JFROG LTD, 10-Q filed on 8/6/2021
Quarterly Report
v3.21.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2021
Jul. 30, 2021
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2021  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q2  
Entity Registrant Name JFrog Ltd.  
Entity Central Index Key 0001800667  
Entity 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 Non-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 true  
Entity Ex Transition Period 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   95,887,493
v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Current assets:      
Cash and cash equivalents $ 259,220   $ 164,461
Short-term investments 356,005   433,595
Accounts receivable, net 36,070   37,048
Deferred contract acquisition costs 3,952   3,247
Prepaid expenses and other current assets 13,288   14,210
Total current assets 668,535   652,561
Property and equipment, net 6,231   4,963
Deferred contract acquisition costs, noncurrent 6,524   4,949
Operating lease right-of-use assets 19,231   0
Intangible assets, net 3,302   4,047
Goodwill 17,320   17,320
Other assets, noncurrent 7,665   5,391
Total assets 728,808   689,231
Current liabilities:      
Accounts payable 9,742   9,911
Accrued expenses and other current liabilities 17,316   21,039
Operating lease liabilities 4,751   0
Deferred revenue 102,752   91,750
Total current liabilities 134,561   122,700
Deferred revenue, noncurrent 16,413   11,087
Operating lease liabilities, noncurrent 14,747   0
Other liabilities, noncurrent 1,140   1,550
Total liabilities 166,861   135,337
Commitments and contingencies (Note 10)  
Shareholders' equity (deficit):      
Preferred shares, NIS 0.01 par value per share; 50,000,000 shares authorized; 0 issued and outstanding as of June 30, 2021 and December 31, 2020 0   0
Ordinary shares, NIS 0.01 par value per share, 500,000,000 shares authorized; 93,988,276 and 92,112,447 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively 262   257
Additional paid-in capital 657,509   628,054
Accumulated other comprehensive income 9   372
Accumulated deficit (95,833)   (74,789)
Total shareholders' equity (deficit) 561,947 $ 559,398 553,894
Total liabilities, convertible preferred shares and shareholders' equity (deficit) $ 728,808   $ 689,231
v3.21.2
Condensed Consolidated Balance Sheets (Parenthetical) - ₪ / shares
Jun. 30, 2021
Dec. 31, 2020
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 93,988,276 92,112,447
Common stock Outstanding 93,988,276 92,112,447
v3.21.2
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenue:        
Total subscription revenue $ 48,657 $ 36,431 $ 93,744 $ 69,252
Cost of revenue:        
Total cost of revenue—subscription 9,071 6,689 17,498 13,093
Gross profit 39,586 29,742 76,246 56,159
Operating expenses:        
Research and development 16,688 9,776 30,524 19,071
Sales and marketing 22,026 13,882 41,791 27,905
General and administrative 15,103 4,746 28,774 9,944
Total operating expenses 53,817 28,404 101,089 56,920
Operating income (loss) (14,231) 1,338 (24,843) (761)
Interest and other income, net 346 574 706 1,138
Income (loss) before income taxes (13,885) 1,912 (24,137) 377
Income tax expense (benefit) (736) 213 (3,093) 803
Net income (loss) (13,149) 1,699 (21,044) (426)
Undistributed earnings attributable to participating securities 0 (1,699) 0 0
Net income (loss) attributable to ordinary shareholders $ (13,149) $ 0 $ (21,044) $ (426)
Net income (loss) per share attributable to ordinary shareholders:        
Basic $ (0.14) $ 0 $ (0.23) $ (0.02)
Diluted $ (0.14) $ 0 $ (0.23) $ (0.02)
Weighted-average shares used in computing net income (loss) per share attributable to ordinary shareholders:        
Basic 93,665,527 28,339,824 93,175,364 28,247,005
Diluted 93,665,527 38,105,657 93,175,364 28,247,005
Subscription—self-managed and SaaS        
Revenue:        
Total subscription revenue $ 45,312 $ 33,161 $ 86,650 $ 63,458
Cost of revenue:        
Total cost of revenue—subscription 8,881 6,475 17,117 12,665
License—self-managed        
Revenue:        
Total subscription revenue 3,345 3,270 7,094 5,794
Cost of revenue:        
Total cost of revenue—subscription $ 190 $ 214 $ 381 $ 428
v3.21.2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ (13,149) $ 1,699 $ (21,044) $ (426)
Other comprehensive income (loss), net of tax:        
Unrealized gain on available-for-sale marketable securities, net 66 346 36 295
Unrealized gain (loss) on derivative instruments, net 212 322 (399) 459
Other comprehensive income (loss) 278 668 (363) 754
Comprehensive income (loss) $ (12,871) $ 2,367 $ (21,407) $ 328
v3.21.2
Condensed Consolidated Statements of Convertible Preferred Shares and Shareholders' Equity (Deficit) - USD ($)
$ in Thousands
Total
Ordinary Shares
Additional Paid-in Capital
Accumulated Other Comprehensive Income (loss)
Accumulated Deficit
Convertible Preferred Shares
Balance (in shares) at Dec. 31, 2019   27,930,741       52,063,647
Balance at Dec. 31, 2019 $ (33,434) $ 80 $ 31,835 $ 35 $ (65,384) $ 175,844
Issuance of ordinary shares upon exercise of share options (in shares)   439,695        
Issuance of ordinary shares upon exercise of share options 906 $ 1 905      
Issuance of ordinary shares related to business combination (in shares)   102,692        
Issuance of ordinary shares related to business combination 0 [1] [1]      
Share-based compensation expense 4,739   4,739      
Other comprehensive income (loss), net of tax 754     754    
Net income (loss) (426)       (426)  
Balance (in shares) at Jun. 30, 2020   28,473,128       52,063,647
Balance at Jun. 30, 2020 (27,461) $ 81 37,479 789 (65,810) $ 175,844
Balance (in shares) at Mar. 31, 2020   28,276,643       52,063,647
Balance at Mar. 31, 2020 (33,121) $ 80 34,187 121 (67,509) $ 175,844
Issuance of ordinary shares upon exercise of share options (in shares)   196,485        
Issuance of ordinary shares upon exercise of share options 510 $ 1 509      
Share-based compensation expense 2,783   2,783      
Other comprehensive income (loss), net of tax 668     668    
Net income (loss) 1,699       1,699  
Balance (in shares) at Jun. 30, 2020   28,473,128       52,063,647
Balance at Jun. 30, 2020 (27,461) $ 81 37,479 789 (65,810) $ 175,844
Balance (in shares) at Dec. 31, 2020   92,112,447        
Balance at Dec. 31, 2020 $ 553,894 $ 257 628,054 372 (74,789)  
Issuance of ordinary shares upon exercise of share options (in shares) 1,826,006 1,826,006        
Issuance of ordinary shares upon exercise of share options $ 3,606 $ 5 3,601      
Issuance of ordinary shares related to business combination (in shares)   49,823        
Issuance of ordinary shares related to business combination 0 [1] [1]      
Share-based compensation expense 25,854   25,854      
Other comprehensive income (loss), net of tax (363)     (363)    
Net income (loss) (21,044)       (21,044)  
Balance (in shares) at Jun. 30, 2021   93,988,276        
Balance at Jun. 30, 2021 561,947 $ 262 657,509 9 (95,833)  
Balance (in shares) at Mar. 31, 2021   93,467,841        
Balance at Mar. 31, 2021 559,398 $ 261 642,090 (269) (82,684)  
Issuance of ordinary shares upon exercise of share options (in shares)   520,435        
Issuance of ordinary shares upon exercise of share options 1,316 $ 1 1,315      
Share-based compensation expense 14,104   14,104      
Other comprehensive income (loss), net of tax 278     278    
Net income (loss) (13,149)       (13,149)  
Balance (in shares) at Jun. 30, 2021   93,988,276        
Balance at Jun. 30, 2021 $ 561,947 $ 262 $ 657,509 $ 9 $ (95,833)  
[1] Amount less than $1
v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ (21,044) $ (426)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 2,082 1,755
Share-based compensation expense 25,854 4,739
Non-cash operating lease expense 2,658 0
Net amortization of premium or discount on investments 2,886 424
Changes in operating assets and liabilities:    
Accounts receivable 978 (2,427)
Prepaid expenses and other assets (1,373) (1,320)
Deferred contract acquisition costs (2,280) (445)
Accounts payable (169) 781
Accrued expenses and other liabilities 4,706 2,154
Operating lease liabilities (2,642) 0
Deferred revenue 16,328 629
Net cash provided by operating activities 27,984 5,864
Cash flows from investing activities:    
Purchases of short-term investments (151,214) (86,055)
Maturities and sales of short-term investments 225,954 69,075
Purchases of property and equipment (2,274) (1,506)
Prepayment for purchase of intangible asset (600) 0
Net cash provided by (used in) investing activities 71,866 (18,486)
Cash flows from financing activities:    
Payments of deferred offering costs 0 (2,474)
Proceeds from exercise of share options 3,606 906
Payments to tax authorities from employee equity transactions, net (8,707) 0
Net cash used in financing activities (5,101) (1,568)
Net increase (decrease) in cash, cash equivalents, and restricted cash 94,749 (14,190)
Cash, cash equivalents, and restricted cash—beginning of period 164,739 40,943
Cash, cash equivalents, and restricted cash—end of period $ 259,488 $ 26,753
v3.21.2
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2021
Jun. 30, 2020
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 $ 259,220 $ 26,461
Restricted cash included in prepaid expenses and other current assets 13 14
Restricted cash included in other assets, noncurrent 255 278
Total cash, cash equivalents, and restricted cash $ 259,488 $ 26,753
v3.21.2
Organization and Description of Business
 6 Months Ended
Jun. 30, 2021
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 for Continuous Software Release Management enabling organizations to continuously 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.

v3.21.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2021
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, 2020 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, 2020, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on February 12, 2021.

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 June 30, 2021 and the Company’s consolidated results of operations and convertible preferred shares and shareholders’ equity (deficit) for the three and six months ended June 30, 2021 and 2020, and cash flows for the six months ended June 30, 2021 and 2020. The results for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021 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 doubtful accounts, the fair value of financial assets and liabilities, including accounting and 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, share-based compensation including the determination of the fair value of the Company’s share-based awards, 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, 2020. There have been no significant changes to these policies during the six months ended June 30, 2021, except as noted below.

Emerging Growth Company Status

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act (“JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

On the last business day of the Company’s second quarter in fiscal 2021, the aggregate market value of the Company’s ordinary shares held by its non-affiliate shareholders exceeded $700 million. As a result, as of December 31, 2021, the Company will be considered a large accelerated filer as defined in Rule 12b-2 of the Securities Exchange Act of 1934 and the Company will cease to be an emerging growth company. Accordingly, the Company will no longer be exempt from the auditor attestation requirements under Section 404(b) of the Sarbanes-Oxley Act of 2002, as amended, and the Company’s independent registered public accounting firm will evaluate and report on the effectiveness of internal control over financial reporting. Further, following the loss of emerging growth company status, the Company will be required to comply with any new or revised accounting pronouncements as of public company effective dates.

Recently Adopted Accounting Pronouncements

In reliance on the extended transition period allowed for emerging growth companies under the JOBS Act, the Company has elected to use the adoption dates discussed below.

