0001660280-22-000069 | 10-Q | XBRL Viewer

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Acquisition, Goodwill and Intangible Assets - Goodwill Rollforward (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2021	$ 261,614
Acquired goodwill	18,960
Balance at March 31, 2022	$ 280,574

Business and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidations	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”) for interim financial information. All intercompany accounts and transactions have been eliminated in consolidation.
Basis of Accounting	The consolidated statements are unaudited and should be read in conjunction with the consolidated financial statements and related notes included in our 2021 Annual Report on Form 10-K ("10-K") filed with the Securities and Exchange Commission on February 25, 2022. The consolidated financial statements have been prepared on a basis consistent with the audited annual consolidated financial statements included in the 10-K and, in the opinion of management, include all adjustments of a normal recurring nature necessary to fairly state our financial position, our results of operations, and cash flows.
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, the valuation of stock-based compensation, 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.
Recently Issued Accounting Pronouncements	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.

Cash Equivalents and Short-Term Investments - Contractual Maturities on Short-Term Investments (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Cash and Cash Equivalents [Abstract]
Amortized cost, due within on year	$ 214,808
Estimated fair value, due within one year	213,966
Amortized cost, due between one and two years	25,200
Estimated fair value, due between one and two years	24,679
Amortized Cost	240,008
Estimated Fair Value	$ 238,645

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock issued in connection with the employee stock purchase plan	$ 8,882	$ 8,046
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	7,700,000
Estimated remaining weighted average period	10 months 24 days
Unrecognized stock-based compensation expense	$ 10,100
Common stock purchased (in shares)	255,697
Share price (in usd per share)	$ 34.73
Employee contributions	$ 2,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense, unvested RSUs or PSUs	$ 311,100
Estimated remaining weighted average period	3 years 2 months 12 days
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated remaining weighted average period	2 months 12 days
Unrecognized stock-based compensation expense, outstanding stock options	$ 1,000
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense, unvested RSUs or PSUs	$ 9,100
Estimated remaining weighted average period	3 years 10 months 24 days
Vesting period	4 years
2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	22,000,000

Revenue - Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue recognized that was included in deferred revenue	$ 142.7	$ 114.9

Acquisition, Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2022	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Business combination, net of cash acquired		$ 22,960	$ 0
Business combination, acquisition related costs		1,300	2,200
Amortization of acquired intangible assets		$ 2,400	$ 600
Estimated useful life		7 years 4 months 24 days
Cymptom
Business Acquisition [Line Items]
Percentage of voting interests acquired	100.00%
Business combination, net of cash acquired	$ 23,000

Debt

3 Months Ended

Mar. 31, 2022

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)	March 31, 2022
Term loan	$	374,063
Less: Unamortized debt discount and issuance costs	(7,349)
Term loan, net of issuance costs	366,714
Less: Term loan, net, current (1)	(2,651)
Term loan, net of issuance costs (net of current portion)	$	364,063

_______________

(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 is being amortized at 1% per annum in equal quarterly installments until the final payment of $350.6 million on the July 7, 2028 maturity date.

Our Term Loan is recorded at its carrying value. At March 31, 2022, 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 March 31, 2022 were as follows:


(in thousands)
Year ending December 31,
2022(1)	$	2,813
2023	3,750
2024	3,750
2025	3,750
2026	3,750
Thereafter	356,250
Total	$	374,063

_______________

(1) Represents the nine months ending December 31, 2022.

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. At March 31, 2022, we were in compliance with the covenants under the Credit Agreement and there were no amounts outstanding under the Revolving 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.

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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In the three months ended March 31, 2022, the provision for income taxes included $1.7 million of income taxes in foreign jurisdictions in which we conduct business, $0.8 million of current expense from the restructuring of our research and development operations in Israel, partially offset by $0.4 million of deferred tax benefits related to the Alsid acquisition. Additionally, the provision for income taxes included $0.7 million of discrete expense items, primarily withholding taxes on sales to customers. The provision for the three months ended March 31, 2021 included $1.1 million income taxes in foreign jurisdictions in which we conduct business and $2.8 million of current expense from the restructuring of our research and development operations in Israel, which were partially offset by $1.2 million of discrete benefits related to a Supreme Court decision in India on the taxability of software license payments to nonresidents and the associated withholding taxes and $1.4 million of other discrete benefits. Additionally, the provision for income taxes included $0.5 million of discrete expense items, primarily withholding taxes on sales to customers.

- 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.

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+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

At March 31, 2022, there were 22.0 million shares available for grant under our 2018 Equity Incentive Plan.

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


	Three Months Ended March 31,
(in thousands)	2022		2021
Cost of revenue	$	1,513	$	937
Sales and marketing	10,065		6,296
Research and development	6,463		4,156
General and administrative	7,357		5,563
Total stock-based compensation expense	$	25,398	$	16,952

At March 31, 2022, the unrecognized stock-based compensation expense related to unvested restricted stock units ("RSUs") was $311.1 million, which is expected to be recognized over an estimated remaining weighted average period of 3.2 years.

At March 31, 2022, the unrecognized stock-based compensation expense related to unvested performance stock units ("PSUs") was $9.1 million, which is expected to be recognized over an estimated remaining weighted average period of 3.9 years.

At March 31, 2022, the unrecognized stock-based compensation expense related to outstanding stock options was $1.0 million, which is expected to be recognized over an estimated remaining weighted average period of 0.2 years.

At March 31, 2022, the unrecognized stock-based compensation expense related to our 2018 ESPP was $10.1 million, which is expected to be recognized over an estimated weighted average period of 0.9 years.

