JFROG LTD, 10-Q filed on 5/4/2023
Quarterly Report
v3.23.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2023
Apr. 28, 2023
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2023  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q1  
Entity Registrant Name JFrog Ltd.  
Entity Central Index Key 0001800667  
Securities Act File Number 001-39492  
Entity Tax Identification Number 98-0680649  
Document Quarterly Report true  
Document Transition Report false  
Entity Incorporation, State or Country Code L3  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Interactive Data Current Yes  
Entity Current Reporting Status Yes  
Entity Address, Address Line One 270 E. Caribbean Drive  
Entity Address, City or Town Sunnyvale  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94089  
City Area Code (408)  
Local Phone Number 329-1540  
Entity Shell Company false  
Entity Small Business false  
Entity Emerging Growth Company false  
Title of 12(b) Security Ordinary Shares, NIS 0.01 par value  
Trading Symbol FROG  
Security Exchange Name NASDAQ  
Entity Common Stock, Shares Outstanding   101,884,043
v3.23.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 40,346 $ 45,595
Short-term investments 406,818 397,605
Accounts receivable, net 63,184 62,117
Deferred contract acquisition costs 8,568 8,102
Prepaid expenses and other current assets 20,944 18,603
Total current assets 539,860 532,022
Property and equipment, net 7,482 8,021
Deferred contract acquisition costs, noncurrent 13,828 13,501
Operating lease right-of-use assets 25,447 24,602
Intangible assets, net 34,581 37,544
Goodwill 247,955 247,955
Other assets, noncurrent 9,585 7,576
Total assets 878,738 871,221
Current liabilities:    
Accounts payable 14,089 14,867
Accrued expenses and other current liabilities 29,199 28,848
Operating lease liabilities 7,453 7,132
Deferred revenue 162,921 158,725
Total current liabilities 213,662 209,572
Deferred revenue, noncurrent 15,506 16,990
Operating lease liabilities, noncurrent 17,355 16,829
Other liabilities, noncurrent 3,285 3,057
Total liabilities 249,808 246,448
Commitments and contingencies (Note 10)
Shareholders' equity:    
Preferred shares, NIS 0.01 par value per share; 50,000,000 shares authorized; 0 issued and outstanding as of March 31, 2023 and December 31, 2022 0 0
Ordinary shares, NIS 0.01 par value per share, 500,000,000 shares authorized; 101,838,543 and 100,907,857 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively 286 283
Additional paid-in capital 881,002 856,438
Accumulated other comprehensive loss (2,373) (2,772)
Accumulated deficit (249,985) (229,176)
Total shareholders' equity 628,930 624,773
Total liabilities and shareholders' equity $ 878,738 $ 871,221
v3.23.1
Condensed Consolidated Balance Sheets (Parenthetical) - ₪ / shares
Mar. 31, 2023
Dec. 31, 2022
Preferred stock par value ₪ 0.01 ₪ 0.01
Preferred stock authorized 50,000,000 50,000,000
Preferred stock issued 0 0
Preferred stock Outstanding 0 0
Common stock par value ₪ 0.01 ₪ 0.01
Common stock Authorized 500,000,000 500,000,000
Common stock issued 101,838,543 100,907,857
Common stock Outstanding 101,838,543 100,907,857
v3.23.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Revenue:    
Total subscription revenue $ 79,820 $ 63,696
Cost of revenue:    
Total cost of revenue—subscription 18,421 13,863
Gross profit 61,399 49,833
Operating expenses:    
Research and development 34,886 27,101
Sales and marketing 35,486 29,180
General and administrative 14,240 12,691
Total operating expenses 84,612 68,972
Operating loss (23,213) (19,139)
Interest and other income, net 3,992 273
Loss before income taxes (19,221) (18,866)
Income tax expense 1,588 838
Net loss $ (20,809) $ (19,704)
Net loss per share, basic $ (0.21) $ (0.20)
Net loss per share, diluted $ (0.21) $ (0.20)
Weighted-average shares used in computing net loss per share, basic 101,260,549 97,883,814
Weighted-average shares used in computing net loss per share, diluted 101,260,549 97,883,814
Subscription—self-managed and SaaS    
Revenue:    
Total subscription revenue $ 74,543 $ 59,069
Cost of revenue:    
Total cost of revenue—subscription 18,203 13,643
License—self-managed    
Revenue:    
Total subscription revenue 5,277 4,627
Cost of revenue:    
Total cost of revenue—subscription $ 218 $ 220
v3.23.1
Condensed Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Statement of Comprehensive Income [Abstract]    
Net loss $ (20,809) $ (19,704)
Other comprehensive income (loss), net of tax:    
Unrealized gains (losses) on available-for-sale marketable securities, net 572 (717)
Unrealized losses on derivative instruments, net (173) (764)
Other comprehensive income (loss) 399 (1,481)
Comprehensive loss $ (20,410) $ (21,185)
v3.23.1
Condensed Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands
Total
Ordinary Shares
Additional Paid-in Capital
Accumulated Other Comprehensive Income (loss)
Accumulated Deficit
Balance (in shares) at Dec. 31, 2021   97,312,040      
Balance at Dec. 31, 2021 $ 638,581 $ 272 $ 776,690 $ 611 $ (138,992)
Issuance of ordinary shares upon exercise of share options (in shares)   1,017,669      
Issuance of ordinary shares upon exercise of share options 1,795 $ 3 1,792    
Issuance of ordinary shares upon release of restricted share units (in shares)   109,416      
Issuance of ordinary shares under the employee share purchase plan (shares)   154,550      
Issuance of ordinary shares under the employee share purchase plan 3,253 $ 1 3,252    
Issuance of ordinary shares related to business combination (in shares)   48,183      
Share-based compensation expense 14,074   14,074    
Other comprehensive income (loss), net of tax (1,481)     (1,481)  
Net loss (19,704)       (19,704)
Balance (in shares) at Mar. 31, 2022   98,641,858      
Balance at Mar. 31, 2022 636,518 $ 276 795,808 (870) (158,696)
Balance (in shares) at Dec. 31, 2022   100,907,857      
Balance at Dec. 31, 2022 $ 624,773 $ 283 856,438 (2,772) (229,176)
Issuance of ordinary shares upon exercise of share options (in shares) 351,794 351,794      
Issuance of ordinary shares upon exercise of share options $ 1,156 $ 1 1,155    
Issuance of ordinary shares upon release of restricted share units (in shares)   371,504      
Issuance of ordinary shares upon release of restricted share units   $ 1 (1)    
Issuance of ordinary shares under the employee share purchase plan (shares)   207,388      
Issuance of ordinary shares under the employee share purchase plan 3,499 $ 1 3,498    
Share-based compensation expense 19,912   19,912    
Other comprehensive income (loss), net of tax 399     399  
Net loss (20,809)       (20,809)
Balance (in shares) at Mar. 31, 2023   101,838,543      
Balance at Mar. 31, 2023 $ 628,930 $ 286 $ 881,002 $ (2,373) $ (249,985)
v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net loss $ (20,809) $ (19,704)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 3,847 3,519
Share-based compensation expense 19,912 14,074
Non-cash operating lease expense 2,022 1,806
Net amortization of premium or discount on investments (1,288) 1,628
Gain on foreign exchange (367) 0
Changes in operating assets and liabilities:    
Accounts receivable (838) 1,094
Prepaid expenses and other assets (3,114) (889)
Deferred contract acquisition costs (793) (2,057)
Accounts payable (1,086) 960
Accrued expenses and other liabilities 410 1,524
Operating lease liabilities (1,737) (2,201)
Deferred revenue 2,712 5,277
Net cash provided by (used in) operating activities (1,129) 5,031
Cash flows from investing activities:    
Purchases of short-term investments (123,216) (92,211)
Maturities and sales of short-term investments 114,326 74,637
Purchases of property and equipment (266) (1,143)
Payments related to business combination 0 (179)
Net cash used in investing activities (9,156) (18,896)
Cash flows from financing activities:    
Proceeds from exercise of share options 1,156 1,795
Proceeds from employee share purchase plan 3,499 3,253
Proceeds from employee equity transactions, net of payments to tax authorities 297 107
Net cash provided by financing activities 4,952 5,155
Effect of exchange rate changes on cash, cash equivalents and restricted cash 84 0
Net decrease in cash, cash equivalents, and restricted cash (5,249) (8,710)
Cash, cash equivalents, and restricted cash—beginning of period 45,607 68,540
Cash, cash equivalents, and restricted cash—end of period $ 40,358 $ 59,830
v3.23.1
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2023
Mar. 31, 2022
Reconciliation of cash, cash equivalents, and restricted cash within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows above:    
Cash and cash equivalents $ 40,346 $ 59,577
Restricted cash included in prepaid expenses and other current assets 12 13
Restricted cash included in other assets, noncurrent 0 240
Total cash, cash equivalents, and restricted cash $ 40,358 $ 59,830
v3.23.1
Organization and Description of Business
 3 Months Ended
Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business

1. Organization and Description of Business

JFrog Ltd. (together with its subsidiaries, “JFrog”, or the “Company”) was incorporated under the laws of the State of Israel in 2008. JFrog provides an end-to-end, hybrid, universal DevOps Platform that powers and controls the software supply chain, enabling organizations to continuously and securely deliver software updates across any system. JFrog’s platform is the critical bridge between software development and deployment of that software, paving the way for the modern DevOps paradigm. The Company enables organizations to build and release software faster and more securely while empowering developers to be more efficient. The Company’s solutions are designed to run on-premise, in public or private clouds, or in hybrid environments.

v3.23.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting, and include the accounts of JFrog Ltd. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The condensed consolidated balance sheet as of December 31, 2022 was derived from the audited consolidated financial statements as of that date, but does not include all of the disclosures, including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 9, 2023.

In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of March 31, 2023 and the Company’s consolidated results of operations, shareholders’ equity, and cash flows for the three months ended March 31, 2023 and 2022. The results for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023 or any other future interim or annual period.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods and accompanying notes. Significant items subject to such estimates and assumptions include, but are not limited to, the allocation of transaction price among various performance obligations, the estimated customer life on deferred contract acquisition costs, the allowance for credit losses, the fair value of financial assets and liabilities, including the fair value of derivatives, the fair value of acquired intangible assets and goodwill, the useful lives of acquired intangible assets and property and equipment, the incremental borrowing rate for operating leases, loss contingency, the fair value of share purchase rights granted under the Company’s employee share purchase plan, and the valuation of deferred tax assets and uncertain tax positions. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates.

Significant Accounting Policies

The Company’s significant accounting policies are discussed in Note 2, Summary of Significant Accounting Policies, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There have been no significant changes to these policies during the three months ended March 31, 2023.

