JFROG LTD, 10-Q filed on 11/2/2023
Quarterly Report
v3.23.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2023
Oct. 27, 2023
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2023  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q3  
Entity Registrant Name JFrog Ltd.  
Entity Central Index Key 0001800667  
Securities Act File Number 001-39492  
Entity Tax Identification Number 98-0680649  
Document Quarterly Report true  
Document Transition Report false  
Entity Incorporation, State or Country Code L3  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Interactive Data Current Yes  
Entity Current Reporting Status Yes  
Entity Address, Address Line One 270 E. Caribbean Drive  
Entity Address, City or Town Sunnyvale  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94089  
City Area Code (408)  
Local Phone Number 329-1540  
Entity Shell Company false  
Entity Small Business false  
Entity Emerging Growth Company false  
Title of 12(b) Security Ordinary Shares, NIS 0.01 par value  
Trading Symbol FROG  
Security Exchange Name NASDAQ  
Entity Common Stock, Shares Outstanding   104,887,026
v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 60,984 $ 45,595
Short-term investments 441,194 397,605
Accounts receivable, net 60,922 62,117
Deferred contract acquisition costs 10,211 8,102
Prepaid expenses and other current assets 13,924 18,603
Total current assets 587,235 532,022
Property and equipment, net 6,582 8,021
Deferred contract acquisition costs, noncurrent 16,161 13,501
Operating lease right-of-use assets 25,212 24,602
Intangible assets, net 28,657 37,544
Goodwill 247,955 247,955
Other assets, noncurrent 7,805 7,576
Total assets 919,607 871,221
Current liabilities:    
Accounts payable 14,712 14,867
Accrued expenses and other current liabilities 32,083 28,848
Operating lease liabilities 8,163 7,132
Deferred revenue 179,446 158,725
Total current liabilities 234,404 209,572
Deferred revenue, noncurrent 12,489 16,990
Operating lease liabilities, noncurrent 15,903 16,829
Other liabilities, noncurrent 3,713 3,057
Total liabilities 266,509 246,448
Commitments and contingencies (Note 10)
Shareholders' equity:    
Preferred shares, NIS 0.01 par value per share; 50,000,000 shares authorized; 0 issued and outstanding as of September 30, 2023 and December 31, 2022 0 0
Ordinary shares, NIS 0.01 par value per share, 500,000,000 shares authorized; 104,864,865 and 100,907,857 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively 294 283
Additional paid-in capital 935,445 856,438
Accumulated other comprehensive loss (3,442) (2,772)
Accumulated deficit (279,199) (229,176)
Total shareholders' equity 653,098 624,773
Total liabilities and shareholders' equity $ 919,607 $ 871,221
v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - ₪ / shares
Sep. 30, 2023
Dec. 31, 2022
Preferred stock par value ₪ 0.01 ₪ 0.01
Preferred stock authorized 50,000,000 50,000,000
Preferred stock issued 0 0
Preferred stock Outstanding 0 0
Common stock par value ₪ 0.01 ₪ 0.01
Common stock Authorized 500,000,000 500,000,000
Common stock issued 104,864,865 100,907,857
Common stock Outstanding 104,864,865 100,907,857
v3.23.3
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenue:        
Total subscription revenue $ 88,636 $ 71,991 $ 252,626 $ 203,494
Cost of revenue:        
Total cost of revenue—subscription 19,750 15,898 56,620 45,005
Gross profit 68,886 56,093 196,006 158,489
Operating expenses:        
Research and development 33,358 31,698 101,788 87,744
Sales and marketing 37,915 33,152 109,753 94,323
General and administrative 15,663 14,682 44,635 41,410
Total operating expenses 86,936 79,532 256,176 223,477
Operating loss (18,050) (23,439) (60,170) (64,988)
Interest and other income, net 5,733 1,369 14,621 2,159
Loss before income taxes (12,317) (22,070) (45,549) (62,829)
Income tax expense 1,430 1,482 4,474 4,200
Net loss $ (13,747) $ (23,552) $ (50,023) $ (67,029)
Net loss per share, Basic $ (0.13) $ (0.24) $ (0.49) $ (0.68)
Net loss per share, Diluted $ (0.13) $ (0.24) $ (0.49) $ (0.68)
Weighted-average shares used in computing net loss per share, basic 104,134,649 99,617,687 102,646,453 98,825,422
Weighted-average shares used in computing net loss per share, diluted 104,134,649 99,617,687 102,646,453 98,825,422
Subscription—self-managed and SaaS        
Revenue:        
Total subscription revenue $ 84,131 $ 67,750 $ 238,141 $ 190,498
Cost of revenue:        
Total cost of revenue—subscription 19,532 15,678 55,966 44,345
License—self-managed        
Revenue:        
Total subscription revenue 4,505 4,241 14,485 12,996
Cost of revenue:        
Total cost of revenue—subscription $ 218 $ 220 $ 654 $ 660
v3.23.3
Condensed Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net Income (Loss) $ (13,747) $ (23,552) $ (50,023) $ (67,029)
Other comprehensive income (loss), net of tax:        
Unrealized gains (losses) on available-for-sale marketable securities, net of tax 449 (830) 156 (1,739)
Unrealized gains (losses) on derivative instruments, net of tax (414) 934 (826) (3,114)
Other comprehensive income (loss) 35 104 (670) (4,853)
Comprehensive loss $ (13,712) $ (23,448) $ (50,693) $ (71,882)
v3.23.3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)
$ in Thousands
Total
Ordinary Shares
Additional Paid-in Capital
Accumulated Other Comprehensive Income (loss)
Accumulated Deficit
Balance (in shares) at Dec. 31, 2021   97,312,040      
Balance at Dec. 31, 2021 $ 638,581 $ 272 $ 776,690 $ 611 $ (138,992)
Issuance of ordinary shares upon exercise of share options (in shares)   1,764,738      
Issuance of ordinary shares upon exercise of share options 4,675 $ 5 4,670    
Issuance of ordinary shares upon release of restricted share units (in shares)   787,072      
Issuance of ordinary shares upon release of restricted share units   $ 3 (3)    
Issuance of ordinary shares under the employee share purchase plan (in shares)   261,494      
Issuance of ordinary shares under the employee share purchase plan 5,176 $ 1 5,175    
Issuance of ordinary shares related to business combination (in shares)   59,134      
Share-based compensation expense 48,368   48,368    
Other comprehensive income (loss), net of tax (4,853)     (4,853)  
Net Income (Loss) (67,029)       (67,029)
Balance (in shares) at Sep. 30, 2022   100,184,478      
Balance at Sep. 30, 2022 624,918 $ 281 834,900 (4,242) (206,021)
Balance (in shares) at Jun. 30, 2022   99,282,527      
Balance at Jun. 30, 2022 625,424 $ 278 811,961 (4,346) (182,469)
Issuance of ordinary shares upon exercise of share options (in shares)   308,492      
Issuance of ordinary shares upon exercise of share options 1,802 $ 1 1,801    
Issuance of ordinary shares upon release of restricted share units (in shares)   475,564      
Issuance of ordinary shares upon release of restricted share units   $ 2 (2)    
Issuance of ordinary shares under the employee share purchase plan (in shares)   106,944      
Issuance of ordinary shares under the employee share purchase plan 1,923   1,923    
Issuance of ordinary shares related to business combination (in shares)   10,951      
Share-based compensation expense 19,217   19,217    
Other comprehensive income (loss), net of tax 104     104  
Net Income (Loss) (23,552)       (23,552)
Balance (in shares) at Sep. 30, 2022   100,184,478      
Balance at Sep. 30, 2022 624,918 $ 281 834,900 (4,242) (206,021)
Balance (in shares) at Dec. 31, 2022   100,907,857      
Balance at Dec. 31, 2022 $ 624,773 $ 283 856,438 (2,772) (229,176)
Issuance of ordinary shares upon exercise of share options (in shares) 1,290,378 1,290,378      
Issuance of ordinary shares upon exercise of share options $ 5,433 $ 4 5,429    
Issuance of ordinary shares upon release of restricted share units (in shares)   2,242,046      
Issuance of ordinary shares upon release of restricted share units   $ 6 (6)    
Issuance of ordinary shares under the employee share purchase plan (in shares)   369,118      
Issuance of ordinary shares under the employee share purchase plan 6,665 $ 1 6,664    
Issuance of ordinary shares related to business combination (in shares)   55,466      
Share-based compensation expense 66,920   66,920    
Other comprehensive income (loss), net of tax (670)     (670)  
Net Income (Loss) (50,023)       (50,023)
Balance (in shares) at Sep. 30, 2023   104,864,865      
Balance at Sep. 30, 2023 653,098 $ 294 935,445 (3,442) (279,199)
Balance (in shares) at Jun. 30, 2023   103,620,107      
Balance at Jun. 30, 2023 635,892 $ 290 904,531 (3,477) (265,452)
Issuance of ordinary shares upon exercise of share options (in shares)   382,742      
Issuance of ordinary shares upon exercise of share options 2,066 $ 2 2,064    
Issuance of ordinary shares upon release of restricted share units (in shares)   644,820      
Issuance of ordinary shares upon release of restricted share units   $ 2 (2)    
Issuance of ordinary shares under the employee share purchase plan (in shares)   161,730      
Issuance of ordinary shares under the employee share purchase plan 3,166   3,166    
Issuance of ordinary shares related to business combination (in shares)   55,466      
Share-based compensation expense 25,686   25,686    
Other comprehensive income (loss), net of tax 35     35  
Net Income (Loss) (13,747)       (13,747)
Balance (in shares) at Sep. 30, 2023   104,864,865      
Balance at Sep. 30, 2023 $ 653,098 $ 294 $ 935,445 $ (3,442) $ (279,199)
v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net Income (Loss) $ (50,023) $ (67,029)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 11,512 10,789
Share-based compensation expense 66,920 48,368
Non-cash operating lease expense 6,294 5,449
Net amortization of premium or discount on investments (4,588) 3,014
Losses (gains) on foreign exchange (869) 1,937
Changes in operating assets and liabilities:    
Accounts receivable 1,337 1,215
Prepaid expenses and other assets 530 5,105
Deferred contract acquisition costs (4,769) (5,470)
Accounts payable (119) 2,128
Accrued expenses and other liabilities 4,935 3,189
Operating lease liabilities (5,818) (7,212)
Deferred revenue 16,220 12,628
Net cash provided by operating activities 41,562 14,111
Cash flows from investing activities:    
Purchases of short-term investments (303,310) (305,715)
Maturities and sales of short-term investments 266,847 273,775
Purchases of property and equipment (1,364) (3,437)
Payments related to business combination 0 (179)
Purchase of intangible asset 0 (300)
Net cash used in investing activities (37,827) (35,856)
Cash flows from financing activities:    
Proceeds from exercise of share options 5,433 4,675
Proceeds from employee share purchase plan 6,665 5,176
Payments to tax authorities from employee equity transactions, net (332) (160)
Net cash provided by financing activities 11,766 9,691
Effect of exchange rate changes on cash, cash equivalents and restricted cash (112) (2,293)
Net increase (decrease) in cash, cash equivalents, and restricted cash 15,389 (14,347)
Cash, cash equivalents, and restricted cash—beginning of period 45,607 68,540
Cash, cash equivalents, and restricted cash—end of period $ 60,996 $ 54,193
v3.23.3
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2023
Sep. 30, 2022
Reconciliation of cash, cash equivalents, and restricted cash within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows above:    
Cash and cash equivalents $ 60,984 $ 53,971
Restricted cash included in prepaid expenses and other current assets 12 12
Restricted cash included in other assets, noncurrent 0 210
Total cash, cash equivalents, and restricted cash $ 60,996 $ 54,193
v3.23.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Pay vs Performance Disclosure        
Net Income (Loss) $ (13,747) $ (23,552) $ (50,023) $ (67,029)
v3.23.3
Insider Trading Arrangements
 9 Months Ended
Sep. 30, 2023
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

Securities Trading Plans of Directors and Executive Officers

During the three months ended September 30, 2023, the following director and officer, as defined in Rule 16a-1(f) of the Exchange Act, adopted a “Rule 10b5-1 trading arrangement” as defined in Item 408 of Regulation S-K, as follows:

On August 11, 2023, Mr. Yoav Landman, our Chief Technology Officer and member of our board of directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 1,500,000 ordinary shares. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until October 11, 2024, or earlier if all transactions under the trading arrangement are completed.