RSUs and PSUs

A summary of our RSU and PSU activity is presented below:


	RSUs			PSUs
(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, 2021	5,781	$	37.74	—	$	—
Granted	3,470	45.68		209	44.97
Vested	(809)	37.98		—	—
Forfeited	(312)	37.04		—	—
Unvested balance at March 31, 2022	8,130	41.13		209	44.97

Our PSUs vest over a period of four years and are subject to defined performance and service conditions. The grant date fair value is based on the estimated fair value of our common stock on the date of grant. Our PSUs are expensed over the service period using the accelerated attribution method.

Stock Options

A summary of our stock option activity is presented below:


(in thousands, except for exercise prices and years)	Number of Shares	Weighted Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2021	6,731	$	9.21	5.5	$	308,677
Granted	—	—
Exercised	(293)	8.82			12,947
Forfeited/canceled	(57)	16.13
Outstanding at March 31, 2022	6,381	9.17		5.1	310,264
Exercisable at March 31, 2022	5,964	8.69		5.0	292,848

2018 Employee Stock Purchase Plan

At March 31, 2022, there were 7.7 million shares reserved for issuance under our 2018 Employee Stock Purchase Plan ("2018 ESPP").

In the three months ended March 31, 2022, employees purchased 255,697 shares of our common stock at a weighted average price of $34.73 per share, resulting in $8.9 million of cash proceeds.

At March 31, 2022, there was $2.0 million 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:


	Three Months Ended March 31,
	2022	2021
Expected term (in years)	0.5 — 2.0	0.5 — 2.0
Expected volatility	42.8% — 51.7%	52.0% — 59.4%
Risk-free interest rate	0.1%	0.1%
Expected dividend yield	—	—

Revenue - Concentrations (Details)	3 Months Ended		12 Months Ended
Revenue - Concentrations (Details)	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
One distributor \| Revenue \| Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	37.00%	41.00%
One distributor \| Accounts receivable \| Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	34.00%		32.00%
Channel network \| Revenue \| Sales method risk
Concentration Risk [Line Items]
Concentration risk, percentage	92.00%

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property and equipment, net

Property and equipment, net consisted of the following:


(in thousands)	March 31, 2022		December 31, 2021
Computer software and equipment	$	34,120	$	29,203
Furniture and fixtures	5,851		5,944
Leasehold improvements	26,926		26,713
Right-of-use assets under finance leases	1,343		1,343
Total	68,240		63,203
Less: accumulated depreciation and amortization	(28,642)		(26,370)
Property and equipment, net	$	39,598	$	36,833

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 25,398	$ 16,952
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	1,513	937
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	10,065	6,296
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	6,463	4,156
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 7,357	$ 5,563

Geographic Information - Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 159,368	$ 123,189
The Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	99,500	80,595
Europe, Middle East and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	43,139	29,266
Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 16,729	$ 13,328

- 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.

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+ Details

Geographic Information (Tables)

3 Months Ended

Mar. 31, 2022

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:


	Three Months Ended March 31,
(in thousands)	2022		2021
The Americas	$	99,500	$	80,595
Europe, Middle East and Africa	43,139		29,266
Asia Pacific	16,729		13,328
Revenue	$	159,368	$	123,189

Property and equipment, net by geographic area

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


(in thousands)	March 31, 2022		December 31, 2021
United States	$	35,958	$	33,579
International	3,640		3,254
Property and equipment, net	$	39,598	$	36,833

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 423	$ 524
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000	500,000
Common stock, shares issued (in shares)	110,287	108,929
Common stock, shares outstanding (in shares)	110,287	108,929

Net Loss Per Share - Schedule of Potentially Dilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	14,558	14,588
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	8,130	5,716
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	6,381	8,814
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)	47	58

Acquisition, Goodwill and Intangible Assets - Schedule of Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2022	$ 7,993
2023	10,637
2024	10,603
2025	10,603
2026	10,419
Thereafter	22,966
Total	$ 73,221	$ 71,536

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Beginning Balance (in shares) at Dec. 31, 2020		103,715
Beginning 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)		607
Exercise of stock options	4,015	$ 6	4,009
Vesting of restricted stock units (in shares)		792
Vesting of restricted stock units	0	$ 8	(8)
Issuance of common stock under employee stock purchase plan (in shares)		399
Issuance of common stock under employee stock purchase plan	8,046	$ 4	8,042
Stock-based compensation	16,963		16,963
Other comprehensive loss	(2)			(2)
Net loss	(7,748)				(7,748)
Ending Balance (in shares) at Mar. 31, 2021		105,513
Ending Balance at Mar. 31, 2021	$ 171,939	$ 1,055	786,476	8	(615,600)
Beginning Balance (in shares) at Dec. 31, 2021	108,929	108,929
Beginning Balance at Dec. 31, 2021	$ 215,313	$ 1,089	869,059	(306)	(654,529)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Exercise of stock options (in shares)	293	293
Exercise of stock options	$ 2,587	$ 3	2,584
Vesting of restricted stock units (in shares)		809
Vesting of restricted stock units	0	$ 8	(8)
Issuance of common stock under employee stock purchase plan (in shares)		256
Issuance of common stock under employee stock purchase plan	8,882	$ 3	8,879
Stock-based compensation	25,749		25,749
Other comprehensive loss	(1,057)			(1,057)
Net loss	$ (24,506)				(24,506)
Ending Balance (in shares) at Mar. 31, 2022	110,287	110,287
Ending Balance at Mar. 31, 2022	$ 226,968	$ 1,103	$ 906,263	$ (1,363)	$ (679,035)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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:


	March 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	156,230	$	—	$	—	$	156,230