In February 2016, the Financial Accounting Standards (“FASB”) issued ASU No. 2016-02, Leases (Topic 842), which would require lessees to put all leases on their balance sheets, whether operating or financing, while continuing to recognize the expenses on their income statements in a manner similar to the existing practice. The guidance states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-of-use (“ROU”) asset for the right to use the underlying asset for the lease term.

The Company adopted the guidance on January 1, 2021 using a modified retrospective transition approach. It applied Topic 842 to all leases as of January 1, 2021 without adjusting the comparative periods presented. The Company elected certain practical expedients permitted under the transition guidance within the new guidance and carried forward the historical accounting relating to lease identification and classification, remaining lease terms, and initial direct costs. Upon adoption, the Company recognized operating lease ROU assets of $21.9 million and operating lease liabilities of $22.1 million. Operating lease ROU assets included adjustments for prepayments and accrued lease payments. The adoption of Topic 842 did not have a material impact to the Company’s results of operations or cash flows. See Note 9, Leases, for further information.

In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new standard requires capitalized costs to be amortized on a straight-line basis generally over the term of the arrangement, and the financial statement presentation for these capitalized costs would be the same as that of the fees related to the hosting arrangements. The Company adopted this guidance prospectively on January 1, 2021, and the adoption did not have a material impact on its condensed consolidated financial statements.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The guidance will be effective for the Company beginning January 1, 2023, and interim periods therein. Early adoption is permitted. The Company is currently evaluating the effect that ASU 2016-13 will have on its condensed consolidated financial statements and related disclosures.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing a variety of exceptions within the framework of ASC 740. These exceptions include the exception to the incremental approach for intra-period tax allocation in the event of a loss from continuing operations and income or a gain from other items (such as other comprehensive income), and the exception to using general methodology for the interim period tax accounting for year-to-date losses that exceed anticipated losses. The guidance will be effective for the Company beginning January 1, 2022, and interim periods in fiscal years beginning January 1, 2023. Early adoption is permitted. The Company is currently evaluating the effect that ASU 2019-12 will have on its condensed consolidated financial statements and related disclosures. 
v3.21.2
Revenue Recognition
 6 Months Ended
Jun. 30, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

3. Revenue Recognition

Disaggregation of Revenue

The following table presents revenue by category:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

Amount

 

 

Percentage
of Revenue

 

 

Amount

 

 

Percentage
of Revenue

 

 

Amount

 

 

Percentage
of Revenue

 

 

Amount

 

 

Percentage
of Revenue

 

 

 

(in thousands, except percentages)

 

Self-managed subscription

 

$

37,190

 

 

 

76

%

 

$

28,635

 

 

 

79

%

 

$

72,013

 

 

 

77

%

 

$

55,108

 

 

 

80

%

Subscription

 

 

33,845

 

 

 

69

 

 

 

25,365

 

 

 

70

 

 

 

64,919

 

 

 

69

 

 

 

49,314

 

 

 

71

 

License

 

 

3,345

 

 

 

7

 

 

 

3,270

 

 

 

9

 

 

 

7,094

 

 

 

8

 

 

 

5,794

 

 

 

9

 

SaaS

 

 

11,467

 

 

 

24

 

 

 

7,796

 

 

 

21

 

 

 

21,731

 

 

 

23

 

 

 

14,144

 

 

 

20

 

Total subscription revenue

 

$

48,657

 

 

 

100

%

 

$

36,431

 

 

 

100

%

 

$

93,744

 

 

 

100

%

 

$

69,252

 

 

 

100

%

 

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

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

Amount

 

 

Percentage
of Revenue

 

 

Amount

 

 

Percentage
of Revenue

 

 

Amount

 

 

Percentage
 of Revenue

 

 

Amount

 

 

Percentage
of Revenue

 

 

 

(in thousands, except percentages)

 

United States

 

$

30,392

 

 

 

62

%

 

$

23,553

 

 

 

65

%

 

$

58,684

 

 

 

63

%

 

$

44,505

 

 

 

64

%

Israel

 

 

1,165

 

 

 

3

 

 

 

661

 

 

 

2

 

 

 

2,058

 

 

 

2

 

 

 

1,294

 

 

 

2

 

Rest of world

 

 

17,100

 

 

 

35

 

 

 

12,217

 

 

 

33

 

 

 

33,002

 

 

 

35

 

 

 

23,453

 

 

 

34

 

Total subscription revenue

 

$

48,657

 

 

 

100

%

 

$

36,431

 

 

 

100

%

 

$

93,744

 

 

 

100

%

 

$

69,252

 

 

 

100

%

 

Contract Balances

Of the $121.0 million and $78.6 million of deferred revenue recorded as of March 31, 2021 and 2020, respectively, the Company recognized $37.3 million and $27.2 million as revenue during the three months ended June 30, 2021 and 2020, respectively. Of the $102.8 million and $82.3 million of deferred revenue recorded as of December 31, 2020 and 2019, respectively, the Company recognized $57.3 million and $48.5 million as revenue during the six months ended June 30, 2021 and 2020, respectively.

Remaining Performance Obligation

The Company’s remaining performance obligations are comprised of product and service revenue not yet delivered. As of June 30, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $127.0 million, which consists of billed considerations of $119.2 million and unbilled considerations of $7.8 million, that the Company expects to recognize as revenue. As of June 30, 2021, the Company expects to recognize 82% of its remaining performance obligations as revenue over the next 12 months, and the remainder thereafter.

Cost to Obtain a Contract

The following table represents a rollforward of deferred contract acquisition costs:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Beginning balance

 

$

9,580

 

 

$

6,150

 

 

$

8,196

 

 

$

5,989

 

Additions to deferred contract acquisition costs

 

 

2,002

 

 

 

964

 

 

 

4,364

 

 

 

1,785

 

Amortization of deferred contract acquisition costs

 

 

(1,106

)

 

 

(680

)

 

 

(2,084

)

 

 

(1,340

)

Ending balance

 

$

10,476

 

 

$

6,434

 

 

$

10,476

 

 

$

6,434

 

Deferred contract acquisition costs (to be recognized in next 12 months)

 

$

3,952

 

 

$

2,669

 

 

$

3,952

 

 

$

2,669

 

Deferred contract acquisition costs, noncurrent

 

 

6,524

 

 

 

3,765

 

 

 

6,524

 

 

 

3,765

 

Total deferred contract acquisition costs

 

$

10,476

 

 

$

6,434

 

 

$

10,476

 

 

$

6,434

 
v3.21.2
Short-Term Investments
 6 Months Ended
Jun. 30, 2021
Investments, All Other Investments [Abstract]  
Short-Term Investments

4. Short-Term Investments

Short-term investments consisted of the following:

 

 

June 30, 2021

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

 

 

(in thousands)

 

Bank deposits

 

$

104,697

 

 

$

—

 

 

$

—

 

 

$

104,697

 

Certificates of deposit

 

 

2,410

 

 

 

2

 

 

 

—

 

 

 

2,412

 

Commercial paper

 

 

35,967

 

 

 

7

 

 

 

(3

)

 

 

35,971

 

Corporate debt securities

 

 

113,331

 

 

 

3

 

 

 

(30

)

 

 

113,304

 

Municipal securities

 

 

57,094

 

 

 

4

 

 

 

(8

)

 

 

57,090

 

Government and agency debt

 

 

42,539

 

 

 

2

 

 

 

(10

)

 

 

42,531

 

Marketable securities

 

 

251,341

 

 

 

18

 

 

 

(51

)

 

 

251,308

 

Total short-term investments

 

$

356,038

 

 

$

18

 

 

$

(51

)

 

$

356,005

 

 

 

 

December 31, 2020

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

 

 

(in thousands)

 

Bank deposits

 

$

133,386

 

 

$

—

 

 

$

—

 

 

$

133,386

 

Certificates of deposit

 

 

10,802

 

 

 

20

 

 

 

(1

)

 

 

10,821

 

Commercial paper

 

 

34,150

 

 

 

3

 

 

 

(2

)

 

 

34,151

 

Corporate debt securities

 

 

128,694

 

 

 

11

 

 

 

(82

)

 

 

128,623

 

Municipal securities

 

 

54,238

 

 

 

7

 

 

 

(12

)

 

 

54,233

 

Government and agency debt

 

 

72,394

 

 

 

5

 

 

 

(18

)

 

 

72,381

 

Marketable securities

 

 

300,278

 

 

 

46

 

 

 

(115

)

 

 

300,209

 

Total short-term investments

 

$

433,664

 

 

$

46

 

 

 

(115

)

 

$

433,595

 
Based on the available evidence, the Company concluded that the gross unrealized losses on the marketable securities as of June 30, 2021 and December 31, 2020 are temporary in nature. See Note 12, Accumulated Other Comprehensive Income, for the realized gains or losses from available-for-sale marketable securities that were reclassified out of accumulated other comprehensive income (“AOCI”) during the periods presented. As of June 30, 2021, the contractual maturities of the Company’s marketable securities were all less than one year.
v3.21.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2021
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:

 

 

June 30, 2021

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

127,844

 

 

$

127,844

 

 

$

—

 

Commercial paper

 

 

2,500

 

 

 

—

 

 

 

2,500

 

Municipal securities

 

 

150

 

 

 

—

 

 

 

150

 

Cash equivalents

 

 

130,494

 

 

 

127,844

 

 

 

2,650

 

Bank deposits

 

 

104,697

 

 

 

—

 

 

 

104,697

 

Certificates of deposit

 

 

2,412

 

 

 

—

 

 

 

2,412

 

Commercial paper

 

 

35,971

 

 

 

—

 

 

 

35,971

 

Corporate debt securities

 

 

113,304

 

 

 

—

 

 

 

113,304

 

Municipal securities

 

 

57,090

 

 

 

—

 

 

 

57,090

 

Government and agency debt

 

 

42,531

 

 

 

—

 

 

 

42,531

 

Short-term investments

 

 

356,005

 

 

 

—

 

 

 

356,005

 

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

 

 

98

 

 

 

—

 

 

 

98

 

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

 

 

1

 

 

 

—

 

 

 

1

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

13

 

 

 

—

 

 

 

13

 

Restricted bank deposits included in other assets, noncurrent

 

 

255

 

 

 

—

 

 

 

255

 

Total financial assets

 

$

486,866

 

 

$

127,844

 

 

$

359,022

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

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

 

$

49

 

 

$

—

 

 

$

49

 

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

 

 

17

 

 

 

—

 

 

 

17

 

Total financial liabilities

 

$

66

 

 

$

—

 

 

$

66

 

 

 

 

December 31, 2020

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

111,080

 

 

$

111,080

 

 

$

—

 

Certificates of deposit

 

 

274

 

 

 

—

 

 

 

274

 

Cash equivalents

 

 

111,354

 

 

 

111,080

 

 

 

274

 

Bank deposits

 

 

133,386

 

 

 

—

 

 

 

133,386

 

Certificates of deposit

 

 

10,821

 

 

 

—

 

 

 

10,821

 

Commercial paper

 

 

34,151

 

 

 

—

 

 

 

34,151

 

Corporate debt securities

 

 

128,623

 

 

 

—

 

 

 

128,623

 

Municipal securities

 

 

54,233

 

 

 

—

 

 

 

54,233

 

Government and agency debt

 

 

72,381

 

 

 

—

 

 

 

72,381

 

Short-term investments

 

 

433,595

 

 

 

—

 

 

 

433,595

 

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

 

 

468

 

 

 

—

 

 

 

468

 

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

 