No other officers or directors, as defined in Rule 16a-1(f), adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Item 408 of Regulation S-K, during the three months ended September 30, 2023.
Mr Yoav Landman [Member]  
Trading Arrangements, by Individual  
Name Mr. Yoav Landman
Title Chief Technology Officer and member of our board of directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date August 11, 2023
Termination Date October 11, 2024
Aggregate Available 1,500,000
Other Officers or Directors [Member]  
Trading Arrangements, by Individual  
Name No
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.23.3
Organization and Description of Business
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business

1. Organization and Description of Business

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

v3.23.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

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

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

In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of September 30, 2023 and the Company’s consolidated results of operations and shareholders’ equity for the three and nine months ended September 30, 2023 and 2022, and cash flows for the nine months ended September 30, 2023 and 2022. The results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023 or any other future interim or annual period.

Use of Estimates

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

Significant Accounting Policies

The Company’s significant accounting policies are discussed in Note 2, Summary of Significant Accounting Policies, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There have been no significant changes to these policies during the nine months ended September 30, 2023.

Interest and Other Income, Net

Interest and other income, net primarily consists of income earned on cash equivalents and short-term investments and foreign exchange gains and losses. Interest income was $6.1 million and $1.6 million for the three months ended September 30, 2023 and 2022, respectively and $15.6 million and $2.8 million for the nine months ended September 30, 2023 and 2022, respectively. Foreign exchange gains (losses) were not material for the periods presented.

Geographical Information

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

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

(in thousands)

 

United States

 

$

9,103

 

 

$

11,569

 

Israel

 

 

17,843

 

 

 

17,887

 

India

 

 

4,304

 

 

 

2,246

 

Rest of world

 

 

544

 

 

 

921

 

Total long-lived assets

 

$

31,794

 

 

$

32,623

 
v3.23.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

3. Revenue Recognition

Disaggregation of Revenue

The following table presents revenue by category:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

Amount

 

 

Percentage
of Revenue

 

 

Amount

 

 

Percentage
of Revenue

 

 

Amount

 

 

Percentage
of Revenue

 

 

Amount

 

 

Percentage
of Revenue

 

 

 

(in thousands, except percentages)

 

Self-managed subscription

 

$

58,022

 

 

 

65

%

 

$

50,966

 

 

 

71

%

 

$

169,332

 

 

 

67

%

 

$

146,457

 

 

 

72

%

Subscription

 

 

53,517

 

 

 

60

 

 

 

46,725

 

 

 

65

 

 

 

154,847

 

 

 

61

 

 

 

133,461

 

 

 

66

 

License

 

 

4,505

 

 

 

5

 

 

 

4,241

 

 

 

6

 

 

 

14,485

 

 

 

6

 

 

 

12,996

 

 

 

6

 

SaaS

 

 

30,614

 

 

 

35

 

 

 

21,025

 

 

 

29

 

 

 

83,294

 

 

 

33

 

 

 

57,037

 

 

 

28

 

Total subscription revenue

 

$

88,636

 

 

 

100

%

 

$

71,991

 

 

 

100

%

 

$

252,626

 

 

 

100

%

 

$

203,494

 

 

 

100

%

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

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

Amount

 

 

Percentage
of Revenue

 

 

Amount

 

 

Percentage
of Revenue

 

 

Amount

 

 

Percentage
of Revenue

 

 

Amount

 

 

Percentage
of Revenue

 

 

 

(in thousands, except percentages)

 

United States

 

$

55,162

 

 

 

62

%

 

$

45,446

 

 

 

63

%

 

$

156,440

 

 

 

62

%

 

$

128,185

 

 

 

63

%

Israel

 

 

2,216

 

 

 

3

 

 

 

1,713

 

 

 

2

 

 

 

6,490

 

 

 

3

 

 

 

5,048

 

 

 

2

 

Rest of world

 

 

31,258

 

 

 

35

 

 

 

24,832

 

 

 

35

 

 

 

89,696

 

 

 

35

 

 

 

70,261

 

 

 

35

 

Total subscription revenue

 

$

88,636

 

 

 

100

%

 

$

71,991

 

 

 

100

%

 

$

252,626

 

 

 

100

%

 

$

203,494

 

 

 

100

%

 

 

Contract Balances

Of the $184.4 million and $157.1 million of deferred revenue recorded as of June 30, 2023 and 2022, respectively, the Company recognized $69.1 million and $55.1 million as revenue during the three months ended September 30, 2023 and 2022, respectively. Of the $175.7 million and $147.1 million of deferred revenue recorded as of December 31, 2022 and 2021, respectively, the Company recognized $146.4 million and $112.5 million as revenue during the nine months ended September 30, 2023 and 2022, respectively.

Remaining Performance Obligation

The Company’s remaining performance obligations are comprised of product and service revenue not yet delivered. As of September 30, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $235.1 million, which consists of billed considerations of $191.9 million and unbilled considerations of $43.2 million, that the Company expects to recognize as revenue. As of September 30, 2023, the Company expects to recognize 83% of its remaining performance obligations as revenue over the next 12 months, and the remainder thereafter.

Cost to Obtain a Contract

Amortization of deferred contract acquisition costs was $2.7 million and $1.9 million for the three months ended September 30, 2023 and 2022, respectively, and $7.3 million and $5.1 million for the nine months ended September 30, 2023 and 2022, respectively.
v3.23.3
Short-Term Investments
 9 Months Ended
Sep. 30, 2023
Investments, All Other Investments [Abstract]  
Short-Term Investments

4. Short-Term Investments

Short-term investments consisted of the following:

 

 

September 30, 2023

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

 

 

(in thousands)

 

Bank deposits

 

$

106,117

 

 

$

—

 

 

$

—

 

 

$

106,117

 

Certificates of deposit

 

 

2,467

 

 

 

—

 

 

 

(42

)

 

 

2,425

 

Commercial paper

 

 

20,697

 

 

 

—

 

 

 

(26

)

 

 

20,671

 

Corporate debt securities

 

 

151,554

 

 

 

15

 

 

 

(810

)

 

 

150,759

 

Municipal securities

 

 

27,774

 

 

 

—

 

 

 

(121

)

 

 

27,653

 

Government and agency debt

 

 

134,219

 

 

 

4

 

 

 

(654

)

 

 

133,569

 

Marketable securities

 

 

336,711

 

 

 

19

 

 

 

(1,653

)

 

 

335,077

 

Total short-term investments

 

$

442,828

 

 

$

19

 

 

$

(1,653

)

 

$

441,194

 

 

 

 

December 31, 2022

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Bank deposits

 

$

96,034

 

 

$

—

 

 

$

—

 

 

$

96,034

 

Certificates of deposit

 

 

2,204

 

 

 

—

 

 

 

(51

)

 

 

2,153

 

Commercial paper

 

 

38,164

 

 

 

2

 

 

 

(137

)

 

 

38,029

 

Corporate debt securities

 

 

137,191

 

 

 

41

 

 

 

(859

)

 

 

136,373

 

Municipal securities

 

 

38,543

 

 

 

23

 

 

 

(222

)

 

 

38,344

 

Government and agency debt

 

 

87,149

 

 

 

7

 

 

 

(484

)

 

 

86,672

 

Marketable securities

 

 

303,251

 

 

 

73

 

 

 

(1,753

)

 

 

301,571

 

Total short-term investments

 

$

399,285

 

 

$

73

 

 

$

(1,753

)

 

$

397,605

 

 

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

 

 

September 30, 2023

 

 

 

(in thousands)

 

Due in 1 year or less

 

$

267,996

 

Due in 1 year through 2 years

 

 

67,081

 

Total

 

$

335,077

 

The following table presents fair value and gross unrealized losses of the Company’s marketable securities that have been in a continuous loss position, aggregated by length of time:

 

 

September 30, 2023

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

 

(in thousands)

 

Certificates of deposit

 

$

247

 

 

$

(3

)

 

$

2,157

 

 

$

(39

)

 

$

2,404

 

 

$

(42

)

Commercial paper

 

 

20,671

 

 

 

(26

)

 

 

—

 

 

 

—

 

 

 

20,671

 

 

 

(26

)

Corporate debt securities

 

 

108,649

 

 

 

(566

)

 

 

26,762

 

 

 

(244

)

 

 

135,411

 

 

 

(810

)

Municipal securities

 

 

15,500

 

 

 

(45

)

 

 

8,624

 

 

 

(76

)

 

 

24,124

 

 

 

(121

)

Government and agency debt

 

 

114,626

 

 

 

(519

)

 

 

11,509

 

 

 

(135

)

 

 

126,135

 

 

 

(654

)

Total

 

$

259,693

 

 

$

(1,159

)

 

$

49,052

 

 

$

(494

)

 

$

308,745

 

 

$

(1,653

)

 

 

 

December 31, 2022

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

 

(in thousands)

 

Certificates of deposit

 

$

2,153

 

 

$

(51

)

 

$

—

 

 

$

—

 

 

$

2,153

 

 

$

(51

)

Commercial paper

 

 

31,838

 

 

 

(137

)

 

 

—

 

 

 

—

 

 

 

31,838

 

 

 

(137

)

Corporate debt securities

 

 

123,540

 

 

 

(859

)

 

 

—

 

 

 

—

 

 

 

123,540

 

 

 

(859

)

Municipal securities

 

 

25,336

 

 

 

(222

)

 

 

—

 

 

 

—

 

 

 

25,336

 

 

 

(222

)

Government and agency debt

 

 

71,781

 

 

 

(484

)

 

 

—

 

 

 

—

 

 

 

71,781

 

 

 

(484

)

Total

 

$

254,648

 

 

$

(1,753

)

 

$

—

 

 

$

—

 

 

$

254,648

 

 

$

(1,753

)

As of September 30, 2023 and December 31, 2022, the unrealized losses related to marketable securities were determined to be not due to credit related losses. Therefore, the Company did not recognize an allowance for credit losses. See Note 12, Accumulated Other Comprehensive Income (Loss), for the realized gains or losses from available-for-sale marketable securities that were reclassified out of accumulated other comprehensive income (loss) (“AOCI”) during the periods presented.