Total cash equivalents	$	156,230	$	—	$	—	$	156,230

Short-term investments

Commercial paper	$	—	$	111,224	$	—	$	111,224
Corporate bonds	—		37,087		—		37,087
Asset backed securities	—		26,168		—		26,168
Certificates of deposit	—		19,963		—		19,963
Supranational bonds	—		8,492		—		8,492
U.S. Treasury and agency obligations	—		35,711		—		35,711
Total short-term investments	$	—	$	238,645	$	—	$	238,645


	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

- Definition

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

+ References + Details

Acquisition, Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of recognized identified assets acquired and liabilities assumed

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


(in thousands)


Intangible assets	$	4,113
Goodwill	18,960


Other liabilities, net	(113)
Total purchase price	$	22,960

Schedule of acquired finite-lived intangible assets by major class

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


	Intangible Assets
(dollars in thousands)	Cost		Estimated Useful Life
Acquired technology	$	4,113	7 years

Acquired intangible assets	$	4,113

Schedule of goodwill

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


(in thousands)
Balance at December 31, 2021	$	261,614
Acquired goodwill	18,960
Balance at March 31, 2022	$	280,574

Schedule of finite-lived intangible assets

Acquired intangible assets subject to amortization are as follows:


	March 31, 2022						December 31, 2021
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired technology	$	86,037	$	(12,890)	$	73,147	$	81,924	$	(10,499)	$	71,425
Trade name	390		(316)		74		390		(279)		111
	$	86,427	$	(13,206)	$	73,221	$	82,314	$	(10,778)	$	71,536

Schedule of finite-lived intangible assets, future amortization expense

At March 31, 2022, estimated future amortization of acquired intangible assets is as follows:


(in thousands)
Year ending December 31,
2022(1)	$	7,993
2023	10,637
2024	10,603
2025	10,603
2026	10,419
Thereafter	22,966
Total	$	73,221

_______________

(1) Represents the nine months ending December 31, 2022.

Acquisition, Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Acquisition, Goodwill and Intangible Assets

Business Combination

In February 2022, we acquired Cymptom, a platform that proactively measures, maps and prioritizes probable attack paths, and enables security teams to preemptively focus response ahead of and during breaches. Through a share purchase agreement, we acquired 100% of Cymptom's equity in exchange for cash consideration, net of cash acquired, for $23.0 million.

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


(in thousands)


Intangible assets	$	4,113
Goodwill	18,960


Other liabilities, net	(113)
Total purchase price	$	22,960

We are still finalizing the allocation of the purchase price, which may change as additional information becomes available related to acquired intangible assets and income taxes.

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


	Intangible Assets
(dollars in thousands)	Cost		Estimated Useful Life
Acquired technology	$	4,113	7 years

Acquired intangible assets	$	4,113

The results of operations of Cymptom 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 general and administrative expense, we recognized $1.3 million and $2.2 million of acquisition-related transaction costs in the three months ended March 31, 2022 and 2021, respectively.

Goodwill and Acquired Intangible Assets

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


(in thousands)
Balance at December 31, 2021	$	261,614
Acquired goodwill	18,960
Balance at March 31, 2022	$	280,574

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 new capabilities from Cymptom to our customers. The acquired goodwill is not tax deductible.

Acquired intangible assets subject to amortization are as follows:


	March 31, 2022						December 31, 2021
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired technology	$	86,037	$	(12,890)	$	73,147	$	81,924	$	(10,499)	$	71,425
Trade name	390		(316)		74		390		(279)		111
	$	86,427	$	(13,206)	$	73,221	$	82,314	$	(10,778)	$	71,536

Amortization of acquired intangible assets was $2.4 million and $0.6 million in the three months ended March 31, 2022 and 2021, respectively. At March 31, 2022, our acquired intangible assets are expected to be amortized over an estimated weighted average period of 7.4 years.

At March 31, 2022, estimated future amortization of acquired intangible assets is as follows:


(in thousands)
Year ending December 31,
2022(1)	$	7,993
2023	10,637
2024	10,603
2025	10,603
2026	10,419
Thereafter	22,966
Total	$	73,221

_______________

(1) Represents the nine months ending December 31, 2022.

Acquisition, Goodwill and Intangible Assets - Schedule of Assets Acquired and Liabilities Assumed from Acquisition (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Feb. 28, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 280,574		$ 261,614
Cymptom
Business Acquisition [Line Items]
Intangible assets		$ 4,113
Goodwill		18,960
Other liabilities, net		113
Total purchase price		$ 22,960

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 287,455	$ 278,000
Short-term investments	238,645	234,292
Accounts receivable (net of allowance for doubtful accounts of $423 and $524 at March 31, 2022 and December 31, 2021, respectively)	96,381	136,601
Deferred commissions	40,335	40,311
Prepaid expenses and other current assets	59,415	60,234
Total current assets	722,231	749,438
Property and equipment, net	39,598	36,833
Deferred commissions (net of current portion)	58,928	59,638
Operating lease right-of-use assets	37,521	38,530
Acquired intangible assets, net	73,221	71,536
Goodwill	280,574	261,614
Other assets	25,802	31,230
Total assets	1,237,875	1,248,819
Current liabilities:
Accounts payable and accrued expenses	17,057	16,254
Accrued compensation	35,236	54,051
Deferred revenue	404,786	407,498
Operating lease liabilities	3,564	2,320
Other current liabilities	3,162	3,759
Total current liabilities	463,805	483,882
Deferred revenue (net of current portion)	122,722	123,387
Term loan, net of issuance costs (net of current portion)	364,063	364,728
Operating lease liabilities (net of current portion)	53,685	55,046
Other liabilities	6,632	6,463
Total liabilities	1,010,907	1,033,506
Stockholders’ equity:
Common stock (par value: $0.01; 500,000 shares authorized; 110,287 and 108,929 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively)	1,103	1,089
Additional paid-in capital	906,263	869,059
Accumulated other comprehensive loss	(1,363)	(306)
Accumulated deficit	(679,035)	(654,529)
Total stockholders’ equity	226,968	215,313
Total liabilities and stockholders’ equity	$ 1,237,875	$ 1,248,819

