	(64,005)
Loss before income taxes	$ (50,629)	$ (37,074)	$ (85,649)

Cash Equivalents and Short-Term Investments (Tables)

12 Months Ended

Dec. 31, 2021

Cash and Cash Equivalents [Abstract]

Summary of debt securities

The following tables summarize the amortized cost, unrealized gain and loss and estimated fair value of cash equivalents and short-term investments:


	December 31, 2021
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	178,518	$	—	$	—	$	178,518
Total cash equivalents	$	178,518	$	—	$	—	$	178,518

Short-term investments:
Commercial paper	$	134,165	$	—	$	(47)	$	134,118
Corporate bonds	27,169		—		(41)		27,128
Asset backed securities	27,464		—		(53)		27,411
Certificates of deposit	10,000		—		(8)		9,992
Supranational bonds	8,632		—		(33)		8,599
U.S. Treasury and agency obligations	27,168		—		(124)		27,044
Total short-term investments	$	234,598	$	—	$	(306)	$	234,292


	December 31, 2020
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	44,153	$	—	$	—	$	44,153
Commercial paper	4,500		—		—		4,500
Total cash equivalents	$	48,653	$	—	$	—	$	48,653

Short-term investments:
Commercial paper	$	71,425	$	—	$	—	$	71,425
Corporate bonds	4,502		3		—		4,505
U.S. Treasury and agency obligations	37,686		7		—		37,693
Total short-term investments	$	113,613	$	10	$	—	$	113,623

Schedule of contractual maturities of short-term investments

The contractual maturities of our short-term investments are as follows:


	December 31, 2021				December 31, 2020
(in thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	195,579	$	195,453	$	113,613	$	113,623
Due between one and four years	39,019		38,839		—		—
Total short-term investments	$	234,598	$	234,292	$	113,613	$	113,623

Revenue - Contract Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue recognized that was included in deferred revenue	$ 329.0	$ 274.3	$ 214.0

Debt - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
Debt - Narrative (Details) - USD ($)	Jul. 31, 2021	Dec. 31, 2021	Jul. 31, 2020
Line of Credit Facility [Line Items]
Debt Instrument, covenant, leverage ratio, minimum	35.00%
Debt Instrument, covenant, leverage ratio, maximum	5.50
Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 50,000,000
Revolving Credit Facility \| 2020 Credit Facility
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity			$ 45,000,000
Line of credit, amount outstanding		$ 0
Revolving Credit Facility \| Credit Agreement
Line of Credit Facility [Line Items]
Line of credit		$ 0
Letter of Credit
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	15,000,000
Secured Debt
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 375,000,000
Annual amortization amount, percent	1.00%
Line of Credit \| Credit Agreement \| Minimum
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage	0.25%
Line of Credit \| Credit Agreement \| Maximum
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage	0.375%
LIBOR \| Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.00%
LIBOR \| Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.50%
LIBOR \| Secured Debt
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.75%
Debt instrument, basis spread on variable rate, variable rate floor	0.50%

Income Taxes - Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current
Federal	$ 3	$ 3	$ (224)
State	100	17	100
Foreign	6,413	5,476	9,245
Total current tax expense	6,516	5,496	9,121
Deferred
Federal	(7,016)	102	0
State	(827)	59	0
Foreign	(2,625)	0	4,243
Total deferred tax (benefit) expense	(10,468)	161	4,243
Total (benefit) provision for income taxes	$ (3,952)	$ 5,657	$ 13,364

Acquisitions, Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Assets Acquired and Liabilities Assumed as Part of Business Combination

ash consideration, net of cash acquired, was preliminarily allocated as follows:


(in thousands)	Accurics		Alsid
Accounts receivable	$	180	$	4,105
Prepaid expenses and other assets	341		2,304
Intangible assets	33,390		31,400
Goodwill	134,909		72,291
Accounts payable, accrued expenses and accrued compensation	(719)		(3,794)
Deferred revenue	(188)		(3,699)
Deferred tax liabilities, net	(7,937)		(4,118)
Total purchase price allocation	$	159,976	$	98,489

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

Acquired intangible assets and their estimated useful lives at the date of acquisition are as follows:


	Accurics			Alsid
(dollars in thousands)	Cost		Estimated Useful Life	Cost		Estimated Useful Life
Acquired technology	$	33,300	10 years	$	31,300	7 years
Trade name	90		2 years	100		1 year
Acquired intangible assets	$	33,390		$	31,400

Schedule of Goodwill

The changes in the carrying amount of goodwill are as follows:


(in thousands)
Balance at December 31, 2020	$	54,414
Acquired goodwill	207,200
Balance at December 31, 2021	$	261,614

Schedule of Finite-Lived Intangible Assets

Acquired intangible assets subject to amortization are as follows:


	December 31, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired technology	$	81,924	$	(10,499)	$	71,425	$	17,325	$	(4,224)	$	13,101
Trade name	390		(279)		111		200		(108)		92
	$	82,314	$	(10,778)	$	71,536	$	17,525	$	(4,332)	$	13,193

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

At December 31, 2021, estimated future amortization of intangible assets is as follows:


(in thousands)
Year ending December 31,
2022	$	9,907
2023	10,049
2024	10,016
2025	10,016
2026	9,831
Thereafter	21,717
Total	$	71,536

Business and Summary of Significant Accounting Policies - Deferred Commissions (Details)	Dec. 31, 2021
Perpetual license and maintenance revenue
Capitalized Contract Cost [Line Items]
Estimated period of benefit	5 years
Minimum \| Subscription revenue
Capitalized Contract Cost [Line Items]
Estimated period of benefit	3 years
Maximum \| Subscription revenue
Capitalized Contract Cost [Line Items]
Estimated period of benefit	4 years

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 7,634	$ 9,870	$ 6,045
Finance lease cost
Amortization of ROU assets	7	242	607
Interest on lease liabilities	5	6	7
Total finance lease cost	$ 12	$ 248	$ 614

Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of Shares
Number of shares outstanding, beginning of period (in shares)	9,441	12,939	19,219
Number of shares, granted (in shares)	0	0	0
Number of shares, exercised (in shares)	(2,671)	(2,956)	(4,205)
Number of shares, forfeited/canceled (in shares)	(39)	(542)	(2,075)
Number of shares outstanding, end of period (in shares)	6,731	9,441	12,939	19,219
Number of shares exercisable (in shares)	5,851
Weighted Average Exercise Price
Weighted average exercise price, outstanding, beginning of period (in USD per share)	$ 8.56	$ 8.38	$ 7.78
Weighted average exercise price, granted (in USD per share)	0	0	0
Weighted average exercise price, exercised (in USD per share)	6.84	7.34	4.53
Weighted average exercise price, forfeited/canceled (in USD per share)	14.96	10.80	10.63
Weighted average exercise price, outstanding, end of period (in USD per share)	9.21	$ 8.56	$ 8.38	$ 7.78
Weighted average exercise price, exercisable (in USD per share)	$ 8.30
Weighted Average Remaining Contractual Term/ Aggregate Intrinsic Value
Weighted average remaining contractual term (in years), outstanding	5 years 6 months	6 years 4 months 24 days	7 years 1 month 6 days	8 years
Weighted average remaining contractual term (in years), exercisable	5 years 4 months 24 days
Aggregate intrinsic value, outstanding, beginning of period	$ 412,547	$ 201,608	$ 277,114
Aggregate intrinsic value, exercised	111,256	73,277	98,378
Aggregate intrinsic value, outstanding, end of period	308,677	$ 412,547	$ 201,608	$ 277,114
Aggregate intrinsic value, exercisable	$ 273,642

Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	$ 261	$ 764	$ 188
Additions Charged to Costs and Expenses	349	336	967
Deductions	(86)	(839)	(391)
Balance at End of Year	$ 524	$ 261	$ 764

Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of Tenable Holdings, Inc. and our wholly owned subsidiaries and have been prepared in conformity with United States generally accepted accounting principles (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates include, but are not limited to, the determination of the estimated economic life of perpetual licenses for revenue recognition, the estimated period of benefit for deferred commissions, the useful lives of long-lived assets, the fair value of acquired intangible assets and deferred revenue, the valuation of stock-based compensation, including the estimated underlying fair value of our common stock prior to our IPO, the incremental borrowing rate for operating leases, and the valuation of deferred tax assets. We base these estimates on historical experience and on various other assumptions that we believe to be reasonable. Actual results could differ significantly from these estimates.
Foreign Currency	Foreign Currency The functional currency for all of our foreign subsidiaries is the U.S. dollar. Assets and liabilities denominated in other currencies are remeasured into U.S. dollars at current exchange rates for monetary assets and liabilities and at historical exchange rates for non-monetary assets and liabilities. We bill our customers in U.S. dollars. Expenses incurred in non U.S. dollar currencies are remeasured into U.S. dollars when incurred. Remeasurement losses in currencies other than the functional currency were $1.9 million, $1.7 million and $1.1 million in 2021, 2020 and 2019, respectively, and are included as a component of other expense, net in the consolidated statements of operations.
Revenue Recognition	Revenue Recognition We recognize revenue in order to depict the transfer of promised goods or services to customers in an amount that reflects the consideration we expect to be entitled in exchange for those goods or services. To achieve this, we apply the following steps: •Identify the contract with a customer •Identify the performance obligations in the contract •Determine the transaction price •Allocate the transaction price to the performance obligations in the contract •Recognize revenue when or as performance obligations are satisfied In situations where we enter into a contractual arrangement that includes non-standard terms and conditions, such as acceptance provisions or options to purchase additional products and services, as well as contract modifications, we apply judgment in identifying and assessing the impact on revenue recognition. We generate revenue from subscription arrangements for software and cloud-based solutions, perpetual licenses, maintenance associated with perpetual licenses, and professional services and other revenue. We begin to recognize revenue when control of our software or services is transferred to the customer, which for sales made through distributors is concurrent with the transfer to the end user. Subscription Revenue Subscription arrangements generally have annual or multi-year contractual terms and allow customers to use our software or cloud solutions. For our software subscriptions that are dependent on ongoing software updates and the ability to identify the latest cybersecurity vulnerabilities, revenue is recognized ratably over the subscription term given the critical utility provided by the ongoing updates that are released throughout the contract period. When the critical utility of our software does not depend on ongoing updates, we recognize revenue attributable to the license at the time of delivery and the revenue attributable to the maintenance and support ratably over the contract period. Perpetual License and Maintenance Revenue Our perpetual licenses are generally sold with one or more years of maintenance, which include ongoing software updates and the ongoing ability to identify the latest cybersecurity vulnerabilities. Given the critical utility provided by the ongoing software updates and updated ability to identify network vulnerabilities included in maintenance, we combine the perpetual license and the maintenance into a single performance obligation. Perpetual license arrangements generally contain a material right related to the customer’s ability to renew maintenance at a price that is less than the initial license fee. We apply a practical alternative to allocating a portion of the transaction price to the material right performance obligation and estimate a hypothetical transaction price which includes fees for expected maintenance renewals based on the estimated economic life of the perpetual license contracts. We allocate the transaction price between the cybersecurity subscription provided in the initial contract and the material right related to expected contract renewals based on the hypothetical transaction price. We recognize the amount allocated to the combined license and maintenance performance obligation over the initial contractual period, which is generally one year. We recognize the amount allocated to the material right over the expected maintenance renewal period, which begins at the end of the initial contractual term and is generally four years. We have estimated the five-year economic life of perpetual license contracts based on historical contract attrition, expected renewal periods, the lifecycle of the our technology and other factors. While we believe that the estimates we have made are reasonable and appropriate, different assumptions and estimates could materially impact our reported financial results. Professional Services and Other Revenue Professional services and other revenue is primarily comprised of advisory services and training related to the deployment and optimization of our products. These services do not result in significant customization of our products. Professional services and other revenue is recognized as the services are performed. Contracts with Multiple Performance Obligations In cases where our contracts with customers contain multiple performance obligations, the contract transaction price is allocated on a relative standalone selling price basis. We typically determine standalone selling price based on observable selling prices of our products and services. Variable Consideration We record revenue from sales at the net sales price, which is the transaction price, including estimates of variable consideration when applicable. Certain of our customers may be entitled to receive credits and in limited circumstances, refunds, if service level commitments are not met. We have not historically experienced significant incidents affecting the ability to meet these service level commitments and any estimated refunds related to these agreements have not been material. Sales through our channel network of distributors and resellers are generally discounted as compared to the price that we would sell to an end user. Revenue for sales through our channel network is recorded net of any distributor or reseller margin. Deferred Commissions Sales commissions, including related fringe benefit costs, are considered to be incremental costs of obtaining a contract. Sales commissions on initial sales are not commensurate with sales commissions on contract renewals and therefore are recognized over an estimated period of benefit, which ranges between three and four years for subscription arrangements and five years for perpetual license arrangements. We estimated the period of benefit based on the expected contract term including renewal periods, the lifecycle of our technology, and other factors. Sales commissions on contract renewals are capitalized and amortized ratably over the contract term as part of sales and marketing expense, with the exception of contracts with renewal periods that are one year or less, in which case the incremental costs are expensed as incurred.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid financial instruments with an original maturity of three months or less when purchased to be cash equivalents. At December 31, 2021, cash and cash equivalents included $5.8 million of restricted cash primarily related to collateral for our outstanding letters of credit. At December 31, 2020, cash and cash equivalents included $0.4 million of restricted cash primarily related to collateral for a lease and credit card deposits. At December 31, 2021 and 2020, cash and cash equivalents excluded $0.3 million and $0.2 million, respectively, of restricted cash, which is related to an account established as collateral for a lease arrangement and is included in other assets on the consolidated balance sheets.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the price that would be received from selling an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. We apply fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. We measure cash and cash equivalents and short-term investments at fair value using a fair value hierarchy of inputs. We approximate fair value by using the carrying amounts for accounts receivable, accounts payable and accrued expenses due to their short-term nature.
Investments	Investments We currently invest in asset backed securities, certificates of deposit, commercial paper, corporate and supranational bonds, and U.S. treasury and agency obligations. Our investments are classified as available-for-sale and recorded at fair value, with unrealized gains and losses reported in accumulated other comprehensive (loss) income within stockholders’ equity. We classify investments with original maturities of less than 90 days as cash and cash equivalents. Investments with original maturities greater than 90 days, including those we do not currently intend on selling within the next twelve months, are classified as short-term investments as they are available for use in our operations. We evaluate potential impairments of available-for-sale debt securities due to credit-related and non-credit-related factors, including market risk, and if it is more-likely-than-not that we would have to sell the security before the recovery of the amortized cost basis. Identified credit-related impairments would be recognized as a charge in the statement of operations. In November 2021, we entered into a simple agreement for future equity ("SAFE") agreement for $5.0 million in exchange for a right to participate in a future equity financing. Alternatively, upon a change in control or an initial public offering, we have the option to redeem the SAFE for $5.0 million, or convert the SAFE into shares of common stock. The number of shares of common stock would be determined by dividing the SAFE purchase amount by the liquidity price in the SAFE agreement. The $5.0 million value of the SAFE is included in other assets on our consolidated balance sheet at December 31, 2021.
Accounts Receivable	Accounts Receivable Accounts receivable are recorded at the invoiced amount, less an allowance for doubtful accounts, and do not bear interest. We maintain an allowance for doubtful accounts at an amount estimated to be sufficient to cover the risk of collecting less than full payment of the receivables. At each balance sheet date, we evaluate our receivables and assess the allowance for doubtful accounts based on specific customer collection issues and historical write-off trends. Our allowance for doubtful accounts reflects our best estimate of expected future credit losses. We consider various factors that may impact our ability to collect on accounts receivable, including our historical collection experience, age of accounts receivable balances, current conditions, reasonable and supportable forecasts of future economic conditions, as well as other factors, however, these estimates may change and future credit losses may differ from our estimates. Expected credit losses from accounts receivable are recognized as expense in our statement of operations.
Property and Equipment, net	Property and Equipment, net Property and equipment, net is stated at historical cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets: three years for computer software and equipment and five years for furniture and fixtures. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful lives of the assets or the terms of the respective leases. Property and equipment, net includes right-of-use assets acquired under finance leases. Amortization of assets acquired under finance leases is included in depreciation expense. Repairs and maintenance costs are expensed as incurred.
Leases	Leases We determine if an arrangement contains a lease and the classification of that lease, if applicable, at inception. We have elected to not recognize a lease liability or right-of-use ("ROU") asset for short-term leases (leases with a term of twelve months or less). For contracts with lease and non-lease components, we have elected to not allocate the contract consideration, and account for the lease and non-lease components as a single lease component. Additionally, we enter into arrangements to use shared office spaces and other facilities, and have determined that these arrangements do not contain leases as we do not have the right to use an identified asset. Operating leases are included in operating lease ROU assets, operating lease liabilities and operating lease liabilities (net of current portion) in our consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities and other liabilities in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The implicit rate within our operating leases are generally not determinable and we use our incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment. We determine our incremental borrowing rate for each lease using our current borrowing rate, adjusted for various factors including level of collateralization, term and currency to align with the terms of the lease. The operating lease ROU asset also includes any lease prepayments, offset by lease incentives. Certain of our leases include options to extend or terminate the lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain we will exercise that option. An option to terminate is considered unless it is reasonably certain we will not exercise the option. Lease expense for lease payments is recognized on a straight-line basis over the term of the lease.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We evaluate our long-lived assets for impairment whenever events or changes in circumstance indicate that the carrying amount may not be fully recoverable. Recoverability of the long-lived assets is measured by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured as the excess of the carrying amount over the fair value. There was no impairment of long-lived assets in 2021, 2020 or 2019.
Business Combinations	Business Combinations We account for business combinations by recognizing the fair value of acquired assets and liabilities. The excess purchase consideration over the fair value of acquired assets and liabilities is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, a non-recurring Level 3 fair value measurement, we make estimates and assumptions, especially with respect to intangible assets such as identified acquired technology and trade names. We determine the fair value of acquired technology using the multi-period excess earnings method, a form of the income approach. Estimates in valuing identifiable intangible assets include, but are not limited to, projected revenue growth rates, future expected operating expenses, obsolescence projections and an appropriate discount rate. Our estimate of fair value is based upon assumptions we believe to be reasonable, but which are inherently uncertain and, as a result, actual results may differ from estimates. During the measurement period, we may make adjustments to the fair value of assets acquired and liabilities assumed, with offsetting adjustments to goodwill. Any adjustments made after the measurement period will be reflected in the consolidated statements of operations. Acquisition-related transaction costs are expensed as incurred.
Goodwill	Goodwill The excess of the purchase consideration over the fair value of acquired assets and liabilities is recorded as goodwill. We perform our annual impairment assessment on October 1, or more frequently, when events or circumstances indicate impairment may have occurred. We operate as one reporting unit and have elected to first assess qualitative factors to determine whether it is more likely than not that the fair value of the Company as a whole is less than its carrying amount, including goodwill. The qualitative assessment includes an evaluation of relevant events and circumstances, including macroeconomic, industry and market conditions, our overall financial performance, and trends in the value of our common stock. During the periods presented, there were no indications of impairment and it was not more likely than not that goodwill was impaired.
Advertising	Advertising Advertising costs are expensed as they are incurred. We incurred advertising costs of $13.6 million, $8.2 million and $5.3 million in 2021, 2020 and 2019, respectively, which are included in sales and marketing expense in the consolidated statements of operations.
Software Development Costs	Software Development Costs Research and development costs to develop software to be sold, leased or marketed are expensed as incurred up to the point of technological feasibility for the related software product. We have not capitalized development costs for software to be sold, leased or marketed to date, as the software development process is essentially completed concurrent with the establishment of technological feasibility. As such, these costs are expensed as incurred and recognized in research and development costs in the consolidated statements of operations. Software developed for internal use, with no substantive plans to market such software at the time of development, are capitalized and included in property and equipment, net in the consolidated balance sheets. Costs incurred during the preliminary planning and evaluation and post implementation stages of the project are expensed as incurred. Costs incurred during the application development stage of the project are capitalized. In 2021, 2020 and 2019, we capitalized $2.9 million, $1.6 million and $4.2 million, respectively, of development costs related to internal use software.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense related to restricted stock units ("RSUs"), purchase rights issued under our 2018 Employee Stock Purchase Plan ("2018 ESPP"), stock options and restricted stock is calculated based on the fair value of the awards granted and is recognized on a straight-line basis over the requisite service period, which is generally two to four years. RSUs that include performance-based vesting conditions are expensed using the accelerated attribution method. We account for forfeitures as they occur. The fair value of RSUs is based on the market price of our common stock on the date of grant. The fair value of stock options and 2018 ESPP purchase rights is estimated on the grant date using the Black-Scholes option pricing model, which requires us to make assumptions and judgments, including the expected term, expected volatility, and risk-free interest rates. Following our IPO, we use the market price of our common stock at the date of grant. Prior to our IPO, we estimated the fair value of our common stock at the date of grant.
Net Loss per Share	Net Loss per Share We calculate basic net loss per share by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by giving effect to all potentially dilutive common stock equivalents in the period, including unvested RSUs, stock options, unvested restricted shares and shares to be issued under our 2018 ESPP. As we have reported losses for all periods presented, all potentially dilutive securities have been excluded from the calculation of diluted net loss per share as their effect would be antidilutive.
Segment Information	Segment Information We operate as one operating segment as our chief executive officer, who is our chief operating decision maker, reviews financial information on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. This method requires recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities, net operating loss carryforwards, and tax credit carryforwards. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax assets will not be realized. We recognize tax benefits from an uncertain tax position if it is more likely than not to be sustained upon audit by the relevant taxing authority. Interest and penalties associated with such uncertain tax positions are classified as a component of income tax expense.
Recently Adopted/Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements We adopted Accounting Standards Update ("ASU") No. 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, effective January 1, 2021. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements. This ASU eliminated previously allowed exceptions and clarified existing guidance in the accounting for income taxes, including in the areas of franchise taxes, the tax basis of goodwill and interim period effects of changes in tax laws. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU No. 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional expedients and exceptions to contract modification guidance to ease the financial reporting burden of the transition from the London Interbank Offered Rate ("LIBOR") to alternative reference rates. The ASU was effective beginning on March 12, 2020 and can be adopted prospectively through December 31, 2022. We are currently evaluating the impact of this accounting standard on our consolidated financial statements. In October 2021, the FASB issued ASU No. 2021-08 - Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU requires companies to measure contract assets and contract liabilities from contracts acquired in a business combination in accordance with Accounting Standards Codification Topic 606 on the acquisition date. We early adopted the ASU as of January 1, 2022 and will apply it prospectively to future acquisitions. The impact of this accounting standard will depend on the contract assets and liabilities acquired in future business combinations.

Business and Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 5.8	$ 0.4
Other Assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 0.3	$ 0.2

Geographic Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Revenue by Region

Revenue by region, based on the address of the end user as specified in our subscription, license or service agreements, was as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
The Americas	$	347,724	$	293,734	$	243,616
Europe, Middle East and Africa	135,176		102,155		77,676
Asia Pacific	58,230		44,332		33,294
Revenue	$	541,130	$	440,221	$	354,586

Property and Equipment, Net by Geographic Area

Our property and equipment, net by geographic area is summarized as follows:


	December 31,
(in thousands)	2021		2020
United States	$	33,579	$	35,406
International	3,254		3,514
Property and equipment, net	$	36,833	$	38,920

Net Loss Per Share - Potentially Dilutive Securities (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	12,693	14,351	16,606
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	6,731	9,441	12,939
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,781	4,490	2,894
Shares to be issued under the 2018 ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	181	321	278
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	99	495

Cash Equivalents and Short-Term Investments

12 Months Ended

Dec. 31, 2021

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Short-Term Investments

The following tables summarize the amortized cost, unrealized gain and loss and estimated fair value of cash equivalents and short-term investments:


	December 31, 2021
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	178,518	$	—	$	—	$	178,518
Total cash equivalents	$	178,518	$	—	$	—	$	178,518

Short-term investments:
Commercial paper	$	134,165	$	—	$	(47)	$	134,118
Corporate bonds	27,169		—		(41)		27,128
Asset backed securities	27,464		—		(53)		27,411
Certificates of deposit	10,000		—		(8)		9,992
Supranational bonds	8,632		—		(33)		8,599
U.S. Treasury and agency obligations	27,168		—		(124)		27,044
Total short-term investments	$	234,598	$	—	$	(306)	$	234,292


	December 31, 2020
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	44,153	$	—	$	—	$	44,153
Commercial paper	4,500		—		—		4,500
Total cash equivalents	$	48,653	$	—	$	—	$	48,653

Short-term investments:
Commercial paper	$	71,425	$	—	$	—	$	71,425
Corporate bonds	4,502		3		—		4,505
U.S. Treasury and agency obligations	37,686		7		—		37,693
Total short-term investments	$	113,613	$	10	$	—	$	113,623

Gross unrealized losses were not material at December 31, 2021. We considered the extent to which any unrealized losses on our short-term investments were driven by credit risk and other factors, including market risk, and if it is more-

likely-than-not that we would have to sell the security before the recovery of the amortized cost basis. Based on our assessment, we do not believe any unrealized losses represent credit losses at December 31, 2021.