v3.23.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements

5. Fair Value Measurements

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

 

 

September 30, 2023

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

27,834

 

 

$

27,834

 

 

$

—

 

Cash equivalents

 

 

27,834

 

 

 

27,834

 

 

 

—

 

Bank deposits

 

 

106,117

 

 

 

—

 

 

 

106,117

 

Certificates of deposit

 

 

2,425

 

 

 

—

 

 

 

2,425

 

Commercial paper

 

 

20,671

 

 

 

—

 

 

 

20,671

 

Corporate debt securities

 

 

150,759

 

 

 

—

 

 

 

150,759

 

Municipal securities

 

 

27,653

 

 

 

—

 

 

 

27,653

 

Government and agency debt

 

 

133,569

 

 

 

—

 

 

 

133,569

 

Short-term investments

 

 

441,194

 

 

 

—

 

 

 

441,194

 

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

 

 

72

 

 

 

—

 

 

 

72

 

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

 

 

18

 

 

 

—

 

 

 

18

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

12

 

 

 

—

 

 

 

12

 

Total financial assets

 

$

469,130

 

 

$

27,834

 

 

$

441,296

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

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

 

$

1,976

 

 

$

—

 

 

$

1,976

 

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

 

 

142

 

 

 

—

 

 

 

142

 

Total financial liabilities

 

$

2,118

 

 

$

—

 

 

$

2,118

 

 

 

 

 

December 31, 2022

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

9,562

 

 

$

9,562

 

 

$

—

 

Cash equivalents

 

 

9,562

 

 

 

9,562

 

 

 

—

 

Bank deposits

 

 

96,034

 

 

 

—

 

 

 

96,034

 

Certificates of deposit

 

 

2,153

 

 

 

—

 

 

 

2,153

 

Commercial paper

 

 

38,029

 

 

 

—

 

 

 

38,029

 

Corporate debt securities

 

 

136,373

 

 

 

—

 

 

 

136,373

 

Municipal securities

 

 

38,344

 

 

 

—

 

 

 

38,344

 

Government and agency debt

 

 

86,672

 

 

 

—

 

 

 

86,672

 

Short-term investments

 

 

397,605

 

 

 

—

 

 

 

397,605

 

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

 

 

20

 

 

 

—

 

 

 

20

 

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

 

 

21

 

 

 

—

 

 

 

21

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

12

 

 

 

—

 

 

 

12

 

Total financial assets

 

$

407,220

 

 

$

9,562

 

 

$

397,658

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

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

 

$

1,098

 

 

$

—

 

 

$

1,098

 

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

 

 

379

 

 

 

—

 

 

379

 

Total financial liabilities

 

$

1,477

 

 

$

—

 

 

$

1,477

 

The Company classifies its money market fund within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its bank deposits, certificates of deposit, commercial paper, corporate debt securities, municipal securities, government and agency debt, and derivative financial instruments within Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. As of September 30, 2023 and December 31, 2022, the Company did not have any assets or liabilities valued based on Level 3 valuations.
v3.23.3
Derivative Financial Instruments and Hedging
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments and Hedging

6. Derivative Financial Instruments and Hedging

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

Notional Amount of Foreign Currency Contracts

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

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

(in thousands)

 

Derivatives Designated as Hedging Instruments:

 

 

 

 

 

 

Foreign currency contracts

 

$

54,653

 

 

$

42,854

 

Derivatives Not Designated as Hedging Instruments:

 

 

 

 

 

 

Foreign currency contracts

 

 

18,637

 

 

 

17,555

 

Total derivative instruments

 

$

73,290

 

 

$

60,409

 

 

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

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

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

 

 

Derivatives Designated as Hedging Instruments

 

 

Derivatives Not Designated as Hedging Instruments

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Condensed Statement of Operations Location:

 

(in thousands)

 

Cost of revenue: subscription–self-managed and SaaS

 

$

(111

)

 

$

(97

)

 

$

(292

)

 

$

(224

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Research and development

 

 

(929

)

 

 

(935

)

 

 

(2,422

)

 

 

(1,844

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Sales and marketing

 

 

(219

)

 

 

(178

)

 

 

(559

)

 

 

(380

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

General and administrative

 

 

(252

)

 

 

(214

)

 

 

(648

)

 

 

(464

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Interest and other income, net

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8

 

 

 

(506

)

 

 

65

 

 

 

(1,325

)

 

 

(335

)

Total gains (losses) recognized in earnings

 

$

(1,511

)

 

$

(1,424

)

 

$

(3,921

)

 

$

(2,904

)

 

$

(506

)

 

$

65

 

 

$

(1,325

)

 

$

(335

)

Effect of Foreign Currency Contracts on Accumulated Other Comprehensive Income

Net unrealized gains (losses) of foreign currency contracts designated as hedging instruments, net of tax, are recorded in AOCI. See Note 12, Accumulated Other Comprehensive Income (Loss), for the effect on other comprehensive income (loss) and the reclassification out of AOCI during the periods presented. All of net deferred losses in AOCI as of September 30, 2023 are expected to be recognized as operating expenses in the same financial statement line item in the Condensed Consolidated Statements of Operations to which the derivative relates over the next twelve months.

v3.23.3
Condensed Consolidated Balance Sheet Components
 9 Months Ended
Sep. 30, 2023
Balance Sheet Related Disclosures [Abstract]  
Condensed Consolidated Balance Sheet Components

7. Condensed Consolidated Balance Sheet Components

Property and Equipment, Net

Property and equipment, net consisted of the following:

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

(in thousands)

 

Computer and software

 

$

9,216

 

 

$

8,330

 

Furniture and office equipment

 

 

3,042

 

 

 

2,802

 

Leasehold improvements

 

 

5,804

 

 

 

5,748

 

Property and equipment, gross

 

 

18,062

 

 

 

16,880

 

Less: accumulated depreciation and amortization

 

 

(11,480

)

 

 

(8,859

)

Property and equipment, net

 

$

6,582

 

 

$

8,021

 

 

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

(in thousands)

 

Accrued compensation and benefits

 

$

22,097

 

 

$

20,892

 

Accrued expenses

 

 

9,986

 

 

 

7,956

 

Accrued expenses and other current liabilities

 

$

32,083

 

 

$

28,848

 
v3.23.3
Intangible Assets, Net
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

8. Intangible Assets, Net

Intangible assets consisted of the following as of September 30, 2023:

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

 

Weighted-
Average
Remaining
Useful Life

 

 

 

(in thousands)

 

 

(in years)

 

Developed technology

 

$

50,347

 

 

$

(25,248

)

 

$

25,099

 

 

 

2.6

 

Customer relationships

 

 

5,541

 

 

 

(2,549

)

 

 

2,992

 

 

 

3.4

 

Other intangible assets

 

 

1,132

 

 

 

(566

)

 

 

566

 

 

 

1.2

 

Total

 

$

57,020

 

 

$

(28,363

)

 

$

28,657

 

 

 

 

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

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

 

Weighted-
Average
Remaining
Useful Life

 

 

 

(in thousands)

 

 

(in years)

 

Developed technology

 

$

50,347

 

 

$

(17,434

)

 

$

32,913

 

 

 

3.3

 

Customer relationships

 

 

5,541

 

 

 

(1,840

)

 

 

3,701

 

 

 

4.1

 

Other intangible assets

 

 

1,132

 

 

 

(202

)

 

 

930

 

 

 

1.9

 

Total

 

$

57,020

 

 

$

(19,476

)

 

$

37,544

 

 

 

 

Amortization expenses for intangible assets were $3.0 million and $2.9 million for the three months ended September 30, 2023 and 2022, respectively, and $8.9 million and $8.6 million for the nine months ended September 30, 2023 and 2022, respectively.

The expected future amortization expenses by year related to the intangible assets as of September 30, 2023 are as follows:

 

 

September 30, 2023

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2023 (Remainder)

 

$

2,889

 

2024

 

 

11,034

 

2025

 

 

9,110

 

2026

 

 

5,241

 

2027

 

 

383

 

Total

 

$

28,657

 
v3.23.3
Leases
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Leases

9. Leases

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

Components of operating lease expense were as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Operating lease cost

 

$

2,350

 

 

$

1,918

 

 

$

6,843

 

 

$

5,669

 

Short-term lease cost

 

 

148

 

 

 

172

 

 

 

462

 

 

 

427

 

Variable lease cost

 

 

96

 

 

 

92

 

 

 

302

 

 

 

284

 

Total operating lease cost

 

$

2,594

 

 

$

2,182

 

 

$

7,607

 

 

$

6,380

 

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

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Cash paid for operating leases

 

$

6,369

 

 

$

5,628

 

ROU assets obtained in exchange for new operating lease liabilities

 

$

2,867

 

 

$

1,236

 

Adjustment to ROU assets upon modification of existing lease

 

$

4,037

 

 

$

1,952

 

As of September 30, 2023, the weighted-average discount rate is 3.3% and the weighted-average remaining term is 3.1 years. Maturities of the Company’s operating lease liabilities as of September 30, 2023 were as follows:

 

 

September 30, 2023

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2023 (Remainder)

 

$

2,223

 

2024

 

 

8,746

 

2025

 

 

7,989

 

2026

 

 

4,748

 

2027

 

 

1,606

 

Thereafter

 

 

156

 

Total operating lease payments

 

 

25,468

 

Less: imputed interest

 

 

(1,402

)

Total operating lease liabilities

 

$

24,066

 
v3.23.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

10. Commitments and Contingencies

Non-cancelable Purchase Obligations

In the normal course of business, the Company enters into non-cancelable purchase commitments with various parties mainly for hosting services, as well as software products and services. As of September 30, 2023, the Company had outstanding non-cancelable purchase obligations with a term of 12 months or longer as follows:

 

 

September 30, 2023

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2023 (Remainder)

 

$

1,357

 

2024

 

 

21,242

 

2025

 

 

16,499

 

2026

 

 

107

 

Total

 

$

39,205

 

Indemnifications and Contingencies

The Company enters into indemnification provisions under certain agreements with other parties in the ordinary course of business. In its customer agreements, the Company has agreed to indemnify, defend and hold harmless the indemnified party for third party claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party intellectual property infringement claims. For certain large or strategic customers, the Company has agreed to indemnify, defend and hold

harmless the indemnified party for certain additional matters including but not limited to non-compliance with certain representations and warranties made by the Company.

Grants from Israeli Innovation Authority

The Company has received in the past grants from the Israeli Innovation Authority (“IIA”) and repaid them in full. Still, as any grant recipient, the Company is subject to the provisions of the Israeli Law for the Encouragement of Research, Development and Technological Innovation in the Industry and the regulations and guidelines thereunder (the “Innovation Law”). Pursuant to the Innovation Law, there are restrictions related to transferring intellectual property outside of Israel. Such transfer requires the approval from the IIA. The approval may be subject to a maximum additional payment amount of approximately $6.0 million. In the past, the Company received an approval from the IIA to perform a limited development of IIA funded know-how outside of Israel, subject to the terms specified in the IIA approval, including that all of its core R&D activities will remain in Israel.