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss	$ (24,506)	$ (7,748)
Weighted-average shares used to compute net loss per share, basic (in shares)	109,524	104,531
Weighted-average shares used to compute net loss per share, diluted (in shares)	109,524	104,531
Net loss per share, basic (in usd per share)	$ (0.22)	$ (0.07)
Net loss per share, diluted (in usd per share)	$ (0.22)	$ (0.07)

- 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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+ Details

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2022

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:


	Three Months Ended March 31,
(in thousands, except per share data)	2022		2021
Net loss	$	(24,506)	$	(7,748)

Weighted-average shares used to compute net loss per share, basic and diluted	109,524		104,531
Net loss per share, basic and diluted	$	(0.22)	$	(0.07)

Potentially dilutive securities

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


	March 31,
(in thousands)	2022	2021
RSUs	8,130	5,716
Stock options	6,381	8,814
Shares to be issued under the 2018 ESPP	47	58

Total	14,558	14,588

Debt - Carrying Value of Senior Notes (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Debt Instrument [Line Items]
Term loan	$ 374,063
Secured Debt
Debt Instrument [Line Items]
Term loan	374,063
Less: Unamortized debt discount and issuance costs	(7,349)
Term loan, net of issuance costs	366,714
Less: Term loan, net, current	(2,651)
Term loan, net of issuance costs (net of current portion)	$ 364,063

- 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

Geographic Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Geographic Information

Geographic InformationWe 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:


	Three Months Ended March 31,
(in thousands)	2022		2021
The Americas	$	99,500	$	80,595
Europe, Middle East and Africa	43,139		29,266
Asia Pacific	16,729		13,328
Revenue	$	159,368	$	123,189

Customers located in the United States accounted for 56% and 59% of revenue in the three months ended March 31, 2022 and 2021, 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:


(in thousands)	March 31, 2022		December 31, 2021
United States	$	35,958	$	33,579
International	3,640		3,254
Property and equipment, net	$	39,598	$	36,833

- 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

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+ Details

Cash Equivalents and Short-Term Investments

3 Months Ended

Mar. 31, 2022

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:


	March 31, 2022
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents
Money market funds	$	156,230	$	—	$	—	$	156,230

Total cash equivalents	$	156,230	$	—	$	—	$	156,230

Short-term investments

Commercial paper	$	111,521	$	—	$	(297)	$	111,224
Corporate bonds	37,339		—		(252)		37,087
Asset backed securities	26,358		—		(190)		26,168
Certificates of deposit	20,000		—		(37)		19,963
Supranational bonds	8,599		—		(107)		8,492
U.S. Treasury and agency obligations	36,191		—		(480)		35,711
Total short-term investments	$	240,008	$	—	$	(1,363)	$	238,645


	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

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 securities before the recovery of the amortized cost basis. At March 31, 2022, our unrealized losses were due to rising market interest rates compared to when the investments were initiated. We do not believe any unrealized losses represent credit losses, and it is unlikely we would sell the investments before we would recover their amortized cost basis.

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


	March 31, 2022
(in thousands)	Amortized Cost		Estimated Fair Value
Due within one year	$	214,808	$	213,966
Due between one and two years	25,200		24,679
Total short-term investments	$	240,008	$	238,645

At March 31, 2022 and December 31, 2021, cash and cash equivalents included $5.8 million of restricted cash primarily related to collateral for our outstanding letters of credit and excluded $0.3 million of restricted cash related to an account established as collateral for a lease arrangement, which is included in other assets on the consolidated balance sheets.

Cash Equivalents and Short-Term Investments - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Collateral For Letters of Credit
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 5.8	$ 5.8
Collateral for Lease Arrangement
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 0.3	$ 0.3

Property and Equipment, Net

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following:


(in thousands)	March 31, 2022		December 31, 2021
Computer software and equipment	$	34,120	$	29,203
Furniture and fixtures	5,851		5,944
Leasehold improvements	26,926		26,713
Right-of-use assets under finance leases	1,343		1,343
Total	68,240		63,203
Less: accumulated depreciation and amortization	(28,642)		(26,370)
Property and equipment, net	$	39,598	$	36,833

Depreciation and amortization related to property and equipment was $2.5 million and $2.2 million in the three months ended March 31, 2022 and 2021, respectively.

Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Number of Shares
Number of shares outstanding, beginning of period (in shares)	6,731
Number of shares, granted (in shares)	0
Number of shares, exercised (in shares)	(293)
Number of shares, forfeited/canceled (in shares)	(57)
Number of shares outstanding, end of period (in shares)	6,381	6,731
Number of shares exercisable (in shares)	5,964
Weighted Average Exercise Price
Weighted average exercise price, outstanding, beginning of period (in usd per share)	$ 9.21
Weighted average exercise price, granted (in usd per share)	0
Weighted average exercise price, exercised (in usd per share)	8.82
Weighted average exercise price, forfeited/canceled (in usd per share)	16.13
Weighted average exercise price, outstanding, end of period (in usd per share)	9.17	$ 9.21
Weighted average exercise price, exercisable (in usd per share)	$ 8.69
Weighted Average Remaining Contractual Term/ Aggregate Intrinsic Value
Weighted average remaining contractual term (in years), outstanding	5 years 1 month 6 days	5 years 6 months
Weighted average remaining contractual term (in years), exercisable	5 years
Aggregate intrinsic value, outstanding	$ 310,264	$ 308,677
Aggregate intrinsic value, exercised	12,947
Aggregate intrinsic value, exercisable	$ 292,848