Interest and Other Income, Net

Interest and other income, net primarily consists of income earned on cash equivalents and short-term investments and foreign exchange gains and losses. Interest income was $4.4 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively. Foreign exchange gains (losses) were not material for the periods presented.

Geographical Information

Revenue by geographical region can be found in Note 3, Revenue Recognition. The following table presents the Company’s long-lived assets by geographic region, which consist of property and equipment, net and operating lease right-of-use assets:

 

 

March 31, 2023

 

 

December 31, 2022

 

 

 

(in thousands)

 

United States

 

$

10,757

 

 

$

11,569

 

Israel

 

 

16,519

 

 

 

17,887

 

India

 

 

4,872

 

 

 

2,246

 

Rest of world

 

 

781

 

 

 

921

 

Total long-lived assets

 

$

32,929

 

 

$

32,623

 
v3.23.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

3. Revenue Recognition

Disaggregation of Revenue

The following table presents revenue by category:

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

 

Amount

 

 

Percentage of Revenue

 

 

Amount

 

 

Percentage of Revenue

 

 

 

(in thousands, except percentages)

 

Self-managed subscription

 

$

54,780

 

 

 

69

%

 

$

46,922

 

 

 

74

%

Subscription

 

 

49,503

 

 

 

62

 

 

 

42,295

 

 

 

67

 

License

 

 

5,277

 

 

 

7

 

 

 

4,627

 

 

 

7

 

SaaS

 

 

25,040

 

 

 

31

 

 

 

16,774

 

 

 

26

 

Total subscription revenue

 

$

79,820

 

 

 

100

%

 

$

63,696

 

 

 

100

%

 

The following table summarizes revenue by region based on the shipping address of customers:

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

 

Amount

 

 

Percentage of Revenue

 

 

Amount

 

 

Percentage of Revenue

 

 

 

(in thousands, except percentages)

 

United States

 

$

49,539

 

 

 

62

%

 

$

39,717

 

 

 

62

%

Israel

 

 

2,043

 

 

 

3

 

 

 

1,623

 

 

 

3

 

Rest of world

 

 

28,238

 

 

 

35

 

 

 

22,356

 

 

 

35

 

Total subscription revenue

 

$

79,820

 

 

 

100

%

 

$

63,696

 

 

 

100

%

Contract Balances

Of the $175.7 million and $147.1 million of deferred revenue recorded as of December 31, 2022 and 2021, respectively, the Company recognized $63.5 million and $47.9 million as revenue during the three months ended March 31, 2023 and 2022, respectively.

Remaining Performance Obligation

The Company’s remaining performance obligations are comprised of product and service revenue not yet delivered. As of March 31, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $210.6 million, which consists of billed considerations of $178.4 million and unbilled considerations of $32.2 million, that the

Company expects to recognize as revenue. As of March 31, 2023, the Company expects to recognize 84% of its remaining performance obligations as revenue over the next 12 months, and the remainder thereafter.

Cost to Obtain a Contract

Amortization of deferred contract acquisition costs was $2.2 million and $1.5 million for the three months ended March 31, 2023 and 2022, respectively.
v3.23.1
Short-Term Investments
 3 Months Ended
Mar. 31, 2023
Investments, All Other Investments [Abstract]  
Short-Term Investments

4. Short-Term Investments

Short-term investments consisted of the following:

 

 

March 31, 2023

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

 

 

(in thousands)

 

Bank deposits

 

$

94,542

 

 

$

—

 

 

$

—

 

 

$

94,542

 

Certificates of deposit

 

 

2,196

 

 

 

—

 

 

 

(55

)

 

 

2,141

 

Commercial paper

 

 

41,597

 

 

 

—

 

 

 

(89

)

 

 

41,508

 

Corporate debt securities

 

 

130,904

 

 

 

111

 

 

 

(662

)

 

 

130,353

 

Municipal securities

 

 

37,162

 

 

 

13

 

 

 

(164

)

 

 

37,011

 

Government and agency debt

 

 

101,524

 

 

 

84

 

 

 

(345

)

 

 

101,263

 

Marketable securities

 

 

313,383

 

 

 

208

 

 

 

(1,315

)

 

 

312,276

 

Total short-term investments

 

$

407,925

 

 

$

208

 

 

$

(1,315

)

 

$

406,818

 

 

 

 

December 31, 2022

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

 

 

(in thousands)

 

Bank deposits

 

$

96,034

 

 

$

—

 

 

$

—

 

 

$

96,034

 

Certificates of deposit

 

 

2,204

 

 

 

—

 

 

 

(51

)

 

 

2,153

 

Commercial paper

 

 

38,164

 

 

 

2

 

 

 

(137

)

 

 

38,029

 

Corporate debt securities

 

 

137,191

 

 

 

41

 

 

 

(859

)

 

 

136,373

 

Municipal securities

 

 

38,543

 

 

 

23

 

 

 

(222

)

 

 

38,344

 

Government and agency debt

 

 

87,149

 

 

 

7

 

 

 

(484

)

 

 

86,672

 

Marketable securities

 

 

303,251

 

 

 

73

 

 

 

(1,753

)

 

 

301,571

 

Total short-term investments

 

$

399,285

 

 

$

73

 

 

$

(1,753

)

 

$

397,605

 

The following table summarizes the Company’s marketable securities by contractual maturities:

 

 

March 31, 2023

 

 

 

(in thousands)

 

Due in 1 year or less

 

$

195,023

 

Due in 1 year through 2 years

 

 

117,253

 

Total

 

$

312,276

 

 

The following table presents fair value and gross unrealized losses of the Company's marketable securities, which have been in a continuous loss position for less than 12 months:

 

 

March 31, 2023

 

 

December 31, 2022

 

 

 

Fair Value

 

 

Unrealized Loss

 

 

Fair Value

 

 

Unrealized Loss

 

 

 

(in thousands)

 

Certificates of deposit

 

$

2,141

 

 

$

(55

)

 

$

2,153

 

 

$

(51

)

Commercial paper

 

 

41,508

 

 

 

(89

)

 

 

31,838

 

 

 

(137

)

Corporate debt securities

 

 

107,518

 

 

 

(662

)

 

 

123,540

 

 

 

(859

)

Municipal securities

 

 

25,955

 

 

 

(164

)

 

 

25,336

 

 

 

(222

)

Government and agency debt

 

 

73,422

 

 

 

(345

)

 

 

71,781

 

 

 

(484

)

Total

 

$

250,544

 

 

$

(1,315

)

 

$

254,648

 

 

$

(1,753

)

As of March 31, 2023 and December 31, 2022, the unrealized losses related to marketable securities were determined to be not due to credit related losses. Therefore, the Company did not recognize an allowance for credit losses. See Note 12, Accumulated Other Comprehensive Income (Loss), for the realized gains or losses from available-for-sale marketable securities that were reclassified out of accumulated other comprehensive income (loss) (“AOCI”) during the periods presented.

v3.23.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements

5. Fair Value Measurements

The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis:

 

 

March 31, 2023

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

8,569

 

 

$

8,569

 

 

$

—

 

Commercial paper

 

 

1,989

 

 

 

—

 

 

 

1,989

 

Cash equivalents

 

 

10,558

 

 

 

8,569

 

 

 

1,989

 

Bank deposits

 

 

94,542

 

 

 

—

 

 

 

94,542

 

Certificates of deposit

 

 

2,141

 

 

 

—

 

 

 

2,141

 

Commercial paper

 

 

41,508

 

 

 

—

 

 

 

41,508

 

Corporate debt securities

 

 

130,353

 

 

 

—

 

 

 

130,353

 

Municipal securities

 

 

37,011

 

 

 

—

 

 

 

37,011

 

Government and agency debt

 

 

101,263

 

 

 

—

 

 

 

101,263

 

Short-term investments

 

 

406,818

 

 

 

—

 

 

 

406,818

 

Foreign currency contracts designated as hedging instruments included in prepaid expenses and other current assets

 

 

249

 

 

 

—

 

 

 

249

 

Foreign currency contracts not designated as hedging instruments included in prepaid expenses and other current assets

 

 

93

 

 

 

—

 

 

 

93

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

12

 

 

 

—

 

 

 

12

 

Total financial assets

 

$

417,730

 

 

$

8,569

 

 

$

409,161

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

Foreign currency contracts designated as hedging instruments included in accrued expenses and other current liabilities

 

$

1,500

 

 

$

—

 

 

$

1,500

 

Foreign currency contracts not designated as hedging instruments included in accrued expenses and other current liabilities

 

 

123

 

 

 

—

 

 

 

123

 

Total financial liabilities

 

$

1,623

 

 

$

—

 

 

$

1,623

 

 

 

 

December 31, 2022

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

9,562

 

 

$

9,562

 

 

$

—

 

Cash equivalents

 

 

9,562

 

 

 

9,562

 

 

 

—

 

Bank deposits

 

 

96,034

 

 

 

—

 

 

 

96,034

 

Certificates of deposit

 

 

2,153

 

 

 

—

 

 

 

2,153

 

Commercial paper

 

 

38,029

 

 

 

—

 

 

 

38,029

 

Corporate debt securities

 

 

136,373

 

 

 

—

 

 

 

136,373

 

Municipal securities

 

 

38,344

 

 

 

—

 

 

 

38,344

 

Government and agency debt

 

 

86,672

 

 

 

—

 

 

 

86,672

 

Short-term investments

 

 

397,605

 

 

 

—

 

 

 

397,605

 

Foreign currency contracts designated as hedging instruments included in prepaid expenses and other current assets

 

 

20

 

 

 

—

 

 

 

20

 

Foreign currency contracts not designated as hedging instruments included in prepaid expenses and other current assets

 

 

21

 

 

 

—

 

 

 

21

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

12

 

 

 

—

 

 

 

12

 

Total financial assets

 

$

407,220

 

 

$

9,562

 

 

$

397,658

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

Foreign currency contracts designated as hedging instruments included in accrued expenses and other current liabilities

 

$

1,098

 

 

$

—

 

 

$

1,098

 

Foreign currency contracts not designated as hedging instruments included in accrued expenses and other current liabilities

 

 

379

 

 

 

—

 

 

 

379

 

Total financial liabilities

 

$

1,477

 

 

$

—

 

 

$

1,477

 

The Company classifies its money market fund within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its bank deposits, certificates of deposit, commercial paper, corporate debt securities, municipal securities, government and agency debt, and derivative financial instruments within Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. As of March 31, 2023 and December 31, 2022, the Company did not have any assets or liabilities valued based on Level 3 valuations.
v3.23.1
Derivative Financial Instruments and Hedging
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments and Hedging

6. Derivative Financial Instruments and Hedging

The Company enters into foreign currency forward and option contracts with financial institutions to protect against foreign exchange risks, mainly the exposure to changes in the exchange rate of the New Israeli Shekel (“NIS”) against the U.S. dollar that are associated with forecasted future cash flows and certain existing assets and liabilities for up to twelve months. The Company’s primary objective in entering into these contracts is to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates. The Company does not use derivative instruments for trading or speculative purposes.