Legal Proceedings

In the ordinary course of business, the Company may be subject from time to time to various proceedings, lawsuits, disputes, or claims. The Company investigates these claims as they arise. Although claims are inherently unpredictable, the Company is currently not aware of any matters that, if determined adversely to the Company, would individually or taken together, have a material adverse effect on its business, financial position, results of operations, or cash flows.
v3.23.3
Shareholders' Equity and Equity Incentive Plans
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Shareholders' Equity and Equity Incentive Plans

11. Shareholders’ Equity and Equity Incentive Plans

Equity Incentive Plans

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

Share Options

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

 

 

Options Outstanding

 

 

 

Outstanding
Share Options

 

 

Weighted-Average Exercise
Price

 

 

Weighted-Average Remaining
Contractual
Life (Years)

 

 

Aggregate
Intrinsic
Value

 

 

 

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

 

Balance as of December 31, 2022

 

 

7,205,324

 

 

$

7.88

 

 

 

5.4

 

 

$

101,334

 

Exercised

 

 

(1,290,378

)

 

$

4.21

 

 

 

 

 

$

26,135

 

Forfeited

 

 

(115,611

)

 

$

14.65

 

 

 

 

 

 

 

Balance as of September 30, 2023

 

 

5,799,335

 

 

$

8.56

 

 

 

4.7

 

 

$

99,709

 

Exercisable as of September 30, 2023

 

 

4,795,660

 

 

$

6.80

 

 

 

4.4

 

 

$

90,423

 

 

Restricted Share Units

A summary of restricted share units (“RSU”) activity under the Company's equity incentive plan and related information is as follows, including RSUs with a market-based condition for which the fair value was determined using a Monte Carlo simulation model:

 

 

RSUs

 

 

 

Unvested RSUs

 

 

Weighted-Average
Grant Date Fair
Value Per Share

 

Unvested as of December 31, 2022

 

 

7,981,147

 

 

$

26.90

 

Granted

 

 

5,721,837

 

 

$

25.82

 

Vested

 

 

(2,242,046

)

 

$

26.85

 

Forfeited

 

 

(1,013,170

)

 

$

25.85

 

Unvested as of September 30, 2023

 

 

10,447,768

 

 

$

26.42

 

The total release date fair value of RSUs was $57.1 million during the nine months ended September 30, 2023.

Employee Share Purchase Plan

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

Shares Reserved for Future Issuance

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

 

 

September 30, 2023

 

Outstanding share options

 

 

5,799,335

 

Outstanding RSUs

 

 

10,447,768

 

Shares available for future issuance under the 2020 Plan

 

 

14,335,295

 

Shares available for future issuance under ESPP

 

 

4,281,665

 

Total ordinary shares reserved

 

 

34,864,063

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Cost of revenue: subscription–self-managed and SaaS

 

$

2,650

 

 

$

1,903

 

 

$

6,865

 

 

$

4,822

 

Research and development

 

 

8,596

 

 

 

6,806

 

 

 

23,566

 

 

 

17,268

 

Sales and marketing

 

 

8,248

 

 

 

6,548

 

 

 

21,461

 

 

 

16,095

 

General and administrative

 

 

6,192

 

 

 

3,960

 

 

 

15,028

 

 

 

10,183

 

Total share-based compensation expense

 

$

25,686

 

 

$

19,217

 

 

$

66,920

 

 

$

48,368

 

As of September 30, 2023, unrecognized share-based compensation cost related to unvested share-based compensation awards was $268.8 million, which is expected to be recognized over a weighted-average period of 3.0 years.
v3.23.3
Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss)

12. Accumulated Other Comprehensive Income (Loss)

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

 

 

Net Unrealized
Losses on
Available-for-Sale Marketable
Securities

 

 

Net Unrealized
Losses on
Derivatives
Designated as
Hedging
Instruments

 

 

Total

 

 

 

(in thousands)

 

Balance as of December 31, 2022

 

$

(1,694

)

 

$

(1,078

)

 

$

(2,772

)

Other comprehensive loss before reclassifications

 

 

(6

)

 

 

(4,747

)

 

 

(4,753

)

Net realized losses reclassified from AOCI

 

 

162

 

 

 

3,921

 

 

 

4,083

 

Other comprehensive loss

 

 

156

 

 

 

(826

)

 

 

(670

)

Balance as of September 30, 2023

 

$

(1,538

)

 

$

(1,904

)

 

$

(3,442

)

 

 

 

Net Unrealized
Losses on
Available-for-Sale Marketable
Securities

 

 

Net Unrealized
Gains (Losses) on
Derivatives
Designated as
Hedging
Instruments

 

 

Total

 

 

 

(in thousands)

 

Balance as of December 31, 2021

 

$

(264

)

 

$

875

 

 

$

611

 

Other comprehensive loss before reclassifications

 

 

(1,738

)

 

 

(6,018

)

 

 

(7,756

)

Net realized losses (gains) reclassified from AOCI

 

 

(1

)

 

 

2,904

 

 

 

2,903

 

Other comprehensive loss

 

 

(1,739

)

 

 

(3,114

)

 

 

(4,853

)

Balance as of September 30, 2022

 

$

(2,003

)

 

$

(2,239

)

 

$

(4,242

)
v3.23.3
Income Taxes
 9 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes

13. Income Taxes

The Company’s quarterly tax provision and estimates of its annual effective tax rate are subject to variation due to several factors, including variability in pre-tax income (or loss), the mix of jurisdictions to which such income relates, tax law developments, as well as non-deductible expenses, such as share-based compensation, and changes in its valuation allowance. Income tax expense was $1.4 million and $1.5 million for the three months ended September 30, 2023 and 2022, respectively, and $4.5 million and $4.2 million for the nine months ended September 30, 2023 and 2022, respectively. The income tax expense for the periods consisted primarily of income taxes related to the Company’s U.S. operations.

A valuation allowance is provided when it is more likely than not that the deferred tax assets will not be realized. Based on the available objective evidence during nine months ended September 30, 2023, the Company believes it is more likely than not that the tax benefits of the Company’s losses incurred in Israel may not be realized.

Gross unrecognized tax benefits were $4.8 million as of September 30, 2023 and December 31, 2022. As of September 30, 2023, the Company does not expect its unrecognized tax benefits to change significantly within the next twelve months.
v3.23.3
Net Loss Per Share
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Net Loss Per Share

14. Net Loss Per Share

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

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

(in thousands, except share and per share data)

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(13,747

)

 

$

(23,552

)

 

$

(50,023

)

 

$

(67,029

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

104,134,649

 

 

 

99,617,687

 

 

 

102,646,453

 

 

 

98,825,422

 

Net loss per share, basic and diluted

 

$

(0.13

)

 

$

(0.24

)

 

$

(0.49

)

 

$

(0.68

)

 

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

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Outstanding share options

 

 

5,992,799

 

 

 

7,917,840

 

 

 

6,503,720

 

 

 

8,536,885

 

Unvested RSUs

 

 

10,027,845

 

 

 

7,994,184

 

 

 

8,856,319

 

 

 

5,592,902

 

Share purchase rights under the ESPP

 

 

59,044

 

 

 

147,704

 

 

 

146,583

 

 

 

136,089

 

Issuable ordinary shares related to business combination

 

 

—

 

 

 

102,124

 

 

 

36,774

 

 

 

118,377

 

Total

 

 

16,079,688

 

 

 

16,161,852

 

 

 

15,543,396

 

 

 

14,384,253

 
v3.23.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

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

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

In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of September 30, 2023 and the Company’s consolidated results of operations and shareholders’ equity for the three and nine months ended September 30, 2023 and 2022, and cash flows for the nine months ended September 30, 2023 and 2022. The results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023 or any other future interim or annual period.
Use of Estimates

Use of Estimates

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

Significant Accounting Policies

Significant Accounting Policies

The Company’s significant accounting policies are discussed in Note 2, Summary of Significant Accounting Policies, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There have been no significant changes to these policies during the nine months ended September 30, 2023.
Fair Value Measurements

The Company classifies its money market fund within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its bank deposits, certificates of deposit, commercial paper, corporate debt securities, municipal securities, government and agency debt, and derivative financial instruments within Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. As of September 30, 2023 and December 31, 2022, the Company did not have any assets or liabilities valued based on Level 3 valuations.
Effect of Foreign Currency Contracts on the Condensed Consolidated Statements of Operations

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

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

Interest and Other Income, Net

Interest and other income, net primarily consists of income earned on cash equivalents and short-term investments and foreign exchange gains and losses. Interest income was $6.1 million and $1.6 million for the three months ended September 30, 2023 and 2022, respectively and $15.6 million and $2.8 million for the nine months ended September 30, 2023 and 2022, respectively. Foreign exchange gains (losses) were not material for the periods presented.
Geographical Information

Geographical Information

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

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

(in thousands)

 

United States

 

$

9,103

 

 

$

11,569

 

Israel

 

 

17,843

 

 

 

17,887

 

India

 

 

4,304

 

 

 

2,246

 

Rest of world

 

 

544

 

 

 

921

 

Total long-lived assets

 

$

31,794

 

 

$

32,623

 
v3.23.3
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Summary of Long Lived Assets by Geographic Region The following table presents the Company’s long-lived assets by geographic region, which consist of property and equipment, net and operating lease right-of-use assets:

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

(in thousands)

 

United States

 

$

9,103

 

 

$

11,569

 

Israel

 

 

17,843

 

 

 

17,887

 

India

 

 

4,304

 

 

 

2,246

 

Rest of world

 

 

544

 

 

 

921

 

Total long-lived assets

 

$

31,794

 

 

$

32,623

 
v3.23.3
Revenue Recognition (Tables)
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Summary of Table Presents Revenue as Follows

The following table presents revenue by category:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

Amount

 

 

Percentage
of Revenue

 

 

Amount

 

 

Percentage
of Revenue

 

 

Amount

 

 

Percentage
of Revenue

 

 

Amount

 

 

Percentage
of Revenue

 

 

 

(in thousands, except percentages)

 

Self-managed subscription

 

$

58,022

 

 

 

65

%

 

$

50,966

 

 

 

71

%

 

$

169,332

 

 

 

67

%

 

$

146,457

 

 

 

72

%

Subscription

 

 

53,517

 

 

 

60

 

 

 

46,725

 

 

 

65

 

 

 

154,847

 

 

 

61

 

 

 

133,461

 

 

 

66

 

License

 

 

4,505

 

 

 

5

 

 

 

4,241

 

 

 

6

 

 

 

14,485

 

 

 

6

 

 

 

12,996

 

 

 

6

 

SaaS

 

 

30,614

 

 

 

35

 

 

 

21,025

 

 

 

29

 

 

 

83,294

 

 

 

33

 

 

 

57,037

 

 

 

28

 

Total subscription revenue

 

$

88,636

 

 

 

100

%

 

$

71,991

 

 

 

100

%

 

$

252,626

 

 

 

100

%

 

$

203,494

 

 

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

Amount

 

 

Percentage
of Revenue

 

 

Amount

 

 

Percentage
of Revenue

 

 

Amount

 

 

Percentage
of Revenue

 

 

Amount

 

 

Percentage
of Revenue

 

 

 

(in thousands, except percentages)

 

United States

 

$

55,162

 

 

 

62

%

 

$

45,446

 

 

 

63

%

 

$

156,440

 

 

 

62

%

 

$

128,185

 