Acquisition, Goodwill and Intangible Assets - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 86,427	$ 82,314
Accumulated Amortization	(13,206)	(10,778)
Total	73,221	71,536
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	86,037	81,924
Accumulated Amortization	(12,890)	(10,499)
Total	73,147	71,425
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	390	390
Accumulated Amortization	(316)	(279)
Total	$ 74	$ 111

Revenue (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Summary of revenue

The following table presents a summary of revenue:


	Three Months Ended March 31,
(in thousands)	2022		2021
Subscription revenue	$	142,687	$	107,402
Perpetual license and maintenance revenue	12,873		12,405
Professional services and other revenue	3,808		3,382
Revenue	$	159,368	$	123,189

Activity of deferred contract costs

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


	Three Months Ended March 31,
(in thousands)	2022		2021
Beginning balance	$	99,949	$	78,876
Capitalization of contract acquisition costs	10,330		7,224
Amortization of deferred contract acquisition costs	(11,016)		(8,800)
Ending balance	$	99,263	$	77,300

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (24,506)	$ (7,748)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	4,896	2,816
Stock-based compensation	25,398	16,952
Other	1,323	313
Changes in operating assets and liabilities:
Accounts receivable	40,341	32,455
Prepaid expenses and other assets	8,463	5,427
Accounts payable, accrued expenses and accrued compensation	(18,745)	(6,003)
Deferred revenue	(3,543)	(5,648)
Other current and noncurrent liabilities	(765)	61
Net cash provided by operating activities	32,862	38,625
Cash flows from investing activities:
Purchases of property and equipment	(4,811)	(1,061)
Purchases of short-term investments	(60,850)	(29,361)
Sales and maturities of short-term investments	55,135	31,000
Business combination, net of cash acquired	(22,960)	0
Net cash (used in) provided by investing activities	(33,486)	578
Cash flows from financing activities:
Payments on term loan	(938)	0
Proceeds from stock issued in connection with the employee stock purchase plan	8,882	8,046
Proceeds from the exercise of stock options	2,587	4,015
Other financing activities	(3)	(3)
Net cash provided by financing activities	10,528	12,058
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(449)	(1,068)
Net increase in cash and cash equivalents and restricted cash	9,455	50,193
Cash and cash equivalents and restricted cash at beginning of period	278,271	178,463
Cash and cash equivalents and restricted cash at end of period	287,726	228,656
Supplemental disclosure of cash flow information:
Cash paid for interest	4,051	71
Cash paid for income taxes, net of refunds	4,320	3,470
Supplemental cash flow information related to leases:
Cash payments for operating leases	$ 750	$ 1,518

Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

We have operating leases for office facilities and finance leases for office equipment. The components of lease expense were as follows:


	Three Months Ended March 31,
(in thousands)	2022		2021
Operating lease cost	$	1,817	$	1,869

Rent expense for short-term leases and finance lease costs in the three months ended March 31, 2022 and 2021 were not material.

Supplemental information related to leases was as follows:


	March 31, 2022	December 31, 2021
Operating leases
Weighted average remaining lease term	9.1 years	9.2 years
Weighted average discount rate	5.5%	5.5%

In the three months ended March 31, 2022 and 2021, we did not obtain any right-of-use assets in exchange for lease liabilities.

Maturities of operating lease liabilities at March 31, 2022 were as follows:


(in thousands)
Year ending December 31,
2022(1)	$	4,655
2023	8,214
2024	8,349
2025	8,189
2026	7,410
Thereafter	37,421
Total lease payments	74,238
Less: Imputed interest	(16,989)

Total	$	57,249

_______________

(1) Represents the nine months ending December 31, 2022.

Leases - Supplemental Information Related to Leases (Details)	Mar. 31, 2022	Dec. 31, 2021
Operating leases
Weighted average remaining lease term	9 years 1 month 6 days	9 years 2 months 12 days
Weighted average discount rate	5.50%	5.50%

Debt - Maturities of Senior Notes (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2022	$ 2,813
2023	3,750
2024	3,750
2025	3,750
2026	3,750
Thereafter	356,250
Total	$ 374,063

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2022
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. 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. As of March 31, 2022, we have met our commitment for the first year of our contract with AWS. Letters of Credit At March 31, 2022, 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.

Geographic Information - Property and Equipment, Net by Geographic Area (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 39,598	$ 36,833
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	35,958	33,579
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 3,640	$ 3,254

Fair Value Measurements

3 Months Ended

Mar. 31, 2022

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:


	March 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	156,230	$	—	$	—	$	156,230

Total cash equivalents	$	156,230	$	—	$	—	$	156,230

Short-term investments

Commercial paper	$	—	$	111,224	$	—	$	111,224
Corporate bonds	—		37,087		—		37,087
Asset backed securities	—		26,168		—		26,168
Certificates of deposit	—		19,963		—		19,963
Supranational bonds	—		8,492		—		8,492
U.S. Treasury and agency obligations	—		35,711		—		35,711
Total short-term investments	$	—	$	238,645	$	—	$	238,645


	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

We did not have any liabilities measured and recorded at fair value on a recurring basis at March 31, 2022 and December 31, 2021.