 

2

 

 

 

—

 

 

 

2

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

14

 

 

 

—

 

 

 

14

 

Restricted bank deposits included in other assets, noncurrent

 

 

264

 

 

 

—

 

 

 

264

 

Total financial assets

 

$

545,697

 

 

$

111,080

 

 

$

434,617

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

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

 

$

16

 

 

$

—

 

 

$

16

 

Total financial liabilities

 

$

16

 

 

$

—

 

 

$

16

 
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 June 30, 2021 and December 31, 2020, the Company did not have any assets or liabilities valued based on Level 3 valuations.
v3.21.2
Derivative Financial Instruments and Hedging
 6 Months Ended
Jun. 30, 2021
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:

 

 

June 30, 2021

 

 

December 31, 2020

 

 

 

(in thousands)

 

Derivatives Designated as Hedging Instruments:

 

 

 

 

 

 

Foreign currency contracts

 

$

18,462

 

 

$

10,264

 

Derivatives Not Designated as Hedging Instruments:

 

 

 

 

 

 

Foreign currency contracts

 

 

3,801

 

 

 

1,230

 

Total derivative instruments

 

$

22,263

 

 

$

11,494

 

 

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 gain or loss on the derivative to the same financial statement line item in the Condensed Consolidated Statements of Operations to which the derivative relates. From time to time, the Company may discontinue cash flow hedges and record 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 not currently 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 effect of foreign currency contracts on the condensed consolidated statements of operations during the periods presented were as follows:

 

 

Derivatives Designated as Hedging Instruments

 

 

Derivatives Not Designated as Hedging Instruments

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Condensed Statement of Operations Location:

 

(in thousands)

 

Cost of revenue: subscription–self-managed and SaaS

 

$

2

 

 

$

(3

)

 

$

21

 

 

$

(3

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Research and development

 

 

12

 

 

 

(20

)

 

 

132

 

 

 

(20

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Sales and marketing

 

 

4

 

 

 

(7

)

 

 

40

 

 

 

(7

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

General and administrative

 

 

4

 

 

 

(8

)

 

 

47

 

 

 

(8

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Interest and other income, net

 

 

8

 

 

 

—

 

 

 

8

 

 

 

—

 

 

 

(38

)

 

 

(74

)

 

 

69

 

 

 

(110

)

Total gains (losses) recognized in earnings

 

$

30

 

 

$

(38

)

 

$

248

 

 

$

(38

)

 

$

(38

)

 

$

(74

)

 

$

69

 

 

$

(110

)

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, for the effect on other comprehensive income (loss) and the reclassification out of AOCI during the periods presented. All of net deferred gains in AOCI as of June 30, 2021 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.

v3.21.2
Condensed Consolidated Balance Sheet Components
 6 Months Ended
Jun. 30, 2021
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:

 

 

June 30, 2021

 

 

December 31, 2020

 

 

 

(in thousands)

 

Computer and software

 

$

5,235

 

 

$

4,079

 

Furniture and office equipment

 

 

1,952

 

 

 

1,495

 

Leasehold improvements

 

 

4,703

 

 

 

3,761

 

Property and equipment, gross

 

 

11,890

 

 

 

9,335

 

Less: accumulated depreciation and amortization

 

 

(5,659

)

 

 

(4,372

)

Property and equipment, net

 

$

6,231

 

 

$

4,963

 

 

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:

 

 

June 30, 2021

 

 

December 31, 2020

 

 

 

(in thousands)

 

Accrued compensation and benefits

 

$

13,407

 

 

$

8,799

 

Withholding tax from employee equity transactions to be remitted to tax authorities

 

 

479

 

 

 

9,186

 

Accrued expenses

 

 

3,430

 

 

 

3,054

 

Accrued expenses and other current liabilities

 

$

17,316

 

 

$

21,039

 
v3.21.2
Intangible Assets, Net
 6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

8. Intangible Assets, Net

Intangible assets consisted of the following as of June 30, 2021:

 

 

Gross Fair
Value

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

 

Weighted-
Average
Remaining
Useful Life

 

 

 

(in thousands)

 

 

(in years)

 

Developed technology

 

$

4,856

 

 

$

(2,445

)

 

$

2,411

 

 

 

3.3

 

Customer relationships

 

 

1,200

 

 

 

(466

)

 

 

734

 

 

 

3.7

 

Other intangible assets

 

 

1,586

 

 

 

(1,429

)

 

 

157

 

 

 

0.3

 

Total

 

$

7,642

 

 

$

(4,340

)

 

$

3,302

 

 

 

 

Intangible assets consisted of the following as of December 31, 2020:

 

 

Gross Fair
Value

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

 

Weighted-
Average
Remaining
Useful Life

 

 

 

(in thousands)

 

 

(in years)

 

Developed technology

 

$

4,856

 

 

$

(2,064

)

 

$

2,792

 

 

 

3.7

 

Customer relationships

 

 

1,200

 

 

 

(367

)

 

 

833

 

 

 

4.2

 

Other intangible assets

 

 

1,586

 

 

 

(1,164

)

 

 

422

 

 

 

0.8

 

Total

 

$

7,642

 

 

$

(3,595

)

 

$

4,047

 

 

 

 

Amortization expenses for intangible assets were $0.4 million for the three months ended June 30, 2021 and 2020, and $0.7 million and $0.8 million for the six months ended June 30, 2021 and 2020, respectively. Amortization of developed technology is included in cost of revenue: license—self-managed and amortization of customer relationships and other intangible assets are included in sales and marketing expense in the condensed consolidated statements of operations.

The expected future amortization expenses by year related to the intangible assets as of June 30, 2021 are as follows:

 

 

June 30, 2021

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2021 (Remainder)

 

$

637

 

2022

 

 

961

 

2023

 

 

887

 

2024

 

 

667

 

2025

 

 

150

 

Total

 

$

3,302

 
v3.21.2
Leases
 6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
Leases

9. Leases

The Company leases its office facilities under non-cancelable agreements that expire at various dates through July 2026.

The Company determines if an arrangement is a lease at inception. As discussed in Note 2, Summary of Significant Accounting Policies, operating lease ROU assets and liabilities are included on the Condensed Consolidated Balance Sheet beginning January 1, 2021. The Company currently does not have any finance leases.

Operating lease ROU assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The Company combines its lease payments and fixed payments for non-lease components and account for them together as a single lease component. Operating lease ROU assets also include any prepaid lease payments and lease incentives. Certain lease agreements include rental payments adjusted periodically for the consumer price index ("CPI"). The ROU and lease liability were calculated using the initial CPI and will not be subsequently adjusted. Payments for variable lease costs are expensed as incurred and not included in the operating lease ROU assets and liabilities. For short-term leases with a term of 12 months or less, operating lease ROU assets and liabilities are not recognized and the Company records lease payments in the Condensed Consolidated Statements of Operations on a straight-line basis over the lease term.

The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate, because the interest rate implicit in the Company’s leases is not readily determinable. The Company’s incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. Many of the Company’s lease agreements provide one or more options to renew. When determining lease terms, the Company uses the non-cancellable period of the leases and do not assume renewals unless it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term.

Components of operating lease expense were as follows:

 

 

Three Months Ended June 30, 2021

 

 

Six Months Ended June 30, 2021

 

 

 

(in thousands)

 

Operating lease cost

 

$

1,317

 

 

$

2,665

 

Short-term lease cost

 

 

21

 

 

 

64

 

Variable lease cost

 

 

105

 

 

 

195

 

Total operating lease cost

 

$

1,443

 

 

$

2,924

 

Rent expense under the previous lease accounting standard was $1.1 million and $2.1 million during the three and six months ended June 30, 2020.

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

 

 

Six Months Ended June 30, 2021

 

 

 

(in thousands)

 

Cash paid for operating leases

 

$

2,552

 

As of June 30, 2021, the weighted-average discount rate is 1.3% and the weighted-average remaining term is 4.1 years. Maturities of the Company’s operating lease liabilities as of June 30, 2021 were as follows:

 

 

June 30, 2021

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2021 (Remainder)

 

$

2,381

 

2022

 

 

5,167

 

2023

 

 

4,761

 

2024

 

 

3,900

 

2025

 

 

3,031

 

Thereafter

 

 

803

 

Total operating lease payments

 

 

20,043

 

Less: imputed interest

 

 

(545

)

Total operating lease liabilities

 

$

19,498

 

 

As of June 30, 2021, the Company had additional operating lease obligations of $2.7 million related to a facility lease commencing in July 2021 with the lease term ending June 2025.

As of December 31, 2020, the minimum lease payments under operating leases, including payments for leases which had not commenced, were as follows:

 

 

December 31, 2020

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2021

 

$

5,475

 

2022

 

 

5,931

 

2023

 

 

5,429

 

2024

 

 

4,607

 

2025

 

 

3,389

 

Thereafter

 

 

803

 

Total

 

$

25,634

 
v3.21.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2021
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 for mainly hosting services, as well as software products and services. As of June 30, 2021, the Company had outstanding non-cancelable purchase obligations with a term of 12 months or longer as follows:

 

 

June 30, 2021

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2021 (Remainder)

 

$

2,237

 

2022

 

 

15,601

 

2023

 

 

13,490

 

2024

 

 

10,000

 

2025

 

 

31,000

 

Total

 

$

72,328

 

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 non-compliance with certain additional 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.
v3.21.2
Shareholders' Equity and Equity Incentive Plans
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Shareholders' Equity and Equity Incentive Plans

11. Shareholders’ Equity and Equity Incentive Plans

Equity Incentive Plans

On January 1, 2021, the number of ordinary shares authorized for issuance under the 2020 Equity Incentive Plan (the “2020 Plan”) automatically increased by 5,307,818 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, 2020

 

 

13,075,489

 

 

$

6.50

 

 

 

6.8

 

 

$

736,478

 

Granted

 

 

30,000

 

 

$

65.96

 

 

 

 

 

 

 

Exercised

 

 

(1,826,006

)

 

$

1.97

 

 

 

 

 

$

96,474

 

Forfeited

 

 

(269,020

)

 

$

15.36

 

 

 

 

 

 

 

Balance as of June 30, 2021

 

 

11,010,463

 

 

$

7.20

 

 

 

6.5

 

 

$

422,309

 

Exercisable as of June 30, 2021

 

 

5,287,820

 

 

$

2.49

 

 

 

5.0

 

 

$

227,536

 

The weighted-average grant date fair value of options granted during the six months ended June 30, 2021 was $42.00, and $12.45 and $11.39 during the three and six months ended June 30, 2020, respectively. No share options were granted during the three months ended June 30, 2021. The total intrinsic value of option exercised during the six months ended June 30, 2020 was $6.6 million.

Restricted Share Units

A summary of restricted share unit (“RSU”) activity and related information under the Company's equity incentive plan and a stand-alone RSU award to the Company's Chief Executive Officer in August 2020 is as follows:

 

 

RSUs

 

 

 

Unvested RSUs

 

 

Weighted-Average
Grant Date Fair
Value Per Share

 

Unvested as of December 31, 2020

 

 

818,945

 

 

$

48.38

 

Granted

 

 

1,198,082

 

 

$

54.40

 

Canceled/forfeited

 

 

(122,800

)

 

$

65.07

 

Unvested as of June 30, 2021

 

 

1,894,227

 

 

$

51.11

 

Employee Share Purchase Plan

On January 1, 2021, the number of ordinary shares authorized for issuance under the 2020 Employee Share Purchase Plan (“ESPP”) automatically increased by 922,570 shares pursuant to the terms of ESPP. There were no share purchases during the six months ended June 30, 2021.