Notional Amount of Foreign Currency Contracts

The notional amounts of outstanding foreign currency contracts in U.S. dollar as of the periods presented were as follows:

 

 

March 31, 2023

 

 

December 31, 2022

 

 

 

(in thousands)

 

Derivatives Designated as Hedging Instruments:

 

 

 

 

 

 

Foreign currency contracts

 

$

52,898

 

 

$

42,854

 

Derivatives Not Designated as Hedging Instruments:

 

 

 

 

 

 

Foreign currency contracts

 

 

19,844

 

 

 

17,555

 

Total derivative instruments

 

$

72,742

 

 

$

60,409

 

 

Effect of Foreign Currency Contracts on the Condensed Consolidated Statements of Operations

Derivative instruments that hedge the exposure to variability in expected future cash flows are designated as cash flow hedges. The Company records changes in the fair value of these derivatives in AOCI in the Condensed Consolidated Balance Sheets, until the forecasted transaction occurs. Upon occurrence, the Company reclassifies the related gains or losses on the derivative to the same financial statement line item in the Condensed Consolidated Statements of Operations to which the derivative relates. In case the Company discontinues cash flow hedges, it records the related amount in interest and other income, net, on the Condensed Consolidated Statements of Operations. Derivative instruments that hedge the exposure to variability in the fair value of assets or liabilities are currently not designated as hedges for financial reporting purposes. The Company records changes in the fair value of these derivatives in interest and other income, net in the Condensed Consolidated Statements of Operations.

The gains (losses) on foreign currency contracts were presented on the Condensed Consolidated Statements of Operations during the periods presented as follows:

 

 

Derivatives Designated
as Hedging Instruments

 

 

Derivatives Not Designated
as Hedging Instruments

 

 

 

Three Months Ended March 31,

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Condensed Statement of Operations Location:

 

(in thousands)

 

Cost of revenue: subscription–self-managed and SaaS

 

$

(87

)

 

$

(6

)

 

$

—

 

 

$

—

 

Research and development

 

 

(688

)

 

 

(55

)

 

 

—

 

 

 

—

 

Sales and marketing

 

 

(152

)

 

 

(11

)

 

 

—

 

 

 

—

 

General and administrative

 

 

(181

)

 

 

(15

)

 

 

—

 

 

 

—

 

Interest and other income, net

 

 

—

 

 

 

8

 

 

 

(405

)

 

 

22

 

Total gains (losses) recognized in earnings

 

$

(1,108

)

 

$

(79

)

 

$

(405

)

 

$

22

 

Effect of Foreign Currency Contracts on Accumulated Other Comprehensive Income

Net unrealized gains (losses) of foreign currency contracts designated as hedging instruments, net of tax, are recorded in AOCI. See Note 12, Accumulated Other Comprehensive Income (Loss), for the effect on other comprehensive income (loss) and the reclassification out of AOCI during the periods presented. All of net deferred losses in AOCI as of March 31, 2023 are expected to be recognized as operating expenses in the same financial statement line item in the Condensed Consolidated Statements of Operations to which the derivative relates over the next twelve months.

v3.23.1
Condensed Consolidated Balance Sheet Components
 3 Months Ended
Mar. 31, 2023
Balance Sheet Related Disclosures [Abstract]  
Condensed Consolidated Balance Sheet Components

7. Condensed Consolidated Balance Sheet Components

Property and Equipment, Net

Property and equipment, net consisted of the following:

 

 

March 31, 2023

 

 

December 31, 2022

 

 

 

(in thousands)

 

Computer and software

 

$

8,542

 

 

$

8,330

 

Furniture and office equipment

 

 

2,943

 

 

 

2,802

 

Leasehold improvements

 

 

5,740

 

 

 

5,748

 

Property and equipment, gross

 

 

17,225

 

 

 

16,880

 

Less: accumulated depreciation and amortization

 

 

(9,743

)

 

 

(8,859

)

Property and equipment, net

 

$

7,482

 

 

$

8,021

 

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:

 

 

March 31, 2023

 

 

December 31, 2022

 

 

 

(in thousands)

 

Accrued compensation and benefits

 

$

19,465

 

 

$

20,892

 

Accrued expenses

 

 

9,734

 

 

 

7,956

 

Accrued expenses and other current liabilities

 

$

29,199

 

 

$

28,848

 

 
v3.23.1
Intangible Assets, Net
 3 Months Ended
Mar. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets, Net

8. Intangible Assets, Net

Intangible assets consisted of the following as of March 31, 2023:

 

 

Gross Fair
Value

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

 

Weighted-
Average
Remaining
Useful Life

 

 

 

(in thousands)

 

 

(in years)

 

Developed technology

 

$

50,347

 

 

$

(20,039

)

 

$

30,308

 

 

 

3.1

 

Customer relationships

 

 

5,541

 

 

 

(2,077

)

 

 

3,464

 

 

 

3.9

 

Other intangible assets

 

 

1,132

 

 

 

(323

)

 

 

809

 

 

 

1.7

 

Total

 

$

57,020

 

 

$

(22,439

)

 

$

34,581

 

 

 

 

Intangible assets consisted of the following as of December 31, 2022:

 

 

Gross Fair
Value

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

 

Weighted-
Average
Remaining
Useful Life

 

 

 

(in thousands)

 

 

(in years)

 

Developed technology

 

$

50,347

 

 

$

(17,434

)

 

$

32,913

 

 

 

3.3

 

Customer relationships

 

 

5,541

 

 

 

(1,840

)

 

 

3,701

 

 

 

4.1

 

Other intangible assets

 

 

1,132

 

 

 

(202

)

 

 

930

 

 

 

1.9

 

Total

 

$

57,020

 

 

$

(19,476

)

 

$

37,544

 

 

 

 

Amortization expenses for intangible assets were $3.0 million and $2.8 million for the three months ended March 31, 2023 and 2022, respectively.

The expected future amortization expenses by year related to the intangible assets as of March 31, 2023 are as follows:

 

 

March 31, 2023

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2023 (Remainder)

 

$

8,813

 

2024

 

 

11,034

 

2025

 

 

9,110

 

2026

 

 

5,241

 

2027

 

 

383

 

Total

 

$

34,581

 
v3.23.1
Leases
 3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Leases

9. Leases

The Company has entered into non-cancelable lease agreements for its offices with lease periods expiring at various dates through March 2028.

Components of operating lease expense were as follows:

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Operating lease cost

 

$

2,181

 

 

$

1,860

 

Short-term lease cost

 

 

112

 

 

 

88

 

Variable lease cost

 

 

96

 

 

 

92

 

Total operating lease cost

 

$

2,389

 

 

$

2,040

 

 

Supplementary cash flow information related to operating leases was as follows:

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Cash paid for operating leases

 

$

1,896

 

 

$

1,887

 

ROU assets obtained in exchange for new operating lease liabilities

 

$

2,867

 

 

$

—

 

As of March 31, 2023, the weighted-average discount rate is 2.8% and the weighted-average remaining term is 3.6 years. Maturities of the Company’s operating lease liabilities as of March 31, 2023 were as follows:

 

 

March 31, 2023

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2023 (Remainder)

 

$

6,139

 

2024

 

 

7,285

 

2025

 

 

6,694

 

2026

 

 

4,370

 

2027

 

 

1,576

 

Thereafter

 

 

156

 

Total operating lease payments

 

 

26,220

 

Less: imputed interest

 

 

(1,412

)

Total operating lease liabilities

 

$

24,808

 

As of March 31, 2023, the Company had additional operating lease obligations of $2.4 million related to a facility lease commencing during the remainder of 2023 with a lease term of 4 years.
v3.23.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

10. Commitments and Contingencies

Non-cancelable Purchase Obligations

In the normal course of business, the Company enters into non-cancelable purchase commitments with various parties mainly for hosting services, as well as software products and services. As of March 31, 2023, the Company had outstanding non-cancelable purchase obligations with a term of 12 months or longer as follows:

 

 

March 31, 2023

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2023 (Remainder)

 

$

9,742

 

2024

 

 

20,135

 

2025

 

 

23,648

 

Total

 

$

53,525

 

Indemnifications and Contingencies

The Company enters into indemnification provisions under certain agreements with other parties in the ordinary course of business. In its customer agreements, the Company has agreed to indemnify, defend and hold harmless the indemnified party for third party claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party intellectual property infringement claims. For certain large or strategic customers, the Company has agreed to indemnify, defend and hold harmless the indemnified party for certain additional matters including but not limited to non-compliance with certain representations and warranties made by the Company.

Grants from Israeli Innovation Authority

The Company has received in the past grants from the Israeli Innovation Authority (“IIA”) and repaid them in full. Still, as any grant recipient, the Company is subject to the provisions of the Israeli Law for the Encouragement of Research, Development and Technological Innovation in the Industry and the regulations and guidelines thereunder (the “Innovation Law”). Pursuant to

the Innovation Law, there are restrictions related to transferring intellectual property outside of Israel. Such transfer requires the approval from the IIA. The approval may be subject to a maximum additional payment amount of approximately $6.0 million. In the past, the Company received an approval from the IIA to perform a limited development of IIA funded know-how outside of Israel, subject to the terms specified in the IIA approval, including that all of its core R&D activities will remain in Israel.

Legal Proceedings

In the ordinary course of business, the Company may be subject from time to time to various proceedings, lawsuits, disputes, or claims. The Company investigates these claims as they arise. Although claims are inherently unpredictable, the Company is currently not aware of any matters that, if determined adversely to the Company, would individually or taken together, have a material adverse effect on its business, financial position, results of operations, or cash flows.
v3.23.1
Shareholders' Equity and Equity Incentive Plans
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Shareholders' Equity and Equity Incentive Plans

11. Shareholders’ Equity and Equity Incentive Plans

Equity Incentive Plans

Effective January 1, 2023, the number of ordinary shares authorized for issuance under the 2020 Equity Incentive Plan (the “2020 Plan”) automatically increased by 5,819,265 shares pursuant to the terms of the 2020 Plan.