- 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

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease cost	$ 1,817	$ 1,869

Acquisition, Goodwill and Intangible Assets - Schedule of Acquired Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2022	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired, cost	$ 4,113
Intangible assets acquired, estimated useful life		7 years 4 months 24 days
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired, cost	$ 4,113
Intangible assets acquired, estimated useful life	7 years

Cash Equivalents and Short-Term Investments (Tables)

3 Months Ended

Mar. 31, 2022

Cash and Cash Equivalents [Abstract]

Summary of amortized cost, unrealized gain and loss and estimated fair value

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


	March 31, 2022
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents
Money market funds	$	156,230	$	—	$	—	$	156,230

Total cash equivalents	$	156,230	$	—	$	—	$	156,230

Short-term investments

Commercial paper	$	111,521	$	—	$	(297)	$	111,224
Corporate bonds	37,339		—		(252)		37,087
Asset backed securities	26,358		—		(190)		26,168
Certificates of deposit	20,000		—		(37)		19,963
Supranational bonds	8,599		—		(107)		8,492
U.S. Treasury and agency obligations	36,191		—		(480)		35,711
Total short-term investments	$	240,008	$	—	$	(1,363)	$	238,645


	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

Investments classified by contractual maturity date

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


	March 31, 2022
(in thousands)	Amortized Cost		Estimated Fair Value
Due within one year	$	214,808	$	213,966
Due between one and two years	25,200		24,679
Total short-term investments	$	240,008	$	238,645

Commitments and Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2022	Jul. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Purchase obligation, to be paid, year one		$ 43.7
Purchase obligation, to be paid, year two		46.8
Purchase obligation, to be paid, year three		50.1
Purchase obligation		$ 140.6
Standby letters of credit	$ 5.7

Subsequent Events (Details) $ in Millions	3 Months Ended
Subsequent Events (Details) $ in Millions	Jun. 30, 2022 USD ($)
Subsequent Event \| Bit Discovery, Inc. \| Forecast
Subsequent Event [Line Items]
Business Combination, Consideration Transferred	$ 44.5

Net Loss Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

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


	Three Months Ended March 31,
(in thousands, except per share data)	2022		2021
Net loss	$	(24,506)	$	(7,748)

Weighted-average shares used to compute net loss per share, basic and diluted	109,524		104,531
Net loss per share, basic and diluted	$	(0.22)	$	(0.07)

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


	March 31,
(in thousands)	2022	2021
RSUs	8,130	5,716
Stock options	6,381	8,814
Shares to be issued under the 2018 ESPP	47	58

Total	14,558	14,588

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-based compensation expense

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


	Three Months Ended March 31,
(in thousands)	2022		2021
Cost of revenue	$	1,513	$	937
Sales and marketing	10,065		6,296
Research and development	6,463		4,156
General and administrative	7,357		5,563
Total stock-based compensation expense	$	25,398	$	16,952

Summary of RSUs and PSUs

A summary of our RSU and PSU activity is presented below:


	RSUs			PSUs
(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, 2021	5,781	$	37.74	—	$	—
Granted	3,470	45.68		209	44.97
Vested	(809)	37.98		—	—
Forfeited	(312)	37.04		—	—
Unvested balance at March 31, 2022	8,130	41.13		209	44.97

Stock option activity

A summary of our stock option activity is presented below:


(in thousands, except for exercise prices and years)	Number of Shares	Weighted Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2021	6,731	$	9.21	5.5	$	308,677
Granted	—	—
Exercised	(293)	8.82			12,947
Forfeited/canceled	(57)	16.13
Outstanding at March 31, 2022	6,381	9.17		5.1	310,264
Exercisable at March 31, 2022	5,964	8.69		5.0	292,848

ESPP 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:


	Three Months Ended March 31,
	2022	2021
Expected term (in years)	0.5 — 2.0	0.5 — 2.0
Expected volatility	42.8% — 51.7%	52.0% — 59.4%
Risk-free interest rate	0.1%	0.1%
Expected dividend yield	—	—

Leases - Narrative (Details) - USD ($)	3 Months Ended
Leases - Narrative (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
ROU assets obtained in exchanged for finance lease liability	$ 0	$ 0
ROU assets obtained in exchanged for operating lease liability	$ 0	$ 0

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Income Tax Examination [Line Items]
Foreign tax expense	$ 1.7	$ 1.1
Discrete expenses	0.7	0.5
Discrete benefits		1.4
Alsid SAS
Income Tax Examination [Line Items]
Deferred tax benefit	0.4
Israel
Income Tax Examination [Line Items]
Income tax expense, research and development	$ 0.8	2.8
India
Income Tax Examination [Line Items]
Discrete benefits		$ 1.2

Debt- Narrative (Details) - USD ($)	1 Months Ended
Debt- Narrative (Details) - USD ($)	Jul. 31, 2021	Mar. 31, 2022
Secured Debt
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 375,000,000
Annual amortization amount, percent	1.00%
Final payment to be paid at maturity	$ 350,600,000
Secured Debt \| LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.75%
Debt instrument, basis spread on variable rate, variable rate floor	0.50%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 50,000,000
Revolving Credit Facility \| LIBOR \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.00%
Revolving Credit Facility \| LIBOR \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.50%
Revolving Credit Facility \| Credit Agreement
Line of Credit Facility [Line Items]
Line of credit, amount outstanding		$ 0
Revolving Credit Facility \| Credit Agreement \| Minimum
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage	0.25%
Revolving Credit Facility \| Credit Agreement \| Maximum
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage	0.375%
Letter of Credit
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 15,000,000

Revenue

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

The following table presents a summary of revenue:


	Three Months Ended March 31,
(in thousands)	2022		2021
Subscription revenue	$	142,687	$	107,402
Perpetual license and maintenance revenue	12,873		12,405
Professional services and other revenue	3,808		3,382
Revenue	$	159,368	$	123,189

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% of revenue through our channel network in the three months ended March 31, 2022 and 2021. One of our distributors accounted for 37% and 41% of revenue in the three months ended March 31, 2022 and 2021, respectively. That same distributor accounted for 34% and 32% of accounts receivable at March 31, 2022 and December 31, 2021, 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 the three months ended March 31, 2022 and 2021, we recognized revenue of $142.7 million and $114.9 million, respectively, that was included in the deferred revenue balance at the beginning of each of the respective periods.