The contractual maturities of our short-term investments are as follows:


	December 31, 2021				December 31, 2020
(in thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	195,579	$	195,453	$	113,613	$	113,623
Due between one and four years	39,019		38,839		—		—
Total short-term investments	$	234,598	$	234,292	$	113,613	$	113,623

Geographic Information - Narrative (Details) - segment	12 Months Ended
Geographic Information - Narrative (Details) - segment	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Number of operating segments	1
United States \| Revenue \| Geographic concentration risk
Concentration Risk [Line Items]
Concentration risk (in percent)	58.00%	61.00%	63.00%

Business and Summary of Significant Accounting Policies - Segment Information (Details)	12 Months Ended
	Dec. 31, 2021 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

Income Taxes - Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits at the beginning of the period	$ 7,123	$ 7,163	$ 4,814
Additions for tax positions in the current year	194	232	2,306
Increase in prior year positions	64	62	90
Decrease in prior year positions	(48)	(334)	(89)
Acquisitions	242	0	42
Unrecognized tax benefits at the end of the period	$ 7,575	$ 7,123	$ 7,163

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (46,677)	$ (42,731)	$ (99,013)
Other comprehensive (loss) income, net of tax:
Unrealized (loss) gain on available-for-sale securities	(316)	(40)	50
Other comprehensive (loss) income	(316)	(40)	50
Comprehensive loss	$ (46,993)	$ (42,771)	$ (98,963)

- Definition

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

+ References

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Loss Before Income Taxes

U.S. and foreign components of the loss before income taxes were as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
U.S. loss	$	(3,319)	$	(6,719)	$	(21,644)
Foreign loss	(47,310)		(30,355)		(64,005)
Total loss before income taxes	$	(50,629)	$	(37,074)	$	(85,649)

Schedule of Components of the Provision for Income Taxes

The components of the provision for income taxes were as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Current
Federal	$	3	$	3	$	(224)
State	100		17		100
Foreign	6,413		5,476		9,245
Total current tax expense	6,516		5,496		9,121
Deferred
Federal	(7,016)		102		—
State	(827)		59		—
Foreign	(2,625)		—		4,243
Total deferred tax (benefit) expense	(10,468)		161		4,243
Total (benefit) provision for income taxes	$	(3,952)	$	5,657	$	13,364

Schedule of Effective Income Tax Rate Reconciliation

The items accounting for the difference between income taxes computed at the federal statutory rate and our effective tax rate were as follows:


	Year Ended December 31,
	2021		2020		2019
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
State and local taxes	2.6		10.8		4.8
Research and development tax credit	4.5		11.1		3.1
Stock-based compensation	49.5		34.4		19.0
Uncertain tax positions	(0.1)		0.1		(0.5)
Foreign tax rate differential	(1.2)		(10.6)		(7.9)
Change in valuation allowance	(55.7)		(81.2)		(40.8)
Gain on intercompany sale	(5.1)		—		(12.3)


Foreign withholding tax	(2.0)		(3.3)		(1.4)
Transaction costs	(1.6)		—		—
Other	(4.1)		2.4		(0.6)
Effective tax rate	7.8	%	(15.3)	%	(15.6)	%

Components of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities were as follows:


	December 31,
(in thousands)	2021		2020
Deferred tax assets:
Net operating losses	$	134,503	$	89,053
Deferred revenue	13,598		13,454
Stock-based compensation	14,157		11,846
Tax credits	15,142		11,565
Leases	12,929		15,238
Accrued compensation	1,600		1,271
Interest expense	2,013		—
Other	231		379
Total deferred tax assets	194,173		142,806
Valuation allowance	(147,040)		(112,363)
Net deferred tax assets	47,133		30,443
Deferred tax liabilities:
Deferred commissions	(19,423)		(15,987)
Property and equipment	(13,720)		(13,257)
Intangible assets	(15,253)		(962)
Other	(486)		(398)
Total deferred tax liabilities	(48,882)		(30,604)
Net deferred tax liabilities	$	(1,749)	$	(161)

Schedule Change of Gross Unrealized Tax Benefits

The change in gross unrecognized tax benefits, excluding accrued interest, were as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Unrecognized tax benefits at the beginning of the period	$	7,123	$	7,163	$	4,814
Additions for tax positions in the current year	194		232		2,306
Increase in prior year positions	64		62		90
Decrease in prior year positions	(48)		(334)		(89)
Acquisitions	242		—		42
Unrecognized tax benefits at the end of the period	$	7,575	$	7,123	$	7,163

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of assets measured at fair value on recurring basis

The following tables summarize assets that are measured at fair value on a recurring basis:


	December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	178,518	$	—	$	—	$	178,518
Total cash equivalents	$	178,518	$	—	$	—	$	178,518

Short-term investments
Commercial paper	$	—	$	134,118	$	—	$	134,118
Corporate bonds	—		27,128		—		27,128
Asset backed securities	—		27,411		—		27,411
Certificates of deposit	—		9,992		—		9,992
Supranational bonds	—		8,599		—		8,599
U.S. Treasury and agency obligations	—		27,044		—		27,044
Total short-term investments	$	—	$	234,292	$	—	$	234,292


	December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	44,153	$	—	$	—	$	44,153
Commercial paper	—		4,500		—		4,500
Total cash equivalents	$	44,153	$	4,500	$	—	$	48,653

Short-term investments
Commercial paper	$	—	$	71,425	$	—	$	71,425
Corporate bonds	—		4,505		—		4,505
U.S. Treasury and agency obligations	—		37,693		—		37,693
Total short-term investments	$	—	$	113,623	$	—	$	113,623

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II

SUPPLEMENTARY CONSOLIDATED FINANCIAL STATEMENT SCHEDULE

VALUATION AND QUALIFYING ACCOUNTS


(in thousands)	Balance at Beginning of Year		Additions Charged to Costs and Expenses		Deductions(1)		Balance at End of Year
Allowance for Doubtful Accounts
Year Ended December 31, 2021	$	261	$	349	$	(86)	$	524
Year Ended December 31, 2020	764		336		(839)		261
Year Ended December 31, 2019	188		967		(391)		764

_______________

(1) Consists of write-offs of uncollectible accounts, net of recoveries.

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating losses	$ 134,503	$ 89,053
Deferred revenue	13,598	13,454
Stock-based compensation	14,157	11,846
Tax credits	15,142	11,565
Leases	12,929	15,238
Accrued compensation	1,600	1,271
Interest expense	2,013	0
Other	231	379
Total deferred tax assets	194,173	142,806
Valuation allowance	(147,040)	(112,363)
Net deferred tax assets	47,133	30,443
Deferred tax liabilities:
Deferred commissions	(19,423)	(15,987)
Property and equipment	(13,720)	(13,257)
Intangible assets	(15,253)	(962)
Other	(486)	(398)
Total deferred tax liabilities	(48,882)	(30,604)
Net deferred tax liabilities	$ (1,749)	$ (161)

Business and Summary of Significant Accounting Policies - Advertising (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Advertising costs incurred	$ 13.6	$ 8.2	$ 5.3

Business and Summary of Significant Accounting Policies - Perpetual License and Maintenance Revenue (Details) - Perpetual license and maintenance revenue	12 Months Ended
	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
License and maintenance period	1 year
Estimated maintenance renewal period	4 years
Economic life of perpetual license contracts	5 years

Geographic Information - Revenue by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 541,130	$ 440,221	$ 354,586
The Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	347,724	293,734	243,616
Europe, Middle East and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	135,176	102,155	77,676
Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 58,230	$ 44,332	$ 33,294

- 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)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Subparagraph (a)
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Publisher FASB
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-Subparagraph (a)
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

U.S. and foreign components of the loss before income taxes were as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
U.S. loss	$	(3,319)	$	(6,719)	$	(21,644)
Foreign loss	(47,310)		(30,355)		(64,005)
Total loss before income taxes	$	(50,629)	$	(37,074)	$	(85,649)

The components of the provision for income taxes were as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Current
Federal	$	3	$	3	$	(224)
State	100		17		100
Foreign	6,413		5,476		9,245
Total current tax expense	6,516		5,496		9,121
Deferred
Federal	(7,016)		102		—
State	(827)		59		—
Foreign	(2,625)		—		4,243
Total deferred tax (benefit) expense	(10,468)		161		4,243
Total (benefit) provision for income taxes	$	(3,952)	$	5,657	$	13,364

In connection with the 2021 acquisition of Accurics, we elected to first offset our existing deferred tax assets with acquired deferred tax liabilities. This resulted in releasing $7.9 million of the federal and state valuation allowance, which was recorded as a component of our deferred tax benefit.

In December 2019, we sold acquired intellectual property through an intercompany transaction, which resulted in $6.3 million of current tax expense and $4.2 million of deferred tax expense in Israel. In January 2021, we restructured the research and development operations in Israel through an intercompany transaction, which resulted in $2.8 million of current tax expense.

The items accounting for the difference between income taxes computed at the federal statutory rate and our effective tax rate were as follows:


	Year Ended December 31,
	2021		2020		2019
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
State and local taxes	2.6		10.8		4.8
Research and development tax credit	4.5		11.1		3.1
Stock-based compensation	49.5		34.4		19.0
Uncertain tax positions	(0.1)		0.1		(0.5)
Foreign tax rate differential	(1.2)		(10.6)		(7.9)
Change in valuation allowance	(55.7)		(81.2)		(40.8)
Gain on intercompany sale	(5.1)		—		(12.3)


Foreign withholding tax	(2.0)		(3.3)		(1.4)
Transaction costs	(1.6)		—		—
Other	(4.1)		2.4		(0.6)
Effective tax rate	7.8	%	(15.3)	%	(15.6)	%

We maintain a valuation allowance on U.S. federal, state and foreign net deferred tax assets as the realization of our deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain.

The components of the deferred tax assets and liabilities were as follows:


	December 31,
(in thousands)	2021		2020
Deferred tax assets:
Net operating losses	$	134,503	$	89,053
Deferred revenue	13,598		13,454
Stock-based compensation	14,157		11,846
Tax credits	15,142		11,565
Leases	12,929		15,238
Accrued compensation	1,600		1,271
Interest expense	2,013		—
Other	231		379
Total deferred tax assets	194,173		142,806
Valuation allowance	(147,040)		(112,363)
Net deferred tax assets	47,133		30,443
Deferred tax liabilities:
Deferred commissions	(19,423)		(15,987)
Property and equipment	(13,720)		(13,257)
Intangible assets	(15,253)		(962)
Other	(486)		(398)
Total deferred tax liabilities	(48,882)		(30,604)
Net deferred tax liabilities	$	(1,749)	$	(161)

At December 31, 2021, we had net operating loss (“NOL”) carryforwards for federal, state and foreign tax purposes of $398.5 million, $226.1 million, and $289.9 million, respectively, which will begin to expire in 2030, as well as $17.9 million of federal, state and foreign research and development tax credits, foreign tax credits, minimum tax credits and certain

states’ job creation tax credits. The federal research and development and foreign tax credits will begin to expire in 2032 and the state job creation tax credits will begin to expire in 2022.

We are currently subject to the annual limitation under Sections 382 and 383 of the Internal Revenue Code. We will not be precluded from realizing the NOL carryforward and tax credits but may be limited in the amount we could utilize in any given tax year in the event that the federal and state taxable income will exceed the limitation imposed by Section 382. The amount of the annual limitation is determined based on our value immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years.

At December 31, 2021 and 2020, the total amount of gross unrecognized tax benefits was $7.6 million and $7.1 million, respectively, which, if recognized, would impact our effective tax rate by less than $0.1 million in each year. Interest and penalties associated with uncertain tax positions recognized as a component of income tax expense were immaterial in 2021, 2020 and 2019.

The change in gross unrecognized tax benefits, excluding accrued interest, were as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Unrecognized tax benefits at the beginning of the period	$	7,123	$	7,163	$	4,814
Additions for tax positions in the current year	194		232		2,306
Increase in prior year positions	64		62		90
Decrease in prior year positions	(48)		(334)		(89)
Acquisitions	242		—		42
Unrecognized tax benefits at the end of the period	$	7,575	$	7,123	$	7,163

We file income tax returns in the United States, including various state jurisdictions. Our subsidiaries file income tax returns in various foreign jurisdictions. Tax years after 2014 remain open to examination by the major taxing jurisdictions in which we are subject to tax. At December 31, 2021, we were not under examination for income tax audits by the Internal Revenue Service or any state or foreign tax jurisdiction.

Depending on the jurisdiction, distributions of earnings could be subject to withholding taxes at rates applicable to the distributing jurisdiction. As we intend to continue to reinvest the earnings of foreign subsidiaries indefinitely, we have not provided for a U.S. income tax liability and foreign withholding taxes on undistributed foreign earnings of foreign subsidiaries. It is not practicable for us to determine the amount of unrecognized tax expense on these reinvested foreign earnings.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisitions, Goodwill and Intangible Assets - Schedule of Assets Acquired (Accurics and Alsid) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Oct. 31, 2021	Apr. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 261,614			$ 54,414
Accurics
Business Acquisition [Line Items]
Accounts receivable		$ 180
Prepaid expenses and other assets		341
Intangible assets		33,390
Goodwill		134,909
Accounts payable, accrued expenses and accrued compensation		(719)
Deferred revenue		(188)
Deferred tax liabilities, net		(7,937)
Total purchase price allocation		$ 159,976
Alsid
Business Acquisition [Line Items]
Accounts receivable			$ 4,105
Prepaid expenses and other assets			2,304
Intangible assets			31,400
Goodwill			72,291
Accounts payable, accrued expenses and accrued compensation			(3,794)
Deferred revenue			(3,699)
Deferred tax liabilities, net			(4,118)
Total purchase price allocation			$ 98,489

Revenue

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

The following table presents a summary of revenue:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Subscription revenue	$	476,023	$	377,354	$	290,549
Perpetual license and maintenance revenue	50,333		50,594		54,173
Professional services and other revenue	14,774		12,273		9,864
Revenue	$	541,130	$	440,221	$	354,586

Concentrations

We sell and market our products and services through our field sales force that works closely with our channel partners, which includes a network of distributors and resellers, in developing sales opportunities. We use a two-tiered channel model whereby we sell our products and services to our distributors, which in turn sell to resellers, which then sell to end users. We derived 92%, 91% and 90% of revenue through our channel network in 2021, 2020 and 2019, respectively. One of our distributors accounted for 39%, 43% and 43% of revenue in 2021, 2020 and 2019, respectively. That same distributor accounted for 32% and 41% of accounts receivable at December 31, 2021 and 2020, respectively.