Shares Reserved for Future Issuance

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

 

 

June 30, 2021

 

Outstanding share options

 

 

11,010,463

 

Outstanding RSUs

 

 

1,894,227

 

Issuable ordinary shares related to business combinations

 

 

99,649

 

Shares available for future issuance under the 2020 Plan

 

 

14,435,862

 

Shares available for future issuance under ESPP

 

 

3,022,570

 

Total ordinary shares reserved

 

 

30,462,771

 

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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Cost of revenue: subscription–self-managed and SaaS

 

$

824

 

 

$

199

 

 

$

1,586

 

 

$

339

 

Research and development

 

 

2,680

 

 

 

930

 

 

 

4,509

 

 

 

1,696

 

Sales and marketing

 

 

3,522

 

 

 

1,097

 

 

 

6,245

 

 

 

1,770

 

General and administrative

 

 

7,078

 

 

 

557

 

 

 

13,514

 

 

 

934

 

Total share-based compensation expense

 

$

14,104

 

 

$

2,783

 

 

$

25,854

 

 

$

4,739

 
As of June 30, 2021, unrecognized share-based compensation cost related to unvested share-based compensation awards was $120.6 million, which is expected to be recognized over a weighted-average period of 3.2 years.
v3.21.2
Accumulated Other Comprehensive Income
 6 Months Ended
Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income 12. Accumulated Other Comprehensive Income

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
Gains on
Derivatives
Designated as
Hedging
Instruments

 

 

Total

 

 

 

(in thousands)

 

Balance as of December 31, 2020

 

$

(69

)

 

$

441

 

 

$

372

 

Other comprehensive income (loss) before reclassifications

 

 

40

 

 

 

(151

)

 

 

(111

)

Net realized gains reclassified from AOCI

 

 

(4

)

 

 

(248

)

 

 

(252

)

Other comprehensive income (loss)

 

 

36

 

 

 

(399

)

 

 

(363

)

Balance as of June 30, 2021

 

$

(33

)

 

$

42

 

 

$

9

 

 

 

 

Net Unrealized
Gains on
Available-for-Sale Marketable
Securities

 

 

Net Unrealized
Gains on
Derivatives
Designated as
Hedging
Instruments

 

 

Total

 

 

 

(in thousands)

 

Balance as of December 31, 2019

 

$

35

 

 

$

—

 

 

$

35

 

Other comprehensive income before reclassifications

 

 

282

 

 

 

421

 

 

 

703

 

Net realized losses reclassified from AOCI

 

 

13

 

 

 

38

 

 

 

51

 

Other comprehensive income

 

 

295

 

 

 

459

 

 

 

754

 

Balance as of June 30, 2020

 

$

330

 

 

$

459

 

 

$

789

 
v3.21.2
Income Taxes
 6 Months Ended
Jun. 30, 2021
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 benefit was $0.7 million and $3.1 million for the three and six months ended June 30, 2021, respectively, and income tax expense was $0.2 million and $0.8 million for the three and six months ended June 30, 2020, respectively. The income tax expense (benefit) for the periods consisted primarily of income taxes related to the U.S.

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 six months ended June 30, 2021, 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.

As of June 30, 2021, the Company is under examination of its income tax returns by the Israeli Tax Authorities for the years from 2015 through 2018. The Company does not believe the resolution of the examination will have a material impact on the Company’s consolidated financial statements.

Our gross unrecognized tax benefits were $3.7 million and $2.7 million as of June 30, 2021 and December 31, 2020, respectively. The net increase to our gross unrecognized tax benefit is primarily the result of $1.0 million increase in current year tax positions. As of June 30, 2021, the Company does not expect its unrecognized tax benefits to change significantly within the next twelve months.
v3.21.2
Net Income (Loss) Per Share Attributable to Ordinary Shareholders
 6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Attributable to Ordinary Shareholders

14. Net Income (Loss) Per Share Attributable to Ordinary Shareholders

The following table sets forth the computation of basic and diluted net income (loss) per share attributable to ordinary shareholders for the periods presented:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands, except share and per share data)

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(13,149

)

 

$

1,699

 

 

$

(21,044

)

 

$

(426

)

Less: undistributed earnings attributable to participating securities

 

 

—

 

 

 

(1,699

)

 

 

—

 

 

 

—

 

Net income (loss) attributable to ordinary shareholders

 

$

(13,149

)

 

$

—

 

 

$

(21,044

)

 

$

(426

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares used in computing net income (loss) per share attributable to ordinary shareholders, basic

 

 

93,665,527

 

 

 

28,339,824

 

 

 

93,175,364

 

 

 

28,247,005

 

Weighted-average effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding share options

 

 

—

 

 

 

9,613,645

 

 

 

—

 

 

 

—

 

Issuable ordinary shares related to business combination

 

 

—

 

 

 

152,188

 

 

 

—

 

 

 

—

 

Weighted-average shares used in computing net income (loss) per share attributable to ordinary shareholders, diluted

 

 

93,665,527

 

 

 

38,105,657

 

 

 

93,175,364

 

 

 

28,247,005

 

Net income (loss) per share attributable to ordinary shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.14

)

 

$

—

 

 

$

(0.23

)

 

$

(0.02

)

Diluted

 

$

(0.14

)

 

$

—

 

 

$

(0.23

)

 

$

(0.02

)

 

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

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Convertible preferred shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

52,063,647

 

Outstanding share options

 

 

11,434,553

 

 

 

1,704,351

 

 

 

11,966,795

 

 

 

13,345,123

 

Unvested RSUs

 

 

1,724,973

 

 

 

—

 

 

 

1,446,258

 

 

 

—

 

Share purchase rights under the ESPP

 

 

70,956

 

 

 

—

 

 

 

47,827

 

 

 

—

 

Issuable ordinary shares related to business combination

 

 

99,649

 

 

 

—

 

 

 

115,890

 

 

 

234,197

 

Total

 

 

13,330,131

 

 

 

1,704,351

 

 

 

13,576,770

 

 

 

65,642,967

 
v3.21.2
Subsequent Event
 6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
Subsequent Event

15. Subsequent Event

On July 19, 2021, the Company acquired 100% of equity interest in Vdoo Connected Trust Ltd. (“Vdoo”), a privately-held company in Israel, which provides a product security platform for automating all software security tasks throughout the entire product lifecycle. The acquisition accelerates the Company’s security technology expansion, aiming to deliver a holistic security solution as part of its Platform.

The total consideration in exchange for Vdoo’s outstanding shares and certain post-acquisition service was approximately $286.5 million, subject to adjustments, comprised of approximately $199.8 million in cash, net of cash acquired, and 1,934,198 shares of the Company’s ordinary shares. Although the Company has not determined the fair value of assets acquired and liabilities assumed in this acquisition, it expects that the substantial majority of the purchase price will be allocated to goodwill and intangible assets.
v3.21.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2021
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, 2020 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, 2020, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on February 12, 2021.

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 June 30, 2021 and the Company’s consolidated results of operations and convertible preferred shares and shareholders’ equity (deficit) for the three and six months ended June 30, 2021 and 2020, and cash flows for the six months ended June 30, 2021 and 2020. The results for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021 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 doubtful accounts, the fair value of financial assets and liabilities, including accounting and 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, share-based compensation including the determination of the fair value of the Company’s share-based awards, 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, 2020. There have been no significant changes to these policies during the six months ended June 30, 2021, except as noted below.

Emerging Growth Company Status

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act (“JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

On the last business day of the Company’s second quarter in fiscal 2021, the aggregate market value of the Company’s ordinary shares held by its non-affiliate shareholders exceeded $700 million. As a result, as of December 31, 2021, the Company will be considered a large accelerated filer as defined in Rule 12b-2 of the Securities Exchange Act of 1934 and the Company will cease to be an emerging growth company. Accordingly, the Company will no longer be exempt from the auditor attestation requirements under Section 404(b) of the Sarbanes-Oxley Act of 2002, as amended, and the Company’s independent registered public accounting firm will evaluate and report on the effectiveness of internal control over financial reporting. Further, following the loss of emerging growth company status, the Company will be required to comply with any new or revised accounting pronouncements as of public company effective dates.
Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In reliance on the extended transition period allowed for emerging growth companies under the JOBS Act, the Company has elected to use the adoption dates discussed below.

In February 2016, the Financial Accounting Standards (“FASB”) issued ASU No. 2016-02, Leases (Topic 842), which would require lessees to put all leases on their balance sheets, whether operating or financing, while continuing to recognize the expenses on their income statements in a manner similar to the existing practice. The guidance states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-of-use (“ROU”) asset for the right to use the underlying asset for the lease term.

The Company adopted the guidance on January 1, 2021 using a modified retrospective transition approach. It applied Topic 842 to all leases as of January 1, 2021 without adjusting the comparative periods presented. The Company elected certain practical expedients permitted under the transition guidance within the new guidance and carried forward the historical accounting relating to lease identification and classification, remaining lease terms, and initial direct costs. Upon adoption, the Company recognized operating lease ROU assets of $21.9 million and operating lease liabilities of $22.1 million. Operating lease ROU assets included adjustments for prepayments and accrued lease payments. The adoption of Topic 842 did not have a material impact to the Company’s results of operations or cash flows. See Note 9, Leases, for further information.

In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new standard requires capitalized costs to be amortized on a straight-line basis generally over the term of the arrangement, and the financial statement presentation for these capitalized costs would be the same as that of the fees related to the hosting arrangements. The Company adopted this guidance prospectively on January 1, 2021, and the adoption did not have a material impact on its condensed consolidated financial statements.
Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The guidance will be effective for the Company beginning January 1, 2023, and interim periods therein. Early adoption is permitted. The Company is currently evaluating the effect that ASU 2016-13 will have on its condensed consolidated financial statements and related disclosures.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing a variety of exceptions within the framework of ASC 740. These exceptions include the exception to the incremental approach for intra-period tax allocation in the event of a loss from continuing operations and income or a gain from other items (such as other comprehensive income), and the exception to using general methodology for the interim period tax accounting for year-to-date losses that exceed anticipated losses. The guidance will be effective for the Company beginning January 1, 2022, and interim periods in fiscal years beginning January 1, 2023. Early adoption is permitted. The Company is currently evaluating the effect that ASU 2019-12 will have on its condensed consolidated financial statements and related disclosures. 
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 June 30, 2021 and December 31, 2020, the Company did not have any assets or liabilities valued based on Level 3 valuations.
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.

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 gain or loss on the derivative to the same financial statement line item in the Condensed Consolidated Statements of Operations to which the derivative relates. From time to time, the Company may discontinue cash flow hedges and record 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 not currently 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.
Leases

The Company determines if an arrangement is a lease at inception. As discussed in Note 2, Summary of Significant Accounting Policies, operating lease ROU assets and liabilities are included on the Condensed Consolidated Balance Sheet beginning January 1, 2021. The Company currently does not have any finance leases.

