JFROG LTD, 10-Q filed on 5/9/2022
Quarterly Report
v3.22.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2022
Apr. 29, 2022
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2022  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q1  
Entity Registrant Name JFrog Ltd.  
Entity Central Index Key 0001800667  
Entity File Number 001-39492  
Entity Tax Identification Number 98-0680649  
Document Quarterly Report true  
Document Transition Report false  
Entity Incorporation, State or Country Code L3  
Current Fiscal Year End Date --12-31  
Entity Filer Category 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   98,799,956
v3.22.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 59,577 $ 68,284
Short-term investments 368,073 352,844
Accounts receivable, net 49,389 50,483
Deferred contract acquisition costs 5,949 5,271
Prepaid expenses and other current assets 24,363 22,140
Total current assets 507,351 499,022
Property and equipment, net 7,377 6,689
Deferred contract acquisition costs, noncurrent 10,499 9,120
Operating lease right-of-use assets 24,235 25,999
Intangible assets, net 45,138 47,980
Goodwill 247,955 247,776
Other assets, noncurrent 13,841 15,942
Total assets 856,396 852,528
Current liabilities:    
Accounts payable 12,050 10,868
Accrued expenses and other current liabilities 28,891 27,954
Operating lease liabilities 7,205 7,293
Deferred revenue 134,611 129,149
Total current liabilities 182,757 175,264
Deferred revenue, noncurrent 17,772 17,957
Operating lease liabilities, noncurrent 17,943 20,014
Other liabilities, noncurrent 1,406 712
Total liabilities 219,878 213,947
Commitments and contingencies (Note 10) 0 0
Shareholders' equity:    
Preferred shares, NIS 0.01 par value per share; 50,000,000 shares authorized; 0 issued and outstanding as of March 31, 2022 and December 31, 2021 0 0
Ordinary shares, NIS 0.01 par value per share, 500,000,000 shares authorized; 98,641,858 and 97,312,040 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively 276 272
Additional paid-in capital 795,808 776,690
Accumulated other comprehensive income (loss) (870) 611
Accumulated deficit (158,696) (138,992)
Total shareholders' equity (deficit) 636,518 638,581
Total liabilities, convertible preferred shares and shareholders' equity (deficit) $ 856,396 $ 852,528
v3.22.1
Condensed Consolidated Balance Sheets (Parenthetical) - ₪ / shares
Mar. 31, 2022
Dec. 31, 2021
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 98,641,858 97,312,040
Common stock Outstanding 98,641,858 97,312,040
v3.22.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Revenue:    
Total subscription revenue $ 63,696 $ 45,087
Cost of revenue:    
Total cost of revenue—subscription 13,863 8,427
Gross profit 49,833 36,660
Operating expenses:    
Research and development 27,101 13,836
Sales and marketing 29,180 19,765
General and administrative 12,691 13,671
Total operating expenses 68,972 47,272
Operating loss (19,139) (10,612)
Interest and other income, net 273 360
Loss before income taxes (18,866) (10,252)
Income tax expense (benefit) 838 (2,357)
Net loss $ (19,704) $ (7,895)
Net loss per share, basic and diluted $ (0.20) $ (0.09)
Weighted-average shares used in computing net loss per share, basic and diluted 97,883,814 92,679,756
Subscription—self-managed and SaaS    
Revenue:    
Total subscription revenue $ 59,069 $ 41,338
Cost of revenue:    
Total cost of revenue—subscription 13,643 8,236
License—self-managed    
Revenue:    
Total subscription revenue 4,627 3,749
Cost of revenue:    
Total cost of revenue—subscription $ 220 $ 191
v3.22.1
Condensed Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Statement of Comprehensive Income [Abstract]    
Net loss $ (19,704) $ (7,895)
Other comprehensive income (loss), net of tax:    
Unrealized gain losses on available-for-sale marketable securities, net (717) (30)
Unrealized losses on derivative instruments, net (764) (611)
Other comprehensive loss (1,481) (641)
Comprehensive loss $ (21,185) $ (8,536)
v3.22.1
Condensed Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands
Total
Ordinary Shares
Additional Paid-in Capital
Accumulated Other Comprehensive Income (loss)
Accumulated Deficit
Balance (in shares) at Dec. 31, 2020   92,112,447      
Balance at Dec. 31, 2020 $ 553,894 $ 257 $ 628,054 $ 372 $ (74,789)
Issuance of ordinary shares upon exercise of share options (in shares)   1,305,571      
Issuance of ordinary shares upon exercise of share options 2,290 $ 4 2,286    
Issuance of ordinary shares related to business combination (in shares)   49,823      
Share-based compensation expense 11,750   11,750    
Other comprehensive income (loss), net of tax (641)     (641)  
Net loss (7,895)       (7,895)
Balance (in shares) at Mar. 31, 2021   93,467,841      
Balance at Mar. 31, 2021 559,398 $ 261 642,090 (269) (82,684)
Balance (in shares) at Dec. 31, 2021   97,312,040      
Balance at Dec. 31, 2021 $ 638,581 $ 272 776,690 611 (138,992)
Issuance of ordinary shares upon exercise of share options (in shares) 1,017,669 1,017,669      
Issuance of ordinary shares upon exercise of share options $ 1,795 $ 3 1,792    
Issuance of ordinary shares upon release of restricted share units (in shares)   109,416      
Issuance of ordinary shares under the employee share purchase plan (shares)   154,550      
Issuance of ordinary shares under the employee share purchase plan 3,253 $ 1 3,252    
Issuance of ordinary shares related to business combination (in shares)   48,183      
Share-based compensation expense 14,074   14,074    
Other comprehensive income (loss), net of tax (1,481)     (1,481)  
Net loss (19,704)       (19,704)
Balance (in shares) at Mar. 31, 2022   98,641,858      
Balance at Mar. 31, 2022 $ 636,518 $ 276 $ 795,808 $ (870) $ (158,696)
v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net loss $ (19,704) $ (7,895)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 3,519 1,006
Share-based compensation expense 14,074 11,750
Non-cash operating lease expense 1,806 1,278
Net amortization of premium or discount on investments 1,628 1,343
Changes in operating assets and liabilities:    
Accounts receivable 1,094 (14,375)
Prepaid expenses and other assets (889) (2,386)
Deferred contract acquisition costs (2,057) (1,384)
Accounts payable 960 (954)
Accrued expenses and other liabilities 1,524 3,658
Operating lease liabilities (2,201) (1,367)
Deferred revenue 5,277 18,137
Net cash provided by operating activities 5,031 8,811
Cash flows from investing activities:    
Purchases of short-term investments (92,211) (88,580)
Maturities and sales of short-term investments 74,637 61,825
Purchases of property and equipment (1,143) (1,135)
Payments related to business combination (179) 0
Net cash used in investing activities (18,896) (27,890)
Cash flows from financing activities:    
Proceeds from exercise of share options 1,795 2,290
Proceeds from employee share purchase plan 3,253
Proceeds from employee equity transactions, net of payments to be remitted to tax authorities 107 (1,008)
Net cash provided by financing activities 5,155 1,282
Net decrease in cash, cash equivalents, and restricted cash (8,710) (17,797)
Cash, cash equivalents, and restricted cash—beginning of period 68,540 164,739
Cash, cash equivalents, and restricted cash—end of period $ 59,830 $ 146,942
v3.22.1
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2022
Mar. 31, 2021
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 $ 59,577 $ 146,676
Restricted cash included in prepaid expenses and other current assets 13 14
Restricted cash included in other assets, noncurrent 240 252
Total cash, cash equivalents, and restricted cash $ 59,830 $ 146,942
v3.22.1
Organization and Description of Business
 3 Months Ended
Mar. 31, 2022
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 the software supply chain, enabling organizations to continuously deliver software updates across any system. JFrog’s platform is the critical bridge between software development and deployment of that software, paving the way for the modern DevOps paradigm. The Company enables organizations to build and release software faster and more securely while empowering developers to be more efficient. The Company’s solutions are designed to run on-premise, in public or private clouds, or in hybrid environments.

v3.22.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2022
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, 2021 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, 2021, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 11, 2022.

In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of March 31, 2022 and the Company’s consolidated results of operations, shareholders’ equity, and cash flows for the three months ended March 31, 2022 and 2021. The results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022 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, 2021. There have been no significant changes to these policies during the three months ended March 31, 2022.