Contract Balances

We generally bill our customers in advance and accounts receivable are recorded when we have the right to invoice the customer. Contract liabilities consist of deferred revenue and include customer billings and payments received in advance of performance under the contract. In 2021, 2020 and 2019, we recognized revenue of $329.0 million, $274.3 million and $214.0 million, respectively, that was included in the deferred revenue balance at the beginning of each of the respective periods.

Remaining Performance Obligations

At December 31, 2021, the future estimated revenue related to unsatisfied performance obligations was $559.0 million, of which approximately 76% is expected to be recognized as revenue over the succeeding twelve months, and the remainder expected to be recognized over the four years thereafter.

Deferred Commissions

The following summarizes the activity of deferred incremental costs of obtaining a contract:


	Year Ended December 31,
(in thousands)	2021		2020
Beginning balance	$	78,876	$	72,265
Capitalization of contract acquisition costs	58,196		38,756
Amortization of deferred contract acquisition costs	(37,123)		(32,145)
Ending balance	$	99,949	$	78,876

- 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
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-URI http://asc.fasb.org/topic&trid=49130388

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+ Details

Revenue (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Summary of revenue

The following table presents a summary of revenue:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Subscription revenue	$	476,023	$	377,354	$	290,549
Perpetual license and maintenance revenue	50,333		50,594		54,173
Professional services and other revenue	14,774		12,273		9,864
Revenue	$	541,130	$	440,221	$	354,586

Activity of deferred contract costs

The following summarizes the activity of deferred incremental costs of obtaining a contract:


	Year Ended December 31,
(in thousands)	2021		2020
Beginning balance	$	78,876	$	72,265
Capitalization of contract acquisition costs	58,196		38,756
Amortization of deferred contract acquisition costs	(37,123)		(32,145)
Ending balance	$	99,949	$	78,876

Cash Equivalents and Short-Term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Cash equivalents	$ 178,518	$ 48,653
Debt securities, available-for-sale, amortized cost	234,598	113,613
Debt Securities, available-for-sale, accumulated gross unrealized gain, before tax	0	10
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax	(306)	0
Short-term investments	234,292	113,623
Commercial paper
Cash and Cash Equivalents [Line Items]
Cash equivalents		4,500
Debt securities, available-for-sale, amortized cost	134,165	71,425
Debt Securities, available-for-sale, accumulated gross unrealized gain, before tax	0	0
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax	(47)	0
Short-term investments	134,118	71,425
Corporate bonds
Cash and Cash Equivalents [Line Items]
Debt securities, available-for-sale, amortized cost	27,169	4,502
Debt Securities, available-for-sale, accumulated gross unrealized gain, before tax	0	3
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax	(41)	0
Short-term investments	27,128	4,505
Asset backed securities
Cash and Cash Equivalents [Line Items]
Debt securities, available-for-sale, amortized cost	27,464
Debt Securities, available-for-sale, accumulated gross unrealized gain, before tax	0
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax	(53)
Short-term investments	27,411
Certificates of deposit
Cash and Cash Equivalents [Line Items]
Debt securities, available-for-sale, amortized cost	10,000
Debt Securities, available-for-sale, accumulated gross unrealized gain, before tax	0
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax	(8)
Short-term investments	9,992
Supranational bonds
Cash and Cash Equivalents [Line Items]
Debt securities, available-for-sale, amortized cost	8,632
Debt Securities, available-for-sale, accumulated gross unrealized gain, before tax	0
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax	(33)
Short-term investments	8,599
U.S. Treasury and agency obligations
Cash and Cash Equivalents [Line Items]
Debt securities, available-for-sale, amortized cost	27,168	37,686
Debt Securities, available-for-sale, accumulated gross unrealized gain, before tax	0	7
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax	(124)	0
Short-term investments	27,044	37,693
Money market funds
Cash and Cash Equivalents [Line Items]
Cash equivalents	178,518	44,153
Debt Securities, available-for-sale, accumulated gross unrealized gain, before tax	0	0
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax	0	0
Total cash equivalents
Cash and Cash Equivalents [Line Items]
Cash equivalents	178,518	48,653
Debt Securities, available-for-sale, accumulated gross unrealized gain, before tax	0	0
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax	$ 0	$ 0

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The table below summarizes the carrying value of the Term Loan:


(in thousands)	December 31, 2021
Term loan	$	375,000
Less: Unamortized debt discount and issuance costs	(7,616)
Term loan, net of issuance costs	367,384
Less: Term loan, net, current (1)	(2,656)
Term loan, net of issuance costs (net of current portion)	$	364,728

_______________

(1) Term loan, net, current is included in other current liabilities on our consolidated balance sheets.

Schedule of Maturities of Long-term Debt

The maturities of the Term Loan at December 31, 2021 were as follows:


(in thousands)
Year ending December 31,
2022	$	3,750
2023	3,750
2024	3,750
2025	3,750
2026	3,750
Thereafter	356,250
Total	$	375,000

Revenue - Concentrations (Details)	12 Months Ended
Revenue - Concentrations (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
One distributor \| Revenue \| Customer concentration risk
Concentration Risk [Line Items]
Concentration risk (in percent)	39.00%	43.00%	43.00%
One distributor \| Accounts receivable \| Customer concentration risk
Concentration Risk [Line Items]
Concentration risk (in percent)	32.00%	41.00%
Channel network \| Revenue \| Sales method risk
Concentration Risk [Line Items]
Concentration risk (in percent)	92.00%	91.00%	90.00%

Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Contribution expense	$ 7.6	$ 6.5	$ 6.2

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

We have operating leases for office facilities and finance leases for office equipment. Our leases have remaining terms of less than one year to just over ten years, some of which include one or more options to renew, with renewal terms up to five years and some of which include options to terminate the leases within the next one to four years. The ROU assets and liabilities at December 31, 2021 assume we exercise the option to early terminate one of our leases in 2025.

The components of lease expense were as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Operating lease cost	$	7,634	$	9,870	$	6,045

Finance lease cost
Amortization of ROU assets	$	7	$	242	$	607
Interest on lease liabilities	5		6		7
Total finance lease cost	$	12	$	248	$	614

Rent expense for short-term leases in 2021, 2020 and 2019 was not material.

Supplemental information related to leases was as follows:


	December 31, 2021	December 31, 2020
Operating leases
Weighted average remaining lease term	9.2 years	10.0 years
Weighted average discount rate	5.5%	5.6%


	Year Ended December 31,
(in thousands)	2021		2020		2019
ROU assets obtained in exchange for lease obligations
Operating leases	$	3,137	$	3,188	$	39,170
Finance leases	—		—		11

In 2020, we received proceeds from lease incentives of $14.2 million. The proceeds from lease incentives received are included with the change in the lease liabilities under the other current and noncurrent liabilities caption in the operating activities section of the statement of cash flows.

Maturities of operating lease liabilities at December 31, 2021 were as follows:


(in thousands)
Year ending December 31,
2022	$	5,446
2023	8,260
2024	8,396
2025	8,221
2026	7,421
Thereafter	37,423
Total lease payments	75,167
Less: Imputed interest	(17,801)
Total	$	57,366

Leases

The components of lease expense were as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Operating lease cost	$	7,634	$	9,870	$	6,045

Finance lease cost
Amortization of ROU assets	$	7	$	242	$	607
Interest on lease liabilities	5		6		7
Total finance lease cost	$	12	$	248	$	614

Rent expense for short-term leases in 2021, 2020 and 2019 was not material.

Supplemental information related to leases was as follows:


	December 31, 2021	December 31, 2020
Operating leases
Weighted average remaining lease term	9.2 years	10.0 years
Weighted average discount rate	5.5%	5.6%


	Year Ended December 31,
(in thousands)	2021		2020		2019
ROU assets obtained in exchange for lease obligations
Operating leases	$	3,137	$	3,188	$	39,170
Finance leases	—		—		11

Maturities of operating lease liabilities at December 31, 2021 were as follows:


(in thousands)
Year ending December 31,
2022	$	5,446
2023	8,260
2024	8,396
2025	8,221
2026	7,421
Thereafter	37,423
Total lease payments	75,167
Less: Imputed interest	(17,801)
Total	$	57,366

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

In 2018, our Board of Directors adopted, and our stockholders approved, our 2018 Equity Incentive Plan ("2018 Plan"). Under the evergreen provision in the 2018 Plan, in January 2021 we reserved an additional 5,185,762 shares of our common stock. At December 31, 2021, there were 19,828,070 shares available for grant.

Stock-based compensation expense included in the consolidated statements of operations was as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Cost of revenue	$	4,446	$	3,158	$	2,817
Sales and marketing	29,410		19,842		16,032
Research and development	20,593		14,794		8,911
General and administrative	24,956		21,779		15,683
Total stock-based compensation expense	$	79,405	$	59,573	$	43,443

At December 31, 2021, the unrecognized stock-based compensation expense related to unvested RSUs was $186.3 million, which is expected to be recognized over an estimated weighted average remaining period of 2.8 years.

At December 31, 2021, the unrecognized stock-based compensation expense related to outstanding stock options was $2.5 million, which is expected to be recognized over an estimated remaining weighted average period of 0.5 years.

At December 31, 2021, the unrecognized stock-based compensation expense related to our 2018 ESPP was $8.1 million, which is expected to be recognized over an estimated weighted average period of 0.9 years.

Restricted Stock and RSUs

A summary of our restricted stock and RSU activity is presented below:


	Restricted Stock			RSUs
(in thousands, except for per share data)	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2018	890	$	4.25	1,129	$	18.90
Granted	—	—		2,715	27.81
Vested	(395)	4.25		(479)	18.28
Forfeited	—	—		(471)	25.21
Unvested balance at December 31, 2019	495	4.25		2,894	26.34
Granted	—	—		3,570	28.23
Vested	(396)	4.25		(1,504)	25.37
Forfeited	—	—		(470)	26.68
Unvested balance at December 31, 2020	99	4.25		4,490	28.13
Granted	—	—		3,842	43.57
Vested	(99)	4.25		(1,872)	28.14
Forfeited	—	—		(679)	33.64
Unvested balance at December 31, 2021	—	—		5,781	37.74

RSUs granted under our stock incentive plans generally vest over a period of two to four years. Our outstanding RSUs vest upon the satisfaction of a service-based vesting condition.

Stock Options

A summary of our stock option activity is below:


(in thousands, except for per share data and years)	Number of Shares	Weighted Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2018	19,219	$	7.78	8.0	$	277,114
Granted	—	—
Exercised	(4,205)	4.53			98,378
Forfeited/canceled	(2,075)	10.63
Outstanding at December 31, 2019	12,939	8.38		7.1	201,608
Granted	—	—
Exercised	(2,956)	7.34			73,277
Forfeited/canceled	(542)	10.80
Outstanding at December 31, 2020	9,441	8.56		6.4	412,547
Granted	—	—
Exercised	(2,671)	6.84			111,256
Forfeited/canceled	(39)	14.96
Outstanding at December 31, 2021	6,731	9.21		5.5	308,677
Exercisable at December 31, 2021	5,851	8.30		5.4	273,642

At December 31, 2021, there were 6.7 million stock options outstanding that were vested and expected to vest.

Stock options granted under our stock incentive plans have a maximum term of ten years, generally vest over a period of three to four years, and the exercise price cannot be less than the fair market value on the date of grant.

Estimating the fair value of stock options and ESPP purchase rights using the Black-Scholes option-pricing model requires assumptions as to the fair value of common stock, expected term, expected volatility, the risk-free interest rate and the expected dividend yield.

Fair Value of Common Stock. Following our IPO, we use the market price of our common stock at the date of grant. Prior to our IPO, the lack of an active public market for our common stock required an estimate of the fair value of the common stock for granting stock options and restricted shares, and for determining stock-based compensation expense. Contemporaneous third-party valuations were obtained to assist in determining the fair value of our common stock. The contemporaneous valuations were performed in accordance with applicable methodologies, approaches and assumptions of the technical practice-aid issued by the American Institute of Certified Public Accountants Practice Aid entitled Valuation of Privately-Held Company Equity Securities Issued as Compensation.