Share Options

A summary of share option activity under the Company’s equity incentive plans and related information is as follows:

 

 

Options Outstanding

 

 

 

Outstanding
Share Options

 

 

Weighted-Average Exercise
Price

 

 

Weighted-Average Remaining
Contractual
Life (Years)

 

 

Aggregate
Intrinsic
Value

 

 

 

(in thousands, except share, life and per share data)

 

Balance as of December 31, 2022

 

 

7,205,324

 

 

$

7.88

 

 

 

5.4

 

 

$

101,334

 

Exercised

 

 

(351,794

)

 

$

3.28

 

 

 

 

 

$

6,671

 

Forfeited

 

 

(73,461

)

 

$

13.60

 

 

 

 

 

 

 

Balance as of March 31, 2023

 

 

6,780,069

 

 

$

8.06

 

 

 

5.2

 

 

$

84,960

 

Exercisable as of March 31, 2023

 

 

5,113,560

 

 

$

5.99

 

 

 

4.7

 

 

$

73,001

 

The total intrinsic value of option exercised during the three months ended March 31, 2022 was $23.9 million.

Restricted Share Units

A summary of RSU activity under the Company's equity incentive plan and related information is as follows:

 

 

RSUs

 

 

 

Unvested RSUs

 

 

Weighted-Average
Grant Date Fair
Value Per Share

 

Unvested as of December 31, 2022

 

 

7,981,147

 

 

$

26.90

 

Granted

 

 

612,980

 

 

$

24.56

 

Vested

 

 

(371,504

)

 

$

33.63

 

Forfeited

 

 

(323,310

)

 

$

25.60

 

Unvested as of March 31, 2023

 

 

7,899,313

 

 

$

26.45

 

The weighted-average grant date fair value of RSUs granted during the three months ended March 31, 2022 was $25.67. The total release date fair value of RSUs was $8.5 million and $2.7 million during the three months ended March 31, 2023 and 2022, respectively.

Employee Share Purchase Plan

Effective January 1, 2023, the number of ordinary shares authorized for issuance under the 2020 Employee Share Purchase Plan (“ESPP”) automatically increased by 1,009,633 shares pursuant to the terms of ESPP.

Shares Reserved for Future Issuance

The Company has the following ordinary shares reserved for future issuance:

 

 

March 31, 2023

 

Outstanding share options

 

 

6,780,069

 

Outstanding RSUs

 

 

7,899,313

 

Issuable ordinary shares related to business combinations

 

 

55,466

 

Shares available for future issuance under the 2020 Plan

 

 

18,712,142

 

Shares available for future issuance under ESPP

 

 

4,443,395

 

Total ordinary shares reserved

 

 

37,890,385

 

Share-Based Compensation

The share-based compensation expense by line item in the accompanying condensed consolidated statements of operations is summarized as follows:

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Cost of revenue: subscription–self-managed and SaaS

 

$

2,196

 

 

$

1,306

 

Research and development

 

 

7,172

 

 

 

5,132

 

Sales and marketing

 

 

6,473

 

 

 

4,755

 

General and administrative

 

 

4,071

 

 

 

2,881

 

Total share-based compensation expense

 

$

19,912

 

 

$

14,074

 

As of March 31, 2023, unrecognized share-based compensation cost related to unvested share-based compensation awards was $200.3 million, which is expected to be recognized over a weighted-average period of 2.9 years.
v3.23.1
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss)

12. Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in AOCI by component, net of tax, during the periods presented:

 

 

Net Unrealized
Losses on
Available-for-Sale
Marketable Securities

 

 

Net Unrealized
Losses on
Derivatives
Designated as
Hedging Instruments

 

 

Total

 

 

 

(in thousands)

 

Balance as of December 31, 2022

 

$

(1,694

)

 

$

(1,078

)

 

$

(2,772

)

Other comprehensive income (loss) before reclassifications

 

 

411

 

 

 

(1,281

)

 

 

(870

)

Net losses reclassified from AOCI

 

 

161

 

 

 

1,108

 

 

 

1,269

 

Other comprehensive income (loss)

 

 

572

 

 

 

(173

)

 

 

399

 

Balance as of March 31, 2023

 

$

(1,122

)

 

$

(1,251

)

 

$

(2,373

)

 

 

 

Net Unrealized
Losses on
Available-for-Sale
Marketable Securities

 

 

Net Unrealized
Gains on
Derivatives
Designated as
Hedging Instruments

 

 

Total

 

 

 

(in thousands)

 

Balance as of December 31, 2021

 

$

(264

)

 

$

875

 

 

$

611

 

Other comprehensive loss before reclassifications

 

 

(717

)

 

 

(843

)

 

 

(1,560

)

Net losses reclassified from AOCI

 

 

—

 

 

 

79

 

 

 

79

 

Other comprehensive loss

 

 

(717

)

 

 

(764

)

 

 

(1,481

)

Balance as of March 31, 2022

 

$

(981

)

 

$

111

 

 

$

(870

)
v3.23.1
Income Taxes
 3 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes

13. Income Taxes

The Company’s quarterly tax provision, and estimates of its annual effective tax rate, is subject to variation due to several factors, including variability in pre-tax income (or loss), the mix of jurisdictions to which such income relates, tax law developments, as well as non-deductible expenses, such as share-based compensation, and changes in its valuation allowance. Income tax expense was $1.6 million and $0.8 million for the three months ended March 31, 2023 and 2022, respectively. The income tax expense for the periods consisted primarily of income taxes related to U.S. operations.

A valuation allowance is provided when it is more likely than not that the deferred tax assets will not be realized. Based on the available objective evidence during three months ended March 31, 2023, the Company believes it is more likely than not that the tax benefits of the Company’s losses incurred in Israel may not be realized.

Our gross unrecognized tax benefits were $4.8 million as of March 31, 2023 and December 31, 2022. As of March 31, 2023, the Company does not expect its unrecognized tax benefits to change significantly within the next twelve months.
v3.23.1
Net Loss Per Share
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Net Loss Per Share

14. Net Loss Per Share

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

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

 

(in thousands, except share and per share data)

 

Numerator:

 

 

 

 

 

 

Net loss

 

$

(20,809

)

 

$

(19,704

)

Denominator:

 

 

 

 

 

 

Weighted-average shares used in computing net loss per share, basic and diluted

 

 

101,260,549

 

 

 

97,883,814

 

Net loss per share, basic and diluted

 

$

(0.21

)

 

$

(0.20

)

The potential shares of ordinary shares that were excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive are as follows:

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

Outstanding share options

 

 

7,025,265

 

 

 

9,346,102

 

Unvested RSUs

 

 

8,052,284

 

 

 

3,714,230

 

Share purchase rights under the ESPP

 

 

197,335

 

 

 

140,818

 

Issuable ordinary shares related to business combination

 

 

55,466

 

 

 

142,519

 

Total

 

 

15,330,350

 

 

 

13,343,669

 
v3.23.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2023
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting, and include the accounts of JFrog Ltd. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The condensed consolidated balance sheet as of December 31, 2022 was derived from the audited consolidated financial statements as of that date, but does not include all of the disclosures, including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 9, 2023.

In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of March 31, 2023 and the Company’s consolidated results of operations, shareholders’ equity, and cash flows for the three months ended March 31, 2023 and 2022. The results for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023 or any other future interim or annual period.
Use of Estimates

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods and accompanying notes. Significant items subject to such estimates and assumptions include, but are not limited to, the allocation of transaction price among various performance obligations, the estimated customer life on deferred contract acquisition costs, the allowance for credit losses, the fair value of financial assets and liabilities, including the fair value of derivatives, the fair value of acquired intangible assets and goodwill, the useful lives of acquired intangible assets and property and equipment, the incremental borrowing rate for operating leases, loss contingency, the fair value of share purchase rights granted under the Company’s employee share purchase plan, and the valuation of deferred tax assets and uncertain tax positions. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates.

Significant Accounting Policies

Significant Accounting Policies

The Company’s significant accounting policies are discussed in Note 2, Summary of Significant Accounting Policies, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There have been no significant changes to these policies during the three months ended March 31, 2023.
Fair Value Measurements

The Company classifies its money market fund within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its bank deposits, certificates of deposit, commercial paper, corporate debt securities, municipal securities, government and agency debt, and derivative financial instruments within Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. As of March 31, 2023 and December 31, 2022, the Company did not have any assets or liabilities valued based on Level 3 valuations.
Effect of Foreign Currency Contracts on the Condensed Consolidated Statements of Operations

Effect of Foreign Currency Contracts on the Condensed Consolidated Statements of Operations

Derivative instruments that hedge the exposure to variability in expected future cash flows are designated as cash flow hedges. The Company records changes in the fair value of these derivatives in AOCI in the Condensed Consolidated Balance Sheets, until the forecasted transaction occurs. Upon occurrence, the Company reclassifies the related gains or losses on the derivative to the same financial statement line item in the Condensed Consolidated Statements of Operations to which the derivative relates. In case the Company discontinues cash flow hedges, it records the related amount in interest and other income, net, on the Condensed Consolidated Statements of Operations. Derivative instruments that hedge the exposure to variability in the fair value of assets or liabilities are currently not designated as hedges for financial reporting purposes. The Company records changes in the fair value of these derivatives in interest and other income, net in the Condensed Consolidated Statements of Operations.
Geographical Information

Geographical Information

Revenue by geographical region can be found in Note 3, Revenue Recognition. The following table presents the Company’s long-lived assets by geographic region, which consist of property and equipment, net and operating lease right-of-use assets:

 

 

March 31, 2023

 

 

December 31, 2022

 

 

 

(in thousands)

 

United States

 

$

10,757

 

 

$

11,569

 

Israel

 

 

16,519

 

 

 

17,887

 

India

 

 

4,872

 

 

 

2,246

 

Rest of world

 

 

781

 

 

 

921

 

Total long-lived assets

 

$

32,929

 

 

$

32,623

 
Interest and Other Income, Net

Interest and Other Income, Net

Interest and other income, net primarily consists of income earned on cash equivalents and short-term investments and foreign exchange gains and losses. Interest income was $4.4 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively. Foreign exchange gains (losses) were not material for the periods presented.
v3.23.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2023
Accounting Policies [Abstract]  
Summary of Long Lived Assets by Geographic Region The following table presents the Company’s long-lived assets by geographic region, which consist of property and equipment, net and operating lease right-of-use assets:

 

 

March 31, 2023

 

 

December 31, 2022

 

 

 

(in thousands)

 

United States

 

$

10,757

 

 

$

11,569

 

Israel

 

 

16,519

 

 

 

17,887

 

India

 

 

4,872

 

 

 

2,246

 

Rest of world

 

 

781

 

 

 

921

 

Total long-lived assets

 

$

32,929

 

 

$

32,623

 
v3.23.1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Summary of Table Presents Revenue as Follows

The following table presents revenue by category:

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

 

Amount

 

