0001660280-21-000054 | 10-Q | XBRL Viewer

Cash and Cash Equivalents and Short-Term Investments (Tables)

3 Months Ended

Mar. 31, 2021

Cash and Cash Equivalents [Abstract]

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

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


	March 31, 2021
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	65,968	$	—	$	—	$	65,968

Total cash equivalents	$	65,968	$	—	$	—	$	65,968

Short-term investments:
Commercial paper	$	69,833	$	—	$	—	$	69,833
Supranational bonds	4,502		—		(1)		4,501
U.S. Treasury and agency obligations	37,602		9		—		37,611
Total short-term investments	$	111,937	$	9	$	(1)	$	111,945


	December 31, 2020
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	44,153	$	—	$	—	$	44,153
Commercial paper	4,500		—		—		4,500
Total cash equivalents	$	48,653	$	—	$	—	$	48,653

Short-term investments:
Commercial paper	$	71,425	$	—	$	—	$	71,425
Corporate bonds	4,502		3		—		4,505
U.S. Treasury and agency obligations	37,686		7		—		37,693
Total short-term investments	$	113,613	$	10	$	—	$	113,623

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 16,952	$ 13,035
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	937	747
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	6,296	4,496
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	4,156	2,948
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 5,563	$ 4,844

Leases - Supplemental Information Related to Leases (Details)	Mar. 31, 2021	Dec. 31, 2020
Operating leases
Weighted average remaining lease term	10 years	10 years
Weighted average discount rate	5.60%	5.60%

Business and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidations	The accompanying consolidated financial statements include the accounts of Tenable Holdings, Inc. and our wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Basis of Accounting	The consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“GAAP”) for interim financial information. The consolidated statements are unaudited and should be read in conjunction with the consolidated financial statements and related notes included in our 2020 Annual Report on Form 10-K ("10-K") filed with the Securities and Exchange Commission on February 23, 2021. The consolidated financial statements have been prepared on a basis consistent with the audited annual consolidated financial statements included in the 10-K and, in the opinion of management, include all adjustments of a normal recurring nature necessary to fairly state our financial position, our results of operations, and cash flows.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates include, but are not limited to, the determination of the estimated economic life of perpetual licenses for revenue recognition, the estimated period of benefit for deferred commissions, the useful lives of long-lived assets, the fair value of acquired intangible assets, the valuation of stock-based compensation, including the estimated underlying fair value of our common stock prior to our IPO, the incremental borrowing rate for operating leases, and the valuation of deferred tax assets. We base these estimates on historical experience and on various other assumptions that we believe to be reasonable. Actual results could differ significantly from these estimates.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements We adopted Accounting Standards Update ("ASU") No. 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, effective January 1, 2021. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements. This ASU eliminated previously allowed exceptions and clarified existing guidance in the accounting for income taxes, including in the areas of franchise taxes, the tax basis of goodwill and interim period effects of changes in tax laws.

Net Loss Per Share - Schedule of Potentially Dilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	14,588	18,047
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	8,814	12,114
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,716	5,450
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	58	87
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	396

Net Loss Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

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


	Three Months Ended March 31,
(in thousands, except per share data)	2021		2020
Net loss	$	(7,748)	$	(22,977)

Weighted-average shares used to compute net loss per share	104,531		98,855
Net loss per share, basic and diluted	$	(0.07)	$	(0.23)

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


	Three Months Ended March 31,
(in thousands)	2021	2020
Stock options	8,814	12,114
RSUs	5,716	5,450
Shares to be issued under the 2018 ESPP	58	87
Restricted stock	—	396
Total	14,588	18,047

Revenue - Activity of Deferred Contract Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Capitalized Contract Cost [Roll Forward]
Beginning balance	$ 78,876	$ 72,265
Capitalization of contract acquisition costs	7,224	6,121
Amortization of deferred contract acquisition costs	(8,800)	(7,644)
Ending balance	$ 77,300	$ 70,742

Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

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


	Three Months Ended March 31,
(in thousands)	2021		2020
Operating lease cost	$	1,869	$	2,484

Finance lease cost
Amortization of ROU assets	$	2	$	110
Interest on lease liabilities	1		2
Total finance lease cost	$	3	$	112

Rent expense for short-term leases in the three months ended March 31, 2021 and 2020 was not material.