Expected Term. This is the period of time that the options granted are expected to remain unexercised. We employ the simplified method to calculate the average expected term.

Expected Volatility. Volatility is a measure of the amount by which a financial variable, such as a share price, has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. In 2021, we began using the volatility of our common stock to calculate expected volatility. Prior to 2021, we identified several public entities of similar size, complexity, and stage of development and estimated our volatility based on the volatility of the common stock of these companies.

Risk-Free Interest Rate. This is the U.S. Treasury rate, having a term that most closely resembles the expected life of the stock option.

Expected Dividend Yield. We have never declared or paid dividends and have no plans to do so in the foreseeable future.

2018 Employee Stock Purchase Plan

In 2018, our board of directors adopted, and our stockholders approved, our 2018 ESPP. Under the evergreen provision, in January 2021 we reserved an additional 1,555,728 shares of our common stock for issuance. At December 31, 2021, there were 6,316,370 shares reserved for issuance under the 2018 ESPP.

Under our 2018 ESPP, employees may set aside up to 15% of their gross earnings, on an after-tax basis, to purchase our common stock at a discounted price, which is calculated at 85% of the lower of the fair market value of our common stock on the first day of an offering or on the date of purchase. The 2018 ESPP permits offerings up to 27 months in duration, with one or more purchase periods in each offering. Additionally, in cases where the fair market value of a share of our common stock on the first day of a new purchase period within an offering is less than or equal to the fair market value of a share of our common stock at the beginning of the offering, that offering will be terminated and participants will be automatically enrolled in a new offering with a new 24-month duration and purchase periods every six months.

In 2021, employees purchased 670,534 shares of our common stock at a weighted average price of $20.48 per share, resulting in $13.7 million of cash proceeds.

In 2020, employees purchased 667,719 shares of our common stock at a weighted average price of $19.53 per share resulting in $13.0 million of cash proceeds.

In 2019, employees purchased 776,809 shares of our common stock at a weighted average price of $19.48 per share resulting in $15.1 million of cash proceeds.

At December 31, 2021 and 2020 there was $6.0 million and $6.5 million, respectively, of employee contributions to the 2018 ESPP included in accrued compensation.

The fair value of the 2018 ESPP purchase rights was estimated on the offering or modification dates using a Black-Scholes option-pricing model and the following assumptions:


	Year Ended December 31,
	2021	2020	2019
Expected term (in years)	0.5 — 2.0	0.5 — 2.0	0.5 — 2.0
Expected volatility	37.2% — 59.4%	41.6% — 60.1%	34.4% — 44.6%
Risk-free interest rate	0.1% — 0.2%	0.1% — 0.9%	1.5% — 2.5%
Expected dividend yield	—	—	—

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and equipment, net

Property and equipment, net consisted of the following:


	December 31,
(in thousands)	2021		2020
Computer software and equipment	$	29,203	$	22,930
Furniture and fixtures	5,944		6,011
Leasehold improvements	26,713		26,210
Right-of-use assets under finance leases	1,343		1,571
Total	63,203		56,722
Less: accumulated depreciation and amortization	(26,370)		(17,802)
Property and equipment, net	$	36,833	$	38,920

Property and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31,
(in thousands)	2021		2020
Computer software and equipment	$	29,203	$	22,930
Furniture and fixtures	5,944		6,011
Leasehold improvements	26,713		26,210
Right-of-use assets under finance leases	1,343		1,571
Total	63,203		56,722
Less: accumulated depreciation and amortization	(26,370)		(17,802)
Property and equipment, net	$	36,833	$	38,920

Depreciation and amortization related to property and equipment was $9.5 million, $8.1 million and $6.3 million in 2021, 2020 and 2019, respectively.

Acquisitions, Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions, Goodwill and Intangible Assets

Business Combinations

In October 2021, we acquired Accurics. Accurics delivers cloud-native security for DevOps and security teams. This acquisition expanded our broader cloud strategy to include the holistic assessment and automated remediation of policy violations and breach paths before the infrastructure is provisioned and throughout its lifecycle. We acquired 100% of the equity in exchange for cash consideration of $160.0 million, net of cash acquired of $9.6 million.

In April 2021, we acquired Alsid, which expanded our product offerings to include active directory security. Active directory is the basis for managing user permissions across on-premises and hybrid cloud deployments and is foundational to the security of cloud workloads, security remote work, and adopting zero trust architectures. Through a share purchase agreement, we acquired 100% of Alsid's equity in exchange for cash consideration of $98.5 million, net of cash acquired of $3.3 million.

Cash consideration, net of cash acquired, was preliminarily allocated as follows:


(in thousands)	Accurics		Alsid
Accounts receivable	$	180	$	4,105
Prepaid expenses and other assets	341		2,304
Intangible assets	33,390		31,400
Goodwill	134,909		72,291
Accounts payable, accrued expenses and accrued compensation	(719)		(3,794)
Deferred revenue	(188)		(3,699)
Deferred tax liabilities, net	(7,937)		(4,118)
Total purchase price allocation	$	159,976	$	98,489

We are still finalizing the allocations of the purchase price, which may change as additional information becomes available related to acquired intangible assets, working capital and income taxes for Accurics and income taxes for Alsid.

Acquired intangible assets and their estimated useful lives at the date of acquisition are as follows:


	Accurics			Alsid
(dollars in thousands)	Cost		Estimated Useful Life	Cost		Estimated Useful Life
Acquired technology	$	33,300	10 years	$	31,300	7 years
Trade name	90		2 years	100		1 year
Acquired intangible assets	$	33,390		$	31,400

The results of operations of Accurics and Alsid are included in our consolidated statements of operations from the acquisition date and were not material. Pro forma results of operations are not presented as they are not material to the consolidated statements of operations.

In 2021 and 2020, we recognized acquisition-related transaction costs, primarily in general and administrative expense, of $6.9 million and $0.3 million, respectively. In 2019, we recognized acquisition-related transaction costs of $4.0 million, including $2.1 million of expense related to the intercompany transfer of intellectual property.

Goodwill and Acquired Intangible Assets

The changes in the carrying amount of goodwill are as follows:


(in thousands)
Balance at December 31, 2020	$	54,414
Acquired goodwill	207,200
Balance at December 31, 2021	$	261,614

The excess purchase consideration over the fair value of acquired assets and liabilities is recorded as goodwill. The acquired goodwill reflects the synergies we expect from marketing and selling these new capabilities from Accurics and Alsid to our customers. The acquired goodwill is not tax deductible.

Acquired intangible assets subject to amortization are as follows:


	December 31, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired technology	$	81,924	$	(10,499)	$	71,425	$	17,325	$	(4,224)	$	13,101
Trade name	390		(279)		111		200		(108)		92
	$	82,314	$	(10,778)	$	71,536	$	17,525	$	(4,332)	$	13,193

Amortization of acquired intangible assets was $6.4 million, $2.3 million, and $0.6 million in 2021, 2020 and 2019, respectively. At December 31, 2021, our acquired intangible assets are expected to be amortized over an estimated weighted average period of 7.7 years.

At December 31, 2021, estimated future amortization of intangible assets is as follows:


(in thousands)
Year ending December 31,
2022	$	9,907
2023	10,049
2024	10,016
2025	10,016
2026	9,831
Thereafter	21,717
Total	$	71,536

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 79,405	$ 59,573	$ 43,443
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	4,446	3,158	2,817
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	29,410	19,842	16,032
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	20,593	14,794	8,911
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 24,956	$ 21,779	$ 15,683

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 278,000	$ 178,223
Short-term investments	234,292	113,623
Accounts receivable (net of allowance for doubtful accounts of $524 and $261 at December 31, 2021 and 2020, respectively)	136,601	115,342
Deferred commissions	40,311	32,143
Prepaid expenses and other current assets	60,234	44,462
Total current assets	749,438	483,793
Property and equipment, net	36,833	38,920
Deferred commissions (net of current portion)	59,638	46,733
Operating lease right-of-use assets	38,530	39,426
Acquired intangible assets, net	71,536	13,193
Goodwill	261,614	54,414
Other assets	31,230	14,110
Total assets	1,248,819	690,589
Current liabilities:
Accounts payable and accrued expenses	16,254	5,731
Accrued compensation	54,051	35,509
Deferred revenue	407,498	328,819
Operating lease liabilities	2,320	3,815
Other current liabilities	3,759	1,028
Total current liabilities	483,882	374,902
Deferred revenue (net of current portion)	123,387	105,691
Term loan, net of issuance costs (net of current portion)	364,728	0
Operating lease liabilities (net of current portion)	55,046	54,529
Other liabilities	6,463	4,802
Total liabilities	1,033,506	539,924
Stockholders’ equity:
Common stock (par value: $0.01; 500,000 shares authorized, 108,929 and 103,715 shares issued and outstanding at December 31, 2021 and 2020, respectively)	1,089	1,037
Additional paid-in capital	869,059	757,470
Accumulated other comprehensive (loss) income	(306)	10
Accumulated deficit	(654,529)	(607,852)
Total stockholders’ equity	215,313	150,665
Total liabilities and stockholders’ equity	$ 1,248,819	$ 690,589

Stock-Based Compensation - Restricted Stock and Restricted Stock Units (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock
Number of Shares
Number of shares unvested, beginning of period (in shares)	99	495	890
Number of shares, granted (in shares)	0	0	0
Number of shares, vested (in shares)	(99)	(396)	(395)
Number of shares, forfeited (in shares)	0	0	0
Number of shares unvested, end of period (in shares)	0	99	495
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning of period (in USD per share)	$ 4.25	$ 4.25	$ 4.25
Weighted average grant date fair value, granted (in USD per share)	0	0	0
Weighted average grant date fair value, vested (in USD per share)	4.25	4.25	4.25
Weighted average grant date fair value, forfeited (in USD per share)	0	0	0
Weighted average grant date fair value, end of period (in USD per share)	$ 0	$ 4.25	$ 4.25
RSUs
Number of Shares
Number of shares unvested, beginning of period (in shares)	4,490	2,894	1,129
Number of shares, granted (in shares)	3,842	3,570	2,715
Number of shares, vested (in shares)	(1,872)	(1,504)	(479)
Number of shares, forfeited (in shares)	(679)	(470)	(471)
Number of shares unvested, end of period (in shares)	5,781	4,490	2,894
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning of period (in USD per share)	$ 28.13	$ 26.34	$ 18.90
Weighted average grant date fair value, granted (in USD per share)	43.57	28.23	27.81
Weighted average grant date fair value, vested (in USD per share)	28.14	25.37	18.28
Weighted average grant date fair value, forfeited (in USD per share)	33.64	26.68	25.21
Weighted average grant date fair value, end of period (in USD per share)	$ 37.74	$ 28.13	$ 26.34

Revenue - Activity of Deferred Contract Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Capitalized Contract Cost [Roll Forward]
Beginning balance	$ 78,876	$ 72,265
Capitalization of contract acquisition costs	58,196	38,756
Amortization of deferred contract acquisition costs	(37,123)	(32,145)
Ending balance	$ 99,949	$ 78,876

Cash Equivalents and Short-Term Investments - Short Term Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
Amortized cost, due within one year	$ 195,579	$ 113,613
Estimated fair value, due within one year	195,453	113,623
Amortized cost, due between one and four years	39,019	0
Estimated fair value, due between one and four years	38,839	0
Amortized Cost	234,598	113,613
Estimated Fair Value	$ 234,292	$ 113,623

Acquisitions, Goodwill and Intangible Assets - Schedule of Finite-lived Intangible Assets Acquired (Accurics and Alsid) (Details) - USD ($) $ in Thousands	1 Months Ended
	Oct. 31, 2021	Apr. 30, 2021
Accurics
Business Acquisition [Line Items]
Cost	$ 33,390
Alsid
Business Acquisition [Line Items]
Cost		$ 31,400
Acquired technology \| Accurics
Business Acquisition [Line Items]
Cost	$ 33,300
Estimated Useful Life	10 years
Acquired technology \| Alsid
Business Acquisition [Line Items]
Cost		$ 31,300
Estimated Useful Life		7 years
Trade name \| Accurics
Business Acquisition [Line Items]
Cost	$ 90
Estimated Useful Life	2 years
Trade name \| Alsid
Business Acquisition [Line Items]
Cost		$ 100
Estimated Useful Life		1 year

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Operating Leased Assets [Line Items]
Renewal term on lease	5 years
Proceeds from tenant incentives		$ 14.2
Minimum
Operating Leased Assets [Line Items]
Remaining terms of leases	1 year
Option to terminate lease	1 year
Maximum
Operating Leased Assets [Line Items]
Remaining terms of leases	10 years
Option to terminate lease	4 years

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 524	$ 261
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	108,929,000	103,715,000
Common stock, shares outstanding (in shares)	108,929,000	103,715,000

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2021	Jul. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Purchase obligation, year 1		$ 43.7
Purchase obligation, year 2		46.8
Purchase obligation, year 3		50.1
Purchase obligation		$ 140.6
Total paid under contract	$ 37.8
Standby letters of credit	$ 5.7