Operating lease ROU assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The Company combines its lease payments and fixed payments for non-lease components and account for them together as a single lease component. Operating lease ROU assets also include any prepaid lease payments and lease incentives. Certain lease agreements include rental payments adjusted periodically for the consumer price index ("CPI"). The ROU and lease liability were calculated using the initial CPI and will not be subsequently adjusted. Payments for variable lease costs are expensed as incurred and not included in the operating lease ROU assets and liabilities. For short-term leases with a term of 12 months or less, operating lease ROU assets and liabilities are not recognized and the Company records lease payments in the Condensed Consolidated Statements of Operations on a straight-line basis over the lease term.

The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate, because the interest rate implicit in the Company’s leases is not readily determinable. The Company’s incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. Many of the Company’s lease agreements provide one or more options to renew. When determining lease terms, the Company uses the non-cancellable period of the leases and do not assume renewals unless it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term.
v3.21.2
Revenue Recognition (Tables)
 6 Months Ended
Jun. 30, 2021
Revenue from Contract with Customer [Abstract]  
Summary of table presents revenue as follows

The following table presents revenue by category:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

Amount

 

 

Percentage
of Revenue

 

 

Amount

 

 

Percentage
of Revenue

 

 

Amount

 

 

Percentage
of Revenue

 

 

Amount

 

 

Percentage
of Revenue

 

 

 

(in thousands, except percentages)

 

Self-managed subscription

 

$

37,190

 

 

 

76

%

 

$

28,635

 

 

 

79

%

 

$

72,013

 

 

 

77

%

 

$

55,108

 

 

 

80

%

Subscription

 

 

33,845

 

 

 

69

 

 

 

25,365

 

 

 

70

 

 

 

64,919

 

 

 

69

 

 

 

49,314

 

 

 

71

 

License

 

 

3,345

 

 

 

7

 

 

 

3,270

 

 

 

9

 

 

 

7,094

 

 

 

8

 

 

 

5,794

 

 

 

9

 

SaaS

 

 

11,467

 

 

 

24

 

 

 

7,796

 

 

 

21

 

 

 

21,731

 

 

 

23

 

 

 

14,144

 

 

 

20

 

Total subscription revenue

 

$

48,657

 

 

 

100

%

 

$

36,431

 

 

 

100

%

 

$

93,744

 

 

 

100

%

 

$

69,252

 

 

 

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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

Amount

 

 

Percentage
of Revenue

 

 

Amount

 

 

Percentage
of Revenue

 

 

Amount

 

 

Percentage
 of Revenue

 

 

Amount

 

 

Percentage
of Revenue

 

 

 

(in thousands, except percentages)

 

United States

 

$

30,392

 

 

 

62

%

 

$

23,553

 

 

 

65

%

 

$

58,684

 

 

 

63

%

 

$

44,505

 

 

 

64

%

Israel

 

 

1,165

 

 

 

3

 

 

 

661

 

 

 

2

 

 

 

2,058

 

 

 

2

 

 

 

1,294

 

 

 

2

 

Rest of world

 

 

17,100

 

 

 

35

 

 

 

12,217

 

 

 

33

 

 

 

33,002

 

 

 

35

 

 

 

23,453

 

 

 

34

 

Total subscription revenue

 

$

48,657

 

 

 

100

%

 

$

36,431

 

 

 

100

%

 

$

93,744

 

 

 

100

%

 

$

69,252

 

 

 

100

%
Summary of table represents a rollforward of deferred contract acquisition costs

The following table represents a rollforward of deferred contract acquisition costs:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Beginning balance

 

$

9,580

 

 

$

6,150

 

 

$

8,196

 

 

$

5,989

 

Additions to deferred contract acquisition costs

 

 

2,002

 

 

 

964

 

 

 

4,364

 

 

 

1,785

 

Amortization of deferred contract acquisition costs

 

 

(1,106

)

 

 

(680

)

 

 

(2,084

)

 

 

(1,340

)

Ending balance

 

$

10,476

 

 

$

6,434

 

 

$

10,476

 

 

$

6,434

 

Deferred contract acquisition costs (to be recognized in next 12 months)

 

$

3,952

 

 

$

2,669

 

 

$

3,952

 

 

$

2,669

 

Deferred contract acquisition costs, noncurrent

 

 

6,524

 

 

 

3,765

 

 

 

6,524

 

 

 

3,765

 

Total deferred contract acquisition costs

 

$

10,476

 

 

$

6,434

 

 

$

10,476

 

 

$

6,434

 
v3.21.2
Short-Term Investments (Tables)
 6 Months Ended
Jun. 30, 2021
Investments, All Other Investments [Abstract]  
Summary of short term investments

Short-term investments consisted of the following:

 

 

June 30, 2021

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

 

 

(in thousands)

 

Bank deposits

 

$

104,697

 

 

$

—

 

 

$

—

 

 

$

104,697

 

Certificates of deposit

 

 

2,410

 

 

 

2

 

 

 

—

 

 

 

2,412

 

Commercial paper

 

 

35,967

 

 

 

7

 

 

 

(3

)

 

 

35,971

 

Corporate debt securities

 

 

113,331

 

 

 

3

 

 

 

(30

)

 

 

113,304

 

Municipal securities

 

 

57,094

 

 

 

4

 

 

 

(8

)

 

 

57,090

 

Government and agency debt

 

 

42,539

 

 

 

2

 

 

 

(10

)

 

 

42,531

 

Marketable securities

 

 

251,341

 

 

 

18

 

 

 

(51

)

 

 

251,308

 

Total short-term investments

 

$

356,038

 

 

$

18

 

 

$

(51

)

 

$

356,005

 

 

 

 

December 31, 2020

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

 

 

(in thousands)

 

Bank deposits

 

$

133,386

 

 

$

—

 

 

$

—

 

 

$

133,386

 

Certificates of deposit

 

 

10,802

 

 

 

20

 

 

 

(1

)

 

 

10,821

 

Commercial paper

 

 

34,150

 

 

 

3

 

 

 

(2

)

 

 

34,151

 

Corporate debt securities

 

 

128,694

 

 

 

11

 

 

 

(82

)

 

 

128,623

 

Municipal securities

 

 

54,238

 

 

 

7

 

 

 

(12

)

 

 

54,233

 

Government and agency debt

 

 

72,394

 

 

 

5

 

 

 

(18

)

 

 

72,381

 

Marketable securities

 

 

300,278

 

 

 

46

 

 

 

(115

)

 

 

300,209

 

Total short-term investments

 

$

433,664

 

 

$

46

 

 

 

(115

)

 

$

433,595

 
v3.21.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2021
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:

 

 

June 30, 2021

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

127,844

 

 

$

127,844

 

 

$

—

 

Commercial paper

 

 

2,500

 

 

 

—

 

 

 

2,500

 

Municipal securities

 

 

150

 

 

 

—

 

 

 

150

 

Cash equivalents

 

 

130,494

 

 

 

127,844

 

 

 

2,650

 

Bank deposits

 

 

104,697

 

 

 

—

 

 

 

104,697

 

Certificates of deposit

 

 

2,412

 

 

 

—

 

 

 

2,412

 

Commercial paper

 

 

35,971

 

 

 

—

 

 

 

35,971

 

Corporate debt securities

 

 

113,304

 

 

 

—

 

 

 

113,304

 

Municipal securities

 

 

57,090

 

 

 

—

 

 

 

57,090

 

Government and agency debt

 

 

42,531

 

 

 

—

 

 

 

42,531

 

Short-term investments

 

 

356,005

 

 

 

—

 

 

 

356,005

 

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

 

 

98

 

 

 

—

 

 

 

98

 

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

 

 

1

 

 

 

—

 

 

 

1

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

13

 

 

 

—

 

 

 

13

 

Restricted bank deposits included in other assets, noncurrent

 

 

255

 

 

 

—

 

 

 

255

 

Total financial assets

 

$

486,866

 

 

$

127,844

 

 

$

359,022

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

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

 

$

49

 

 

$

—

 

 

$

49

 

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

 

 

17

 

 

 

—

 

 

 

17

 

Total financial liabilities

 

$

66

 

 

$

—

 

 

$

66

 

 

 

 

December 31, 2020

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

111,080

 

 

$

111,080

 

 

$

—

 

Certificates of deposit

 

 

274

 

 

 

—

 

 

 

274

 

Cash equivalents

 

 

111,354

 

 

 

111,080

 

 

 

274

 

Bank deposits

 

 

133,386

 

 

 

—

 

 

 

133,386

 

Certificates of deposit

 

 

10,821

 

 

 

—

 

 

 

10,821

 

Commercial paper

 

 

34,151

 

 

 

—

 

 

 

34,151

 

Corporate debt securities

 

 

128,623

 

 

 

—

 

 

 

128,623

 

Municipal securities

 

 

54,233

 

 

 

—

 

 

 

54,233

 

Government and agency debt

 

 

72,381

 

 

 

—

 

 

 

72,381

 

Short-term investments

 

 

433,595

 

 

 

—

 

 

 

433,595

 

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

 

 

468

 

 

 

—

 

 

 

468

 

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

 

 

2

 

 

 

—

 

 

 

2

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

14

 

 

 

—

 

 

 

14

 

Restricted bank deposits included in other assets, noncurrent

 

 

264

 

 

 

—

 

 

 

264

 

Total financial assets

 

$

545,697

 

 

$

111,080

 

 

$

434,617

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

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

 

$

16

 

 

$

—

 

 

$

16

 

Total financial liabilities

 

$

16

 

 

$

—

 

 

$

16

 
v3.21.2
Derivative Financial Instruments and Hedging (Tables)
 6 Months Ended
Jun. 30, 2021
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:

 

 

June 30, 2021

 

 

December 31, 2020

 

 

 

(in thousands)

 

Derivatives Designated as Hedging Instruments:

 

 

 

 

 

 

Foreign currency contracts

 

$

18,462

 

 

$

10,264

 

Derivatives Not Designated as Hedging Instruments:

 

 

 

 

 

 

Foreign currency contracts

 

 

3,801

 

 

 

1,230

 

Total derivative instruments

 

$

22,263

 

 

$

11,494

 

 
Derivative instruments, gain (loss)

The effect of foreign currency contracts on the condensed consolidated statements of operations during the periods presented were as follows:

 

 

Derivatives Designated as Hedging Instruments

 

 

Derivatives Not Designated as Hedging Instruments

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Condensed Statement of Operations Location:

 

(in thousands)

 

Cost of revenue: subscription–self-managed and SaaS

 

$

2

 

 

$

(3

)

 

$

21

 

 

$

(3

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Research and development

 

 

12

 

 

 

(20

)

 

 

132

 

 

 

(20

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Sales and marketing

 

 

4

 

 

 

(7

)

 

 

40

 

 

 

(7

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

General and administrative

 

 

4

 

 

 

(8

)

 

 

47

 

 

 

(8

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Interest and other income, net

 

 

8

 

 

 

—

 

 

 

8

 

 

 

—

 

 

 

(38

)

 

 

(74

)

 

 

69

 

 

 

(110

)

Total gains (losses) recognized in earnings

 

$

30

 

 

$

(38

)

 

$

248

 

 

$

(38

)

 

$

(38

)

 

$

(74

)

 

$

69

 

 

$

(110

)
Disclosure of net unrealised gains on foreign currency contracts designated as hedging instruments 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, for the effect on other comprehensive income (loss) and the reclassification out of AOCI during the periods presented.
v3.21.2
Condensed Consolidated Balance Sheet Components (Tables)
 6 Months Ended
Jun. 30, 2021
Balance Sheet Related Disclosures [Abstract]  
Summary of property and equipment