Geographical Information

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

 

 

March 31, 2022

 

 

December 31, 2021

 

 

 

(in thousands)

 

United States

 

$

10,516

 

 

$

10,845

 

Israel

 

 

17,564

 

 

 

18,165

 

Rest of world

 

 

3,532

 

 

 

3,678

 

Total long-lived assets

 

$

31,612

 

 

$

32,688

 
v3.22.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

3. Revenue Recognition

Disaggregation of Revenue

The following table presents revenue by category:

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

Amount

 

 

Percentage of Revenue

 

 

Amount

 

 

Percentage of Revenue

 

 

 

(in thousands, except percentages)

 

Self-managed subscription

 

$

46,922

 

 

 

74

%

 

$

34,823

 

 

 

77

%

Subscription

 

 

42,295

 

 

 

67

 

 

 

31,074

 

 

 

69

 

License

 

 

4,627

 

 

 

7

 

 

 

3,749

 

 

 

8

 

SaaS

 

 

16,774

 

 

 

26

 

 

 

10,264

 

 

 

23

 

Total subscription revenue

 

$

63,696

 

 

 

100

%

 

$

45,087

 

 

 

100

%

 

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

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

Amount

 

 

Percentage of Revenue

 

 

Amount

 

 

Percentage of Revenue

 

 

 

(in thousands, except percentages)

 

United States

 

$

39,717

 

 

 

62

%

 

$

28,292

 

 

 

63

%

Israel

 

 

1,623

 

 

 

3

 

 

 

893

 

 

 

2

 

Rest of world

 

 

22,356

 

 

 

35

 

 

 

15,902

 

 

 

35

 

Total subscription revenue

 

$

63,696

 

 

 

100

%

 

$

45,087

 

 

 

100

%

Contract Balances

Of the $147.1 million and $102.8 million of deferred revenue recorded as of December 31, 2021 and 2020, respectively, the Company recognized $47.9 million and $32.9 million as revenue during the three months ended March 31, 2022 and 2021, respectively.

Remaining Performance Obligation

The Company’s remaining performance obligations are comprised of product and service revenue not yet delivered. As of March 31, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $172.1 million, which consists of billed considerations of $152.4 million and unbilled considerations of $19.7 million, that the Company expects to recognize as revenue. As of March 31, 2022, 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

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

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Beginning balance

 

$

14,391

 

 

$

8,196

 

Additions to deferred contract acquisition costs

 

 

3,571

 

 

 

2,362

 

Amortization of deferred contract acquisition costs

 

 

(1,514

)

 

 

(978

)

Ending balance

 

$

16,448

 

 

$

9,580

 

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

 

$

5,949

 

 

$

3,655

 

Deferred contract acquisition costs, noncurrent

 

 

10,499

 

 

 

5,925

 

Total deferred contract acquisition costs

 

$

16,448

 

 

$

9,580

 
v3.22.1
Short-Term Investments
 3 Months Ended
Mar. 31, 2022
Investments, All Other Investments [Abstract]  
Short-Term Investments

4. Short-Term Investments

Short-term investments consisted of the following:

 

 

March 31, 2022

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

 

 

(in thousands)

 

Bank deposits

 

$

85,191

 

 

$

—

 

 

$

—

 

 

$

85,191

 

Commercial paper

 

 

55,434

 

 

 

—

 

 

 

(251

)

 

 

55,183

 

Corporate debt securities

 

 

119,531

 

 

 

2

 

 

 

(444

)

 

 

119,089

 

Municipal securities

 

 

70,875

 

 

 

—

 

 

 

(143

)

 

 

70,732

 

Government and agency debt

 

 

38,023

 

 

 

—

 

 

 

(145

)

 

 

37,878

 

Marketable securities

 

 

283,863

 

 

 

2

 

 

 

(983

)

 

 

282,882

 

Total short-term investments

 

$

369,054

 

 

$

2

 

 

$

(983

)

 

$

368,073

 

 

 

 

December 31, 2021

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

 

 

(in thousands)

 

Bank deposits

 

$

90,704

 

 

$

—

 

 

$

—

 

 

$

90,704

 

Commercial paper

 

 

56,448

 

 

 

—

 

 

 

(37

)

 

 

56,411

 

Corporate debt securities

 

 

109,212

 

 

 

1

 

 

 

(151

)

 

 

109,062

 

Municipal securities

 

 

71,046

 

 

 

—

 

 

 

(50

)

 

 

70,996

 

Government and agency debt

 

 

25,698

 

 

 

—

 

 

 

(27

)

 

 

25,671

 

Marketable securities

 

 

262,404

 

 

 

1

 

 

 

(265

)

 

 

262,140

 

Total short-term investments

 

$

353,108

 

 

$

1

 

 

$

(265

)

 

$

352,844

 

As of March 31, 2022, the contractual maturities of the Company’s marketable securities were all less than one year.

As of March 31, 2022 and December 31, 2021, the allowance for credit loss for the marketable securities was not material. 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.

v3.22.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements

5. Fair Value Measurements

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

 

 

March 31, 2022

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

9,585

 

 

$

9,585

 

 

$

—

 

Commercial paper

 

 

1,998

 

 

 

—

 

 

 

1,998

 

Cash equivalents

 

 

11,583

 

 

 

9,585

 

 

 

1,998

 

Bank deposits

 

 

85,191

 

 

 

—

 

 

 

85,191

 

Commercial paper

 

 

55,183

 

 

 

—

 

 

 

55,183

 

Corporate debt securities

 

 

119,089

 

 

 

—

 

 

 

119,089

 

Municipal securities

 

 

70,732

 

 

 

—

 

 

 

70,732

 

Government and agency debt

 

 

37,878

 

 

 

—

 

 

 

37,878

 

Short-term investments

 

 

368,073

 

 

 

—

 

 

 

368,073

 

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

 

 

272

 

 

 

—

 

 

 

272

 

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

 

 

134

 

 

 

—

 

 

 

134

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

13

 

 

 

—

 

 

 

13

 

Restricted bank deposits included in other assets, noncurrent

 

 

240

 

 

 

—

 

 

 

240

 

Total financial assets

 

$

380,315

 

 

$

9,585

 

 

$

370,730

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

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

 

$

161

 

 

$

—

 

 

$

161

 

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

 

 

8

 

 

 

—

 

 

 

8

 

Total financial liabilities

 

$

169

 

 

$

—

 

 

$

169

 

 

 

 

December 31, 2021

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

21,670

 

 

$

21,670

 

 

$

—

 

Municipal securities

 

 

175

 

 

 

—

 

 

 

175

 

Cash equivalents

 

 

21,845

 

 

 

21,670

 

 

 

175

 

Bank deposits

 

 

90,704

 

 

 

—

 

 

 

90,704

 

Commercial paper

 

 

56,411

 

 

 

—

 

 

 

56,411

 

Corporate debt securities

 

 

109,062

 

 

 

—

 

 

 

109,062

 

Municipal securities

 

 

70,996

 

 

 

—

 

 

 

70,996

 

Government and agency debt

 

 

25,671

 

 

 

—

 

 

 

25,671

 

Short-term investments

 

 

352,844

 

 

 

—

 

 

 

352,844

 

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

 

 

891

 

 

 

—

 

 

 

891

 

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

 

 

43

 

 

 

—

 

 

 

43

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

13

 

 

 

—

 

 

 

13

 

Restricted bank deposits included in other assets, noncurrent

 

 

243

 

 

 

—

 

 

 

243

 

Total financial assets

 

$

375,879

 

 

$

21,670

 

 

$

354,209

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

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

 

$

16

 

 

$

—

 

 

$

16

 

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

 

 

5

 

 

 

—

 

 

 

5

 

Total financial liabilities

 

$

21

 

 

$

—

 

 

$

21

 

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, commercial paper, corporate debt securities, municipal securities, government and agency debt, and derivative financial instruments within Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. As of March 31, 2022 and December 31, 2021, the Company did not have any assets or liabilities valued based on Level 3 valuations.
v3.22.1
Derivative Financial Instruments and Hedging
 3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments and Hedging

6. Derivative Financial Instruments and Hedging

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

Notional Amount of Foreign Currency Contracts

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

 

 

March 31, 2022

 

 

December 31, 2021

 

 

 

(in thousands)

 

Derivatives Designated as Hedging Instruments:

 

 

 

 

 

 

Foreign currency contracts

 

$

48,118

 

 

$

45,971

 

Derivatives Not Designated as Hedging Instruments:

 

 

 

 

 

 

Foreign currency contracts

 

 

8,955

 

 

 

4,975

 

Total derivative instruments

 

$

57,073

 

 

$

50,946

 

 

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

 

 

Derivatives Designated
as Hedging Instruments

 

 

Derivatives Not Designated
as Hedging Instruments

 

 

 

Three Months Ended March 31,

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Condensed Statement of Operations Location:

 

(in thousands)

 

Cost of revenue: subscription–self-managed and SaaS

 

$

(6

)

 

$

19

 

 

$

—

 

 

$

—

 

Research and development

 

 

(55

)

 

 

120

 

 

 

—

 

 

 

—

 

Sales and marketing

 

 

(11

)

 

 

36

 

 

 

—

 

 

 

—

 

General and administrative

 

 

(15

)

 

 

43

 

 

 

—

 

 

 

—

 

Interest and other income, net

 

 

8

 

 

 

—

 

 

 

22

 

 

 

107

 

Total gains (losses) recognized in earnings

 

$

(79

)

 

$

218

 

 

$

22

 

 

$

107

 

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 gains in AOCI as of March 31, 2022 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.

v3.22.1
Condensed Consolidated Balance Sheet Components
 3 Months Ended
Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]  
Condensed Consolidated Balance Sheet Components

7. Condensed Consolidated Balance Sheet Components

Property and Equipment, Net

Property and equipment, net consisted of the following:

 

 

March 31, 2022

 

 

December 31, 2021

 

 

 

(in thousands)

 

Computer and software

 

$

6,742

 

 

$

5,955

 

Furniture and office equipment

 

 

2,271

 

 

 

2,248

 

Leasehold improvements

 

 

5,432

 

 

 

4,893

 

Property and equipment, gross

 

 

14,445

 

 

 

13,096

 

Less: accumulated depreciation and amortization

 

 

(7,068

)

 

 

(6,407

)

Property and equipment, net

 

$

7,377

 

 

$

6,689

 

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:

 

 

March 31, 2022

 

 

December 31, 2021

 

 

 

(in thousands)

 

Accrued compensation and benefits

 

$

17,641

 

 

$

17,601

 

Accrued expenses

 

 

11,250

 

 

 

10,353

 

Accrued expenses and other current liabilities

 

$

28,891

 

 

$

27,954

 

 
v3.22.1
Goodwill and Intangible Assets, Net
 3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net

8. Goodwill and Intangible Assets, Net

Goodwill

The following table represents the changes to goodwill:

 

 

Carrying Amount

 

 

 

(in thousands)

 

Balance as of December 31, 2021

 

$

247,776

 

Purchase accounting adjustment

 

 

179

 

Balance as of March 31, 2022

 

$

247,955

 

Intangible Assets, Net

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

 

 

Gross Fair
Value

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

 

Weighted-
Average
Remaining
Useful Life

 

 

 

(in thousands)

 

 

(in years)

 

Developed technology

 

$

50,347

 

 

$

(9,617

)

 

$

40,730

 

 

 

4.1

 

Customer relationships

 

 

5,541

 

 

 

(1,133

)

 

 

4,408

 

 

 

4.9

 

Total

 

$

55,888

 

 

$

(10,750

)

 

$

45,138

 

 

 

 

Intangible assets consisted of the following as of December 31, 2021:

 

 

Gross Fair
Value

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

 

Weighted-
Average
Remaining
Useful Life

 

 

 

(in thousands)

 

 

(in years)

 

Developed technology

 

$

50,347

 

 

$

(7,011

)

 

$

43,336

 

 

 

4.3

 

Customer relationships

 

 

5,541

 

 

 

(897

)

 

 

4,644

 

 

 

5.1

 

Total

 

$

55,888

 

 

$

(7,908

)

 

$

47,980

 

 

 

 

Amortization expenses for intangible assets were $2.8 million and $0.4 million for the three months ended March 31, 2022 and 2021, respectively.

The expected future amortization expenses by year related to the intangible assets as of March 31, 2022 are as follows:

 

 

March 31, 2022

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2022 (Remainder)

 

$

8,523

 

2023

 

 

11,291

 

2024

 

 

10,590

 

2025

 

 

9,110

 

2026

 

 

5,241

 

Thereafter

 

 

383

 

Total

 

$

45,138

 
v3.22.1
Leases
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Leases

9. Leases

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

Components of operating lease expense were as follows:

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Operating lease cost

 

$

1,860

 

 

$

1,348

 

Short-term lease cost

 

 

88

 

 

 

43

 

Variable lease cost

 

 

92

 

 

 

90

 

Total operating lease cost

 

$

2,040

 

 

$

1,481

 

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

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Cash paid for operating leases

 

$

1,887

 

 

$

1,163

 

As of March 31, 2022, the weighted-average discount rate is 0.9% and the weighted-average remaining term is 3.7 years. Maturities of the Company’s operating lease liabilities as of March 31, 2022 were as follows:

 

 

March 31, 2022

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2022 (Remainder)

 

$

5,549

 

2023

 

 

7,151

 

2024

 

 

6,114

 

2025

 

 

4,908

 

2026

 

 

1,823

 

Total operating lease payments

 

 

25,545

 

Less: imputed interest

 

 

(397

)

Total operating lease liabilities

 

$

25,148

 
v3.22.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

10. Commitments and Contingencies

Non-cancelable Purchase Obligations

In the normal course of business, the Company enters into non-cancelable purchase commitments with various parties mainly for hosting services, as well as software products and services. As of March 31, 2022, the Company had outstanding non-cancelable purchase obligations with a term of 12 months or longer as follows:

 

 

March 31, 2022

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2022 (Remainder)

 

$

6,825

 

2023

 

 

23,607

 

2024

 

 

18,273

 

2025

 

 

25,917

 

Total

 

$

74,622

 

Indemnifications and Contingencies

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

Grants from Israeli Innovation Authority

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

Legal Proceedings

In the ordinary course of business, the Company may be subject from time to time to various proceedings, lawsuits, disputes, or claims. The Company investigates these claims as they arise. Although claims are inherently unpredictable, the Company is currently not aware of any matters that, if determined adversely to the Company, would individually or taken together, have a material adverse effect on its business, financial position, results of operations, or cash flows.

Former Company sales employees (the “Former Employees”), on behalf of themselves and other non-exempt sales employees, alleged the violation of various wage and hour laws and have sought to recover unpaid wages, statutory penalties, civil penalties, liquidated damages, and attorney’s fees pursuant to certain California and federal laws. The Company denies the allegations. The Company and Former Employees have agreed to resolve the dispute amicably for approximately $2.6 million, and are currently negotiating the final settlement agreement. The settlement is subject to an arbitrator’s approval. The company has accrued the estimated settlement amount as part of sales and marketing expenses during the fourth quarter of 2021.
v3.22.1
Shareholders' Equity and Equity Incentive Plans
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Shareholders' Equity and Equity Incentive Plans

11. Shareholders’ Equity and Equity Incentive Plans

Equity Incentive Plans

On January 1, 2022, the number of ordinary shares authorized for issuance under the 2020 Equity Incentive Plan (the “2020 Plan”) automatically increased by 5,541,716 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, 2021

 

 

9,865,601

 

 

$

7.10

 

 

 

6.0

 

 

$

224,538

 

Exercised

 

 

(1,017,669

)

 

$

1.76

 

 

 

 

 

$

23,921

 

Forfeited

 

 

(175,993

)

 

$

12.70

 

 

 

 

 

 

 

Balance as of March 31, 2022

 

 

8,671,939

 

 

$

7.61

 

 

 

6.1

 

 

$

169,763

 

Exercisable as of March 31, 2022

 

 

5,133,740

 

 

$

4.55

 

 

 

5.2

 

 

$

115,458

 

The weighted-average grant date fair value of options granted during the three months ended March 31, 2021 was $42.00. The total intrinsic value of option exercised during the three months ended March 31, 2021 was $75.4 million.

Restricted Share Units

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

 

 

RSUs

 

 

 

Unvested RSUs

 

 

Weighted-Average
Grant Date Fair
Value Per Share

 

Unvested as of December 31, 2021

 

 

3,376,569

 

 

$

46.03

 

Granted

 

 

1,063,034

 

 

$

25.67

 

Vested

 

 

(109,416

)

 

$

57.22

 

Canceled/forfeited

 

 

(217,619

)

 

$

44.51

 

Unvested as of March 31, 2022

 

 

4,112,568

 

 

$

40.55

 

The weighted-average grant date fair value of RSUs granted during the three months ended March 31, 2021 was $64.33. The total release date fair value of RSUs was $2.7 million during the three months ended March 31, 2022. No RSUs vested during the three months ended March 31, 2021.

Employee Share Purchase Plan

On January 1, 2022, the number of ordinary shares authorized for issuance under the 2020 Employee Share Purchase Plan (“ESPP”) automatically increased by 974,712 shares pursuant to the terms of ESPP. 154,550 ordinary shares were purchased during the three months ended March 31, 2022.