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenue	$ 541,130	$ 440,221	$ 354,586
Cost of revenue	106,396	77,554	60,818
Gross profit	434,734	362,667	293,768
Operating expenses:
Sales and marketing	270,158	224,277	228,035
Research and development	116,432	101,687	87,064
General and administrative	89,912	73,136	69,468
Total operating expenses	476,502	399,100	384,567
Loss from operations	(41,768)	(36,433)	(90,799)
Interest (expense) income, net	(6,896)	1,244	5,830
Other expense, net	(1,965)	(1,885)	(680)
Loss before income taxes	(50,629)	(37,074)	(85,649)
(Benefit) provision for income taxes	(3,952)	5,657	13,364
Net loss	$ (46,677)	$ (42,731)	$ (99,013)
Net loss per share, basic (in usd per share)	$ (0.44)	$ (0.42)	$ (1.03)
Net loss per share, diluted (in usd per share)	$ (0.44)	$ (0.42)	$ (1.03)
Weighted-average shares used to compute net loss per share, basic (in shares)	106,387	101,009	96,014
Weighted-average shares used to compute net loss per share, diluted (in shares)	106,387	101,009	96,014

Net Loss Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share:


	Year Ended December 31,
(in thousands, except per share data)	2021		2020		2019
Net loss	$	(46,677)	$	(42,731)	$	(99,013)

Weighted-average shares used to compute net loss per share, basic and diluted	106,387		101,009		96,014
Net loss per share, basic and diluted	$	(0.44)	$	(0.42)	$	(1.03)

The following potentially dilutive securities have been excluded from the diluted per share calculations because they would have been antidilutive:


	Year Ended December 31,
(in thousands)	2021	2020	2019
Stock options	6,731	9,441	12,939
RSUs	5,781	4,490	2,894
Shares to be issued under the 2018 ESPP	181	321	278
Restricted stock	—	99	495
Total	12,693	14,351	16,606

Business and Summary of Significant Accounting Policies - Goodwill (Details)	12 Months Ended
	Dec. 31, 2021 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reporting units	1

Geographic Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Geographic Information

We operate as one operating segment. Our Chief Executive Officer, who is our chief operating decision maker, reviews financial information on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.

Revenue by region, based on the address of the end user as specified in our subscription, license or service agreements, was as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
The Americas	$	347,724	$	293,734	$	243,616
Europe, Middle East and Africa	135,176		102,155		77,676
Asia Pacific	58,230		44,332		33,294
Revenue	$	541,130	$	440,221	$	354,586

Customers located in the United States accounted for 58%, 61% and 63% of revenue in 2021, 2020 and 2019, respectively. No other country accounted for 10% or more of revenue in the periods presented.

Our property and equipment, net by geographic area is summarized as follows:


	December 31,
(in thousands)	2021		2020
United States	$	33,579	$	35,406
International	3,254		3,514
Property and equipment, net	$	36,833	$	38,920

- 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
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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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
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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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
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss per Share

The following table sets forth the computation of basic and diluted net loss per share:


	Year Ended December 31,
(in thousands, except per share data)	2021		2020		2019
Net loss	$	(46,677)	$	(42,731)	$	(99,013)

Weighted-average shares used to compute net loss per share, basic and diluted	106,387		101,009		96,014
Net loss per share, basic and diluted	$	(0.44)	$	(0.42)	$	(1.03)

Potentially Dilutive Securities

The following potentially dilutive securities have been excluded from the diluted per share calculations because they would have been antidilutive:


	Year Ended December 31,
(in thousands)	2021	2020	2019
Stock options	6,731	9,441	12,939
RSUs	5,781	4,490	2,894
Shares to be issued under the 2018 ESPP	181	321	278
Restricted stock	—	99	495
Total	12,693	14,351	16,606

Business and Summary of Significant Accounting Policies - Investments (Details) - SAFE - USD ($) $ in Millions	Dec. 31, 2021	Nov. 30, 2021
Schedule of Equity Method Investments [Line Items]
Future equity financing	$ 5.0	$ 5.0
Redemption value		$ 5.0

Debt - Maturities of Senior Notes (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
2022	$ 3,750
2023	3,750
2024	3,750
2025	3,750
2026	3,750
Thereafter	356,250
Total	$ 375,000

Stock-Based Compensation - Fair Value of ESPP Purchase Rights (Details) - Employee stock purchase plan	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	37.20%	41.60%	34.40%
Expected volatility, maximum	59.40%	60.10%	44.60%
Risk - free interest rate, minimum	0.10%	0.10%	1.50%
Risk - free interest rate, maximum	0.20%	0.90%	2.50%
Expected dividend yield	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 months	6 months	6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	2 years	2 years	2 years

Business and Summary of Significant Accounting Policies - Common Stock (Details) - shares	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock, authorized (in shares)	500,000,000	500,000,000
Preferred stock, authorized (in shares)	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense, outstanding stock options	$ 2,500
Stock options vested and expected to vest (in shares)	6,700,000
Proceeds from stock issued in connection with the employee stock purchase plan	$ 13,736	$ 13,040	$ 15,129
2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	19,828,070
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated remaining weighted average period	6 months
Stock options, stock incentive plans, maximum term (in years)	10 years
Stock options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, stock incentive plan, vesting period (in years)	3 years
Stock options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, stock incentive plan, vesting period (in years)	4 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense, unvested restricted stock or RSUs	$ 186,300
Estimated remaining weighted average period	2 years 9 months 18 days
RSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, stock incentive plan, vesting period (in years)	2 years
RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, stock incentive plan, vesting period (in years)	4 years
Stock-based awards \| 2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)				5,185,762
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)				1,555,728
Shares available for grant (in shares)	6,316,370
Estimated remaining weighted average period	10 months 24 days
Percentage of employee earnings allowed	15.00%
Discount price percentage	85.00%
Offering period (up to)	27 months
Common stock purchased (in shares)	670,534	667,719	776,809
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased	$ 20.48	$ 19.53	$ 19.48
Employee contributions	$ 6,000	$ 6,500
Unrecognized stock-based compensation expense	$ 8,100

Revenue - Summary of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 541,130	$ 440,221	$ 354,586
Subscription revenue
Disaggregation of Revenue [Line Items]
Revenue	476,023	377,354	290,549
Perpetual license and maintenance revenue
Disaggregation of Revenue [Line Items]
Revenue	50,333	50,594	54,173
Professional services and other revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 14,774	$ 12,273	$ 9,864

- Definition

+ References

+ Details

Benefit Plans	12 Months Ended
Benefit Plans	Dec. 31, 2021
Retirement Benefits [Abstract]
Benefit Plans	Benefit PlansWe maintain a contributory defined contribution 401(k) plan for our U.S. employees, where company-matched contributions are fully vested. Additional contributory plans are in effect internationally, including in the U.K. and Ireland. Our contribution expense for such plans was $7.6 million, $6.5 million and $6.2 million in 2021, 2020 and 2019, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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

Property and Equipment, Net - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Right-of-use assets under finance leases	$ 1,343	$ 1,571
Total	63,203	56,722
Less: accumulated depreciation and amortization	(26,370)	(17,802)
Property and equipment, net	36,833	38,920
Computer software and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	29,203	22,930
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,944	6,011
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 26,713	$ 26,210

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsIn February 2022, we acquired Cymptom, a platform that proactively measures, maps and prioritizes probable attack paths. When added to our products, this acquisition will enable security teams to preemptively focus response ahead of and during breaches. We acquired Cymptom for a total purchase price of approximately $23 million in cash.

Business and Summary of Significant Accounting Policies - Software Development Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capitalized development costs	$ (2.9)	$ (1.6)	$ (4.2)

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

Credit Agreement

In July 2021, we entered into a credit agreement ("Credit Agreement") which is comprised of:

•a $375.0 million senior secured term loan facility ("Term Loan"); and

•a $50.0 million senior secured revolving credit facility ("Revolving Credit Facility").

The table below summarizes the carrying value of the Term Loan:


(in thousands)	December 31, 2021
Term loan	$	375,000
Less: Unamortized debt discount and issuance costs	(7,616)
Term loan, net of issuance costs	367,384
Less: Term loan, net, current (1)	(2,656)
Term loan, net of issuance costs (net of current portion)	$	364,728

_______________

(1) Term loan, net, current is included in other current liabilities on our consolidated balance sheets.

The Term Loan bears interest at a rate of 2.75% per annum over LIBOR, subject to a 0.50% floor. The Term Loan will amortize at 1% per annum in equal quarterly installments, starting in March 2022 until the final maturity date on July 7, 2028.

Our Term Loan is recorded at its carrying value. At December 31, 2021, the carrying value of our Term Loan approximated the fair value of our Term Loan as the terms and interest rate approximate market rates. In the fair value hierarchy, our Term Loan is classified as Level 2 as it is traded in less active markets.

The maturities of the Term Loan at December 31, 2021 were as follows:


(in thousands)
Year ending December 31,
2022	$	3,750
2023	3,750
2024	3,750
2025	3,750
2026	3,750
Thereafter	356,250
Total	$	375,000

We may be subject to mandatory Term Loan prepayments related to the excess cash flow provisions beginning in 2023.

The Revolving Credit Facility bears interest at a rate, depending on first lien net leverage, ranging from 2.00% to 2.50% over LIBOR and matures on July 7, 2026. Additionally, we will pay a commitment fee during the term ranging from 0.25% to 0.375% per annum of the average daily undrawn portion of the revolving commitments based on the first lien net leverage ratio. The Revolving Credit Facility contains a $15.0 million letter of credit sublimit.

The Credit Agreement contains certain customary events of default, which include failure to make payments when due, the material inaccuracy of representations or warranties, failure to observe or perform certain covenants, cross-defaults, bankruptcy and insolvency-related events, certain judgments, certain ERISA-related events, failure of any lien created under the Security Documents (as defined in the Credit Agreement) to be valid and perfected (subject to certain exceptions), failure of any material guarantee of the Loan Document Obligations (as defined in the Credit Agreement) to be in full force and effect and a Change of Control (as defined in the Credit Agreement).

The Credit Agreement is guaranteed by the Company and Tenable Public Sector LLC, a subsidiary of the Company, as guarantors, and is supported by a security interest in substantially all of the assets of Tenable, Inc. and the guarantors.

The Credit Agreement contains certain customary representations and warranties and affirmative and negative covenants, including certain restrictions on incurring additional indebtedness or guaranteeing indebtedness of others, creating liens on properties or assets, making certain investments, loans, advances and guarantees, selling assets, making certain restricted payments and entering into certain sale and leaseback transactions, affiliate transactions, restrictive agreements and asset and stock-based transactions. Additionally, if at least 35% of the Revolving Credit Facility is drawn on the last day of the quarter, the total net leverage ratio cannot be greater than 5.50 to 1.00. At December 31, 2021, we were in compliance with the covenants and there have been no amounts outstanding under the Revolving Credit Facility.

2020 Credit Facility

In connection with the Credit Agreement, we terminated our $45.0 million senior secured credit facility ("2020 Credit Facility") with Silicon Valley Bank, including the release of all related guarantees and liens. Prior to its termination, there were no amounts outstanding under our 2020 Credit Facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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+ Details

Business and Summary of Significant Accounting Policies - Property and Equipment, net (Details)	12 Months Ended
	Dec. 31, 2021
Computer software and equipment
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Components of Leases

The components of lease expense were as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Operating lease cost	$	7,634	$	9,870	$	6,045

Finance lease cost
Amortization of ROU assets	$	7	$	242	$	607
Interest on lease liabilities	5		6		7
Total finance lease cost	$	12	$	248	$	614

Supplemental information related to leases was as follows:


	December 31, 2021	December 31, 2020
Operating leases
Weighted average remaining lease term	9.2 years	10.0 years
Weighted average discount rate	5.5%	5.6%


	Year Ended December 31,
(in thousands)	2021		2020		2019
ROU assets obtained in exchange for lease obligations
Operating leases	$	3,137	$	3,188	$	39,170
Finance leases	—		—		11

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities at December 31, 2021 were as follows:


(in thousands)
Year ending December 31,
2022	$	5,446
2023	8,260
2024	8,396
2025	8,221
2026	7,421
Thereafter	37,423
Total lease payments	75,167
Less: Imputed interest	(17,801)
Total	$	57,366

Acquisitions, Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Business Combination and Asset Acquisition [Abstract]
Balance at December 31, 2020	$ 54,414
Acquired goodwill	207,200
Balance at December 31, 2021	$ 261,614

Business and Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Foreign currency transaction loss	$ (1.9)	$ (1.7)	$ (1.1)

Acquisitions, Goodwill and Intangible Assets - Schedule of Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Business Combination and Asset Acquisition [Abstract]
2022	$ 9,907
2023	10,049
2024	10,016
2025	10,016
2026	9,831
Thereafter	21,717
Net Carrying Amount	$ 71,536	$ 13,193

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

We measure certain financial instruments at fair value using a fair value hierarchy. In the hierarchy, assets are classified based on the lowest level inputs used in valuation into the following categories:

•Level 1 — Quoted prices in active markets for identical assets and liabilities;

•Level 2 — Observable inputs including quoted market prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in inactive markets, or inputs that are corroborated by observable market data; and

•Level 3 — Unobservable inputs.