Property and equipment, net consisted of the following:

 

 

June 30, 2021

 

 

December 31, 2020

 

 

 

(in thousands)

 

Computer and software

 

$

5,235

 

 

$

4,079

 

Furniture and office equipment

 

 

1,952

 

 

 

1,495

 

Leasehold improvements

 

 

4,703

 

 

 

3,761

 

Property and equipment, gross

 

 

11,890

 

 

 

9,335

 

Less: accumulated depreciation and amortization

 

 

(5,659

)

 

 

(4,372

)

Property and equipment, net

 

$

6,231

 

 

$

4,963

 

 
Summary of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:

 

 

June 30, 2021

 

 

December 31, 2020

 

 

 

(in thousands)

 

Accrued compensation and benefits

 

$

13,407

 

 

$

8,799

 

Withholding tax from employee equity transactions to be remitted to tax authorities

 

 

479

 

 

 

9,186

 

Accrued expenses

 

 

3,430

 

 

 

3,054

 

Accrued expenses and other current liabilities

 

$

17,316

 

 

$

21,039

 
v3.21.2
Intangible Assets, Net (Tables)
 6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of intangible assets

Intangible assets consisted of the following as of June 30, 2021:

 

 

Gross Fair
Value

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

 

Weighted-
Average
Remaining
Useful Life

 

 

 

(in thousands)

 

 

(in years)

 

Developed technology

 

$

4,856

 

 

$

(2,445

)

 

$

2,411

 

 

 

3.3

 

Customer relationships

 

 

1,200

 

 

 

(466

)

 

 

734

 

 

 

3.7

 

Other intangible assets

 

 

1,586

 

 

 

(1,429

)

 

 

157

 

 

 

0.3

 

Total

 

$

7,642

 

 

$

(4,340

)

 

$

3,302

 

 

 

 

Intangible assets consisted of the following as of December 31, 2020:

 

 

Gross Fair
Value

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

 

Weighted-
Average
Remaining
Useful Life

 

 

 

(in thousands)

 

 

(in years)

 

Developed technology

 

$

4,856

 

 

$

(2,064

)

 

$

2,792

 

 

 

3.7

 

Customer relationships

 

 

1,200

 

 

 

(367

)

 

 

833

 

 

 

4.2

 

Other intangible assets

 

 

1,586

 

 

 

(1,164

)

 

 

422

 

 

 

0.8

 

Total

 

$

7,642

 

 

$

(3,595

)

 

$

4,047

 

 

 

 
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 June 30, 2021 are as follows:

 

 

June 30, 2021

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2021 (Remainder)

 

$

637

 

2022

 

 

961

 

2023

 

 

887

 

2024

 

 

667

 

2025

 

 

150

 

Total

 

$

3,302

 
v3.21.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
Components of Operating Lease Expense

Components of operating lease expense were as follows:

 

 

Three Months Ended June 30, 2021

 

 

Six Months Ended June 30, 2021

 

 

 

(in thousands)

 

Operating lease cost

 

$

1,317

 

 

$

2,665

 

Short-term lease cost

 

 

21

 

 

 

64

 

Variable lease cost

 

 

105

 

 

 

195

 

Total operating lease cost

 

$

1,443

 

 

$

2,924

 
Supplementary Cash Flow Information Related to Operating Leases

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

 

 

Six Months Ended June 30, 2021

 

 

 

(in thousands)

 

Cash paid for operating leases

 

$

2,552

 
Schedule of Maturities of Operating Lease Liabilities

As of June 30, 2021, the weighted-average discount rate is 1.3% and the weighted-average remaining term is 4.1 years. Maturities of the Company’s operating lease liabilities as of June 30, 2021 were as follows:

 

 

June 30, 2021

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2021 (Remainder)

 

$

2,381

 

2022

 

 

5,167

 

2023

 

 

4,761

 

2024

 

 

3,900

 

2025

 

 

3,031

 

Thereafter

 

 

803

 

Total operating lease payments

 

 

20,043

 

Less: imputed interest

 

 

(545

)

Total operating lease liabilities

 

$

19,498

 

 
Summary of minimum lease payments under operating leases

As of December 31, 2020, the minimum lease payments under operating leases, including payments for leases which had not commenced, were as follows:

 

 

December 31, 2020

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2021

 

$

5,475

 

2022

 

 

5,931

 

2023

 

 

5,429

 

2024

 

 

4,607

 

2025

 

 

3,389

 

Thereafter

 

 

803

 

Total

 

$

25,634

 
v3.21.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2021
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 for mainly hosting services, as well as software products and services. As of June 30, 2021, the Company had outstanding non-cancelable purchase obligations with a term of 12 months or longer as follows:

 

 

June 30, 2021

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2021 (Remainder)

 

$

2,237

 

2022

 

 

15,601

 

2023

 

 

13,490

 

2024

 

 

10,000

 

2025

 

 

31,000

 

Total

 

$

72,328

 
v3.21.2
Shareholders' Equity and Equity Incentive Plans (Tables)
 6 Months Ended
Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
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, 2020

 

 

13,075,489

 

 

$

6.50

 

 

 

6.8

 

 

$

736,478

 

Granted

 

 

30,000

 

 

$

65.96

 

 

 

 

 

 

 

Exercised

 

 

(1,826,006

)

 

$

1.97

 

 

 

 

 

$

96,474

 

Forfeited

 

 

(269,020

)

 

$

15.36

 

 

 

 

 

 

 

Balance as of June 30, 2021

 

 

11,010,463

 

 

$

7.20

 

 

 

6.5

 

 

$

422,309

 

Exercisable as of June 30, 2021

 

 

5,287,820

 

 

$

2.49

 

 

 

5.0

 

 

$

227,536

 
Summary of restricted ordinary shares

A summary of restricted share unit (“RSU”) activity and related information under the Company's equity incentive plan and a stand-alone RSU award to the Company's Chief Executive Officer in August 2020 is as follows:

 

 

RSUs

 

 

 

Unvested RSUs

 

 

Weighted-Average
Grant Date Fair
Value Per Share

 

Unvested as of December 31, 2020

 

 

818,945

 

 

$

48.38

 

Granted

 

 

1,198,082

 

 

$

54.40

 

Canceled/forfeited

 

 

(122,800

)

 

$

65.07

 

Unvested as of June 30, 2021

 

 

1,894,227

 

 

$

51.11

 
Summary of ordinary shares reserved for future issuance

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

 

 

June 30, 2021

 

Outstanding share options

 

 

11,010,463

 

Outstanding RSUs

 

 

1,894,227

 

Issuable ordinary shares related to business combinations

 

 

99,649

 

Shares available for future issuance under the 2020 Plan

 

 

14,435,862

 

Shares available for future issuance under ESPP

 

 

3,022,570

 

Total ordinary shares reserved

 

 

30,462,771

 
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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Cost of revenue: subscription–self-managed and SaaS

 

$

824

 

 

$

199

 

 

$

1,586

 

 

$

339

 

Research and development

 

 

2,680

 

 

 

930

 

 

 

4,509

 

 

 

1,696

 

Sales and marketing

 

 

3,522

 

 

 

1,097

 

 

 

6,245

 

 

 

1,770

 

General and administrative

 

 

7,078

 

 

 

557

 

 

 

13,514

 

 

 

934

 

Total share-based compensation expense

 

$

14,104

 

 

$

2,783

 

 

$

25,854

 

 

$

4,739

 
v3.21.2
Accumulated Other Comprehensive Income (Tables)
 6 Months Ended
Jun. 30, 2021
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
Gains on
Derivatives
Designated as
Hedging
Instruments

 

 

Total

 

 

 

(in thousands)

 

Balance as of December 31, 2020

 

$

(69

)

 

$

441

 

 

$

372

 

Other comprehensive income (loss) before reclassifications

 

 

40

 

 

 

(151

)

 

 

(111

)

Net realized gains reclassified from AOCI

 

 

(4

)

 

 

(248

)

 

 

(252

)

Other comprehensive income (loss)

 

 

36

 

 

 

(399

)

 

 

(363

)

Balance as of June 30, 2021

 

$

(33

)

 

$

42

 

 

$

9

 

 

 

 

Net Unrealized
Gains on
Available-for-Sale Marketable
Securities

 

 

Net Unrealized
Gains on
Derivatives
Designated as
Hedging
Instruments

 

 

Total

 

 

 

(in thousands)

 

Balance as of December 31, 2019

 

$

35

 

 

$

—

 

 

$

35

 

Other comprehensive income before reclassifications

 

 

282

 

 

 

421

 

 

 

703

 

Net realized losses reclassified from AOCI

 

 

13

 

 

 

38

 

 

 

51

 

Other comprehensive income

 

 

295

 

 

 

459

 

 

 

754

 

Balance as of June 30, 2020

 

$

330

 

 

$

459

 

 

$

789

 
v3.21.2
Net Income (Loss) Per Share Attributable to Ordinary Shareholders (Tables)
 6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Summary of computation of basic and diluted net income (loss) per share attributable to ordinary shareholders

The following table sets forth the computation of basic and diluted net income (loss) per share attributable to ordinary shareholders for the periods presented:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands, except share and per share data)

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(13,149

)

 

$

1,699

 

 

$

(21,044

)

 

$

(426

)

Less: undistributed earnings attributable to participating securities

 

 

—

 

 

 

(1,699

)

 

 

—

 

 

 

—

 

Net income (loss) attributable to ordinary shareholders

 

$

(13,149

)

 

$

—

 

 

$

(21,044

)

 

$

(426

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares used in computing net income (loss) per share attributable to ordinary shareholders, basic

 

 

93,665,527

 

 

 

28,339,824

 

 

 

93,175,364

 

 

 

28,247,005

 

Weighted-average effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding share options

 

 

—

 

 

 

9,613,645

 

 

 

—

 

 

 

—

 

Issuable ordinary shares related to business combination

 

 

—

 

 

 

152,188

 

 

 

—

 

 

 

—

 

Weighted-average shares used in computing net income (loss) per share attributable to ordinary shareholders, diluted

 

 

93,665,527

 

 

 

38,105,657

 

 

 

93,175,364

 

 

 

28,247,005

 

Net income (loss) per share attributable to ordinary shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.14

)

 

$

—

 

 

$

(0.23

)

 

$

(0.02

)

Diluted

 

$

(0.14

)

 

$

—

 

 

$

(0.23

)

 

$

(0.02

)

 
Summary of shares excluded from the computation of diluted net income (loss) per share attributable to ordinary shareholders

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

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Convertible preferred shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

52,063,647

 

Outstanding share options

 

 

11,434,553

 

 

 

1,704,351

 

 

 

11,966,795

 

 

 

13,345,123

 

Unvested RSUs

 

 

1,724,973

 

 

 

—

 

 

 

1,446,258

 

 

 

—

 

Share purchase rights under the ESPP

 

 

70,956

 

 

 

—

 

 

 

47,827

 

 

 

—

 

Issuable ordinary shares related to business combination

 

 

99,649

 

 

 

—

 

 

 

115,890

 

 

 

234,197

 

Total

 

 

13,330,131

 

 

 

1,704,351

 

 

 

13,576,770

 

 

 