Shares Reserved for Future Issuance

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

 

 

March 31, 2022

 

Outstanding share options

 

 

8,671,939

 

Outstanding RSUs

 

 

4,112,568

 

Issuable ordinary shares related to business combinations

 

 

110,932

 

Shares available for future issuance under the 2020 Plan

 

 

17,614,639

 

Shares available for future issuance under ESPP

 

 

3,748,094

 

Total ordinary shares reserved

 

 

34,258,172

 

Share-Based Compensation

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

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Cost of revenue: subscription–self-managed and SaaS

 

$

1,306

 

 

$

762

 

Research and development

 

 

5,132

 

 

 

1,829

 

Sales and marketing

 

 

4,755

 

 

 

2,723

 

General and administrative

 

 

2,881

 

 

 

6,436

 

Total share-based compensation expense

 

$

14,074

 

 

$

11,750

 

As of March 31, 2022, unrecognized share-based compensation cost related to unvested share-based compensation awards was $179.8 million, which is expected to be recognized over a weighted-average period of 3.2 years.
v3.22.1
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2022
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
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

 

 

(717

)

 

 

(843

)

 

 

(1,560

)

Net losses reclassified from AOCI

 

 

—

 

 

 

79

 

 

 

79

 

Other comprehensive loss

 

 

(717

)

 

 

(764

)

 

 

(1,481

)

Balance as of March 31, 2022

 

$

(981

)

 

$

111

 

 

$

(870

)

 

 

 

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, 2020

 

$

(69

)

 

$

441

 

 

$

372

 

Other comprehensive loss before reclassifications

 

 

(30

)

 

 

(393

)

 

 

(423

)

Net gains reclassified from AOCI

 

 

—

 

 

 

(218

)

 

 

(218

)

Other comprehensive loss

 

 

(30

)

 

 

(611

)

 

 

(641

)

Balance as of March 31, 2021

 

$

(99

)

 

$

(170

)

 

$

(269

)
v3.22.1
Income Taxes
 3 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes

13. Income Taxes

The Company’s quarterly tax provision, and estimates of its annual effective tax rate, is subject to variation due to several factors, including variability in pre-tax income (or loss), the mix of jurisdictions to which such income relates, tax law developments, as well as non-deductible expenses, such as share-based compensation, and changes in its valuation allowance. Income tax expense (benefit) was $0.8 million and $(2.4) million for the three months ended March 31, 2022 and 2021, respectively. The income tax expense (benefit) for the periods consisted primarily of income taxes related to the U.S.

A valuation allowance is provided when it is more likely than not that the deferred tax assets will not be realized. Based on the available objective evidence during three months ended March 31, 2022, the Company believes it is more likely than not that the tax benefits of the Company’s losses incurred in Israel may not be realized.

Our gross unrecognized tax benefits were $4.4 million as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022, the Company does not expect its unrecognized tax benefits to change significantly within the next twelve months.
v3.22.1
Net Loss Per Share
 3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Net Loss Per Share

14. Net Loss Per Share

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

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

(in thousands, except share and per share data)

 

Numerator:

 

 

 

 

 

 

Net loss

 

$

(19,704

)

 

$

(7,895

)

Denominator:

 

 

 

 

 

 

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

 

 

97,883,814

 

 

 

92,679,756

 

Net loss per share, basic and diluted

 

$

(0.20

)

 

$

(0.09

)

 

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

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Outstanding share options

 

 

9,346,102

 

 

 

12,504,417

 

Unvested RSUs

 

 

3,714,230

 

 

 

1,164,446

 

Share purchase rights under the ESPP

 

 

140,818

 

 

 

23,652

 

Issuable ordinary shares related to business combination

 

 

142,519

 

 

 

132,311

 

Total

 

 

13,343,669

 

 

 

13,824,826

 
v3.22.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2022
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, 2021 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, 2021, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 11, 2022.

In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of March 31, 2022 and the Company’s consolidated results of operations, shareholders’ equity, and cash flows for the three months ended March 31, 2022 and 2021. The results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022 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, 2021. There have been no significant changes to these policies during the three months ended March 31, 2022.
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, commercial paper, corporate debt securities, municipal securities, government and agency debt, and derivative financial instruments within Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. As of March 31, 2022 and December 31, 2021, the Company did not have any assets or liabilities valued based on Level 3 valuations.
Effect of Foreign Currency Contracts on the Condensed Consolidated Statements of Operations

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

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

Geographical Information

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

 

 

March 31, 2022

 

 

December 31, 2021

 

 

 

(in thousands)

 

United States

 

$

10,516

 

 

$

10,845

 

Israel

 

 

17,564

 

 

 

18,165

 

Rest of world

 

 

3,532

 

 

 

3,678

 

Total long-lived assets

 

$

31,612

 

 

$

32,688

 
v3.22.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2022
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 consists of property and equipment, net and operating lease right-of-use assets:

 

 

March 31, 2022

 

 

December 31, 2021

 

 

 

(in thousands)

 

United States

 

$

10,516

 

 

$

10,845

 

Israel

 

 

17,564

 

 

 

18,165

 

Rest of world

 

 

3,532

 

 

 

3,678

 

Total long-lived assets

 

$

31,612

 

 

$

32,688

 
v3.22.1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Summary of table presents revenue as follows

The following table presents revenue by category:

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

Amount

 

 

Percentage of Revenue

 

 

Amount

 

 

Percentage of Revenue

 

 

 

(in thousands, except percentages)

 

Self-managed subscription

 

$

46,922

 

 

 

74

%

 

$

34,823

 

 

 

77

%

Subscription

 

 

42,295

 

 

 

67

 

 

 

31,074

 

 

 

69

 

License

 

 

4,627

 

 

 

7

 

 

 

3,749

 

 

 

8

 

SaaS

 

 

16,774

 

 

 

26

 

 

 

10,264

 

 

 

23

 

Total subscription revenue

 

$

63,696

 

 

 

100

%

 

$

45,087

 

 

 

100

%
Summary of table by region based on the shipping address of customers

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

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

Amount

 

 

Percentage of Revenue

 

 

Amount

 

 

Percentage of Revenue

 

 

 

(in thousands, except percentages)

 

United States

 

$

39,717

 

 

 

62

%

 

$

28,292

 

 

 

63

%

Israel

 

 

1,623

 

 

 

3

 

 

 

893

 

 

 

2

 

Rest of world

 

 

22,356

 

 

 

35

 

 

 

15,902

 

 

 

35

 

Total subscription revenue

 

$

63,696

 

 

 

100

%

 

$

45,087

 

 

 

100

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

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

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Beginning balance

 

$

14,391

 

 

$

8,196

 

Additions to deferred contract acquisition costs

 

 

3,571

 

 

 

2,362

 

Amortization of deferred contract acquisition costs

 

 

(1,514

)

 

 

(978

)

Ending balance

 

$

16,448

 

 

$

9,580

 

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

 

$

5,949

 

 

$

3,655

 

Deferred contract acquisition costs, noncurrent

 

 

10,499

 

 

 

5,925

 

Total deferred contract acquisition costs

 

$

16,448

 

 

$

9,580

 
v3.22.1
Short-Term Investments (Tables)
 3 Months Ended
Mar. 31, 2022
Investments, All Other Investments [Abstract]  
Summary of short term investments

Short-term investments consisted of the following:

 

 

March 31, 2022

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

 

 

(in thousands)

 

Bank deposits

 

$

85,191

 

 

$

—

 

 

$

—

 

 

$

85,191

 

Commercial paper

 

 

55,434

 

 

 

—

 

 

 

(251

)

 

 

55,183

 

Corporate debt securities

 

 

119,531

 

 

 

2

 

 

 

(444

)

 

 

119,089

 

Municipal securities

 

 

70,875

 

 

 

—

 

 

 

(143

)

 

 

70,732

 

Government and agency debt

 

 

38,023

 

 

 

—

 

 

 

(145

)

 

 

37,878

 

Marketable securities

 

 

283,863

 

 

 

2

 

 

 

(983

)

 

 

282,882

 

Total short-term investments

 

$

369,054

 

 

$

2

 

 

$

(983

)

 

$

368,073

 

 

 

 

December 31, 2021

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

 

 

(in thousands)

 

Bank deposits

 

$

90,704

 

 

$

—

 

 

$

—

 

 

$

90,704

 

Commercial paper

 

 

56,448

 

 

 

—

 

 

 

(37

)

 

 

56,411

 

Corporate debt securities

 

 

109,212

 

 

 

1

 

 

 

(151

)

 

 