 

Percentage of Revenue

 

 

Amount

 

 

Percentage of Revenue

 

 

 

(in thousands, except percentages)

 

Self-managed subscription

 

$

54,780

 

 

 

69

%

 

$

46,922

 

 

 

74

%

Subscription

 

 

49,503

 

 

 

62

 

 

 

42,295

 

 

 

67

 

License

 

 

5,277

 

 

 

7

 

 

 

4,627

 

 

 

7

 

SaaS

 

 

25,040

 

 

 

31

 

 

 

16,774

 

 

 

26

 

Total subscription revenue

 

$

79,820

 

 

 

100

%

 

$

63,696

 

 

 

100

%
Summary of Table by Region Based on the Shipping Address of Customers

The following table summarizes revenue by region based on the shipping address of customers:

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

 

Amount

 

 

Percentage of Revenue

 

 

Amount

 

 

Percentage of Revenue

 

 

 

(in thousands, except percentages)

 

United States

 

$

49,539

 

 

 

62

%

 

$

39,717

 

 

 

62

%

Israel

 

 

2,043

 

 

 

3

 

 

 

1,623

 

 

 

3

 

Rest of world

 

 

28,238

 

 

 

35

 

 

 

22,356

 

 

 

35

 

Total subscription revenue

 

$

79,820

 

 

 

100

%

 

$

63,696

 

 

 

100

%
v3.23.1
Short-Term Investments (Tables)
 3 Months Ended
Mar. 31, 2023
Investments, All Other Investments [Abstract]  
Summary of Short Term Investments

Short-term investments consisted of the following:

 

 

March 31, 2023

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

 

 

(in thousands)

 

Bank deposits

 

$

94,542

 

 

$

—

 

 

$

—

 

 

$

94,542

 

Certificates of deposit

 

 

2,196

 

 

 

—

 

 

 

(55

)

 

 

2,141

 

Commercial paper

 

 

41,597

 

 

 

—

 

 

 

(89

)

 

 

41,508

 

Corporate debt securities

 

 

130,904

 

 

 

111

 

 

 

(662

)

 

 

130,353

 

Municipal securities

 

 

37,162

 

 

 

13

 

 

 

(164

)

 

 

37,011

 

Government and agency debt

 

 

101,524

 

 

 

84

 

 

 

(345

)

 

 

101,263

 

Marketable securities

 

 

313,383

 

 

 

208

 

 

 

(1,315

)

 

 

312,276

 

Total short-term investments

 

$

407,925

 

 

$

208

 

 

$

(1,315

)

 

$

406,818

 

 

 

 

December 31, 2022

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

 

 

(in thousands)

 

Bank deposits

 

$

96,034

 

 

$

—

 

 

$

—

 

 

$

96,034

 

Certificates of deposit

 

 

2,204

 

 

 

—

 

 

 

(51

)

 

 

2,153

 

Commercial paper

 

 

38,164

 

 

 

2

 

 

 

(137

)

 

 

38,029

 

Corporate debt securities

 

 

137,191

 

 

 

41

 

 

 

(859

)

 

 

136,373

 

Municipal securities

 

 

38,543

 

 

 

23

 

 

 

(222

)

 

 

38,344

 

Government and agency debt

 

 

87,149

 

 

 

7

 

 

 

(484

)

 

 

86,672

 

Marketable securities

 

 

303,251

 

 

 

73

 

 

 

(1,753

)

 

 

301,571

 

Total short-term investments

 

$

399,285

 

 

$

73

 

 

$

(1,753

)

 

$

397,605

 
Summary of Company's Marketable Securities by Contractual Maturities

The following table summarizes the Company’s marketable securities by contractual maturities:

 

 

March 31, 2023

 

 

 

(in thousands)

 

Due in 1 year or less

 

$

195,023

 

Due in 1 year through 2 years

 

 

117,253

 

Total

 

$

312,276

 

 
Summary of Presents Fair Value and Gross Unrealized Losses of the Company's Marketable Securities

The following table presents fair value and gross unrealized losses of the Company's marketable securities, which have been in a continuous loss position for less than 12 months:

 

 

March 31, 2023

 

 

December 31, 2022

 

 

 

Fair Value

 

 

Unrealized Loss

 

 

Fair Value

 

 

Unrealized Loss

 

 

 

(in thousands)

 

Certificates of deposit

 

$

2,141

 

 

$

(55

)

 

$

2,153

 

 

$

(51

)

Commercial paper

 

 

41,508

 

 

 

(89

)

 

 

31,838

 

 

 

(137

)

Corporate debt securities

 

 

107,518

 

 

 

(662

)

 

 

123,540

 

 

 

(859

)

Municipal securities

 

 

25,955

 

 

 

(164

)

 

 

25,336

 

 

 

(222

)

Government and agency debt

 

 

73,422

 

 

 

(345

)

 

 

71,781

 

 

 

(484

)

Total

 

$

250,544

 

 

$

(1,315

)

 

$

254,648

 

 

$

(1,753

)
v3.23.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Summary of Fair Value by Balance Sheet Grouping

The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis:

 

 

March 31, 2023

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

8,569

 

 

$

8,569

 

 

$

—

 

Commercial paper

 

 

1,989

 

 

 

—

 

 

 

1,989

 

Cash equivalents

 

 

10,558

 

 

 

8,569

 

 

 

1,989

 

Bank deposits

 

 

94,542

 

 

 

—

 

 

 

94,542

 

Certificates of deposit

 

 

2,141

 

 

 

—

 

 

 

2,141

 

Commercial paper

 

 

41,508

 

 

 

—

 

 

 

41,508

 

Corporate debt securities

 

 

130,353

 

 

 

—

 

 

 

130,353

 

Municipal securities

 

 

37,011

 

 

 

—

 

 

 

37,011

 

Government and agency debt

 

 

101,263

 

 

 

—

 

 

 

101,263

 

Short-term investments

 

 

406,818

 

 

 

—

 

 

 

406,818

 

Foreign currency contracts designated as hedging instruments included in prepaid expenses and other current assets

 

 

249

 

 

 

—

 

 

 

249

 

Foreign currency contracts not designated as hedging instruments included in prepaid expenses and other current assets

 

 

93

 

 

 

—

 

 

 

93

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

12

 

 

 

—

 

 

 

12

 

Total financial assets

 

$

417,730

 

 

$

8,569

 

 

$

409,161

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

Foreign currency contracts designated as hedging instruments included in accrued expenses and other current liabilities

 

$

1,500

 

 

$

—

 

 

$

1,500

 

Foreign currency contracts not designated as hedging instruments included in accrued expenses and other current liabilities

 

 

123

 

 

 

—

 

 

 

123

 

Total financial liabilities

 

$

1,623

 

 

$

—

 

 

$

1,623

 

 

 

 

December 31, 2022

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

9,562

 

 

$

9,562

 

 

$

—

 

Cash equivalents

 

 

9,562

 

 

 

9,562

 

 

 

—

 

Bank deposits

 

 

96,034

 

 

 

—

 

 

 

96,034

 

Certificates of deposit

 

 

2,153

 

 

 

—

 

 

 

2,153

 

Commercial paper

 

 

38,029

 

 

 

—

 

 

 

38,029

 

Corporate debt securities

 

 

136,373

 

 

 

—

 

 

 

136,373

 

Municipal securities

 

 

38,344

 

 

 

—

 

 

 

38,344

 

Government and agency debt

 

 

86,672

 

 

 

—

 

 

 

86,672

 

Short-term investments

 

 

397,605

 

 

 

—

 

 

 

397,605

 

Foreign currency contracts designated as hedging instruments included in prepaid expenses and other current assets

 

 

20

 

 

 

—

 

 

 

20

 

Foreign currency contracts not designated as hedging instruments included in prepaid expenses and other current assets

 

 

21

 

 

 

—

 

 

 

21

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

12

 

 

 

—

 

 

 

12

 

Total financial assets

 

$

407,220

 

 

$

9,562

 

 

$

397,658

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

Foreign currency contracts designated as hedging instruments included in accrued expenses and other current liabilities

 

$

1,098

 

 

$

—

 

 

$

1,098

 

Foreign currency contracts not designated as hedging instruments included in accrued expenses and other current liabilities

 

 

379

 

 

 

—

 

 

 

379

 

Total financial liabilities

 

$

1,477

 

 

$

—

 

 

$

1,477

 
v3.23.1
Derivative Financial Instruments and Hedging (Tables)
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Disclosure of Notional Amount of Derivatives by Hedging Designation

The notional amounts of outstanding foreign currency contracts in U.S. dollar as of the periods presented were as follows:

 

 

March 31, 2023

 

 

December 31, 2022

 

 

 

(in thousands)

 

Derivatives Designated as Hedging Instruments:

 

 

 

 

 

 

Foreign currency contracts

 

$

52,898

 

 

$

42,854

 

Derivatives Not Designated as Hedging Instruments:

 

 

 

 

 

 

Foreign currency contracts

 

 

19,844

 

 

 

17,555

 

Total derivative instruments

 

$

72,742

 

 

$

60,409

 

 
Derivative Instruments, Gain (Loss)

The gains (losses) on foreign currency contracts were presented on the Condensed Consolidated Statements of Operations during the periods presented as follows:

 

 

Derivatives Designated
as Hedging Instruments

 

 

Derivatives Not Designated
as Hedging Instruments

 

 

 

Three Months Ended March 31,

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Condensed Statement of Operations Location:

 

(in thousands)

 

Cost of revenue: subscription–self-managed and SaaS

 

$

(87

)

 

$

(6

)

 

$

—

 

 

$

—

 

Research and development

 

 

(688

)

 

 

(55

)

 

 

—

 

 

 

—

 

Sales and marketing

 

 

(152

)

 

 

(11

)

 

 

—

 

 

 

—

 

General and administrative

 

 

(181

)

 

 

(15

)

 

 

—

 

 

 

—

 

Interest and other income, net

 

 

—

 

 

 

8

 

 

 

(405

)

 

 

22

 

Total gains (losses) recognized in earnings

 

$

(1,108

)

 

$

(79

)

 

$

(405

)

 

$

22

 
v3.23.1
Condensed Consolidated Balance Sheet Components (Tables)
 3 Months Ended
Mar. 31, 2023
Balance Sheet Related Disclosures [Abstract]  
Summary of Property and Equipment

Property and equipment, net consisted of the following:

 

 

March 31, 2023

 

 

December 31, 2022

 

 

 

(in thousands)

 

Computer and software

 

$

8,542

 

 

$

8,330

 

Furniture and office equipment

 

 

2,943

 

 

 

2,802

 

Leasehold improvements

 

 

5,740

 

 

 

5,748

 