 

 

63

%

Israel

 

 

2,216

 

 

 

3

 

 

 

1,713

 

 

 

2

 

 

 

6,490

 

 

 

3

 

 

 

5,048

 

 

 

2

 

Rest of world

 

 

31,258

 

 

 

35

 

 

 

24,832

 

 

 

35

 

 

 

89,696

 

 

 

35

 

 

 

70,261

 

 

 

35

 

Total subscription revenue

 

$

88,636

 

 

 

100

%

 

$

71,991

 

 

 

100

%

 

$

252,626

 

 

 

100

%

 

$

203,494

 

 

 

100

%

 

 
v3.23.3
Short-Term Investments (Tables)
 9 Months Ended
Sep. 30, 2023
Investments, All Other Investments [Abstract]  
Summary of Short Term Investments

Short-term investments consisted of the following:

 

 

September 30, 2023

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

 

 

(in thousands)

 

Bank deposits

 

$

106,117

 

 

$

—

 

 

$

—

 

 

$

106,117

 

Certificates of deposit

 

 

2,467

 

 

 

—

 

 

 

(42

)

 

 

2,425

 

Commercial paper

 

 

20,697

 

 

 

—

 

 

 

(26

)

 

 

20,671

 

Corporate debt securities

 

 

151,554

 

 

 

15

 

 

 

(810

)

 

 

150,759

 

Municipal securities

 

 

27,774

 

 

 

—

 

 

 

(121

)

 

 

27,653

 

Government and agency debt

 

 

134,219

 

 

 

4

 

 

 

(654

)

 

 

133,569

 

Marketable securities

 

 

336,711

 

 

 

19

 

 

 

(1,653

)

 

 

335,077

 

Total short-term investments

 

$

442,828

 

 

$

19

 

 

$

(1,653

)

 

$

441,194

 

 

 

 

December 31, 2022

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Bank deposits

 

$

96,034

 

 

$

—

 

 

$

—

 

 

$

96,034

 

Certificates of deposit

 

 

2,204

 

 

 

—

 

 

 

(51

)

 

 

2,153

 

Commercial paper

 

 

38,164

 

 

 

2

 

 

 

(137

)

 

 

38,029

 

Corporate debt securities

 

 

137,191

 

 

 

41

 

 

 

(859

)

 

 

136,373

 

Municipal securities

 

 

38,543

 

 

 

23

 

 

 

(222

)

 

 

38,344

 

Government and agency debt

 

 

87,149

 

 

 

7

 

 

 

(484

)

 

 

86,672

 

Marketable securities

 

 

303,251

 

 

 

73

 

 

 

(1,753

)

 

 

301,571

 

Total short-term investments

 

$

399,285

 

 

$

73

 

 

$

(1,753

)

 

$

397,605

 

 
Summary of Company's Marketable Securities by Contractual Maturities

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

 

 

September 30, 2023

 

 

 

(in thousands)

 

Due in 1 year or less

 

$

267,996

 

Due in 1 year through 2 years

 

 

67,081

 

Total

 

$

335,077

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

The following table presents fair value and gross unrealized losses of the Company’s marketable securities that have been in a continuous loss position, aggregated by length of time:

 

 

September 30, 2023

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

 

(in thousands)

 

Certificates of deposit

 

$

247

 

 

$

(3

)

 

$

2,157

 

 

$

(39

)

 

$

2,404

 

 

$

(42

)

Commercial paper

 

 

20,671

 

 

 

(26

)

 

 

—

 

 

 

—

 

 

 

20,671

 

 

 

(26

)

Corporate debt securities

 

 

108,649

 

 

 

(566

)

 

 

26,762

 

 

 

(244

)

 

 

135,411

 

 

 

(810

)

Municipal securities

 

 

15,500

 

 

 

(45

)

 

 

8,624

 

 

 

(76

)

 

 

24,124

 

 

 

(121

)

Government and agency debt

 

 

114,626

 

 

 

(519

)

 

 

11,509

 

 

 

(135

)

 

 

126,135

 

 

 

(654

)

Total

 

$

259,693

 

 

$

(1,159

)

 

$

49,052

 

 

$

(494

)

 

$

308,745

 

 

$

(1,653

)

 

 

 

December 31, 2022

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

 

(in thousands)

 

Certificates of deposit

 

$

2,153

 

 

$

(51

)

 

$

—

 

 

$

—

 

 

$

2,153

 

 

$

(51

)

Commercial paper

 

 

31,838

 

 

 

(137

)

 

 

—

 

 

 

—

 

 

 

31,838

 

 

 

(137

)

Corporate debt securities

 

 

123,540

 

 

 

(859

)

 

 

—

 

 

 

—

 

 

 

123,540

 

 

 

(859

)

Municipal securities

 

 

25,336

 

 

 

(222

)

 

 

—

 

 

 

—

 

 

 

25,336

 

 

 

(222

)

Government and agency debt

 

 

71,781

 

 

 

(484

)

 

 

—

 

 

 

—

 

 

 

71,781

 

 

 

(484

)

Total

 

$

254,648

 

 

$

(1,753

)

 

$

—

 

 

$

—

 

 

$

254,648

 

 

$

(1,753

)
v3.23.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Summary of Fair Value by Balance Sheet Grouping

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

 

 

September 30, 2023

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

27,834

 

 

$

27,834

 

 

$

—

 

Cash equivalents

 

 

27,834

 

 

 

27,834

 

 

 

—

 

Bank deposits

 

 

106,117

 

 

 

—

 

 

 

106,117

 

Certificates of deposit

 

 

2,425

 

 

 

—

 

 

 

2,425

 

Commercial paper

 

 

20,671

 

 

 

—

 

 

 

20,671

 

Corporate debt securities

 

 

150,759

 

 

 

—

 

 

 

150,759

 

Municipal securities

 

 

27,653

 

 

 

—

 

 

 

27,653

 

Government and agency debt

 

 

133,569

 

 

 

—

 

 

 

133,569

 

Short-term investments

 

 

441,194

 

 

 

—

 

 

 

441,194

 

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

 

 

72

 

 

 

—

 

 

 

72

 

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

 

 

18

 

 

 

—

 

 

 

18

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

12

 

 

 

—

 

 

 

12

 

Total financial assets

 

$

469,130

 

 

$

27,834

 

 

$

441,296

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

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

 

$

1,976

 

 

$

—

 

 

$

1,976

 

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

 

 

142

 

 

 

—

 

 

 

142

 

Total financial liabilities

 

$

2,118

 

 

$

—

 

 

$

2,118

 

 

 

 

 

December 31, 2022

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

9,562

 

 

$

9,562

 

 

$

—

 

Cash equivalents

 

 

9,562

 

 

 

9,562

 

 

 

—

 

Bank deposits

 

 

96,034

 

 

 

—

 

 

 

96,034

 

Certificates of deposit

 

 

2,153

 

 

 

—

 

 

 

2,153

 

Commercial paper

 

 

38,029

 

 

 

—

 

 

 

38,029

 

Corporate debt securities

 

 

136,373

 

 

 

—

 

 

 

136,373

 

Municipal securities

 

 

38,344

 

 

 

—

 

 

 

38,344

 

Government and agency debt

 

 

86,672

 

 

 

—

 

 

 

86,672

 

Short-term investments

 

 

397,605

 

 

 

—

 

 

 

397,605

 

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

 

 

20

 

 

 

—

 

 

 

20

 

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

 

 

21

 

 

 

—

 

 

 

21

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

12

 

 

 

—

 

 

 

12

 

Total financial assets

 

$

407,220

 

 

$

9,562

 

 

$

397,658

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

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

 

$

1,098

 

 

$

—

 

 

$

1,098

 

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

 

 

379

 

 

 

—

 

 

379

 

Total financial liabilities

 

$

1,477

 

 

$

—

 

 

$

1,477

 
v3.23.3
Derivative Financial Instruments and Hedging (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Disclosure of Notional Amount of Derivatives by Hedging Designation

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

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

(in thousands)

 

Derivatives Designated as Hedging Instruments:

 

 

 

 

 

 

Foreign currency contracts

 

$

54,653

 

 

$

42,854

 

Derivatives Not Designated as Hedging Instruments:

 

 

 

 

 

 

Foreign currency contracts

 

 

18,637

 

 

 

17,555

 

Total derivative instruments

 

$

73,290

 

 

$

60,409

 

 
Derivative Instruments, Gain (Loss)

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

 

 

Derivatives Designated as Hedging Instruments

 

 

Derivatives Not Designated as Hedging Instruments

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Condensed Statement of Operations Location:

 

(in thousands)

 

Cost of revenue: subscription–self-managed and SaaS

 

$

(111

)

 

$

(97

)

 

$

(292

)

 

$

(224

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Research and development

 

 

(929

)

 

 

(935

)

 

 

(2,422

)

 

 

(1,844

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Sales and marketing

 

 

(219

)

 

 

(178

)

 

 

(559

)

 

 

(380

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

General and administrative

 

 

(252

)

 

 

(214

)

 

 

(648

)

 

 

(464

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Interest and other income, net

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8

 

 

 

(506

)

 

 

65

 

 

 

(1,325

)

 

 

(335

)

Total gains (losses) recognized in earnings

 

$

(1,511

)

 

$

(1,424

)

 

$

(3,921

)

 

$

(2,904

)

 

$

(506

)

 

$

65

 

 

$

(1,325

)

 

$

(335

)
v3.23.3
Condensed Consolidated Balance Sheet Components (Tables)
 9 Months Ended
Sep. 30, 2023
Balance Sheet Related Disclosures [Abstract]  
Summary of Property and Equipment

Property and equipment, net consisted of the following:

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

(in thousands)

 

Computer and software

 

$

9,216

 

 

$

8,330

 

Furniture and office equipment

 

 

3,042

 

 

 

2,802

 

Leasehold improvements

 

 

5,804

 

 

 

5,748

 

Property and equipment, gross

 

 

18,062

 

 

 

16,880

 

Less: accumulated depreciation and amortization

 

 

(11,480

)

 

 

(8,859

)

Property and equipment, net

 

$

6,582

 

 

$

8,021

 

 
Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

(in thousands)

 

Accrued compensation and benefits

 

$

22,097

 

 

$

20,892

 

Accrued expenses

 

 

9,986

 

 

 

7,956

 

Accrued expenses and other current liabilities

 

$

32,083

 

 

$

28,848

 
v3.23.3
Intangible Assets, Net (Tables)
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of intangible assets

Intangible assets consisted of the following as of September 30, 2023:

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

 

Weighted-
Average
Remaining
Useful Life

 

 

 

(in thousands)

 

 

(in years)

 

Developed technology

 

$

50,347

 

 

$

(25,248

)

 

$

25,099

 

 

 

2.6

 

Customer relationships

 

 

5,541

 

 

 

(2,549

)

 

 

2,992

 

 

 

3.4

 

Other intangible assets

 

 

1,132

 

 

 

(566

)

 

 

566

 

 

 

1.2

 

Total

 

$

57,020

 

 

$

(28,363

)

 

$

28,657

 

 

 

 

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

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

 

Weighted-
Average
Remaining
Useful Life

 

 

 

(in thousands)

 

 

(in years)

 

Developed technology

 

$

50,347

 

 