65,642,967

 
v3.21.2
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2021
Jan. 01, 2021
Dec. 31, 2020
Operating lease right-of-use assets $ 19,231 $ 21,900 $ 0
Operating lease liabilities 19,498 $ 22,100  
Minimum [Member]      
Aggregate market value of ordinary shares held by non-affiliate $ 700,000    
v3.21.2
Revenue Recognition - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Mar. 31, 2021
Dec. 31, 2020
Mar. 31, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]                
Deferred Revenue         $ 121.0 $ 102.8 $ 78.6 $ 82.3
Deferred Revenue, Revenue Recognized $ 37.3 $ 27.2 $ 57.3 $ 48.5        
Revenue, Remaining Performance Obligation $ 127.0   $ 127.0          
Revenue, Remaining Performance Obligation, Percentage 82.00%   82.00%          
Billed Revenues [Member]                
Disaggregation of Revenue [Line Items]                
Revenue, Remaining Performance Obligation $ 119.2   $ 119.2          
Unbilled Revenues [Member]                
Disaggregation of Revenue [Line Items]                
Revenue, Remaining Performance Obligation $ 7.8   $ 7.8          
v3.21.2
Revenue Recognition - Summary of Table Presents Revenue as Follows (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Disaggregation of Revenue [Line Items]        
Total subscription revenue $ 48,657 $ 36,431 $ 93,744 $ 69,252
Sale revenue [Member]        
Disaggregation of Revenue [Line Items]        
Percentage of revenue 100.00% 100.00% 100.00% 100.00%
Self-managed subscription [Member]        
Disaggregation of Revenue [Line Items]        
Total subscription revenue $ 37,190 $ 28,635 $ 72,013 $ 55,108
Self-managed subscription [Member] | Sale revenue [Member]        
Disaggregation of Revenue [Line Items]        
Percentage of revenue 76.00% 79.00% 77.00% 80.00%
Subscription—self-managed and SaaS        
Disaggregation of Revenue [Line Items]        
Total subscription revenue $ 33,845 $ 25,365 $ 64,919 $ 49,314
Subscription—self-managed and SaaS | Sale revenue [Member]        
Disaggregation of Revenue [Line Items]        
Percentage of revenue 69.00% 70.00% 69.00% 71.00%
License [Member]        
Disaggregation of Revenue [Line Items]        
Total subscription revenue $ 3,345 $ 3,270 $ 7,094 $ 5,794
License [Member] | Sale revenue [Member]        
Disaggregation of Revenue [Line Items]        
Percentage of revenue 7.00% 9.00% 8.00% 9.00%
SaaS [Member]        
Disaggregation of Revenue [Line Items]        
Total subscription revenue $ 11,467 $ 7,796 $ 21,731 $ 14,144
SaaS [Member] | Sale revenue [Member]        
Disaggregation of Revenue [Line Items]        
Percentage of revenue 24.00% 21.00% 23.00% 20.00%
v3.21.2
Revenue Recognition - Summary of Revenue by Region Based on The Shipping Address of Customers as Follows (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Disaggregation of Revenue [Line Items]        
Total subscription revenue $ 48,657 $ 36,431 $ 93,744 $ 69,252
Geographic concentration risk [Member]        
Disaggregation of Revenue [Line Items]        
Percentage of revenue 100.00% 100.00% 100.00% 100.00%
United States        
Disaggregation of Revenue [Line Items]        
Total subscription revenue $ 30,392 $ 23,553 $ 58,684 $ 44,505
United States | Geographic concentration risk [Member]        
Disaggregation of Revenue [Line Items]        
Percentage of revenue 62.00% 65.00% 63.00% 64.00%
Israel        
Disaggregation of Revenue [Line Items]        
Total subscription revenue $ 1,165 $ 661 $ 2,058 $ 1,294
Israel | Geographic concentration risk [Member]        
Disaggregation of Revenue [Line Items]        
Percentage of revenue 3.00% 2.00% 2.00% 2.00%
Rest of world        
Disaggregation of Revenue [Line Items]        
Total subscription revenue $ 17,100 $ 12,217 $ 33,002 $ 23,453
Rest of world | Geographic concentration risk [Member]        
Disaggregation of Revenue [Line Items]        
Percentage of revenue 35.00% 33.00% 35.00% 34.00%
v3.21.2
Revenue Recognition - Summary of Table Represents a Rollforward of Deferred Contract Acquisition Costs (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Deferred Policy Acquisition Costs Disclosures [Abstract]          
Beginning balance $ 9,580 $ 6,150 $ 8,196 $ 5,989  
Additions to deferred contract acquisition costs 2,002 964 4,364 1,785  
Amortization of deferred contract acquisition costs (1,106) (680) (2,084) (1,340)  
Ending balance 10,476 6,434 10,476 6,434  
Deferred contract acquisition costs (to be recognized in next 12 months) 3,952 2,669 3,952 2,669 $ 3,247
Deferred contract acquisition costs, noncurrent 6,524 3,765 6,524 3,765 4,949
Total deferred contract acquisition costs $ 10,476 $ 6,434 $ 10,476 $ 6,434 $ 8,196
v3.21.2
Short-Term Investments - Summary of Short Term Investments (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Schedule of short term investments [Line Items]    
Amortized cost $ 356,038 $ 433,664
Gross unrealized gains 18 46
Gross unrealized losses (51) (115)
Estimated fair value 356,005 433,595
Bank deposits [Member]    
Schedule of short term investments [Line Items]    
Amortized cost 104,697 133,386
Estimated fair value 104,697 133,386
Certificates of deposit [Member]    
Schedule of short term investments [Line Items]    
Amortized cost 2,410 10,802
Gross unrealized gains 2 20
Gross unrealized losses 0 (1)
Estimated fair value 2,412 10,821
Commercial paper [Member]    
Schedule of short term investments [Line Items]    
Amortized cost 35,967 34,150
Gross unrealized gains 7 3
Gross unrealized losses (3) (2)
Estimated fair value 35,971 34,151
Corporate debt securities [Member]    
Schedule of short term investments [Line Items]    
Amortized cost 113,331 128,694
Gross unrealized gains 3 11
Gross unrealized losses (30) (82)
Estimated fair value 113,304 128,623
Municipal securities [Member]    
Schedule of short term investments [Line Items]    
Amortized cost 57,094 54,238
Gross unrealized gains 4 7
Gross unrealized losses (8) (12)
Estimated fair value 57,090 54,233
Government and agency debt [Member]    
Schedule of short term investments [Line Items]    
Amortized cost 42,539 72,394
Gross unrealized gains 2 5
Gross unrealized losses (10) (18)
Estimated fair value 42,531 72,381
Marketable securities [Member]    
Schedule of short term investments [Line Items]    
Amortized cost 251,341 300,278
Gross unrealized gains 18 46
Gross unrealized losses (51) (115)
Estimated fair value $ 251,308 $ 300,209
v3.21.2
Fair Value Measurements - Summary of Fair Value, by Balance Sheet Grouping (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents $ 127,844 $ 111,080
Total financial assets 127,844 111,080
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 2,650 274
Total financial assets 359,022 434,617
Total financial liabilities 66 16
Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 356,005 433,595
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 130,494 111,354
Total financial assets 486,866 545,697
Total financial liabilities 66 16
Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 356,005 433,595
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 13 14
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 13 14
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 98 468
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 98 468
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 1 2
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 1 2
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 49 16
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 49 16
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 17  
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 17  
Bank deposits | Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 104,697 133,386
Bank deposits | Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 104,697 133,386
Money market funds | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 127,844 111,080
Money market funds | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 127,844 111,080
Certificates of deposit | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents   274
Certificates of deposit | Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 2,412 10,821
Certificates of deposit | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents   274
Certificates of deposit | Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 2,412 10,821
Commercial paper | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 2,500  
Commercial paper | Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 35,971 34,151
Commercial paper | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 2,500  
Commercial paper | Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 35,971 34,151
Corporate debt securities | Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 113,304 128,623
Corporate debt securities | Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 113,304 128,623
Municipal securities | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 150  
Municipal securities | Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 57,090 54,233
Municipal securities | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 150  
Municipal securities | Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 57,090 54,233
Government and agency debt | Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 42,531 72,381
Government and agency debt | Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 42,531 72,381
Other Noncurrent Assets [Member] | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Restricted bank deposits included in assets 255 264
Other Noncurrent Assets [Member] | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Restricted bank deposits included in assets $ 255 $ 264
v3.21.2
Fair Value Measurements - Additional Information (Detail) - Level 3 - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total financial assets $ 0 $ 0
Total financial liabilities $ 0 $ 0
v3.21.2
Derivative Financial Instruments and Hedging - Disclosure of Notional Amount of Derivatives By Hedging Designation (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Derivatives, Fair Value [Line Items]    
Total derivative instruments $ 22,263 $ 11,494
Foreign currency contracts [Member] | Derivatives designated as hedging instruments [Member]    
Derivatives, Fair Value [Line Items]    
Total derivative instruments 18,462 10,264
Foreign currency contracts [Member] | Derivatives not designated as hedging instruments [Member]    
Derivatives, Fair Value [Line Items]    
Total derivative instruments $ 3,801 $ 1,230
v3.21.2
Derivative Financial Instruments and Hedging - Derivative Instruments, Gain (Loss) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Derivatives designated as hedging instruments [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gains (losses) recognized in earnings $ 30 $ (38) $ 248 $ (38)
Derivatives not designated as hedging instruments [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gains (losses) recognized in earnings (38) (74) 69 (110)
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 2 (3) 21 (3)
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 12 (20) 132 (20)
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 4 (7) 40 (7)
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 4 (8) 47 (8)
Foreign Currency Contracts [Member] | Interest and other income, net [Member] | Derivatives designated as hedging instruments [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gains (losses) recognized in earnings 8 0 8 0
Foreign Currency Contracts [Member] | Interest and other income, net [Member] | Derivatives not designated as hedging instruments [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gains (losses) recognized in earnings $ (38) $ (74) $ 69 $ (110)
v3.21.2
Condensed Consolidated Balance Sheet Components - Summary of Property and Equipment (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 11,890 $ 9,335
Less: accumulated depreciation and amortization (5,659) (4,372)
Property and equipment, net 6,231 4,963
Computer and software    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 5,235 4,079
Furniture and office equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 1,952 1,495
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 4,703 $ 3,761
v3.21.2
Condensed Consolidated Balance Sheet Components - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]    
Accrued compensation and benefits $ 13,407 $ 8,799
Withholding tax from employee equity transactions to be remitted to tax authorities 479 9,186
Accrued expenses 3,430 3,054