Property and equipment, gross

 

 

17,225

 

 

 

16,880

 

Less: accumulated depreciation and amortization

 

 

(9,743

)

 

 

(8,859

)

Property and equipment, net

 

$

7,482

 

 

$

8,021

 
Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:

 

 

March 31, 2023

 

 

December 31, 2022

 

 

 

(in thousands)

 

Accrued compensation and benefits

 

$

19,465

 

 

$

20,892

 

Accrued expenses

 

 

9,734

 

 

 

7,956

 

Accrued expenses and other current liabilities

 

$

29,199

 

 

$

28,848

 

 
v3.23.1
Intangible Assets, Net (Tables)
 3 Months Ended
Mar. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Summary of intangible assets

Intangible assets consisted of the following as of March 31, 2023:

 

 

Gross Fair
Value

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

 

Weighted-
Average
Remaining
Useful Life

 

 

 

(in thousands)

 

 

(in years)

 

Developed technology

 

$

50,347

 

 

$

(20,039

)

 

$

30,308

 

 

 

3.1

 

Customer relationships

 

 

5,541

 

 

 

(2,077

)

 

 

3,464

 

 

 

3.9

 

Other intangible assets

 

 

1,132

 

 

 

(323

)

 

 

809

 

 

 

1.7

 

Total

 

$

57,020

 

 

$

(22,439

)

 

$

34,581

 

 

 

 

Intangible assets consisted of the following as of December 31, 2022:

 

 

Gross Fair
Value

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

 

Weighted-
Average
Remaining
Useful Life

 

 

 

(in thousands)

 

 

(in years)

 

Developed technology

 

$

50,347

 

 

$

(17,434

)

 

$

32,913

 

 

 

3.3

 

Customer relationships

 

 

5,541

 

 

 

(1,840

)

 

 

3,701

 

 

 

4.1

 

Other intangible assets

 

 

1,132

 

 

 

(202

)

 

 

930

 

 

 

1.9

 

Total

 

$

57,020

 

 

$

(19,476

)

 

$

37,544

 

 

 

 
Summary of expected future amortization expenses by year related to the intangible assets

The expected future amortization expenses by year related to the intangible assets as of March 31, 2023 are as follows:

 

 

March 31, 2023

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2023 (Remainder)

 

$

8,813

 

2024

 

 

11,034

 

2025

 

 

9,110

 

2026

 

 

5,241

 

2027

 

 

383

 

Total

 

$

34,581

 
v3.23.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Components of Operating Lease Expense

Components of operating lease expense were as follows:

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Operating lease cost

 

$

2,181

 

 

$

1,860

 

Short-term lease cost

 

 

112

 

 

 

88

 

Variable lease cost

 

 

96

 

 

 

92

 

Total operating lease cost

 

$

2,389

 

 

$

2,040

 

 
Supplementary Cash Flow Information Related to Operating Leases

Supplementary cash flow information related to operating leases was as follows:

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Cash paid for operating leases

 

$

1,896

 

 

$

1,887

 

ROU assets obtained in exchange for new operating lease liabilities

 

$

2,867

 

 

$

—

 
Summary of Minimum Lease Payments Under Operating Leases

As of March 31, 2023, the weighted-average discount rate is 2.8% and the weighted-average remaining term is 3.6 years. Maturities of the Company’s operating lease liabilities as of March 31, 2023 were as follows:

 

 

March 31, 2023

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2023 (Remainder)

 

$

6,139

 

2024

 

 

7,285

 

2025

 

 

6,694

 

2026

 

 

4,370

 

2027

 

 

1,576

 

Thereafter

 

 

156

 

Total operating lease payments

 

 

26,220

 

Less: imputed interest

 

 

(1,412

)

Total operating lease liabilities

 

$

24,808

 
v3.23.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Summary of outstanding non-cancelable purchase obligations

In the normal course of business, the Company enters into non-cancelable purchase commitments with various parties mainly for hosting services, as well as software products and services. As of March 31, 2023, the Company had outstanding non-cancelable purchase obligations with a term of 12 months or longer as follows:

 

 

March 31, 2023

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2023 (Remainder)

 

$

9,742

 

2024

 

 

20,135

 

2025

 

 

23,648

 

Total

 

$

53,525

 
v3.23.1
Shareholders' Equity and Equity Incentive Plans (Tables)
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Summary of Stock Option Activity

A summary of share option activity under the Company’s equity incentive plans and related information is as follows:

 

 

Options Outstanding

 

 

 

Outstanding
Share Options

 

 

Weighted-Average Exercise
Price

 

 

Weighted-Average Remaining
Contractual
Life (Years)

 

 

Aggregate
Intrinsic
Value

 

 

 

(in thousands, except share, life and per share data)

 

Balance as of December 31, 2022

 

 

7,205,324

 

 

$

7.88

 

 

 

5.4

 

 

$

101,334

 

Exercised

 

 

(351,794

)

 

$

3.28

 

 

 

 

 

$

6,671

 

Forfeited

 

 

(73,461

)

 

$

13.60

 

 

 

 

 

 

 

Balance as of March 31, 2023

 

 

6,780,069

 

 

$

8.06

 

 

 

5.2

 

 

$

84,960

 

Exercisable as of March 31, 2023

 

 

5,113,560

 

 

$

5.99

 

 

 

4.7

 

 

$

73,001

 
Summary of Restricted Ordinary Shares

A summary of RSU activity under the Company's equity incentive plan and related information is as follows:

 

 

RSUs

 

 

 

Unvested RSUs

 

 

Weighted-Average
Grant Date Fair
Value Per Share

 

Unvested as of December 31, 2022

 

 

7,981,147

 

 

$

26.90

 

Granted

 

 

612,980

 

 

$

24.56

 

Vested

 

 

(371,504

)

 

$

33.63

 

Forfeited

 

 

(323,310

)

 

$

25.60

 

Unvested as of March 31, 2023

 

 

7,899,313

 

 

$

26.45

 
Summary of Ordinary Shares Reserved for Future Issuance

The Company has the following ordinary shares reserved for future issuance:

 

 

March 31, 2023

 

Outstanding share options

 

 

6,780,069

 

Outstanding RSUs

 

 

7,899,313

 

Issuable ordinary shares related to business combinations

 

 

55,466

 

Shares available for future issuance under the 2020 Plan

 

 

18,712,142

 

Shares available for future issuance under ESPP

 

 

4,443,395

 

Total ordinary shares reserved

 

 

37,890,385

 
Summary of Stock-Based Compensation Expense

The share-based compensation expense by line item in the accompanying condensed consolidated statements of operations is summarized as follows:

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Cost of revenue: subscription–self-managed and SaaS

 

$

2,196

 

 

$

1,306

 

Research and development

 

 

7,172

 

 

 

5,132

 

Sales and marketing

 

 

6,473

 

 

 

4,755

 

General and administrative

 

 

4,071

 

 

 

2,881

 

Total share-based compensation expense

 

$

19,912

 

 

$

14,074

 
v3.23.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Summary of Changes in AOCI

The following table summarizes the changes in AOCI by component, net of tax, during the periods presented:

 

 

Net Unrealized
Losses on
Available-for-Sale
Marketable Securities

 

 

Net Unrealized
Losses on
Derivatives
Designated as
Hedging Instruments

 

 

Total

 

 

 

(in thousands)

 

Balance as of December 31, 2022

 

$

(1,694

)

 

$

(1,078

)

 

$

(2,772

)

Other comprehensive income (loss) before reclassifications

 

 

411

 

 

 

(1,281

)

 

 

(870

)

Net losses reclassified from AOCI

 

 

161

 

 

 

1,108

 

 

 

1,269

 

Other comprehensive income (loss)

 

 

572

 

 

 

(173

)

 

 

399

 

Balance as of March 31, 2023

 

$

(1,122

)

 

$

(1,251

)

 

$

(2,373

)

 

 

 

Net Unrealized
Losses on
Available-for-Sale
Marketable Securities

 

 

Net Unrealized
Gains on
Derivatives
Designated as
Hedging Instruments

 

 

Total

 

 

 

(in thousands)

 

Balance as of December 31, 2021

 

$

(264

)

 

$

875

 

 

$

611

 

Other comprehensive loss before reclassifications

 

 

(717

)

 

 

(843

)

 

 

(1,560

)

Net losses reclassified from AOCI

 

 

—

 

 

 

79

 

 

 

79

 

Other comprehensive loss

 

 

(717

)

 

 

(764

)

 

 

(1,481

)

Balance as of March 31, 2022

 

$

(981

)

 

$

111

 

 

$

(870

)
v3.23.1
Net Loss Per Share (Tables)
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Summary of computation of basic and diluted net loss per share

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

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

 

(in thousands, except share and per share data)

 

Numerator:

 

 

 

 

 

 

Net loss

 

$

(20,809

)

 

$

(19,704

)

Denominator:

 

 

 

 

 

 

Weighted-average shares used in computing net loss per share, basic and diluted

 

 

101,260,549

 

 

 

97,883,814

 

Net loss per share, basic and diluted

 

$

(0.21

)

 

$

(0.20

)
Summary of shares excluded from the computation of diluted net loss per share

The potential shares of ordinary shares that were excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive are as follows:

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

Outstanding share options

 

 

7,025,265

 

 

 

9,346,102

 

Unvested RSUs

 

 

8,052,284

 

 

 

3,714,230

 

Share purchase rights under the ESPP

 

 

197,335

 

 

 

140,818

 

Issuable ordinary shares related to business combination

 

 

55,466

 

 

 

142,519

 

Total

 

 

15,330,350

 

 

 