$

(17,434

)

 

$

32,913

 

 

 

3.3

 

Customer relationships

 

 

5,541

 

 

 

(1,840

)

 

 

3,701

 

 

 

4.1

 

Other intangible assets

 

 

1,132

 

 

 

(202

)

 

 

930

 

 

 

1.9

 

Total

 

$

57,020

 

 

$

(19,476

)

 

$

37,544

 

 

 

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

The expected future amortization expenses by year related to the intangible assets as of September 30, 2023 are as follows:

 

 

September 30, 2023

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2023 (Remainder)

 

$

2,889

 

2024

 

 

11,034

 

2025

 

 

9,110

 

2026

 

 

5,241

 

2027

 

 

383

 

Total

 

$

28,657

 
v3.23.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Components of Operating Lease Expense

Components of operating lease expense were as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Operating lease cost

 

$

2,350

 

 

$

1,918

 

 

$

6,843

 

 

$

5,669

 

Short-term lease cost

 

 

148

 

 

 

172

 

 

 

462

 

 

 

427

 

Variable lease cost

 

 

96

 

 

 

92

 

 

 

302

 

 

 

284

 

Total operating lease cost

 

$

2,594

 

 

$

2,182

 

 

$

7,607

 

 

$

6,380

 
Supplementary Cash Flow Information Related to Operating Leases

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

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Cash paid for operating leases

 

$

6,369

 

 

$

5,628

 

ROU assets obtained in exchange for new operating lease liabilities

 

$

2,867

 

 

$

1,236

 

Adjustment to ROU assets upon modification of existing lease

 

$

4,037

 

 

$

1,952

 
Summary of Minimum Lease Payments Under Operating Leases

As of September 30, 2023, the weighted-average discount rate is 3.3% and the weighted-average remaining term is 3.1 years. Maturities of the Company’s operating lease liabilities as of September 30, 2023 were as follows:

 

 

September 30, 2023

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2023 (Remainder)

 

$

2,223

 

2024

 

 

8,746

 

2025

 

 

7,989

 

2026

 

 

4,748

 

2027

 

 

1,606

 

Thereafter

 

 

156

 

Total operating lease payments

 

 

25,468

 

Less: imputed interest

 

 

(1,402

)

Total operating lease liabilities

 

$

24,066

 
v3.23.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Summary of Outstanding Non-cancelable Purchase Obligations

In the normal course of business, the Company enters into non-cancelable purchase commitments with various parties mainly for hosting services, as well as software products and services. As of September 30, 2023, the Company had outstanding non-cancelable purchase obligations with a term of 12 months or longer as follows:

 

 

September 30, 2023

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2023 (Remainder)

 

$

1,357

 

2024

 

 

21,242

 

2025

 

 

16,499

 

2026

 

 

107

 

Total

 

$

39,205

 
v3.23.3
Shareholders' Equity and Equity Incentive Plans (Tables)
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Summary of Stock Option Activity

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

 

 

Options Outstanding

 

 

 

Outstanding
Share Options

 

 

Weighted-Average Exercise
Price

 

 

Weighted-Average Remaining
Contractual
Life (Years)

 

 

Aggregate
Intrinsic
Value

 

 

 

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

 

Balance as of December 31, 2022

 

 

7,205,324

 

 

$

7.88

 

 

 

5.4

 

 

$

101,334

 

Exercised

 

 

(1,290,378

)

 

$

4.21

 

 

 

 

 

$

26,135

 

Forfeited

 

 

(115,611

)

 

$

14.65

 

 

 

 

 

 

 

Balance as of September 30, 2023

 

 

5,799,335

 

 

$

8.56

 

 

 

4.7

 

 

$

99,709

 

Exercisable as of September 30, 2023

 

 

4,795,660

 

 

$

6.80

 

 

 

4.4

 

 

$

90,423

 

 
Summary of Restricted Ordinary Shares

A summary of restricted share units (“RSU”) activity under the Company's equity incentive plan and related information is as follows, including RSUs with a market-based condition for which the fair value was determined using a Monte Carlo simulation model:

 

 

RSUs

 

 

 

Unvested RSUs

 

 

Weighted-Average
Grant Date Fair
Value Per Share

 

Unvested as of December 31, 2022

 

 

7,981,147

 

 

$

26.90

 

Granted

 

 

5,721,837

 

 

$

25.82

 

Vested

 

 

(2,242,046

)

 

$

26.85

 

Forfeited

 

 

(1,013,170

)

 

$

25.85

 

Unvested as of September 30, 2023

 

 

10,447,768

 

 

$

26.42

 
Summary of Ordinary Shares Reserved for Future Issuance

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

 

 

September 30, 2023

 

Outstanding share options

 

 

5,799,335

 

Outstanding RSUs

 

 

10,447,768

 

Shares available for future issuance under the 2020 Plan

 

 

14,335,295

 

Shares available for future issuance under ESPP

 

 

4,281,665

 

Total ordinary shares reserved

 

 

34,864,063

 
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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Cost of revenue: subscription–self-managed and SaaS

 

$

2,650

 

 

$

1,903

 

 

$

6,865

 

 

$

4,822

 

Research and development

 

 

8,596

 

 

 

6,806

 

 

 

23,566

 

 

 

17,268

 

Sales and marketing

 

 

8,248

 

 

 

6,548

 

 

 

21,461

 

 

 

16,095

 

General and administrative

 

 

6,192

 

 

 

3,960

 

 

 

15,028

 

 

 

10,183

 

Total share-based compensation expense

 

$

25,686

 

 

$

19,217

 

 

$

66,920

 

 

$

48,368

 
v3.23.3
Accumulated Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Summary of changes in AOCI

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

 

 

Net Unrealized
Losses on
Available-for-Sale Marketable
Securities

 

 

Net Unrealized
Losses on
Derivatives
Designated as
Hedging
Instruments

 

 

Total

 

 

 

(in thousands)

 

Balance as of December 31, 2022

 

$

(1,694

)

 

$

(1,078

)

 

$

(2,772

)

Other comprehensive loss before reclassifications

 

 

(6

)

 

 

(4,747

)

 

 

(4,753

)

Net realized losses reclassified from AOCI

 

 

162

 

 

 

3,921

 

 

 

4,083

 

Other comprehensive loss

 

 

156

 

 

 

(826

)

 

 

(670

)

Balance as of September 30, 2023

 

$

(1,538

)

 

$

(1,904

)

 

$

(3,442

)

 

 

 

Net Unrealized
Losses on
Available-for-Sale Marketable
Securities

 

 

Net Unrealized
Gains (Losses) on
Derivatives
Designated as
Hedging
Instruments

 

 

Total

 

 

 

(in thousands)

 

Balance as of December 31, 2021

 

$

(264

)

 

$

875

 

 

$

611

 

Other comprehensive loss before reclassifications

 

 

(1,738

)

 

 

(6,018

)

 

 

(7,756

)

Net realized losses (gains) reclassified from AOCI

 

 

(1

)

 

 

2,904

 

 

 

2,903

 

Other comprehensive loss

 

 

(1,739

)

 

 

(3,114

)

 

 

(4,853

)

Balance as of September 30, 2022

 

$

(2,003

)

 

$

(2,239

)

 

$

(4,242

)
v3.23.3
Net Loss Per Share (Tables)
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Summary of Computation of Basic and Diluted Net Loss Per Share

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

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

(in thousands, except share and per share data)

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(13,747

)

 

$

(23,552

)

 

$

(50,023

)

 

$

(67,029

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

104,134,649

 

 

 

99,617,687

 

 

 

102,646,453

 

 

 

98,825,422

 

Net loss per share, basic and diluted

 

$

(0.13

)

 

$

(0.24

)

 

$

(0.49

)

 

$

(0.68

)

 
Summary of Shares Excluded from the Computation of Diluted Net Loss Per Share

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

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Outstanding share options

 

 

5,992,799

 

 

 

7,917,840

 

 

 

6,503,720

 

 

 

8,536,885

 

Unvested RSUs

 

 

10,027,845

 

 

 

7,994,184

 

 

 

8,856,319

 

 

 

5,592,902

 

Share purchase rights under the ESPP

 

 

59,044

 

 

 

147,704

 

 

 

146,583

 

 

 

136,089

 

Issuable ordinary shares related to business combination

 

 

—

 

 

 

102,124

 

 

 

36,774

 

 

 

118,377

 

Total

 

 

16,079,688

 

 

 

16,161,852

 

 

 

15,543,396

 

 

 