Remaining Performance Obligations

At March 31, 2022, the future estimated revenue related to unsatisfied performance obligations was $555.7 million, of which approximately 76% is expected to be recognized as revenue over the succeeding twelve months, and the remainder is expected to be recognized over the four years thereafter.

Deferred Commissions

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


	Three Months Ended March 31,
(in thousands)	2022		2021
Beginning balance	$	99,949	$	78,876
Capitalization of contract acquisition costs	10,330		7,224
Amortization of deferred contract acquisition costs	(11,016)		(8,800)
Ending balance	$	99,263	$	77,300

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 159,368	$ 123,189
Cost of revenue	34,930	22,073
Gross profit	124,438	101,116
Operating expenses:
Sales and marketing	81,570	58,635
Research and development	34,290	26,838
General and administrative	26,126	21,445
Total operating expenses	141,986	106,918
Loss from operations	(17,548)	(5,802)
Interest expense, net	(3,326)	(28)
Other expense, net	(944)	(66)
Loss before income taxes	(21,818)	(5,896)
Provision for income taxes	2,688	1,852
Net loss	$ (24,506)	$ (7,748)
Net loss per share, basic (in usd per share)	$ (0.22)	$ (0.07)
Net loss per share, diluted (in usd per share)	$ (0.22)	$ (0.07)
Weighted-average shares used to compute net loss per share, basic (in shares)	109,524	104,531
Weighted-average shares used to compute net loss per share, diluted (in shares)	109,524	104,531

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsIn April 2022, we entered into a definitive agreement to acquire Bit Discovery, Inc. ("Bit Discovery"), a leader in external attack surface management (EASM). Adding Bit Discovery's EASM capabilities to our solutions will provide customers with a comprehensive view of their attack surface and help identify and eliminate areas of risk. We agreed to acquire Bit Discovery for $44.5 million in cash, subject to customary purchase price adjustments, and expect the acquisition close later in the second quarter of 2022.

Revenue - Summary of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 159,368	$ 123,189
Subscription revenue
Disaggregation of Revenue [Line Items]
Revenue	142,687	107,402
Perpetual license and maintenance revenue
Disaggregation of Revenue [Line Items]
Revenue	12,873	12,405
Professional services and other revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 3,808	$ 3,382

- Definition

+ References

+ Details

Revenue - Activity of Deferred Contract Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Capitalized Contract Cost [Roll Forward]
Beginning balance	$ 99,949	$ 78,876
Capitalization of contract acquisition costs	10,330	7,224
Amortization of deferred contract acquisition costs	(11,016)	(8,800)
Ending balance	$ 99,263	$ 77,300

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Right-of-use assets under finance leases	$ 1,343		$ 1,343
Total	68,240		63,203
Less: accumulated depreciation and amortization	28,642		26,370
Property and equipment, net	39,598		36,833
Depreciation and amortization	2,500	$ 2,200
Computer software and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	34,120		29,203
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	5,851		5,944
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 26,926		$ 26,713

Leases - Operating Lease Liability Maturities (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Leases [Abstract]
2022	$ 4,655
2023	8,214
2024	8,349
2025	8,189
2026	7,410
Thereafter	37,421
Total lease payments	74,238
Less: Imputed interest	(16,989)
Total	$ 57,249

Geographic Information - Narrative (Details) - segment	3 Months Ended
Geographic Information - Narrative (Details) - segment	Mar. 31, 2022	Mar. 31, 2021
Concentration Risk [Line Items]
Number of operating segments	1
United States \| Revenue \| Geographic concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	56.00%	59.00%

Cash Equivalents and Short-Term Investments - Summary of Amortized Cost, Unrealized Gain and Loss and Estimated Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Amortized Cost	$ 240,008	$ 234,598
Unrealized Gain	0	0
Unrealized Loss	(1,363)	(306)
Estimated Fair Value	238,645	234,292
Commercial paper
Cash and Cash Equivalents [Line Items]
Amortized Cost	111,521	134,165
Unrealized Gain	0	0
Unrealized Loss	(297)	(47)
Estimated Fair Value	111,224	134,118
Corporate bonds
Cash and Cash Equivalents [Line Items]
Amortized Cost	37,339	27,169
Unrealized Gain	0	0
Unrealized Loss	(252)	(41)
Estimated Fair Value	37,087	27,128
Asset backed securities
Cash and Cash Equivalents [Line Items]
Amortized Cost	26,358	27,464
Unrealized Gain	0	0
Unrealized Loss	(190)	(53)
Estimated Fair Value	26,168	27,411
Certificates of deposit
Cash and Cash Equivalents [Line Items]
Amortized Cost	20,000	10,000
Unrealized Gain	0	0
Unrealized Loss	(37)	(8)
Estimated Fair Value	19,963	9,992
Supranational bonds
Cash and Cash Equivalents [Line Items]
Amortized Cost	8,599	8,632
Unrealized Gain	0	0
Unrealized Loss	(107)	(33)
Estimated Fair Value	8,492	8,599
U.S. Treasury and agency obligations
Cash and Cash Equivalents [Line Items]
Amortized Cost	36,191	27,168
Unrealized Gain	0	0
Unrealized Loss	(480)	(124)
Estimated Fair Value	35,711	27,044
Total cash equivalents
Cash and Cash Equivalents [Line Items]
Cash equivalents	156,230	178,518
Unrealized Gain	0	0
Unrealized Loss	0	0
Money market funds
Cash and Cash Equivalents [Line Items]
Cash equivalents	156,230	178,518
Unrealized Gain	0	0
Unrealized Loss	$ 0	$ 0