109,062

 

Municipal securities

 

 

71,046

 

 

 

—

 

 

 

(50

)

 

 

70,996

 

Government and agency debt

 

 

25,698

 

 

 

—

 

 

 

(27

)

 

 

25,671

 

Marketable securities

 

 

262,404

 

 

 

1

 

 

 

(265

)

 

 

262,140

 

Total short-term investments

 

$

353,108

 

 

$

1

 

 

$

(265

)

 

$

352,844

 
v3.22.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Summary of fair value by balance sheet grouping

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

 

 

March 31, 2022

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

9,585

 

 

$

9,585

 

 

$

—

 

Commercial paper

 

 

1,998

 

 

 

—

 

 

 

1,998

 

Cash equivalents

 

 

11,583

 

 

 

9,585

 

 

 

1,998

 

Bank deposits

 

 

85,191

 

 

 

—

 

 

 

85,191

 

Commercial paper

 

 

55,183

 

 

 

—

 

 

 

55,183

 

Corporate debt securities

 

 

119,089

 

 

 

—

 

 

 

119,089

 

Municipal securities

 

 

70,732

 

 

 

—

 

 

 

70,732

 

Government and agency debt

 

 

37,878

 

 

 

—

 

 

 

37,878

 

Short-term investments

 

 

368,073

 

 

 

—

 

 

 

368,073

 

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

 

 

272

 

 

 

—

 

 

 

272

 

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

 

 

134

 

 

 

—

 

 

 

134

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

13

 

 

 

—

 

 

 

13

 

Restricted bank deposits included in other assets, noncurrent

 

 

240

 

 

 

—

 

 

 

240

 

Total financial assets

 

$

380,315

 

 

$

9,585

 

 

$

370,730

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

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

 

$

161

 

 

$

—

 

 

$

161

 

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

 

 

8

 

 

 

—

 

 

 

8

 

Total financial liabilities

 

$

169

 

 

$

—

 

 

$

169

 

 

 

 

December 31, 2021

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

21,670

 

 

$

21,670

 

 

$

—

 

Municipal securities

 

 

175

 

 

 

—

 

 

 

175

 

Cash equivalents

 

 

21,845

 

 

 

21,670

 

 

 

175

 

Bank deposits

 

 

90,704

 

 

 

—

 

 

 

90,704

 

Commercial paper

 

 

56,411

 

 

 

—

 

 

 

56,411

 

Corporate debt securities

 

 

109,062

 

 

 

—

 

 

 

109,062

 

Municipal securities

 

 

70,996

 

 

 

—

 

 

 

70,996

 

Government and agency debt

 

 

25,671

 

 

 

—

 

 

 

25,671

 

Short-term investments

 

 

352,844

 

 

 

—

 

 

 

352,844

 

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

 

 

891

 

 

 

—

 

 

 

891

 

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

 

 

43

 

 

 

—

 

 

 

43

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

13

 

 

 

—

 

 

 

13

 

Restricted bank deposits included in other assets, noncurrent

 

 

243

 

 

 

—

 

 

 

243

 

Total financial assets

 

$

375,879

 

 

$

21,670

 

 

$

354,209

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

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

 

$

16

 

 

$

—

 

 

$

16

 

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

 

 

5

 

 

 

—

 

 

 

5

 

Total financial liabilities

 

$

21

 

 

$

—

 

 

$

21

 
v3.22.1
Derivative Financial Instruments and Hedging (Tables)
 3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Disclosure of Notional Amount of Derivatives by Hedging Designation

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

 

 

March 31, 2022

 

 

December 31, 2021

 

 

 

(in thousands)

 

Derivatives Designated as Hedging Instruments:

 

 

 

 

 

 

Foreign currency contracts

 

$

48,118

 

 

$

45,971

 

Derivatives Not Designated as Hedging Instruments:

 

 

 

 

 

 

Foreign currency contracts

 

 

8,955

 

 

 

4,975

 

Total derivative instruments

 

$

57,073

 

 

$

50,946

 

 
Derivative Instruments, Gain (Loss)

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

 

 

Derivatives Designated
as Hedging Instruments

 

 

Derivatives Not Designated
as Hedging Instruments

 

 

 

Three Months Ended March 31,

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Condensed Statement of Operations Location:

 

(in thousands)

 

Cost of revenue: subscription–self-managed and SaaS

 

$

(6

)

 

$

19

 

 

$

—

 

 

$

—

 

Research and development

 

 

(55

)

 

 

120

 

 

 

—

 

 

 

—

 

Sales and marketing

 

 

(11

)

 

 

36

 

 

 

—

 

 

 

—

 

General and administrative

 

 

(15

)

 

 

43

 

 

 

—

 

 

 

—

 

Interest and other income, net

 

 

8

 

 

 

—

 

 

 

22

 

 

 

107

 

Total gains (losses) recognized in earnings

 

$

(79

)

 

$

218

 

 

$

22

 

 

$

107

 
v3.22.1
Condensed Consolidated Balance Sheet Components (Tables)
 3 Months Ended
Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]  
Summary of property and equipment

Property and equipment, net consisted of the following:

 

 

March 31, 2022

 

 

December 31, 2021

 

 

 

(in thousands)

 

Computer and software

 

$

6,742

 

 

$

5,955

 

Furniture and office equipment

 

 

2,271

 

 

 

2,248

 

Leasehold improvements

 

 

5,432

 

 

 

4,893

 

Property and equipment, gross

 

 

14,445

 

 

 

13,096

 

Less: accumulated depreciation and amortization

 

 

(7,068

)

 

 

(6,407

)

Property and equipment, net

 

$

7,377

 

 

$

6,689

 
Summary of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:

 

 

March 31, 2022

 

 

December 31, 2021

 

 

 

(in thousands)

 

Accrued compensation and benefits

 

$

17,641

 

 

$

17,601

 

Accrued expenses

 

 

11,250

 

 

 

10,353

 

Accrued expenses and other current liabilities

 

$

28,891

 

 

$

27,954

 

 
v3.22.1
Goodwill and Intangible Assets, Net (Tables)
 3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of changes in goodwill

The following table represents the changes to goodwill:

 

 

Carrying Amount

 

 

 

(in thousands)

 

Balance as of December 31, 2021

 

$

247,776

 

Purchase accounting adjustment

 

 

179

 

Balance as of March 31, 2022

 

$

247,955

 
Summary of intangible assets

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

 

 

Gross Fair
Value

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

 

Weighted-
Average
Remaining
Useful Life

 

 

 

(in thousands)

 

 

(in years)

 

Developed technology

 

$

50,347

 

 

$

(9,617

)

 

$

40,730

 

 

 

4.1

 

Customer relationships

 

 

5,541

 

 

 

(1,133

)

 

 

4,408

 

 

 

4.9

 

Total

 

$

55,888

 

 

$

(10,750

)

 

$

45,138

 

 

 

 

Intangible assets consisted of the following as of December 31, 2021:

 

 

Gross Fair
Value

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

 

Weighted-
Average
Remaining
Useful Life

 

 

 

(in thousands)

 

 

(in years)

 

Developed technology

 

$

50,347

 

 

$

(7,011

)

 

$

43,336

 

 

 

4.3

 

Customer relationships

 

 

5,541

 

 

 

(897

)

 

 

4,644

 

 

 

5.1

 

Total

 

$

55,888

 

 

$

(7,908

)

 

$

47,980

 

 

 

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

The expected future amortization expenses by year related to the intangible assets as of March 31, 2022 are as follows:

 

 

March 31, 2022

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2022 (Remainder)

 

$

8,523

 

2023

 

 

11,291

 

2024

 

 

10,590

 

2025

 

 

9,110

 

2026

 

 

5,241

 

Thereafter

 

 

383

 

Total

 

$

45,138

 
v3.22.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Components of Operating Lease Expense

Components of operating lease expense were as follows:

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Operating lease cost

 

$

1,860

 

 

$

1,348

 

Short-term lease cost

 

 

88

 

 

 

43

 

Variable lease cost

 

 

92

 

 

 

90

 

Total operating lease cost

 

$

2,040

 

 

$

1,481

 
Supplementary Cash Flow Information Related to Operating Leases

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

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Cash paid for operating leases

 

$

1,887

 

 

$

1,163

 
Summary of minimum lease payments under operating leases

As of March 31, 2022, the weighted-average discount rate is 0.9% and the weighted-average remaining term is 3.7 years. Maturities of the Company’s operating lease liabilities as of March 31, 2022 were as follows:

 

 

March 31, 2022

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2022 (Remainder)

 

$

5,549

 

2023

 

 

7,151

 