14,384,253

 
v3.23.3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Accounting Policies [Abstract]        
Interest income $ 6.1 $ 1.6 $ 15.6 $ 2.8
v3.23.3
Summary of Significant Accounting Policies - Summary of Long Lived Assets by Geographic Region (Detail) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Total long lived assets $ 31,794 $ 32,623
United States    
Total long lived assets 9,103 11,569
Israel    
Total long lived assets 17,843 17,887
India    
Total long lived assets 4,304 2,246
Rest of world    
Total long lived assets $ 544 $ 921
v3.23.3
Revenue Recognition - Summary of Table Presents Revenue as Follows (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Disaggregation of Revenue [Line Items]        
Total subscription revenue $ 88,636 $ 71,991 $ 252,626 $ 203,494
Sale revenue [Member] | Product Concentration Risk [Member]        
Disaggregation of Revenue [Line Items]        
Percentage of revenue 100.00% 100.00% 100.00% 100.00%
Subscription        
Disaggregation of Revenue [Line Items]        
Total subscription revenue $ 53,517 $ 46,725 $ 154,847 $ 133,461
Subscription | Sale revenue [Member] | Product Concentration Risk [Member]        
Disaggregation of Revenue [Line Items]        
Percentage of revenue 60.00% 65.00% 61.00% 66.00%
Selfmanaged Subscription [Member]        
Disaggregation of Revenue [Line Items]        
Total subscription revenue $ 58,022 $ 50,966 $ 169,332 $ 146,457
Selfmanaged Subscription [Member] | Sale revenue [Member] | Product Concentration Risk [Member]        
Disaggregation of Revenue [Line Items]        
Percentage of revenue 65.00% 71.00% 67.00% 72.00%
License [Member]        
Disaggregation of Revenue [Line Items]        
Total subscription revenue $ 4,505 $ 4,241 $ 14,485 $ 12,996
License [Member] | Sale revenue [Member] | Product Concentration Risk [Member]        
Disaggregation of Revenue [Line Items]        
Percentage of revenue 5.00% 6.00% 6.00% 6.00%
SaaS [Member]        
Disaggregation of Revenue [Line Items]        
Total subscription revenue $ 30,614 $ 21,025 $ 83,294 $ 57,037
SaaS [Member] | Sale revenue [Member] | Product Concentration Risk [Member]        
Disaggregation of Revenue [Line Items]        
Percentage of revenue 35.00% 29.00% 33.00% 28.00%
v3.23.3
Revenue Recognition - Summary of Revenue by Region Based on The Shipping Address of Customers as Follows (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Disaggregation of Revenue [Line Items]        
Total subscription revenue $ 88,636 $ 71,991 $ 252,626 $ 203,494
Revenue Benchmark [Member] | 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 $ 55,162 $ 45,446 $ 156,440 $ 128,185
UNITED STATES | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]        
Disaggregation of Revenue [Line Items]        
Percentage of revenue 62.00% 63.00% 62.00% 63.00%
ISRAEL        
Disaggregation of Revenue [Line Items]        
Total subscription revenue $ 2,216 $ 1,713 $ 6,490 $ 5,048
ISRAEL | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]        
Disaggregation of Revenue [Line Items]        
Percentage of revenue 3.00% 2.00% 3.00% 2.00%
Rest of world [Member]        
Disaggregation of Revenue [Line Items]        
Total subscription revenue $ 31,258 $ 24,832 $ 89,696 $ 70,261
Rest of world [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]        
Disaggregation of Revenue [Line Items]        
Percentage of revenue 35.00% 35.00% 35.00% 35.00%
v3.23.3
Revenue Recognition - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Jun. 30, 2023
Dec. 31, 2022
Jun. 30, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]                
Deferred Revenue         $ 184.4 $ 175.7 $ 157.1 $ 147.1
Contract with Customer, Liability, Revenue Recognized $ 69.1 $ 55.1 $ 146.4 $ 112.5        
Revenue, Remaining Performance Obligation $ 235.1   $ 235.1          
Revenue, Remaining Performance Obligation, Percentage 83.00%   83.00%          
Billed Revenues [Member]                
Disaggregation of Revenue [Line Items]                
Revenue, Remaining Performance Obligation $ 191.9   $ 191.9          
Unbilled Revenues [Member]                
Disaggregation of Revenue [Line Items]                
Revenue, Remaining Performance Obligation $ 43.2   $ 43.2          
v3.23.3
Revenue Recognition - Additional Information (Detail 1)
Sep. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 12 months
v3.23.3
Revenue Recognition - Additional Information (Details 2) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Deferred Policy Acquisition Costs Disclosures [Abstract]        
Amortization of deferred contract acquisition costs $ 2.7 $ 1.9 $ 7.3 $ 5.1
v3.23.3
Short-Term Investments - Summary of Short Term Investments (Detail) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Schedule of short term investments [Line Items]    
Amortized Cost $ 442,828 $ 399,285
Gross Unrealized Gains 19 73
Gross Unrealized Losses (1,653) (1,753)
Estimated Fair Value 441,194 397,605
Bank deposits [Member]    
Schedule of short term investments [Line Items]    
Amortized Cost 106,117 96,034
Estimated Fair Value 106,117 96,034
Certificates of deposit [Member]    
Schedule of short term investments [Line Items]    
Amortized Cost 2,467 2,204
Gross Unrealized Gains 0 0
Gross Unrealized Losses (42) (51)
Estimated Fair Value 2,425 2,153
Commercial paper [Member]    
Schedule of short term investments [Line Items]    
Amortized Cost 20,697 38,164
Gross Unrealized Gains 0 2
Gross Unrealized Losses (26) (137)
Estimated Fair Value 20,671 38,029
Corporate debt securities [Member]    
Schedule of short term investments [Line Items]    
Amortized Cost 151,554 137,191
Gross Unrealized Gains 15 41
Gross Unrealized Losses (810) (859)
Estimated Fair Value 150,759 136,373
Municipal securities [Member]    
Schedule of short term investments [Line Items]    
Amortized Cost 27,774 38,543
Gross Unrealized Gains 0 23
Gross Unrealized Losses (121) (222)
Estimated Fair Value 27,653 38,344
Government and agency debt [Member]    
Schedule of short term investments [Line Items]    
Amortized Cost 134,219 87,149
Gross Unrealized Gains 4 7
Gross Unrealized Losses (654) (484)
Estimated Fair Value 133,569 86,672
Marketable securities [Member]    
Schedule of short term investments [Line Items]    
Amortized Cost 336,711 303,251
Gross Unrealized Gains 19 73
Gross Unrealized Losses (1,653) (1,753)
Estimated Fair Value $ 335,077 $ 301,571
v3.23.3
Short-Term Investments - Summary of Company's Marketable Securities by Contractual Maturities (Details)
$ in Thousands
Sep. 30, 2023
USD ($)
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]  
Due in 1 year or less $ 267,996
Due in 1 year through 2 years 67,081
Total $ 335,077
v3.23.3
Short-Term Investments - Summary of Presents Fair Value and Gross Unrealized Losses of the Company's Marketable Securities (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months $ 259,693 $ 254,648
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer 49,052 0
Debt Securities, Available-for-Sale, Unrealized Loss Position 308,745 254,648
Gross Unrealized Losses Less Than 12 Months (1,159) (1,753)
Gross Unrealized Losses 12 Months or Greater (494) 0
Gross Unrealized Losses Total (1,653) (1,753)
Certificates of Deposit [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months 247 2,153
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer 2,157 0
Debt Securities, Available-for-Sale, Unrealized Loss Position 2,404 2,153
Gross Unrealized Losses Less Than 12 Months (3) (51)
Gross Unrealized Losses 12 Months or Greater (39) 0
Gross Unrealized Losses Total (42) (51)
Commercial Paper [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months 20,671 31,838
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer 0 0
Debt Securities, Available-for-Sale, Unrealized Loss Position 20,671 31,838
Gross Unrealized Losses Less Than 12 Months (26) (137)
Gross Unrealized Losses 12 Months or Greater 0 0
Gross Unrealized Losses Total (26) (137)
Corporate Debt Securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months 108,649 123,540
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer 26,762 0
Debt Securities, Available-for-Sale, Unrealized Loss Position 135,411 123,540
Gross Unrealized Losses Less Than 12 Months (566) (859)
Gross Unrealized Losses 12 Months or Greater (244) 0
Gross Unrealized Losses Total (810) (859)
Municipal securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months 15,500 25,336
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer 8,624 0
Debt Securities, Available-for-Sale, Unrealized Loss Position 24,124 25,336
Gross Unrealized Losses Less Than 12 Months (45) (222)
Gross Unrealized Losses 12 Months or Greater (76) 0
Gross Unrealized Losses Total (121) (222)
Government and agency debt [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months 114,626 71,781
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer 11,509 0
Debt Securities, Available-for-Sale, Unrealized Loss Position 126,135 71,781
Gross Unrealized Losses Less Than 12 Months (519) (484)
Gross Unrealized Losses 12 Months or Greater (135) 0
Gross Unrealized Losses Total $ (654) $ (484)
v3.23.3
Short-Term Investments - Additional Information (Details) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Investments, All Other Investments [Abstract]    
Allowance for credit losses $ 0 $ 0
v3.23.3
Fair Value Measurements - Summary of Fair Value, by Balance Sheet Grouping (Detail) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents $ 27,834 $ 9,562
Total financial assets 27,834 9,562
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total financial assets 441,296 397,658
Total financial liabilities 2,118 1,477
Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 441,194 397,605
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 27,834 9,562
Total financial assets 469,130 407,220
Total financial liabilities 2,118 1,477
Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 441,194 397,605
Prepaid Expenses and Other Current Assets [Member] | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Restricted bank deposits included in assets 12 12
Prepaid Expenses and Other Current Assets [Member] | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Restricted bank deposits included in assets 12 12
Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign Currency Contract, Asset, Fair Value Disclosure 72 20
Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign Currency Contract, Asset, Fair Value Disclosure 72 20
Prepaid Expenses and Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign Currency Contract, Asset, Fair Value Disclosure 18 21
Prepaid Expenses and Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign Currency Contract, Asset, Fair Value Disclosure 18 21
Accrued Expenses And Other Current Liabilites [Member] | Designated as Hedging Instrument [Member] | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign Currency Contracts, Liability, Fair Value Disclosure 1,976 1,098
Accrued Expenses And Other Current Liabilites [Member] | Designated as Hedging Instrument [Member] | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign Currency Contracts, Liability, Fair Value Disclosure 1,976 1,098
Accrued Expenses And Other Current Liabilites [Member] | Not Designated as Hedging Instrument [Member] | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign Currency Contracts, Liability, Fair Value Disclosure 142 379
Accrued Expenses And Other Current Liabilites [Member] | Not Designated as Hedging Instrument [Member] | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign Currency Contracts, Liability, Fair Value Disclosure 142 379
Money market funds | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 27,834 9,562
Money market funds | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 27,834 9,562
Bank deposits | Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 106,117 96,034
Bank deposits | Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 106,117 96,034
Certificates of deposit | Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 2,425 2,153
Certificates of deposit | Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 2,425 2,153
Commercial paper | Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 20,671 38,029
Commercial paper | Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 20,671 38,029
Corporate debt securities | Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 150,759 136,373
Corporate debt securities | Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 150,759 136,373
Municipal securities | Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 27,653 38,344
Municipal securities | Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 27,653 38,344
Government and agency debt | Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 133,569 86,672
Government and agency debt | Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments $ 133,569 $ 86,672
v3.23.3
Fair Value Measurements - Additional Information (Detail) - Level 3 - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total financial assets $ 0 $ 0
Total financial liabilities $ 0 $ 0
v3.23.3
Derivative Financial Instruments and Hedging - Disclosure of Notional Amount of Derivatives By Hedging Designation (Detail) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Derivatives, Fair Value [Line Items]    
Total derivative instruments $ 73,290 $ 60,409
Foreign Currency Contracts [Member] | Derivatives Designated as Hedging Instruments [Member]    
Derivatives, Fair Value [Line Items]    
Total derivative instruments 54,653 42,854