Business and Summary of Significant Accounting Policies	3 Months Ended
Business and Summary of Significant Accounting Policies	Mar. 31, 2022
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”) for interim financial information. All intercompany accounts and transactions have been eliminated in consolidation. The consolidated statements are unaudited and should be read in conjunction with the consolidated financial statements and related notes included in our 2021 Annual Report on Form 10-K ("10-K") filed with the Securities and Exchange Commission on February 25, 2022. The consolidated financial statements have been prepared on a basis consistent with the audited annual consolidated financial statements included in the 10-K and, in the opinion of management, include all adjustments of a normal recurring nature necessary to fairly state our financial position, our results of operations, and cash flows. The results for the three months ended March 31, 2022 are not necessarily indicative of the operating results expected for the year ending December 31, 2022 or any other future period. 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, the valuation of stock-based compensation, 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. Significant Accounting Policies Our significant accounting policies are described in our 10-K. During the three months ended March 31, 2022, there were no material changes to our significant accounting policies from those described in our 10-K. 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.

Stock-Based Compensation - RSUs and PSUs (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2022 $ / shares shares
RSUs
Number of Shares
Number of shares unvested, beginning of period (in shares) \| shares	5,781
Number of shares, granted (in shares) \| shares	3,470
Number of shares, vested (in shares) \| shares	(809)
Number of shares, forfeited (in shares) \| shares	(312)
Number of shares unvested, end of period (in shares) \| shares	8,130
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning of period (in usd per share) \| $ / shares	$ 37.74
Weighted average grant date fair value, granted (in usd per share) \| $ / shares	45.68
Weighted average grant date fair value, vested (in usd per share) \| $ / shares	37.98
Weighted average grant date fair value, forfeited (in usd per share) \| $ / shares	37.04
Weighted average grant date fair value, end of period (in usd per share) \| $ / shares	$ 41.13
PSUs
Number of Shares
Number of shares unvested, beginning of period (in shares) \| shares	0
Number of shares, granted (in shares) \| shares	209
Number of shares, vested (in shares) \| shares	0
Number of shares, forfeited (in shares) \| shares	0
Number of shares unvested, end of period (in shares) \| shares	209
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning of period (in usd per share) \| $ / shares	$ 0
Weighted average grant date fair value, granted (in usd per share) \| $ / shares	44.97
Weighted average grant date fair value, vested (in usd per share) \| $ / shares	0
Weighted average grant date fair value, forfeited (in usd per share) \| $ / shares	0
Weighted average grant date fair value, end of period (in usd per share) \| $ / shares	$ 44.97

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (24,506)	$ (7,748)
Other comprehensive loss, net of tax:
Unrealized losses on available-for-sale securities	(1,057)	(2)
Other comprehensive loss	(1,057)	(2)
Comprehensive loss	$ (25,563)	$ (7,750)

- Definition

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

+ References

+ Details

Revenue - Remaining Performance Obligations (Details) $ in Millions	Mar. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Future estimated revenue	$ 555.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
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]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction	4 years

Stock-Based Compensation - Fair Value Assumptions (Details) - Employee stock purchase plan	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	42.80%	52.00%
Expected volatility, maximum	51.70%	59.40%
Risk-free interest rate	0.10%	0.10%
Expected dividend yield	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 months	6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	2 years	2 years

Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of the carrying value of the term loan

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


(in thousands)	March 31, 2022
Term loan	$	374,063
Less: Unamortized debt discount and issuance costs	(7,349)
Term loan, net of issuance costs	366,714
Less: Term loan, net, current (1)	(2,651)
Term loan, net of issuance costs (net of current portion)	$	364,063

_______________

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

Schedule of maturities of the term loan

The maturities of the Term Loan at March 31, 2022 were as follows:


(in thousands)
Year ending December 31,
2022(1)	$	2,813
2023	3,750
2024	3,750
2025	3,750
2026	3,750
Thereafter	356,250
Total	$	374,063

_______________

(1) Represents the nine months ending December 31, 2022.

Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Components of lease expense and supplemental information

The components of lease expense were as follows:


	Three Months Ended March 31,
(in thousands)	2022		2021
Operating lease cost	$	1,817	$	1,869

Supplemental information related to leases was as follows:


	March 31, 2022	December 31, 2021
Operating leases
Weighted average remaining lease term	9.1 years	9.2 years
Weighted average discount rate	5.5%	5.5%

Schedule of maturities of operating lease liabilities

Maturities of operating lease liabilities at March 31, 2022 were as follows:


(in thousands)
Year ending December 31,
2022(1)	$	4,655
2023	8,214
2024	8,349
2025	8,189
2026	7,410
Thereafter	37,421
Total lease payments	74,238
Less: Imputed interest	(16,989)

Total	$	57,249

_______________

(1) Represents the nine months ending December 31, 2022.

Fair Value Measurements - Schedule of Assets Measured on a Fair Value Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 238,645	$ 234,292
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	111,224	134,118
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	37,087	27,128
Asset backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	26,168	27,411
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	19,963	9,992
Supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	8,492	8,599
U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	35,711	27,044
Total cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	156,230	178,518
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	156,230	178,518
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 1 \| Asset backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 1 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 1 \| Supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 1 \| U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 1 \| Total cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	156,230	178,518
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	156,230	178,518
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	238,645	234,292
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	111,224	134,118
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	37,087	27,128
Level 2 \| Asset backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	26,168	27,411
Level 2 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	19,963	9,992
Level 2 \| Supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	8,492	8,599
Level 2 \| U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	35,711	27,044
Level 2 \| Total cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 3 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 3 \| Asset backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 3 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 3 \| Supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 3 \| U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 3 \| Total cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0	$ 0