2024

 

 

6,114

 

2025

 

 

4,908

 

2026

 

 

1,823

 

Total operating lease payments

 

 

25,545

 

Less: imputed interest

 

 

(397

)

Total operating lease liabilities

 

$

25,148

 
v3.22.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Summary of outstanding non-cancelable purchase obligations

In the normal course of business, the Company enters into non-cancelable purchase commitments with various parties mainly for hosting services, as well as software products and services. As of March 31, 2022, the Company had outstanding non-cancelable purchase obligations with a term of 12 months or longer as follows:

 

 

March 31, 2022

 

 

 

(in thousands)

 

Year Ending December 31,

 

 

 

2022 (Remainder)

 

$

6,825

 

2023

 

 

23,607

 

2024

 

 

18,273

 

2025

 

 

25,917

 

Total

 

$

74,622

 
v3.22.1
Shareholders' Equity and Equity Incentive Plans (Tables)
 3 Months Ended
Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of stock option activity

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

 

 

Options Outstanding

 

 

 

Outstanding
Share Options

 

 

Weighted-Average Exercise
Price

 

 

Weighted-Average Remaining
Contractual
Life (Years)

 

 

Aggregate
Intrinsic
Value

 

 

 

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

 

Balance as of December 31, 2021

 

 

9,865,601

 

 

$

7.10

 

 

 

6.0

 

 

$

224,538

 

Exercised

 

 

(1,017,669

)

 

$

1.76

 

 

 

 

 

$

23,921

 

Forfeited

 

 

(175,993

)

 

$

12.70

 

 

 

 

 

 

 

Balance as of March 31, 2022

 

 

8,671,939

 

 

$

7.61

 

 

 

6.1

 

 

$

169,763

 

Exercisable as of March 31, 2022

 

 

5,133,740

 

 

$

4.55

 

 

 

5.2

 

 

$

115,458

 
Summary of restricted ordinary shares

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

 

 

RSUs

 

 

 

Unvested RSUs

 

 

Weighted-Average
Grant Date Fair
Value Per Share

 

Unvested as of December 31, 2021

 

 

3,376,569

 

 

$

46.03

 

Granted

 

 

1,063,034

 

 

$

25.67

 

Vested

 

 

(109,416

)

 

$

57.22

 

Canceled/forfeited

 

 

(217,619

)

 

$

44.51

 

Unvested as of March 31, 2022

 

 

4,112,568

 

 

$

40.55

 

The weighted-average grant date fair value of RSUs granted during the three months ended March 31, 2021 was $64.33. The total release date fair value of RSUs was $2.7 million during the three months ended March 31, 2022. No RSUs vested during the three months ended March 31, 2021.
Summary of ordinary shares reserved for future issuance

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

 

 

March 31, 2022

 

Outstanding share options

 

 

8,671,939

 

Outstanding RSUs

 

 

4,112,568

 

Issuable ordinary shares related to business combinations

 

 

110,932

 

Shares available for future issuance under the 2020 Plan

 

 

17,614,639

 

Shares available for future issuance under ESPP

 

 

3,748,094

 

Total ordinary shares reserved

 

 

34,258,172

 
Summary of stock-based compensation expense

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

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Cost of revenue: subscription–self-managed and SaaS

 

$

1,306

 

 

$

762

 

Research and development

 

 

5,132

 

 

 

1,829

 

Sales and marketing

 

 

4,755

 

 

 

2,723

 

General and administrative

 

 

2,881

 

 

 

6,436

 

Total share-based compensation expense

 

$

14,074

 

 

$

11,750

 
v3.22.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Summary of changes in AOCI

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

 

 

Net Unrealized
Losses on
Available-for-Sale
Marketable Securities

 

 

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

 

 

Total

 

 

 

(in thousands)

 

Balance as of December 31, 2021

 

$

(264

)

 

$

875

 

 

$

611

 

Other comprehensive loss before reclassifications

 

 

(717

)

 

 

(843

)

 

 

(1,560

)

Net losses reclassified from AOCI

 

 

—

 

 

 

79

 

 

 

79

 

Other comprehensive loss

 

 

(717

)

 

 

(764

)

 

 

(1,481

)

Balance as of March 31, 2022

 

$

(981

)

 

$

111

 

 

$

(870

)

 

 

 

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, 2020

 

$

(69

)

 

$

441

 

 

$

372

 

Other comprehensive loss before reclassifications

 

 

(30

)

 

 

(393

)

 

 

(423

)

Net gains reclassified from AOCI

 

 

—

 

 

 

(218

)

 

 

(218

)

Other comprehensive loss

 

 

(30

)

 

 

(611

)

 

 

(641

)

Balance as of March 31, 2021

 

$

(99

)

 

$

(170

)

 

$

(269

)
v3.22.1
Net Loss Per Share (Tables)
 3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Summary of computation of basic and diluted net loss per share

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

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

(in thousands, except share and per share data)

 

Numerator:

 

 

 

 

 

 

Net loss

 

$

(19,704

)

 

$

(7,895

)

Denominator:

 

 

 

 

 

 

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

 

 

97,883,814

 

 

 

92,679,756

 

Net loss per share, basic and diluted

 

$

(0.20

)

 

$

(0.09

)

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

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

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Outstanding share options

 

 

9,346,102

 

 

 

12,504,417

 

Unvested RSUs

 

 

3,714,230

 

 

 

1,164,446

 

Share purchase rights under the ESPP

 

 

140,818

 

 

 

23,652

 

Issuable ordinary shares related to business combination

 

 

142,519

 

 

 

132,311

 

Total

 

 

13,343,669

 

 

 

13,824,826

 
v3.22.1
Geographic Information (Tables)
 3 Months Ended
Mar. 31, 2022
Segments, Geographical Areas [Abstract]  
Long-lived Assets by Geographic Areas [Table Text Block] The following table presents the Company’s long-lived assets by geographic region, which consists of property and equipment, net and operating lease right-of-use assets:

 

 

March 31, 2022

 

 

December 31, 2021

 

 

 

(in thousands)

 

United States

 

$

10,516

 

 

$

10,845

 

Israel

 

 

17,564

 

 

 

18,165

 

Rest of world

 

 

3,532

 

 

 

3,678

 

Total long-lived assets

 

$

31,612

 

 