13,343,669

 
v3.23.1
Summary of Significant Accounting Policies - Summary of Long Lived Assets by Geographic Region (Detail) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Total long lived assets $ 32,929 $ 32,623
UNITED STATES    
Total long lived assets 10,757 11,569
ISRAEL    
Total long lived assets 16,519 17,887
INDIA    
Total long lived assets 4,872 2,246
Rest of world    
Total long lived assets $ 781 $ 921
v3.23.1
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Accounting Policies [Abstract]    
Interest income $ 4.4 $ 0.3
v3.23.1
Revenue Recognition - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]        
Deferred Revenue     $ 175.7 $ 147.1
Contract with Customer, Liability, Revenue Recognized $ 63.5 $ 47.9    
Revenue, Remaining Performance Obligation $ 210.6      
Revenue, Remaining Performance Obligation, Percentage 84.00%      
Amortization of deferred contract acquisition costs $ 2.2 $ 1.5    
Billed Revenues [Member]        
Disaggregation of Revenue [Line Items]        
Revenue, Remaining Performance Obligation 178.4      
Unbilled Revenues [Member]        
Disaggregation of Revenue [Line Items]        
Revenue, Remaining Performance Obligation $ 32.2      
v3.23.1
Revenue Recognition - Additional Information (Detail 1)
Mar. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 12 months
v3.23.1
Revenue Recognition - Summary of Table Presents Revenue as Follows (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Disaggregation of Revenue [Line Items]    
Total subscription revenue $ 79,820 $ 63,696
Sale revenue [Member] | Product Concentration Risk [Member]    
Disaggregation of Revenue [Line Items]    
Percentage of revenue 100.00% 100.00%
Subscription    
Disaggregation of Revenue [Line Items]    
Total subscription revenue $ 49,503 $ 42,295
Subscription | Sale revenue [Member] | Product Concentration Risk [Member]    
Disaggregation of Revenue [Line Items]    
Percentage of revenue 62.00% 67.00%
Selfmanaged Subscription [Member]    
Disaggregation of Revenue [Line Items]    
Total subscription revenue $ 54,780 $ 46,922
Selfmanaged Subscription [Member] | Sale revenue [Member] | Product Concentration Risk [Member]    
Disaggregation of Revenue [Line Items]    
Percentage of revenue 69.00% 74.00%
License [Member]    
Disaggregation of Revenue [Line Items]    
Total subscription revenue $ 5,277 $ 4,627
License [Member] | Sale revenue [Member] | Product Concentration Risk [Member]    
Disaggregation of Revenue [Line Items]    
Percentage of revenue 7.00% 7.00%
SaaS [Member]    
Disaggregation of Revenue [Line Items]    
Total subscription revenue $ 25,040 $ 16,774
SaaS [Member] | Sale revenue [Member] | Product Concentration Risk [Member]    
Disaggregation of Revenue [Line Items]    
Percentage of revenue 31.00% 26.00%
v3.23.1
Revenue Recognition - Summary of Revenue by Region Based on The Shipping Address of Customers as Follows (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Disaggregation of Revenue [Line Items]    
Total subscription revenue $ 79,820 $ 63,696
Revenue Benchmark [Member] | Geographic Concentration Risk [Member]    
Disaggregation of Revenue [Line Items]    
Percentage of revenue 100.00% 100.00%
UNITED STATES    
Disaggregation of Revenue [Line Items]    
Total subscription revenue $ 49,539 $ 39,717
UNITED STATES | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]    
Disaggregation of Revenue [Line Items]    
Percentage of revenue 62.00% 62.00%
ISRAEL    
Disaggregation of Revenue [Line Items]    
Total subscription revenue $ 2,043 $ 1,623
ISRAEL | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]    
Disaggregation of Revenue [Line Items]    
Percentage of revenue 3.00% 3.00%
Rest of world [Member]    
Disaggregation of Revenue [Line Items]    
Total subscription revenue $ 28,238 $ 22,356
Rest of world [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]    
Disaggregation of Revenue [Line Items]    
Percentage of revenue 35.00% 35.00%
v3.23.1
Short-Term Investments - Summary of Short Term Investments (Detail) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Schedule of short term investments [Line Items]    
Amortized Cost $ 407,925 $ 399,285
Gross Unrealized Gains 208 73
Gross Unrealized Losses (1,315) (1,753)
Estimated Fair Value 406,818 397,605
Bank deposits [Member]    
Schedule of short term investments [Line Items]    
Amortized Cost 94,542 96,034
Estimated Fair Value 94,542 96,034
Certificates of deposit [Member]    
Schedule of short term investments [Line Items]    
Amortized Cost 2,196 2,204
Gross Unrealized Gains 0 0
Gross Unrealized Losses (55) (51)
Estimated Fair Value 2,141 2,153
Commercial paper [Member]    
Schedule of short term investments [Line Items]    
Amortized Cost 41,597 38,164
Gross Unrealized Gains 0 2
Gross Unrealized Losses (89) (137)
Estimated Fair Value 41,508 38,029
Corporate debt securities [Member]    
Schedule of short term investments [Line Items]    
Amortized Cost 130,904 137,191
Gross Unrealized Gains 111 41
Gross Unrealized Losses (662) (859)
Estimated Fair Value 130,353 136,373
Municipal securities [Member]    
Schedule of short term investments [Line Items]    
Amortized Cost 37,162 38,543
Gross Unrealized Gains 13 23
Gross Unrealized Losses (164) (222)
Estimated Fair Value 37,011 38,344
Government and agency debt [Member]    
Schedule of short term investments [Line Items]    
Amortized Cost 101,524 87,149
Gross Unrealized Gains 84 7
Gross Unrealized Losses (345) (484)
Estimated Fair Value 101,263 86,672
Marketable securities [Member]    
Schedule of short term investments [Line Items]    
Amortized Cost 313,383 303,251
Gross Unrealized Gains 208 73
Gross Unrealized Losses (1,315) (1,753)
Estimated Fair Value $ 312,276 $ 301,571
v3.23.1
Short-Term Investments - Summary of Company's Marketable Securities by Contractual Maturities (Details)
$ in Thousands
Mar. 31, 2023
USD ($)
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]  
Due in 1 year or less $ 195,023
Due in 1 year through 2 years 117,253
Total $ 312,276
v3.23.1
Short-Term Investments - Summary of Presents Fair Value and Gross Unrealized Losses of the Company's Marketable Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Fair Value $ 250,544 $ 254,648
Unrealized Loss (1,315) (1,753)
Certificates of deposit [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Fair Value 2,141 2,153
Unrealized Loss (55) (51)
Commercial paper [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Fair Value 41,508 31,838
Unrealized Loss (89) (137)
Corporate debt securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Fair Value 107,518 123,540
Unrealized Loss (662) (859)
Municipal securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Fair Value 25,955 25,336
Unrealized Loss (164) (222)
Government and agency debt [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Fair Value 73,422 71,781
Unrealized Loss $ (345) $ (484)
v3.23.1
Short-Term Investments - Additional Information (Detail) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Investments, All Other Investments [Abstract]    
Allowance for Credit Loss $ 0 $ 0
v3.23.1
Fair Value Measurements - Summary of Fair Value by Balance Sheet Grouping (Detail) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents $ 8,569 $ 9,562
Total financial assets 8,569 9,562
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 1,989  
Total financial assets 409,161 397,658
Total financial liabilities 1,623 1,477
Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 406,818 397,605
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 10,558 9,562
Total financial assets 417,730 407,220
Total financial liabilities 1,623 1,477
Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 406,818 397,605
Prepaid Expenses and Other Current Assets [Member] | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Restricted bank deposits included in assets 12 12
Prepaid Expenses and Other Current Assets [Member] | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Restricted bank deposits included in assets 12 12
Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign currency contract, asset, fair value disclosure 249 20
Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign currency contract, asset, fair value disclosure 249 20
Prepaid Expenses and Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign currency contract, asset, fair value disclosure 93 21
Prepaid Expenses and Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign currency contract, asset, fair value disclosure 93 21
Accrued Expenses And Other Current Liabilites [Member] | Designated as Hedging Instrument [Member] | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign currency contracts, liability, fair value disclosure 1,500 1,098
Accrued Expenses And Other Current Liabilites [Member] | Designated as Hedging Instrument [Member] | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign currency contracts, liability, fair value disclosure 1,500 1,098
Accrued Expenses And Other Current Liabilites [Member] | Not Designated as Hedging Instrument [Member] | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign currency contracts, liability, fair value disclosure 123 379
Accrued Expenses And Other Current Liabilites [Member] | Not Designated as Hedging Instrument [Member] | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign currency contracts, liability, fair value disclosure 123 379
Money market funds | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 8,569 9,562
Money market funds | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 8,569 9,562
Bank deposits | Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 94,542 96,034
Bank deposits | Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 94,542 96,034
Certificates of deposit | Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 2,141 2,153
Certificates of deposit | Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 2,141 2,153
Commercial paper | Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 41,508 38,029
Commercial paper | Level 2 | Cash equivalents    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 1,989  
Commercial paper | Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 41,508 38,029
Commercial paper | Fair Value | Cash equivalents    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 1,989  
Corporate debt securities | Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 130,353 136,373
Corporate debt securities | Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 130,353 136,373
Municipal securities | Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 37,011 38,344
Municipal securities | Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 37,011 38,344
Government and agency debt | Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 101,263 86,672
Government and agency debt | Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments $ 101,263 $ 86,672
v3.23.1
Fair Value Measurements - Additional Information (Detail) - Level 3 - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total financial assets $ 0 $ 0
Total financial liabilities $ 0 $ 0
v3.23.1
Derivative Financial Instruments and Hedging - Disclosure of Notional Amount of Derivatives By Hedging Designation (Detail) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Derivatives, Fair Value [Line Items]    
Total derivative instruments $ 72,742 $ 60,409
Foreign currency contracts [Member] | Derivatives designated as hedging instruments [Member]    
Derivatives, Fair Value [Line Items]    
Total derivative instruments 52,898 42,854
Foreign currency contracts [Member] | Derivatives not designated as hedging instruments [Member]    
Derivatives, Fair Value [Line Items]    
Total derivative instruments $ 19,844 $ 17,555
v3.23.1
Derivative Financial Instruments and Hedging - Derivative Instruments, Gain (Loss) (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Derivatives designated as hedging instruments [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Total gains (losses) recognized in earnings $ (1,108) $ (79)
Derivatives not designated as hedging instruments [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Total gains (losses) recognized in earnings 405 22
Foreign Currency Contracts [Member] | Derivatives designated as hedging instruments [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Total gains (losses) recognized in earnings $ 0 $ 8
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income (Expense) Nonoperating Income (Expense)