Foreign Currency Contracts [Member] | Derivatives Not Designated as Hedging Instruments [Member]    
Derivatives, Fair Value [Line Items]    
Total derivative instruments $ 18,637 $ 17,555
v3.23.3
Derivative Financial Instruments and Hedging - Derivative Instruments, Gain (Loss) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Derivatives Designated as Hedging Instruments [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gains (losses) recognized in earnings $ (1,511) $ (1,424) $ (3,921) $ (2,904)
Derivatives Not Designated as Hedging Instruments [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gains (losses) recognized in earnings (506) 65 (1,325) (335)
Foreign Currency Contracts [Member] | Derivatives Designated as Hedging Instruments [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gains (losses) recognized in earnings $ 0 $ 0 $ 0 $ 8
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income (Expense) Nonoperating Income (Expense) Nonoperating Income (Expense) Nonoperating Income (Expense)
Foreign Currency Contracts [Member] | Derivatives Not Designated as Hedging Instruments [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gains (losses) recognized in earnings $ (506) $ 65 $ (1,325) $ (335)
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 $ (111) $ (97) $ (292) $ (224)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of Revenue Cost of Revenue Cost of Revenue Cost of Revenue
Foreign Currency Contracts [Member] | Research and Development [Member] | Derivatives Designated as Hedging Instruments [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gains (losses) recognized in earnings $ (929) $ (935) $ (2,422) $ (1,844)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Research and Development Expense Research and Development Expense Research and Development Expense Research and Development Expense
Foreign Currency Contracts [Member] | Sales and Marketing [Member] | Derivatives Designated as Hedging Instruments [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gains (losses) recognized in earnings $ (219) $ (178) $ (559) $ (380)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Selling and Marketing Expense Selling and Marketing Expense Selling and Marketing Expense Selling and Marketing Expense
Foreign Currency Contracts [Member] | General and Administrative [Member] | Derivatives Designated as Hedging Instruments [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gains (losses) recognized in earnings $ (252) $ (214) $ (648) $ (464)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] General and Administrative Expense General and Administrative Expense General and Administrative Expense General and Administrative Expense
v3.23.3
Condensed Consolidated Balance Sheet Components - Summary of Property and Equipment (Detail) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 18,062 $ 16,880
Less: accumulated depreciation and amortization (11,480) (8,859)
Property and equipment, net 6,582 8,021
Computer and Software    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 9,216 8,330
Furniture and Office Equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 3,042 2,802
Leasehold Improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 5,804 $ 5,748
v3.23.3
Condensed Consolidated Balance Sheet Components - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]    
Accrued compensation and benefits $ 22,097 $ 20,892
Accrued expenses 9,986 7,956
Accrued expenses and other current liabilities $ 32,083 $ 28,848
v3.23.3
Intangible Assets, Net - Summary of Intangible Assets (Detail) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Intangible Assets [Line items]    
Gross Carrying Amount $ 57,020 $ 57,020
Accumulated Amortization (28,363) (19,476)
Net Carrying Amount 28,657 37,544
Developed technology [Member]    
Intangible Assets [Line items]    
Gross Carrying Amount 50,347 50,347
Accumulated Amortization (25,248) (17,434)
Net Carrying Amount $ 25,099 $ 32,913
Weighted- Average Remaining Useful Life 2 years 7 months 6 days 3 years 3 months 18 days
Customer relationships [Member]    
Intangible Assets [Line items]    
Gross Carrying Amount $ 5,541 $ 5,541
Accumulated Amortization (2,549) (1,840)
Net Carrying Amount $ 2,992 $ 3,701
Weighted- Average Remaining Useful Life 3 years 4 months 24 days 4 years 1 month 6 days
Other intangible assets [Member]    
Intangible Assets [Line items]    
Gross Carrying Amount $ 1,132 $ 1,132
Accumulated Amortization (566) (202)
Net Carrying Amount $ 566 $ 930
Weighted- Average Remaining Useful Life 1 year 2 months 12 days 1 year 10 months 24 days
v3.23.3
Intangible Assets, Net - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Intangible Assets [Line items]        
Amortization expenses for intangible assets $ 3.0 $ 2.9 $ 8.9 $ 8.6
v3.23.3
Intangible Assets, Net - Summary of Expected Future Amortization Expenses by Year Related to the Intangible Assets (Detail) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
2023 (Remainder) $ 2,889  
2024 11,034  
2025 9,110  
2026 5,241  
2027 383  
Net Carrying Amount $ 28,657 $ 37,544
v3.23.3
Leases - Components of Operating Lease Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Lease, Cost [Abstract]        
Operating lease cost $ 2,350 $ 1,918 $ 6,843 $ 5,669
Short-term lease cost 148 172 462 427
Variable lease cost 96 92 302 284
Total operating lease cost $ 2,594 $ 2,182 $ 7,607 $ 6,380
v3.23.3
Leases - Additional Information (Details)
Sep. 30, 2023
Lessee, Lease, Description [Line Items]  
Operating Lease, Weighted Average Remaining Lease Term 3 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent 3.30%
v3.23.3
Leases - Supplemental Cash Flow Information Related to Operating Lease (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Leases [Abstract]    
Cash paid for operating leases $ 6,369 $ 5,628
ROU assets obtained in exchange for new operating lease liabilities 2,867 1,236
Adjustment to ROU assets upon modification of existing lease $ 4,037 $ 1,952
v3.23.3
Leases - Schedule of Maturities of Operating Lease Liabilities (Details)
$ in Thousands
Sep. 30, 2023
USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]  
2023 (Remainder) $ 2,223
2024 8,746
2025 7,989
2026 4,748
2027 1,606
Thereafter 156
Total operating lease payments 25,468
Less: imputed interest (1,402)
Total operating lease liabilities $ 24,066
v3.23.3
Commitments and Contingencies - Summary of Outstanding Non-cancelable Purchase Obligations (Detail)
$ in Thousands
Sep. 30, 2023
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2023 (Remainder) $ 1,357
2024 21,242
2025 16,499
2026 107
Total $ 39,205
v3.23.3
Commitments and Contingencies - Additional Information (Detail)
$ in Millions
 9 Months Ended
Sep. 30, 2023
USD ($)
Grants [Member] | Israeli Innovation Authority [Member]  
Maximum additional payments as a grant recipient $ 6.0
v3.23.3
Shareholders' Equity and Equity Incentive Plans - Additional Information (Detail) - USD ($)
$ in Millions
 9 Months Ended
Jan. 01, 2023
Sep. 30, 2023
Unrecognized share-based compensation cost   $ 268.8
Unrecognized share based compensation cost expected to be recognised period   3 years
2020 Plan [Member]    
Share-based payment arrangement, increase of authorized shares 5,819,265  
Employee Share Purchase Plan [Member]    
Share-based payment arrangement, increase of authorized shares 1,009,633  
Restricted Stock Units (RSUs) [Member]    
Fair value of RSU   $ 57.1
v3.23.3
Shareholders' Equity and Equity Incentive Plans - Summary of Stock Option Activity (Detail)
$ / shares in Units, $ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Share-Based Payment Arrangement [Abstract]    
Outstanding Share Options, Beginning balance | shares 7,205,324  
Outstanding Share Options, Exercised | shares (1,290,378)  
Outstanding Share Options, Forfeited | shares (115,611)  
Outstanding Share Options, Ending balance | shares 5,799,335 7,205,324
Outstanding Share Options, Exercisable | shares 4,795,660  
Weighted Average Exercise Price Per Share, Beginning balance | $ / shares $ 7.88  
Weighted Average Exercise Price Per Share, Exercised | $ / shares 4.21  
Weighted Average Exercise Price Per Share, Forfeited | $ / shares 14.65  
Weighted Average Exercise Price Per Share, Ending balance | $ / shares 8.56 $ 7.88
Weighted Average Exercise Price Per Share, Exercisable | $ / shares $ 6.8  
Weighted Average Remaining Contractual Life 4 years 8 months 12 days 5 years 4 months 24 days
Weighted Average Remaining Contractual Life, Exercisable 4 years 4 months 24 days  
Aggregate Intrinsic Value, Beginning balance | $ $ 101,334  
Aggregate Intrinsic Value, Exercised | $ 26,135  
Aggregate Intrinsic Value, Ending balance | $ 99,709 $ 101,334
Aggregate Intrinsic Value, Exercisable | $ $ 90,423  
v3.23.3
Shareholders' Equity and Equity Incentive Plans - Summary of Restricted Ordinary Shares (Detail) - Restricted Stock Units (RSUs) [Member]
 9 Months Ended
Sep. 30, 2023
$ / shares
shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unvested RSUs, Beginning balance | shares 7,981,147
Unvested RSUs, Granted | shares 5,721,837
Unvested RSUs, Vested | shares (2,242,046)
Unvested RSUs, Forfeited | shares (1,013,170)
Unvested RSUs, Ending balance | shares 10,447,768
Weighted Average Grant Date Fair Value Per Share, Beginning balance | $ / shares $ 26.9
Weighted Average Grant Date Fair Value Per Share, Granted | $ / shares 25.82
Weighted Average Grant Date Fair Value Per Share, Vested | $ / shares 26.85
Weighted Average Grant Date Fair Value Per Share, Forfeited | $ / shares 25.85
Weighted Average Grant Date Fair Value Per Share, Ending balance | $ / shares $ 26.42
v3.23.3
Shareholders' Equity and Equity Incentive Plans - Summary of Ordinary Shares Reserved for Future Issuance (Detail)
Sep. 30, 2023
shares
Class of Stock [Line Items]  
Common Stock Reserved for Future Issuance 34,864,063
2020 Plan [Member]  
Class of Stock [Line Items]  
Common Stock Reserved for Future Issuance 14,335,295
Employee Stock Purchase Plan [Member]  
Class of Stock [Line Items]  
Common Stock Reserved for Future Issuance 4,281,665
Employee Stock Option  
Class of Stock [Line Items]  
Common Stock Reserved for Future Issuance 5,799,335
Restricted Stock Units (RSUs) [Member]  
Class of Stock [Line Items]  
Common Stock Reserved for Future Issuance 10,447,768
v3.23.3
Shareholders' Equity and Equity Incentive Plans - Summary of Stock-based Compensation Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 25,686 $ 19,217 $ 66,920 $ 48,368
Cost of Revenue [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense 2,650 1,903 6,865 4,822
Research and Development [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense 8,596 6,806 23,566 17,268
Sales and Marketing [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense 8,248 6,548 21,461 16,095
General and Administrative [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 6,192 $ 3,960 $ 15,028 $ 10,183
v3.23.3
Accumulated Other Comprehensive Income (Loss) - Summary of Changes In AOCI (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Changes in Accumulated Other Comprehensive Income [Line items]        
Beginning Balance     $ (2,772) $ 611
Other comprehensive loss before reclassifications     (4,753) (7,756)
Net realized losses reclassified from AOCI     4,083 2,903
Other comprehensive loss $ 35 $ 104 (670) (4,853)
Ending Balance (3,442) (4,242) (3,442) (4,242)
Net Unrealized Losses on Available-for-Sale Marketable Securities [Member]        
Changes in Accumulated Other Comprehensive Income [Line items]        
Beginning Balance     (1,694) (264)
Other comprehensive loss before reclassifications     (6) (1,738)
Net realized losses reclassified from AOCI     162 (1)
Other comprehensive loss     156 (1,739)
Ending Balance (1,538) (2,003) (1,538) (2,003)
Net Unrealized Gains(losses) on Derivatives Designated as Hedging Instruments [Member]        
Changes in Accumulated Other Comprehensive Income [Line items]        
Beginning Balance     (1,078) 875
Other comprehensive loss before reclassifications     (4,747) (6,018)
Net realized losses reclassified from AOCI     3,921 2,904
Other comprehensive loss     (826) (3,114)
Ending Balance $ (1,904) $ (2,239) $ (1,904) $ (2,239)
v3.23.3
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Income Tax Disclosure [Abstract]          
Income tax expense $ 1,430 $ 1,482 $ 4,474 $ 4,200  
Unrecognized tax benefits $ 4,800   $ 4,800   $ 4,800
v3.23.3
Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Numerator:        
Net loss $ (13,747) $ (23,552) $ (50,023) $ (67,029)
Denominator:        
Weighted-average shares used in computing net loss per share, basic 104,134,649 99,617,687 102,646,453 98,825,422
Weighted-average shares used in computing net loss per share, diluted 104,134,649 99,617,687 102,646,453 98,825,422
Net loss per share, Basic $ (0.13) $ (0.24) $ (0.49) $ (0.68)
Net loss per share, Diluted $ (0.13) $ (0.24) $ (0.49) $ (0.68)
v3.23.3
Net Loss Per Share - Summary of Shares Excluded From the Computation of Diluted Net Loss Per Share (Detail) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Shares excluded from computation of diluted net loss per share 16,079,688 16,161,852 15,543,396 14,384,253
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 5,992,799 7,917,840 6,503,720 8,536,885
Unvested RSUs [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Shares excluded from computation of diluted net loss per share 10,027,845 7,994,184 8,856,319 5,592,902
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 59,044 147,704 146,583 136,089
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 0 102,124 36,774 118,377