$

32,688

 
v3.22.1
Summary of Significant Accounting Policies - Summary of Long Lived Assets by Geographic Region (Detail) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Total long lived assets $ 31,612 $ 32,688
UNITED STATES    
Total long lived assets 10,516 10,845
ISRAEL    
Total long lived assets 17,564 18,165
Rest of world Member    
Total long lived assets $ 3,532 $ 3,678
v3.22.1
Revenue Recognition - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Disaggregation of Revenue [Line Items]        
Deferred Revenue     $ 147.1 $ 102.8
Contract with Customer, Liability, Revenue Recognized $ 47.9 $ 32.9    
Revenue, Remaining Performance Obligation $ 172.1      
Revenue, Remaining Performance Obligation, Percentage 83.00%      
Billed Revenues [Member]        
Disaggregation of Revenue [Line Items]        
Revenue, Remaining Performance Obligation $ 152.4      
Unbilled Revenues [Member]        
Disaggregation of Revenue [Line Items]        
Revenue, Remaining Performance Obligation $ 19.7      
v3.22.1
Revenue Recognition - Additional Information (Detail 1)
Mar. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 12 months
v3.22.1
Revenue Recognition - Summary of Table Presents Revenue as Follows (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Disaggregation of Revenue [Line Items]    
Total subscription revenue $ 63,696 $ 45,087
Sale revenue [Member] | Product Concentration Risk [Member]    
Disaggregation of Revenue [Line Items]    
Percentage of revenue 100.00% 100.00%
Subscription    
Disaggregation of Revenue [Line Items]    
Total subscription revenue $ 42,295 $ 31,074
Subscription | Sale revenue [Member] | Product Concentration Risk [Member]    
Disaggregation of Revenue [Line Items]    
Percentage of revenue 67.00% 69.00%
Selfmanaged Subscription [Member]    
Disaggregation of Revenue [Line Items]    
Total subscription revenue $ 46,922 $ 34,823
Selfmanaged Subscription [Member] | Sale revenue [Member] | Product Concentration Risk [Member]    
Disaggregation of Revenue [Line Items]    
Percentage of revenue 74.00% 77.00%
License [Member]    
Disaggregation of Revenue [Line Items]    
Total subscription revenue $ 4,627 $ 3,749
License [Member] | Sale revenue [Member] | Product Concentration Risk [Member]    
Disaggregation of Revenue [Line Items]    
Percentage of revenue 7.00% 8.00%
SaaS [Member]    
Disaggregation of Revenue [Line Items]    
Total subscription revenue $ 16,774 $ 10,264
SaaS [Member] | Sale revenue [Member] | Product Concentration Risk [Member]    
Disaggregation of Revenue [Line Items]    
Percentage of revenue 26.00% 23.00%
v3.22.1
Revenue Recognition - Summary of Revenue by Region Based on The Shipping Address of Customers as Follows (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Disaggregation of Revenue [Line Items]    
Total subscription revenue $ 63,696 $ 45,087
Revenue Benchmark [Member] | Geographic Concentration Risk [Member]    
Disaggregation of Revenue [Line Items]    
Percentage of revenue 100.00% 100.00%
UNITED STATES    
Disaggregation of Revenue [Line Items]    
Total subscription revenue $ 39,717 $ 28,292
UNITED STATES | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]    
Disaggregation of Revenue [Line Items]    
Percentage of revenue 62.00% 63.00%
ISRAEL    
Disaggregation of Revenue [Line Items]    
Total subscription revenue $ 1,623 $ 893
ISRAEL | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]    
Disaggregation of Revenue [Line Items]    
Percentage of revenue 3.00% 2.00%
Rest of world [Member]    
Disaggregation of Revenue [Line Items]    
Total subscription revenue $ 22,356 $ 15,902
Rest of world [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]    
Disaggregation of Revenue [Line Items]    
Percentage of revenue 35.00% 35.00%
v3.22.1
Revenue Recognition - Summary of Table Represents a Rollforward of Deferred Contract Acquisition Costs (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Deferred Policy Acquisition Costs Disclosures [Abstract]      
Beginning balance $ 14,391 $ 8,196  
Additions to deferred contract acquisition costs 3,571 2,362  
Amortization of deferred contract acquisition costs (1,514) (978)  
Ending balance 16,448 9,580  
Deferred contract acquisition costs (to be recognized in next 12 months) 5,949 3,655 $ 5,271
Deferred contract acquisition costs, noncurrent 10,499 5,925 9,120
Total deferred contract acquisition costs $ 16,448 $ 9,580 $ 14,391
v3.22.1
Short-Term Investments - Summary of Short Term Investments (Detail) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Schedule of short term investments [Line Items]    
Amortized cost $ 369,054 $ 353,108
Gross unrealized gains 2 1
Gross unrealized losses (983) (265)
Estimated fair value 368,073 352,844
Bank deposits [Member]    
Schedule of short term investments [Line Items]    
Amortized cost 85,191 90,704
Estimated fair value 85,191 90,704
Commercial paper [Member]    
Schedule of short term investments [Line Items]    
Amortized cost 55,434 56,448
Gross unrealized losses (251) (37)
Estimated fair value 55,183 56,411
Corporate debt securities [Member]    
Schedule of short term investments [Line Items]    
Amortized cost 119,531 109,212
Gross unrealized gains 2 1
Gross unrealized losses (444) (151)
Estimated fair value 119,089 109,062
Municipal securities [Member]    
Schedule of short term investments [Line Items]    
Amortized cost 70,875 71,046
Gross unrealized losses (143) (50)
Estimated fair value 70,732 70,996
Government and agency debt [Member]    
Schedule of short term investments [Line Items]    
Amortized cost 38,023 25,698
Gross unrealized losses (145) (27)
Estimated fair value 37,878 25,671
Marketable securities [Member]    
Schedule of short term investments [Line Items]    
Amortized cost 283,863 262,404
Gross unrealized gains 2 1
Gross unrealized losses (983) (265)
Estimated fair value $ 282,882 $ 262,140
v3.22.1
Fair Value Measurements - Summary of Fair Value, by Balance Sheet Grouping (Detail) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents $ 9,585 $ 21,670
Total financial assets 9,585 21,670
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 1,998 175
Total financial assets 370,730 354,209
Total financial liabilities 169 21
Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 368,073 352,844
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 11,583 21,845
Total financial assets 380,315 375,879
Total financial liabilities 169 21
Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 368,073 352,844
Prepaid Expenses and Other Current Assets [Member] | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Restricted bank deposits included in assets 13 13
Prepaid Expenses and Other Current Assets [Member] | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Restricted bank deposits included in assets 13 13
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 272 891
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 272 891
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 134 43
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 134 43
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 161 16
Accrued Expenses And Other Current Liabilites [Member] | Designated as Hedging Instrument [Member] | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign Currency Contracts, Liability, Fair Value Disclosure 161 16
Accrued Expenses And Other Current Liabilites [Member] | Not Designated as Hedging Instrument [Member] | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign Currency Contracts, Liability, Fair Value Disclosure 8 5
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 8 5
Bank deposits | Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 85,191 90,704
Bank deposits | Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 85,191 90,704
Money market funds | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 9,585 21,670
Money market funds | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 9,585 21,670
Commercial paper | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 1,998  
Commercial paper | Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 55,183 56,411
Commercial paper | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 1,998  
Commercial paper | Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 55,183 56,411
Corporate debt securities | Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 119,089 109,062
Corporate debt securities | Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 119,089 109,062
Municipal securities | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents   175
Municipal securities | Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 70,732 70,996
Municipal securities | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents   175
Municipal securities | Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 70,732 70,996
Government and agency debt | Level 2 | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 37,878 25,671
Government and agency debt | Fair Value | Short-term Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments 37,878 25,671
Other Noncurrent Assets [Member] | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Restricted bank deposits included in assets 240 243
Other Noncurrent Assets [Member] | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Restricted bank deposits included in assets $ 240 $ 243
v3.22.1
Fair Value Measurements - Additional Information (Detail) - Level 3 - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total financial assets $ 0 $ 0
Total financial liabilities $ 0 $ 0
v3.22.1
Derivative Financial Instruments and Hedging - Disclosure of Notional Amount of Derivatives By Hedging Designation (Detail) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Derivatives, Fair Value [Line Items]    
Total derivative instruments $ 57,073 $ 50,946
Foreign currency contracts [Member] | Derivatives designated as hedging instruments [Member]    
Derivatives, Fair Value [Line Items]    
Total derivative instruments 48,118 45,971
Foreign currency contracts [Member] | Derivatives not designated as hedging instruments [Member]    
Derivatives, Fair Value [Line Items]    
Total derivative instruments $ 8,955 $ 4,975
v3.22.1
Derivative Financial Instruments and Hedging - Derivative Instruments, Gain (Loss) (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Derivatives designated as hedging instruments [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Total gains (losses) recognized in earnings $ (79) $ 218
Derivatives not designated as hedging instruments [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Total gains (losses) recognized in earnings 22 107
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 (6) 19
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 (55) 120
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 (11) 36
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 (15) 43