The following tables summarize assets that are measured at fair value on a recurring basis:


	December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	178,518	$	—	$	—	$	178,518
Total cash equivalents	$	178,518	$	—	$	—	$	178,518

Short-term investments
Commercial paper	$	—	$	134,118	$	—	$	134,118
Corporate bonds	—		27,128		—		27,128
Asset backed securities	—		27,411		—		27,411
Certificates of deposit	—		9,992		—		9,992
Supranational bonds	—		8,599		—		8,599
U.S. Treasury and agency obligations	—		27,044		—		27,044
Total short-term investments	$	—	$	234,292	$	—	$	234,292


	December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	44,153	$	—	$	—	$	44,153
Commercial paper	—		4,500		—		4,500
Total cash equivalents	$	44,153	$	4,500	$	—	$	48,653

Short-term investments
Commercial paper	$	—	$	71,425	$	—	$	71,425
Corporate bonds	—		4,505		—		4,505
U.S. Treasury and agency obligations	—		37,693		—		37,693
Total short-term investments	$	—	$	113,623	$	—	$	113,623

We did not have any liabilities measured and recorded at fair value on a recurring basis at December 31, 2021 and 2020

- 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

Debt - Carrying Value of Senior Notes (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Term loan	$ 375,000
Secured Debt
Debt Instrument [Line Items]
Term loan	375,000
Less: Unamortized debt discount and issuance costs	(7,616)
Term loan, net of issuance costs	367,384
Less: Term loan, net, current	(2,656)
Term loan, net of issuance costs (net of current portion)	$ 364,728

- Definition

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

+ References + Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-based Compensation Expense

Stock-based compensation expense included in the consolidated statements of operations was as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Cost of revenue	$	4,446	$	3,158	$	2,817
Sales and marketing	29,410		19,842		16,032
Research and development	20,593		14,794		8,911
General and administrative	24,956		21,779		15,683
Total stock-based compensation expense	$	79,405	$	59,573	$	43,443

Summary of Restricted Stock and Restricted Stock Units

A summary of our restricted stock and RSU activity is presented below:


	Restricted Stock			RSUs
(in thousands, except for per share data)	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2018	890	$	4.25	1,129	$	18.90
Granted	—	—		2,715	27.81
Vested	(395)	4.25		(479)	18.28
Forfeited	—	—		(471)	25.21
Unvested balance at December 31, 2019	495	4.25		2,894	26.34
Granted	—	—		3,570	28.23
Vested	(396)	4.25		(1,504)	25.37
Forfeited	—	—		(470)	26.68
Unvested balance at December 31, 2020	99	4.25		4,490	28.13
Granted	—	—		3,842	43.57
Vested	(99)	4.25		(1,872)	28.14
Forfeited	—	—		(679)	33.64
Unvested balance at December 31, 2021	—	—		5,781	37.74

Stock Option Activity

A summary of our stock option activity is below:


(in thousands, except for per share data and years)	Number of Shares	Weighted Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2018	19,219	$	7.78	8.0	$	277,114
Granted	—	—
Exercised	(4,205)	4.53			98,378
Forfeited/canceled	(2,075)	10.63
Outstanding at December 31, 2019	12,939	8.38		7.1	201,608
Granted	—	—
Exercised	(2,956)	7.34			73,277
Forfeited/canceled	(542)	10.80
Outstanding at December 31, 2020	9,441	8.56		6.4	412,547
Granted	—	—
Exercised	(2,671)	6.84			111,256
Forfeited/canceled	(39)	14.96
Outstanding at December 31, 2021	6,731	9.21		5.5	308,677
Exercisable at December 31, 2021	5,851	8.30		5.4	273,642

Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The fair value of the 2018 ESPP purchase rights was estimated on the offering or modification dates using a Black-Scholes option-pricing model and the following assumptions:


	Year Ended December 31,
	2021	2020	2019
Expected term (in years)	0.5 — 2.0	0.5 — 2.0	0.5 — 2.0
Expected volatility	37.2% — 59.4%	41.6% — 60.1%	34.4% — 44.6%
Risk-free interest rate	0.1% — 0.2%	0.1% — 0.9%	1.5% — 2.5%
Expected dividend yield	—	—	—

Business and Summary of Significant Accounting Policies - Stock-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2021
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite period	2 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite period	4 years

Geographic Information - Property And Equipment, Net By Geographic Area (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 36,833	$ 38,920
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	33,579	35,406
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 3,254	$ 3,514

Revenue - Remaining Performance Obligations (Details) $ in Millions	Dec. 31, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 559.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected recognized percentage over succeeding 12 months	76.00%
Expected timing of satisfaction	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction	4 years

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 9.5	$ 8.1	$ 6.3

Income Taxes - Differences Between Federal and Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
State and local taxes	2.60%	10.80%	4.80%
Research and development tax credit	4.50%	11.10%	3.10%
Stock-based compensation	49.50%	34.40%	19.00%
Uncertain tax positions	(0.10%)	0.10%	(0.50%)
Foreign tax rate differential	(1.20%)	(10.60%)	(7.90%)
Change in valuation allowance	(55.70%)	(81.20%)	(40.80%)
Gain on intercompany sale	(5.10%)	0.00%	(12.30%)
Foreign withholding tax	(2.00%)	(3.30%)	(1.40%)
Transaction costs	(1.60%)	0.00%	0.00%
Other	(4.10%)	2.40%	(0.60%)
Effective tax rate	7.80%	(15.30%)	(15.60%)

Acquisitions, Goodwill and Intangible Assets - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 82,314	$ 17,525
Accumulated Amortization	(10,778)	(4,332)
Net Carrying Amount	71,536	13,193
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	81,924	17,325
Accumulated Amortization	(10,499)	(4,224)
Net Carrying Amount	71,425	13,101
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	390	200
Accumulated Amortization	(279)	(108)
Net Carrying Amount	$ 111	$ 92

Acquisitions, Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Oct. 31, 2021	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Payments to acquire businesses, net cash acquired			$ 258,465	$ 276	$ 74,911
Acquisition-related transaction costs			6,900	300	4,000
Expense related to the intercompany transfer of intellectual property					2,100
Amortization of intangible assets			$ 6,400	$ 2,300	$ 600
Weighted average period			7 years 8 months 12 days
Accurics
Business Acquisition [Line Items]
Percentage acquired	100.00%
Payments to acquire businesses, net cash acquired	$ 160,000
Cash acquired	$ 9,600
Alsid
Business Acquisition [Line Items]
Percentage acquired		100.00%
Payments to acquire businesses, net cash acquired		$ 98,500
Cash acquired		$ 3,300