Foreign Currency Contracts [Member] | Derivatives not designated as hedging instruments [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Total gains (losses) recognized in earnings $ (405) $ 22
Foreign Currency Contracts [Member] | Subscription–self-managed and SaaS [Member] | Derivatives designated as hedging instruments [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Total gains (losses) recognized in earnings $ (87) $ (6)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of Revenue Cost of Revenue
Foreign Currency Contracts [Member] | Research and development [Member] | Derivatives designated as hedging instruments [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Total gains (losses) recognized in earnings $ (688) $ (55)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Research and Development Expense Research and Development Expense
Foreign Currency Contracts [Member] | Sales and marketing [Member] | Derivatives designated as hedging instruments [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Total gains (losses) recognized in earnings $ (152) $ (11)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Selling and Marketing Expense Selling and Marketing Expense
Foreign Currency Contracts [Member] | General and administrative [Member] | Derivatives designated as hedging instruments [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Total gains (losses) recognized in earnings $ (181) $ (15)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] General and Administrative Expense General and Administrative Expense
v3.23.1
Condensed Consolidated Balance Sheet Components - Summary of Property and Equipment (Detail) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 17,225 $ 16,880
Less: accumulated depreciation and amortization (9,743) (8,859)
Property and equipment, net 7,482 8,021
Computer and software    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 8,542 8,330
Furniture and office equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 2,943 2,802
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 5,740 $ 5,748
v3.23.1
Condensed Consolidated Balance Sheet Components - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]    
Accrued compensation and benefits $ 19,465 $ 20,892
Accrued expenses 9,734 7,956
Accrued expenses and other current liabilities $ 29,199 $ 28,848
v3.23.1
Intangible Assets, Net - Summary of Intangible Assets (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Intangible Assets [Line items]    
Gross Fair Value $ 57,020 $ 57,020
Accumulated Amortization (22,439) (19,476)
Net Book Value 34,581 37,544
Developed technology [Member]    
Intangible Assets [Line items]    
Gross Fair Value 50,347 50,347
Accumulated Amortization (20,039) (17,434)
Net Book Value $ 30,308 $ 32,913
Weighted- Average Remaining Useful Life 3 years 1 month 6 days 3 years 3 months 18 days
Customer relationships [Member]    
Intangible Assets [Line items]    
Gross Fair Value $ 5,541 $ 5,541
Accumulated Amortization (2,077) (1,840)
Net Book Value $ 3,464 $ 3,701
Weighted- Average Remaining Useful Life 3 years 10 months 24 days 4 years 1 month 6 days
Other intangible assets [Member]    
Intangible Assets [Line items]    
Gross Fair Value $ 1,132 $ 1,132
Accumulated Amortization (323) (202)
Net Book Value $ 809 $ 930
Weighted- Average Remaining Useful Life 1 year 8 months 12 days 1 year 10 months 24 days
v3.23.1
Intangible Assets, Net - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Intangible Assets [Line items]    
Amortization expenses for intangible assets $ 3.0 $ 2.8
v3.23.1
Intangible Assets, Net - Summary of Expected Future Amortization Expenses by Year Related to the Intangible Assets (Detail) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
2023 (Remainder) $ 8,813  
2024 11,034  
2025 9,110  
2026 5,241  
2027 383  
Net Book Value $ 34,581 $ 37,544
v3.23.1
Leases - Components of Operating Lease Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Lease, Cost [Abstract]    
Operating lease cost $ 2,181 $ 1,860
Short-term lease cost 112 88
Variable lease cost 96 92
Total operating lease cost $ 2,389 $ 2,040
v3.23.1
Leases - Additional Information (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2023
USD ($)
Lessee, Lease, Description [Line Items]  
Operating Lease, Weighted Average Remaining Lease Term 3 years 7 months 6 days
Operating Lease, Weighted Average Discount Rate, Percent 2.80%
Facility Lease Commencement [Member]  
Lessee, Lease, Description [Line Items]  
Additional Operating Lease Obligations $ 2.4
Lease term, leases yet to commence 4 years
v3.23.1
Leases - Supplemental Cash Flow Information Related to Operating Lease (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Leases [Abstract]    
Cash paid for operating leases $ 1,896 $ 1,887
ROU assets obtained in exchange for new operating lease liabilities $ 2,867 $ 0
v3.23.1
Leases - Schedule of Maturities of Operating Lease Liabilities (Details)
$ in Thousands
Mar. 31, 2023
USD ($)
Lessee, Operating Lease, Liability, to be Paid [Abstract]  
2023 (Remainder) $ 6,139
2024 7,285
2025 6,694
2026 4,370
2027 1,576
Thereafter 156
Total operating lease payments 26,220
Less: imputed interest (1,412)
Total operating lease liabilities $ 24,808
v3.23.1
Commitments and Contingencies - Summary of Outstanding Non-cancelable Purchase Obligations (Detail)
$ in Thousands
Mar. 31, 2023
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2023 (Remainder) $ 9,742
2024 23,648
2025 20,135
Total $ 53,525
v3.23.1
Commitments and Contingencies - Additional Information (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2023
USD ($)
Grants [Member] | Israeli Innovation Authority [Member]  
Maximum additional payments as a grant recipient $ 6.0
v3.23.1
Shareholders' Equity and Equity Incentive Plans - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Jan. 01, 2023
Mar. 31, 2023
Mar. 31, 2022
Total intrinsic value of options exercised   $ 6,671 $ 23,900
Unrecognized share-based compensation cost   $ 200,300  
Unrecognized share based compensation cost expected to be recognised period   2 years 10 months 24 days  
2020 Plan [Member]      
Share-based payment arrangement, increase of authorized shares 5,819,265    
Employee Share Purchase Plan [Member]      
Share-based payment arrangement, increase of authorized shares 1,009,633    
Restricted Stock Units (RSUs) [Member]      
Fair value of RSU   $ 8,500 $ 2,700
Weighted Average Grant Date Fair Value Per Share, Granted   $ 24.56 $ 25.67
v3.23.1
Shareholders' Equity and Equity Incentive Plans - Summary of Stock Option Activity (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]      
Outstanding Share Options, Beginning balance 7,205,324    
Outstanding Share Options, Exercised (351,794)    
Outstanding Share Options, Forfeited (73,461)    
Outstanding Share Options, Ending balance 6,780,069   7,205,324
Outstanding Share Options, Exercisable 5,113,560    
Weighted Average Exercise Price Per Share, Beginning balance $ 7.88    
Weighted Average Exercise Price Per Share, Exercised 3.28    
Weighted Average Exercise Price Per Share, Forfeited 13.60    
Weighted Average Exercise Price Per Share, Ending balance 8.06   $ 7.88
Weighted Average Exercise Price Per Share, Exercisable $ 5.99    
Weighted Average Remaining Contractual Life 5 years 2 months 12 days   5 years 4 months 24 days
Weighted Average Remaining Contractual Life, Exercisable 4 years 8 months 12 days    
Aggregate Intrinsic Value, Beginning balance $ 101,334    
Aggregate Intrinsic Value, Exercised 6,671 $ 23,900  
Aggregate Intrinsic Value, Ending balance 84,960   $ 101,334
Aggregate Intrinsic Value, Exercisable $ 73,001    
v3.23.1
Shareholders' Equity and Equity Incentive Plans - Summary of Restricted Ordinary Shares (Detail) - Restricted Stock Units (RSUs) [Member] - $ / shares
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Unvested RSUs, Beginning balance 7,981,147  
Unvested RSUs, Granted 612,980  
Unvested RSUs, Vested (371,504)  
Unvested RSUs, Forfeited (323,310)  
Unvested RSUs, Ending balance 7,899,313  
Weighted Average Grant Date Fair Value Per Share, Beginning balance $ 26.90  
Weighted Average Grant Date Fair Value Per Share, Granted 24.56 $ 25.67
Weighted Average Grant Date Fair Value Per Share, Vested 33.63  
Weighted Average Grant Date Fair Value Per Share, Canceled/Forfeited 25.60  
Weighted Average Grant Date Fair Value Per Share, Ending balance $ 26.45  
v3.23.1
Shareholders' Equity and Equity Incentive Plans - Summary of Ordinary Shares Reserved for Future Issuance (Detail)
Mar. 31, 2023
shares
Class of Stock [Line Items]  
Common Stock Reserved for Future Issuance 37,890,385
2020 Plan [Member]  
Class of Stock [Line Items]  
Common Stock Reserved for Future Issuance 18,712,142
Employee Stock Purchase Plan [Member]  
Class of Stock [Line Items]  
Common Stock Reserved for Future Issuance 4,443,395
Employee Stock Option [Member]  
Class of Stock [Line Items]  
Common Stock Reserved for Future Issuance 6,780,069
Restricted Stock Units (RSUs) [Member]  
Class of Stock [Line Items]  
Common Stock Reserved for Future Issuance 7,899,313
Ordinary Shares [Member]  
Class of Stock [Line Items]  
Common Stock Reserved for Future Issuance 55,466
v3.23.1
Shareholders' Equity and Equity Incentive Plans - Summary of Stock-based Compensation Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Share-based compensation expense $ 19,912 $ 14,074
Cost of revenue [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Share-based compensation expense 2,196 1,306
Research and development [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Share-based compensation expense 7,172 5,132
Sales and marketing [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Share-based compensation expense 6,473 4,755
General and administrative [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Share-based compensation expense $ 4,071 $ 2,881
v3.23.1
Accumulated Other Comprehensive Income (Loss) - Summary of Changes In AOCI (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Changes in Accumulated Other Comprehensive Income [Line items]    
Beginning Balance $ (2,772) $ 611
Other comprehensive income (loss) before reclassifications (870) (1,560)
Net losses reclassified from AOCI 1,269 79
Other comprehensive income (loss) 399 (1,481)
Ending Balance (2,373) (870)
Net Unrealized Losses on Available-for-Sale Marketable Securities [Member]    
Changes in Accumulated Other Comprehensive Income [Line items]    
Beginning Balance (1,694) (264)
Other comprehensive income (loss) before reclassifications 411 (717)
Net losses reclassified from AOCI 161 0
Other comprehensive income (loss) 572 (717)
Ending Balance (1,122) (981)
Net Unrealized Gains(losses) on Derivatives Designated as Hedging Instruments [Member]    
Changes in Accumulated Other Comprehensive Income [Line items]    
Beginning Balance (1,078) 875
Other comprehensive income (loss) before reclassifications (1,281) (843)
Net losses reclassified from AOCI 1,108 79
Other comprehensive income (loss) (173) (764)
Ending Balance $ (1,251) $ 111
v3.23.1
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Income tax expense $ 1,588 $ 838  
Unrecognized tax benefits $ 4,800   $ 4,800
v3.23.1
Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Numerator:    
Net loss $ (20,809) $ (19,704)
Denominator:    
Weighted-average shares used in computing net loss per share, basic 101,260,549 97,883,814
Weighted-average shares used in computing net loss per share, diluted 101,260,549 97,883,814
Net loss per share, Basic $ (0.21) $ (0.20)
Net loss per share, Diluted $ (0.21) $ (0.20)
v3.23.1
Net Loss Per Share - Summary of Shares Excluded From the Computation of Diluted Net Loss Per Share (Detail) - shares
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Shares excluded from computation of diluted net loss per share 15,330,350 13,343,669
Outstanding share options [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Shares excluded from computation of diluted net loss per share 7,025,265 9,346,102
Unvested RSUs [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Shares excluded from computation of diluted net loss per share 8,052,284 3,714,230
Share purchase rights under the ESPP [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Shares excluded from computation of diluted net loss per share 197,335 140,818
Issuable ordinary shares related to business combination [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Shares excluded from computation of diluted net loss per share 55,466 142,519