Foreign Currency Contracts [Member] | Interest and other income, net [Member] | Derivatives designated as hedging instruments [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Total gains (losses) recognized in earnings 8 0
Foreign Currency Contracts [Member] | Interest and other income, net [Member] | Derivatives not designated as hedging instruments [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Total gains (losses) recognized in earnings $ 22 $ 107
v3.22.1
Condensed Consolidated Balance Sheet Components - Summary of Property and Equipment (Detail) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 14,445 $ 13,096
Less: accumulated depreciation and amortization (7,068) (6,407)
Property and equipment, net 7,377 6,689
Computer and software    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 6,742 5,955
Furniture and office equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 2,271 2,248
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 5,432 $ 4,893
v3.22.1
Condensed Consolidated Balance Sheet Components - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]    
Accrued compensation and benefits $ 17,641 $ 17,601
Accrued expenses 11,250 10,353
Accrued expenses and other current liabilities $ 28,891 $ 27,954
v3.22.1
Goodwill and Intangible Assets, Net - Summary of changes in goodwill (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill, Beginning Balance $ 247,776
Purchase accounting adjustment 179
Goodwill, Ending Balance $ 247,955
v3.22.1
Goodwill and Intangible Assets, Net - Summary of Intangible Assets (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Intangible Assets [Line items]    
Gross Fair Value $ 55,888 $ 55,888
Accumulated Amortization (10,750) (7,908)
Net Book Value 45,138 47,980
Developed technology [Member]    
Intangible Assets [Line items]    
Gross Fair Value 50,347 50,347
Accumulated Amortization (9,617) (7,011)
Net Book Value $ 40,730 $ 43,336
Weighted- Average Remaining Useful Life 4 years 1 month 6 days 4 years 3 months 18 days
Customer relationships [Member]    
Intangible Assets [Line items]    
Gross Fair Value $ 5,541 $ 5,541
Accumulated Amortization (1,133) (897)
Net Book Value $ 4,408 $ 4,644
Weighted- Average Remaining Useful Life 4 years 10 months 24 days 5 years 1 month 6 days
v3.22.1
Goodwill and Intangible Assets, Net - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Intangible Assets [Line items]    
Amortization expenses for intangible assets $ 2.8 $ 0.4
v3.22.1
Goodwill and Intangible Assets, Net - Summary of Expected Future Amortization Expenses by Year Related to the Intangible Assets (Detail) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
2022 (Remainder) $ 8,523  
2023 11,291  
2024 10,590  
2025 9,110  
2026 5,241  
Thereafter 383  
Net Book Value $ 45,138 $ 47,980
v3.22.1
Leases - Components of Operating Lease Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Lease, Cost [Abstract]    
Operating lease cost $ 1,860 $ 1,348
Short-term lease cost 88 43
Variable lease cost 92 90
Total operating lease cost $ 2,040 $ 1,481
v3.22.1
Leases - Additional Information (Details)
Mar. 31, 2022
Lessee, Lease, Description [Line Items]  
Operating Lease, Weighted Average Remaining Lease Term 3 years 8 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent 0.90%
v3.22.1
Leases - Supplemental Cash Flow Information related to Operating Lease (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Leases [Abstract]    
Cash paid for operating leases $ 1,887 $ 1,163
v3.22.1
Leases - Schedule of Maturities of Operating Lease Liabilities (Details)
$ in Thousands
Mar. 31, 2022
USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]  
2022 (Remainder) $ 5,549
2023 7,151
2024 6,114
2025 4,908
2026 1,823
Total operating lease payments 25,545
Less: imputed interest (397)
Total operating lease liabilities $ 25,148
v3.22.1
Commitments and Contingencies - Summary of Outstanding Non-cancelable Purchase Obligations (Detail)
$ in Thousands
Mar. 31, 2022
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2022 (Remainder) $ 6,825
2023 23,607
2024 18,273
2025 25,917
Total $ 74,622
v3.22.1
Commitments and Contingencies - Additional Information (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2022
USD ($)
Loss contingency estimate of possible loss $ 2.6
Grants [Member] | Israeli Innovation Authority [Member]  
Maximum additional payments as a grant recipient $ 6.0
v3.22.1
Shareholders' Equity and Equity Incentive Plans - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Jan. 01, 2022
Mar. 31, 2022
Mar. 31, 2021
Total intrinsic value of options exercised   $ 23,921 $ 75,400
Unrecognized share-based compensation cost   $ 179,800  
Unrecognized share based compensation cost expected to be recognised period   3 years 2 months 12 days  
2020 Plan [Member]      
Share-based payment arrangement, increase of authorized shares 5,541,716    
Employee Share Purchase Plan [Member]      
Share-based payment arrangement, increase of authorized shares 974,712    
Number of shares purchased   154,550  
Employee Stock Option [Member]      
Weighted average grant date fair value of options granted     $ 42.00
Restricted Stock Units (RSUs) [Member]      
Fair value of RSU   $ 2,700  
Unvested RSUs, Vested   109,416 0
Weighted Average Grant Date Fair Value Per Share, Granted   $ 25.67 $ 64.33
v3.22.1
Shareholders' Equity and Equity Incentive Plans - Summary of Stock Option Activity (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]      
Outstanding Share Options, Beginning balance 9,865,601    
Outstanding Share Options, Exercised (1,017,669)    
Outstanding Share Options, Forfeited (175,993)    
Outstanding Share Options, Ending balance 8,671,939   9,865,601
Outstanding Share Options, Exercisable 5,133,740    
Weighted Average Exercise Price Per Share, Beginning balance $ 7.10    
Weighted Average Exercise Price Per Share, Exercised 1.76    
Weighted Average Exercise Price Per Share, Forfeited 12.70    
Weighted Average Exercise Price Per Share, Ending balance 7.61   $ 7.10
Weighted Average Exercise Price Per Share, Exercisable $ 4.55    
Weighted Average Remaining Contractual Life 6 years 1 month 6 days   6 years
Weighted Average Remaining Contractual Life, Exercisable 5 years 2 months 12 days    
Aggregate Intrinsic Value, Beginning balance $ 224,538    
Aggregate Intrinsic Value, Exercised 23,921 $ 75,400  
Aggregate Intrinsic Value, Ending balance 169,763   $ 224,538
Aggregate Intrinsic Value, Exercisable $ 115,458    
v3.22.1
Shareholders' Equity and Equity Incentive Plans - Summary of Restricted Ordinary Shares (Detail) - Restricted Stock Units (RSUs) [Member] - $ / shares
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unvested RSUs, Beginning balance 3,376,569  
Unvested RSUs, Granted 1,063,034  
Unvested RSUs, Vested (109,416) 0
Unvested RSUs, Canceled/Forfeited (217,619)  
Unvested RSUs, Ending balance 4,112,568  
Weighted Average Grant Date Fair Value Per Share, Beginning balance $ 46.03  
Weighted Average Grant Date Fair Value Per Share, Granted 25.67 $ 64.33
Weighted Average Grant Date Fair Value Per Share, Vested 57.22  
Weighted Average Grant Date Fair Value Per Share, Canceled/Forfeited 44.51  
Weighted Average Grant Date Fair Value Per Share, Ending balance $ 40.55  
v3.22.1
Shareholders' Equity and Equity Incentive Plans - Summary of Ordinary Shares Reserved for Future Issuance (Detail)
Mar. 31, 2022
shares
Class of Stock [Line Items]  
Common Stock Reserved for Future Issuance 34,258,172
2020 Plan [Member]  
Class of Stock [Line Items]  
Common Stock Reserved for Future Issuance 17,614,639
Employee Stock Purchase Plan [Member]  
Class of Stock [Line Items]  
Common Stock Reserved for Future Issuance 3,748,094
Employee Stock Option [Member]  
Class of Stock [Line Items]  
Common Stock Reserved for Future Issuance 8,671,939
Restricted Stock Units (RSUs) [Member]  
Class of Stock [Line Items]  
Common Stock Reserved for Future Issuance 4,112,568
Ordinary Shares [Member]  
Class of Stock [Line Items]  
Common Stock Reserved for Future Issuance 110,932
v3.22.1
Shareholders' Equity and Equity Incentive Plans - Summary of Stock-based Compensation Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation expense $ 14,074 $ 11,750
Cost of revenue [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation expense 1,306 762
Research and development [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation expense 5,132 1,829
Sales and marketing [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation expense 4,755 2,723
General and administrative [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation expense $ 2,881 $ 6,436
v3.22.1
Accumulated Other Comprehensive Income (Loss) - Summary of Changes In AOCI (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Changes in Accumulated Other Comprehensive Income [Line items]    
Beginning Balance $ 611 $ 372
Other comprehensive loss before reclassifications (1,560) (423)
Net (gains) losses reclassified from AOCI 79 (218)
Other comprehensive loss (1,481) (641)
Ending Balance (870) (269)
Net Unrealized Gains (losses) on Available-for-Sale Marketable Securities [Member]    
Changes in Accumulated Other Comprehensive Income [Line items]    
Beginning Balance (264) (69)
Other comprehensive loss before reclassifications (717) (30)
Net (gains) losses reclassified from AOCI 0 0
Other comprehensive loss (717) (30)
Ending Balance (981) (99)
Net Unrealized Gains on Derivatives Designated as Hedging Instruments [Member]    
Changes in Accumulated Other Comprehensive Income [Line items]    
Beginning Balance 875 441
Other comprehensive loss before reclassifications (843) (393)
Net (gains) losses reclassified from AOCI 79 (218)
Other comprehensive loss (764) (611)
Ending Balance $ 111 $ (170)
v3.22.1
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Income tax expense (benefit) $ 838 $ (2,357)  
Unrecognized tax benefits $ 4,400   $ 4,400
v3.22.1
Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Numerator:    
Net loss $ (19,704) $ (7,895)
Denominator:    
Weighted-average shares used in computing net loss per share, basic and diluted 97,883,814 92,679,756
Net loss per share, basic and diluted $ (0.20) $ (0.09)
v3.22.1
Net Loss Per Share - Summary of Shares Excluded From the Computation of Diluted Net Loss Per Share Attributable to Ordinary Shareholders (Detail) - shares
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Shares excluded from computation of diluted net loss per share 13,343,669 13,824,826
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 9,346,102 12,504,417
Unvested RSUs [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Shares excluded from computation of diluted net loss per share 3,714,230 1,164,446
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 140,818 23,652
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 142,519 132,311