Business and Summary of Significant Accounting Policies	12 Months Ended
Business and Summary of Significant Accounting Policies	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Summary of Significant Accounting Policies	Business and Summary of Significant Accounting Policies Business Description Tenable Holdings, Inc. (the “Company,” “we,” "us," or “our”) is a provider of Cyber Exposure solutions, which is a discipline for managing, measuring and comparing cybersecurity risk in the digital era. Our platform offerings provide broad visibility into security issues such as vulnerabilities, misconfigurations, internal and regulatory compliance violations and other indicators of the state of an organization’s security across IT infrastructure and applications, cloud environments, Active Directory and industrial internet of things and operational technology environments. Basis of Presentation The accompanying consolidated financial statements include the accounts of Tenable Holdings, Inc. and our wholly owned subsidiaries and have been prepared in conformity with United States generally accepted accounting principles (“GAAP”). All intercompany accounts and 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 amounts reported in the consolidated financial statements and accompanying notes. These estimates include, but are not limited to, the determination of the estimated economic life of perpetual licenses for revenue recognition, the estimated period of benefit for deferred commissions, the useful lives of long-lived assets, the fair value of acquired intangible assets and deferred revenue, the valuation of stock-based compensation, including the estimated underlying fair value of our common stock prior to our IPO, the incremental borrowing rate for operating leases, and the valuation of deferred tax assets. We base these estimates on historical experience and on various other assumptions that we believe to be reasonable. Actual results could differ significantly from these estimates. Foreign Currency The functional currency for all of our foreign subsidiaries is the U.S. dollar. Assets and liabilities denominated in other currencies are remeasured into U.S. dollars at current exchange rates for monetary assets and liabilities and at historical exchange rates for non-monetary assets and liabilities. We bill our customers in U.S. dollars. Expenses incurred in non U.S. dollar currencies are remeasured into U.S. dollars when incurred. Remeasurement losses in currencies other than the functional currency were $1.9 million, $1.7 million and $1.1 million in 2021, 2020 and 2019, respectively, and are included as a component of other expense, net in the consolidated statements of operations. Revenue Recognition We recognize revenue in order to depict the transfer of promised goods or services to customers in an amount that reflects the consideration we expect to be entitled in exchange for those goods or services. To achieve this, we apply the following steps: •Identify the contract with a customer •Identify the performance obligations in the contract •Determine the transaction price •Allocate the transaction price to the performance obligations in the contract •Recognize revenue when or as performance obligations are satisfied In situations where we enter into a contractual arrangement that includes non-standard terms and conditions, such as acceptance provisions or options to purchase additional products and services, as well as contract modifications, we apply judgment in identifying and assessing the impact on revenue recognition. We generate revenue from subscription arrangements for software and cloud-based solutions, perpetual licenses, maintenance associated with perpetual licenses, and professional services and other revenue. We begin to recognize revenue when control of our software or services is transferred to the customer, which for sales made through distributors is concurrent with the transfer to the end user. Subscription Revenue Subscription arrangements generally have annual or multi-year contractual terms and allow customers to use our software or cloud solutions. For our software subscriptions that are dependent on ongoing software updates and the ability to identify the latest cybersecurity vulnerabilities, revenue is recognized ratably over the subscription term given the critical utility provided by the ongoing updates that are released throughout the contract period. When the critical utility of our software does not depend on ongoing updates, we recognize revenue attributable to the license at the time of delivery and the revenue attributable to the maintenance and support ratably over the contract period. Perpetual License and Maintenance Revenue Our perpetual licenses are generally sold with one or more years of maintenance, which include ongoing software updates and the ongoing ability to identify the latest cybersecurity vulnerabilities. Given the critical utility provided by the ongoing software updates and updated ability to identify network vulnerabilities included in maintenance, we combine the perpetual license and the maintenance into a single performance obligation. Perpetual license arrangements generally contain a material right related to the customer’s ability to renew maintenance at a price that is less than the initial license fee. We apply a practical alternative to allocating a portion of the transaction price to the material right performance obligation and estimate a hypothetical transaction price which includes fees for expected maintenance renewals based on the estimated economic life of the perpetual license contracts. We allocate the transaction price between the cybersecurity subscription provided in the initial contract and the material right related to expected contract renewals based on the hypothetical transaction price. We recognize the amount allocated to the combined license and maintenance performance obligation over the initial contractual period, which is generally one year. We recognize the amount allocated to the material right over the expected maintenance renewal period, which begins at the end of the initial contractual term and is generally four years. We have estimated the five-year economic life of perpetual license contracts based on historical contract attrition, expected renewal periods, the lifecycle of the our technology and other factors. While we believe that the estimates we have made are reasonable and appropriate, different assumptions and estimates could materially impact our reported financial results. Professional Services and Other Revenue Professional services and other revenue is primarily comprised of advisory services and training related to the deployment and optimization of our products. These services do not result in significant customization of our products. Professional services and other revenue is recognized as the services are performed. Contracts with Multiple Performance Obligations In cases where our contracts with customers contain multiple performance obligations, the contract transaction price is allocated on a relative standalone selling price basis. We typically determine standalone selling price based on observable selling prices of our products and services. Variable Consideration We record revenue from sales at the net sales price, which is the transaction price, including estimates of variable consideration when applicable. Certain of our customers may be entitled to receive credits and in limited circumstances, refunds, if service level commitments are not met. We have not historically experienced significant incidents affecting the ability to meet these service level commitments and any estimated refunds related to these agreements have not been material. Sales through our channel network of distributors and resellers are generally discounted as compared to the price that we would sell to an end user. Revenue for sales through our channel network is recorded net of any distributor or reseller margin. Cash and Cash Equivalents We consider all highly liquid financial instruments with an original maturity of three months or less when purchased to be cash equivalents. At December 31, 2021, cash and cash equivalents included $5.8 million of restricted cash primarily related to collateral for our outstanding letters of credit. At December 31, 2020, cash and cash equivalents included $0.4 million of restricted cash primarily related to collateral for a lease and credit card deposits. At December 31, 2021 and 2020, cash and cash equivalents excluded $0.3 million and $0.2 million, respectively, of restricted cash, which is related to an account established as collateral for a lease arrangement and is included in other assets on the consolidated balance sheets. Fair Value of Financial Instruments Fair value is defined as the price that would be received from selling an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. We apply fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. We measure cash and cash equivalents and short-term investments at fair value using a fair value hierarchy of inputs. We approximate fair value by using the carrying amounts for accounts receivable, accounts payable and accrued expenses due to their short-term nature. Investments We currently invest in asset backed securities, certificates of deposit, commercial paper, corporate and supranational bonds, and U.S. treasury and agency obligations. Our investments are classified as available-for-sale and recorded at fair value, with unrealized gains and losses reported in accumulated other comprehensive (loss) income within stockholders’ equity. We classify investments with original maturities of less than 90 days as cash and cash equivalents. Investments with original maturities greater than 90 days, including those we do not currently intend on selling within the next twelve months, are classified as short-term investments as they are available for use in our operations. We evaluate potential impairments of available-for-sale debt securities due to credit-related and non-credit-related factors, including market risk, and if it is more-likely-than-not that we would have to sell the security before the recovery of the amortized cost basis. Identified credit-related impairments would be recognized as a charge in the statement of operations. In November 2021, we entered into a simple agreement for future equity ("SAFE") agreement for $5.0 million in exchange for a right to participate in a future equity financing. Alternatively, upon a change in control or an initial public offering, we have the option to redeem the SAFE for $5.0 million, or convert the SAFE into shares of common stock. The number of shares of common stock would be determined by dividing the SAFE purchase amount by the liquidity price in the SAFE agreement. The $5.0 million value of the SAFE is included in other assets on our consolidated balance sheet at December 31, 2021. Accounts Receivable Accounts receivable are recorded at the invoiced amount, less an allowance for doubtful accounts, and do not bear interest. We maintain an allowance for doubtful accounts at an amount estimated to be sufficient to cover the risk of collecting less than full payment of the receivables. At each balance sheet date, we evaluate our receivables and assess the allowance for doubtful accounts based on specific customer collection issues and historical write-off trends. Our allowance for doubtful accounts reflects our best estimate of expected future credit losses. We consider various factors that may impact our ability to collect on accounts receivable, including our historical collection experience, age of accounts receivable balances, current conditions, reasonable and supportable forecasts of future economic conditions, as well as other factors, however, these estimates may change and future credit losses may differ from our estimates. Expected credit losses from accounts receivable are recognized as expense in our statement of operations. Deferred Commissions Sales commissions, including related fringe benefit costs, are considered to be incremental costs of obtaining a contract. Sales commissions on initial sales are not commensurate with sales commissions on contract renewals and therefore are recognized over an estimated period of benefit, which ranges between three and four years for subscription arrangements and five years for perpetual license arrangements. We estimated the period of benefit based on the expected contract term including renewal periods, the lifecycle of our technology, and other factors. Sales commissions on contract renewals are capitalized and amortized ratably over the contract term as part of sales and marketing expense, with the exception of contracts with renewal periods that are one year or less, in which case the incremental costs are expensed as incurred. Property and Equipment, net Property and equipment, net is stated at historical cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets: three years for computer software and equipment and five years for furniture and fixtures. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful lives of the assets or the terms of the respective leases. Property and equipment, net includes right-of-use assets acquired under finance leases. Amortization of assets acquired under finance leases is included in depreciation expense. Repairs and maintenance costs are expensed as incurred. Leases We determine if an arrangement contains a lease and the classification of that lease, if applicable, at inception. We have elected to not recognize a lease liability or right-of-use ("ROU") asset for short-term leases (leases with a term of twelve months or less). For contracts with lease and non-lease components, we have elected to not allocate the contract consideration, and account for the lease and non-lease components as a single lease component. Additionally, we enter into arrangements to use shared office spaces and other facilities, and have determined that these arrangements do not contain leases as we do not have the right to use an identified asset. Operating leases are included in operating lease ROU assets, operating lease liabilities and operating lease liabilities (net of current portion) in our consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities and other liabilities in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The implicit rate within our operating leases are generally not determinable and we use our incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment. We determine our incremental borrowing rate for each lease using our current borrowing rate, adjusted for various factors including level of collateralization, term and currency to align with the terms of the lease. The operating lease ROU asset also includes any lease prepayments, offset by lease incentives. Certain of our leases include options to extend or terminate the lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain we will exercise that option. An option to terminate is considered unless it is reasonably certain we will not exercise the option. Lease expense for lease payments is recognized on a straight-line basis over the term of the lease. Impairment of Long-Lived Assets We evaluate our long-lived assets for impairment whenever events or changes in circumstance indicate that the carrying amount may not be fully recoverable. Recoverability of the long-lived assets is measured by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured as the excess of the carrying amount over the fair value. There was no impairment of long-lived assets in 2021, 2020 or 2019. Business Combinations We account for business combinations by recognizing the fair value of acquired assets and liabilities. The excess purchase consideration over the fair value of acquired assets and liabilities is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, a non-recurring Level 3 fair value measurement, we make estimates and assumptions, especially with respect to intangible assets such as identified acquired technology and trade names. We determine the fair value of acquired technology using the multi-period excess earnings method, a form of the income approach. Estimates in valuing identifiable intangible assets include, but are not limited to, projected revenue growth rates, future expected operating expenses, obsolescence projections and an appropriate discount rate. Our estimate of fair value is based upon assumptions we believe to be reasonable, but which are inherently uncertain and, as a result, actual results may differ from estimates. During the measurement period, we may make adjustments to the fair value of assets acquired and liabilities assumed, with offsetting adjustments to goodwill. Any adjustments made after the measurement period will be reflected in the consolidated statements of operations. Acquisition-related transaction costs are expensed as incurred. Goodwill The excess of the purchase consideration over the fair value of acquired assets and liabilities is recorded as goodwill. We perform our annual impairment assessment on October 1, or more frequently, when events or circumstances indicate impairment may have occurred. We operate as one reporting unit and have elected to first assess qualitative factors to determine whether it is more likely than not that the fair value of the Company as a whole is less than its carrying amount, including goodwill. The qualitative assessment includes an evaluation of relevant events and circumstances, including macroeconomic, industry and market conditions, our overall financial performance, and trends in the value of our common stock. During the periods presented, there were no indications of impairment and it was not more likely than not that goodwill was impaired. Common Stock Our Amended and Restated Certificate of Incorporation authorized 500,000,000 shares of common stock and 10,000,000 shares of preferred stock. There were no shares of preferred stock issued or outstanding at December 31, 2021 or 2020. The voting, dividend, and liquidation rights of common stockholders are subject to, and qualified by, the rights of preferred stockholders. The common stockholders are entitled to receive dividends when, as and if, declared by the Board of Directors, subject to preferential dividend rights of preferred stockholders. Upon dissolution or liquidation, our common stockholders will be entitled to receive all assets available for distribution to stockholders, subject to any preferential rights of preferred stockholders. Advertising Advertising costs are expensed as they are incurred. We incurred advertising costs of $13.6 million, $8.2 million and $5.3 million in 2021, 2020 and 2019, respectively, which are included in sales and marketing expense in the consolidated statements of operations. Software Development Costs Research and development costs to develop software to be sold, leased or marketed are expensed as incurred up to the point of technological feasibility for the related software product. We have not capitalized development costs for software to be sold, leased or marketed to date, as the software development process is essentially completed concurrent with the establishment of technological feasibility. As such, these costs are expensed as incurred and recognized in research and development costs in the consolidated statements of operations. Software developed for internal use, with no substantive plans to market such software at the time of development, are capitalized and included in property and equipment, net in the consolidated balance sheets. Costs incurred during the preliminary planning and evaluation and post implementation stages of the project are expensed as incurred. Costs incurred during the application development stage of the project are capitalized. In 2021, 2020 and 2019, we capitalized $2.9 million, $1.6 million and $4.2 million, respectively, of development costs related to internal use software. Stock-Based Compensation Stock-based compensation expense related to restricted stock units ("RSUs"), purchase rights issued under our 2018 Employee Stock Purchase Plan ("2018 ESPP"), stock options and restricted stock is calculated based on the fair value of the awards granted and is recognized on a straight-line basis over the requisite service period, which is generally two to four years. RSUs that include performance-based vesting conditions are expensed using the accelerated attribution method. We account for forfeitures as they occur. The fair value of RSUs is based on the market price of our common stock on the date of grant. The fair value of stock options and 2018 ESPP purchase rights is estimated on the grant date using the Black-Scholes option pricing model, which requires us to make assumptions and judgments, including the expected term, expected volatility, and risk-free interest rates. Following our IPO, we use the market price of our common stock at the date of grant. Prior to our IPO, we estimated the fair value of our common stock at the date of grant. Net Loss per Share We calculate basic net loss per share by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by giving effect to all potentially dilutive common stock equivalents in the period, including unvested RSUs, stock options, unvested restricted shares and shares to be issued under our 2018 ESPP. As we have reported losses for all periods presented, all potentially dilutive securities have been excluded from the calculation of diluted net loss per share as their effect would be antidilutive. Segment Information We operate as one operating segment as our chief executive officer, who is our chief operating decision maker, reviews financial information on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. Income Taxes Income taxes are accounted for under the asset and liability method. This method requires recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities, net operating loss carryforwards, and tax credit carryforwards. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax assets will not be realized. We recognize tax benefits from an uncertain tax position if it is more likely than not to be sustained upon audit by the relevant taxing authority. Interest and penalties associated with such uncertain tax positions are classified as a component of income tax expense. Recently Adopted Accounting Pronouncements We adopted Accounting Standards Update ("ASU") No. 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, effective January 1, 2021. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements. This ASU eliminated previously allowed exceptions and clarified existing guidance in the accounting for income taxes, including in the areas of franchise taxes, the tax basis of goodwill and interim period effects of changes in tax laws. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU No. 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional expedients and exceptions to contract modification guidance to ease the financial reporting burden of the transition from the London Interbank Offered Rate ("LIBOR") to alternative reference rates. The ASU was effective beginning on March 12, 2020 and can be adopted prospectively through December 31, 2022. We are currently evaluating the impact of this accounting standard on our consolidated financial statements. In October 2021, the FASB issued ASU No. 2021-08 - Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU requires companies to measure contract assets and contract liabilities from contracts acquired in a business combination in accordance with Accounting Standards Codification Topic 606 on the acquisition date. We early adopted the ASU as of January 1, 2022 and will apply it prospectively to future acquisitions. The impact of this accounting standard will depend on the contract assets and liabilities acquired in future business combinations.

Leases - Operating Lease Liability Maturities (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 5,446
2023	8,260
2024	8,396
2025	8,221
2026	7,421
Thereafter	37,423
Total lease payments	75,167
Less: Imputed interest	(17,801)
Total	$ 57,366

Subsequent Events (Details) $ in Millions	1 Months Ended
Subsequent Events (Details) $ in Millions	Feb. 25, 2022 USD ($)
Subsequent event \| Cymptom
Subsequent Event [Line Items]
Business combination, consideration transferred	$ 23

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Tax expense from intercompany transfer		$ 6,413	$ 5,476	$ 9,245
Deferred taxes from intercompany transfer		(2,625)	0	4,243
Current tax expense		6,516	5,496	9,121
Tax credits carryforwards		17,900
Unrecognized tax benefits		7,575	7,123	7,163	$ 4,814
Effective tax rate impact		100	$ 100
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		398,500
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		226,100
Foreign
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		289,900
Federal and State \| Accurics
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 7,900
ISRAEL
Operating Loss Carryforwards [Line Items]
Tax expense from intercompany transfer				6,300
Deferred taxes from intercompany transfer				$ 4,200
Current tax expense		$ 2,800

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments In July 2021, we entered into a contract with Amazon Web Services, Inc. ("AWS") for cloud services from August 2021 through July 2024. Under the terms of the contract, we committed to spend $43.7 million, $46.8 million and $50.1 million in contract years one, two and three, respectively, for a total of $140.6 million. If we do not meet the minimum purchase obligation during any of those years, we will be required to pay the difference. At December 31, 2021, we have spent $37.8 million under our contract with AWS. Letters of Credit At December 31, 2021, we had $5.7 million of standby letters of credit related to our grant agreements with the State of Maryland and our operating leases. Collateral for our letters of credit was classified as restricted cash in cash and cash equivalents.

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 178,518	$ 48,653
Short-term investments	234,292	113,623
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	178,518	44,153
Short-term investments	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	4,500
Short-term investments	234,292	113,623
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Short-term investments	0	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		4,500
Short-term investments	134,118	71,425
Commercial paper \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	134,118	71,425
Commercial paper \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	27,128	4,505
Corporate bonds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Corporate bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	27,128	4,505
Corporate bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Asset backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	27,411
Asset backed securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Asset backed securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	27,411
Asset backed securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	9,992
Certificates of deposit \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Certificates of deposit \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	9,992
Certificates of deposit \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	8,599
Supranational bonds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Supranational bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	8,599
Supranational bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	27,044	37,693
U.S. Treasury and agency obligations \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
U.S. Treasury and agency obligations \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	27,044	37,693
U.S. Treasury and agency obligations \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	178,518	44,153
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	178,518	44,153
Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		4,500
Commercial paper \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		4,500
Commercial paper \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		$ 0