Accrued expenses and other current liabilities $ 17,316 $ 21,039
v3.21.2
Intangible Assets, Net - Summary of Intangible Assets (Detail) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Intangible Assets [Line items]    
Gross Fair Value $ 7,642 $ 7,642
Accumulated Amortization (4,340) (3,595)
Net Book Value 3,302 4,047
Developed technology [Member]    
Intangible Assets [Line items]    
Gross Fair Value 4,856 4,856
Accumulated Amortization (2,445) (2,064)
Net Book Value $ 2,411 $ 2,792
Weighted- Average Remaining Useful Life 3 years 3 months 18 days 3 years 8 months 12 days
Customer relationships [Member]    
Intangible Assets [Line items]    
Gross Fair Value $ 1,200 $ 1,200
Accumulated Amortization (466) (367)
Net Book Value $ 734 $ 833
Weighted- Average Remaining Useful Life 3 years 8 months 12 days 4 years 2 months 12 days
Other intangible assets [Member]    
Intangible Assets [Line items]    
Gross Fair Value $ 1,586 $ 1,586
Accumulated Amortization (1,429) (1,164)
Net Book Value $ 157 $ 422
Weighted- Average Remaining Useful Life 3 months 18 days 9 months 18 days
v3.21.2
Intangible Assets, Net - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Intangible Assets [Line items]        
Amortization expenses for intangible assets $ 0.4 $ 0.4 $ 0.7 $ 0.8
v3.21.2
Intangible Assets, Net - Summary of Expected Future Amortization Expenses by Year Related to the Intangible Assets (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
2021 (Remainder) $ 637  
2022 961  
2023 887  
2024 667  
2025 150  
Net Book Value $ 3,302 $ 4,047
v3.21.2
Leases - Components of Operating Lease Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2021
Lease, Cost [Abstract]    
Operating lease cost $ 1,317 $ 2,665
Short-term lease cost 21 64
Variable lease cost 105 195
Total operating lease cost $ 1,443 $ 2,924
v3.21.2
Leases - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Jan. 01, 2021
Lessee, Lease, Description [Line Items]        
Operating Leases, Rent Expense, Net $ 1,100   $ 2,100  
Operating Lease, Weighted Average Remaining Lease Term   4 years 1 month 6 days    
Operating Lease, Weighted Average Discount Rate, Percent   1.30%    
Total operating lease liabilities   $ 19,498   $ 22,100
Facility lease commencement [Member]        
Lessee, Lease, Description [Line Items]        
Additional Operating Lease Obligations   $ 2,700    
Description of Lessee Leasing Arrangements, Operating Leases   lease commencing in July 2021 with the lease term ending June 2025    
v3.21.2
Leases - Supplemental Cash Flow Information related to Operating Lease (Detail)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
USD ($)
Leases [Abstract]  
Cash paid for operating leases $ 2,552
v3.21.2
Leases - Schedule of Maturities of Operating Lease Liabilities - Schedule of Maturities of Operating Lease Liabilities (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Jan. 01, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]    
2021 (Remainder) $ 2,381  
2022 5,167  
2023 4,761  
2024 3,900  
2025 3,031  
Thereafter 803  
Total operating lease payments 20,043  
Less: imputed interest (545)  
Total operating lease liabilities $ 19,498 $ 22,100
v3.21.2
Leases - Schedule of Minimum Lease Payments Under Operating Leases (Detail)
$ in Thousands
Dec. 31, 2020
USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]  
2021 $ 5,475
2022 5,931
2023 5,429
2024 4,607
2025 3,389
Thereafter 803
Total $ 25,634
v3.21.2
Commitments and Contingencies - Summary of Outstanding Non-cancelable Purchase Obligations (Detail)
$ in Thousands
Jun. 30, 2021
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2021 (Remainder) $ 2,237
2022 15,601
2023 13,490
2024 10,000
2025 31,000
Total $ 72,328
v3.21.2
Commitments and Contingencies - Additional Information (Detail)
$ in Millions
 6 Months Ended
Jun. 30, 2021
USD ($)
Grants [Member] | Israeli Innovation Authority [Member]  
Maximum additional payments as a grant recipient $ 6.0
v3.21.2
Shareholders' Equity and Equity Incentive Plans - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jan. 01, 2021
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Number of shares options granted during period       30,000  
Total intrinsic value of options exercised       $ 96,474 $ 6,600
Share-based compensation expense   $ 14,104 $ 2,783 $ 25,854 $ 4,739
2020 Plan [Member]          
Share-based payment arrangement, increase of authorized shares 5,307,818        
Employee Share Purchase Plan [Member]          
Share-based payment arrangement, increase of authorized shares 922,570        
Number of shares purchased       0  
Employee Stock Option [Member]          
Weighted average grant date fair value of options granted     $ 12.45 $ 42.00 $ 11.39
Number of shares options granted during period   0      
Unrecognized share-based compensation cost   $ 120,600   $ 120,600  
Unrecognized share based compensation cost expected to be recognised period       3 years 2 months 12 days  
v3.21.2
Shareholders' Equity and Equity Incentive Plans - Summary of Stock Option Activity (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]      
Outstanding Share Options, Beginning balance 13,075,489    
Outstanding Share Options, Granted 30,000    
Outstanding Share Options, Exercised (1,826,006)    
Outstanding Share Options, Forfeited (269,020)    
Outstanding Share Options, Ending balance 11,010,463   13,075,489
Outstanding Share Options, Exercisable 5,287,820    
Weighted Average Exercise Price Per Share, Beginning balance $ 6.50    
Weighted Average Exercise Price Per Share, Granted 65.96    
Weighted Average Exercise Price Per Share, Exercised 1.97    
Weighted Average Exercise Price Per Share, Forfeited 15.36    
Weighted Average Exercise Price Per Share, Ending balance 7.20   $ 6.50
Weighted Average Exercise Price Per Share, Exercisable $ 2.49    
Weighted Average Remaining Contractual Life 6 years 6 months   6 years 9 months 18 days
Weighted Average Remaining Contractual Life, Exercisable 5 years    
Aggregate Intrinsic Value, Beginning balance $ 736,478    
Aggregate Intrinsic Value, Exercised 96,474 $ 6,600  
Aggregate Intrinsic Value, Ending balance 422,309   $ 736,478
Aggregate Intrinsic Value, Exercisable $ 227,536    
v3.21.2
Shareholders' Equity and Equity Incentive Plans - Summary of Restricted Ordinary Shares (Detail) - Restricted Stock [Member]
 6 Months Ended
Jun. 30, 2021
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unvested RSUs, Beginning balance | shares 818,945
Unvested RSUs, Granted | shares 1,198,082
Unvested RSUs, Canceled/Forfeited | shares (122,800)
Unvested RSUs, Ending balance | shares 1,894,227
Weighted Average Grant Date Fair Value Per Share, Beginning balance | $ / shares $ 48.38
Weighted Average Grant Date Fair Value Per Share, Granted | $ / shares 54.40
Weighted Average Grant Date Fair Value Per Share, Canceled/Forfeited | $ / shares 65.07
Weighted Average Grant Date Fair Value Per Share, Ending balance | $ / shares $ 51.11
v3.21.2
Shareholders' Equity and Equity Incentive Plans - Summary of Ordinary Shares Reserved for Future Issuance (Detail)
Jun. 30, 2021
shares
Class of Stock [Line Items]  
Common Stock Reserved for Future Issuance 30,462,771
2020 Plan [Member]  
Class of Stock [Line Items]  
Common Stock Reserved for Future Issuance 14,435,862
Employee Stock Purchase Plan [Member]  
Class of Stock [Line Items]  
Common Stock Reserved for Future Issuance 3,022,570
Employee Stock Option [Member]  
Class of Stock [Line Items]  
Common Stock Reserved for Future Issuance 11,010,463
Restricted Stock [Member]  
Class of Stock [Line Items]  
Common Stock Reserved for Future Issuance 1,894,227
Ordinary Shares [Member]  
Class of Stock [Line Items]  
Common Stock Reserved for Future Issuance 99,649
v3.21.2
Shareholders' Equity and Equity Incentive Plans - Summary of Stock-based Compensation Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 14,104 $ 2,783 $ 25,854 $ 4,739
Cost of revenue [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense 824 199 1,586 339
Research and development [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense 2,680 930 4,509 1,696
Sales and marketing [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense 3,522 1,097 6,245 1,770
General and administrative [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 7,078 $ 557 $ 13,514 $ 934
v3.21.2
Accumulated Other Comprehensive Income - Summary of Changes In AOCI (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Changes in Accumulated Other Comprehensive Income [Line items]        
Beginning Balance     $ 372 $ 35
Other comprehensive income (loss) before reclassifications     (111) 703
Net realized losses (gains) reclassified from AOCI     (252) 51
Other comprehensive income (loss) $ 278 $ 668 (363) 754
Ending Balance 9 789 9 789
Net Unrealized Gains (losses) on Available-for-Sale Marketable Securities [Member]        
Changes in Accumulated Other Comprehensive Income [Line items]        
Beginning Balance     (69) 35
Other comprehensive income (loss) before reclassifications     40 282
Net realized losses (gains) reclassified from AOCI     (4) 13
Other comprehensive income (loss)     36 295
Ending Balance (33) 330 (33) 330
Net Unrealized Gains on Derivatives Designated as Hedging Instruments [Member]        
Changes in Accumulated Other Comprehensive Income [Line items]        
Beginning Balance     441 0
Other comprehensive income (loss) before reclassifications     (151) 421
Net realized losses (gains) reclassified from AOCI     (248) 38
Other comprehensive income (loss)     (399) 459
Ending Balance $ 42 $ 459 $ 42 $ 459
v3.21.2
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Income Tax Disclosure [Abstract]          
Provision for income taxes $ (736) $ 213 $ (3,093) $ 803  
Income Tax Examination, Years under Examination     2015 2016 2017 2018    
Unrecognized tax benefits $ 3,700   $ 3,700   $ 2,700
Unrecognized tax benefit increase in current year tax positions     $ 1,000    
v3.21.2
Net Income (Loss) Per Share Attributable to Ordinary Shareholders - Summary of Computation of Basic and Diluted Net Income (Loss) Per Share Attributable to Ordinary Shareholders (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Numerator:        
Net income (loss) $ (13,149) $ 1,699 $ (21,044) $ (426)
Less: undistributed earnings attributable to participating securities 0 (1,699) 0 0
Net income (loss) attributable to ordinary shareholders $ (13,149) $ 0 $ (21,044) $ (426)
Denominator:        
Weighted-average shares used in computing net income (loss) per share attributable to ordinary shareholders, basic 93,665,527 28,339,824 93,175,364 28,247,005
Weighted-average effect of dilutive securities:        
Outstanding share options 0 9,613,645 0 0
Issuable ordinary shares related to business combination 0 152,188 0 0
Weighted-average shares used in computing net income (loss) per share attributable to ordinary shareholders, diluted 93,665,527 38,105,657 93,175,364 28,247,005
Net income (loss) per share attributable to ordinary shareholders:        
Basic $ (0.14) $ 0 $ (0.23) $ (0.02)
Diluted $ (0.14) $ 0 $ (0.23) $ (0.02)
v3.21.2
Net Income (Loss) Per Share Attributable to Ordinary Shareholders - Summary of Shares Excluded From the Computation of Diluted Net Income (Loss) Per Share Attributable to Ordinary Shareholders (Detail) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Shares excluded from computation of diluted net loss per share 13,330,131 1,704,351 13,576,770 65,642,967
Convertible preferred shares [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Shares excluded from computation of diluted net loss per share 0 0 0 52,063,647
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 11,434,553 1,704,351 11,966,795 13,345,123
Unvested RSUs [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Shares excluded from computation of diluted net loss per share 1,724,973 0 1,446,258 0
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 70,956 0 47,827 0
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 99,649 0 115,890 234,197
v3.21.2
Subsequent Event - Additional Information (Detail) - Subsequent Event [Member] - Vdoo Connected Trust Ltd. [Member]
$ in Millions
Jul. 19, 2021
USD ($)
shares
Subsequent Event [Line Items]  
Business acquistion percentage of voting capital obtained 100.00%
Business acquisition total purchase consideration $ 286.5
Business combination purchase consideration settled through share issue | shares 1,934,198
Business acquisition payment of cash net of cash acquired cash component of purchase consideration $ 199.8