Supplemental information related to leases was as follows:


	March 31, 2021	December 31, 2020
Operating leases
Weighted average remaining lease term	10.0 years	10.0 years
Weighted average discount rate	5.6%	5.6%

During the three months ended March 31, 2021 and 2020, we did not obtain any right of use assets in exchange for lease liabilities.

Maturities of operating lease liabilities at March 31, 2021 were as follows:


(in thousands)
Year ending December 31,
2021(1)	$	2,397
2022	8,007
2023	7,676
2024	7,830
2025	7,394
Thereafter	44,490
Total lease payments	77,794
Less: Imputed interest	(20,295)

Total	$	57,499

_______________

(1) Represents the nine months ending December 31, 2021.

Leases

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


	Three Months Ended March 31,
(in thousands)	2021		2020
Operating lease cost	$	1,869	$	2,484

Finance lease cost
Amortization of ROU assets	$	2	$	110
Interest on lease liabilities	1		2
Total finance lease cost	$	3	$	112

Rent expense for short-term leases in the three months ended March 31, 2021 and 2020 was not material.

Supplemental information related to leases was as follows:


	March 31, 2021	December 31, 2020
Operating leases
Weighted average remaining lease term	10.0 years	10.0 years
Weighted average discount rate	5.6%	5.6%

During the three months ended March 31, 2021 and 2020, we did not obtain any right of use assets in exchange for lease liabilities.

Maturities of operating lease liabilities at March 31, 2021 were as follows:


(in thousands)
Year ending December 31,
2021(1)	$	2,397
2022	8,007
2023	7,676
2024	7,830
2025	7,394
Thereafter	44,490
Total lease payments	77,794
Less: Imputed interest	(20,295)

Total	$	57,499

_______________

(1) Represents the nine months ending December 31, 2021.

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Computation of basic and diluted net loss per share

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


	Three Months Ended March 31,
(in thousands, except per share data)	2021		2020
Net loss	$	(7,748)	$	(22,977)

Weighted-average shares used to compute net loss per share	104,531		98,855
Net loss per share, basic and diluted	$	(0.07)	$	(0.23)

Potentially dilutive securities

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


	Three Months Ended March 31,
(in thousands)	2021	2020
Stock options	8,814	12,114
RSUs	5,716	5,450
Shares to be issued under the 2018 ESPP	58	87
Restricted stock	—	396
Total	14,588	18,047

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Jan. 01, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense, outstanding stock options	$ 8.1
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense, unvested restricted stock or RSUs	$ 186.1
Estimated remaining weighted average period	3 years 2 months 12 days
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated remaining weighted average period	1 year 1 month 6 days
2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)		5,185,762
Shares available for grant (in shares)	20,955,023

Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

We measure certain financial instruments at fair value using a fair value hierarchy. In the hierarchy, assets are classified based on the lowest level inputs used in valuation into the following categories:

•Level 1 — Quoted prices in active markets for identical assets and liabilities;

•Level 2 — Observable inputs including quoted market prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in inactive markets, or inputs that are corroborated by observable market data; and

•Level 3 — Unobservable inputs.

The following tables summarize assets that are measured at fair value on a recurring basis:


	March 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Cash and cash equivalents
Money market funds	$	65,968	$	—	$	—	$	65,968

	$	65,968	$	—	$	—	$	65,968

Short-term investments
Commercial paper	$	—	$	69,833	$	—	$	69,833
Supranational bonds	—		4,501		—		4,501
U.S. Treasury and agency obligations	—		37,611		—		37,611
	$	—	$	111,945	$	—	$	111,945


	December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Cash and cash equivalents
Money market funds	$	44,153	$	—	$	—	$	44,153
Commercial paper	—		4,500		—		4,500
	$	44,153	$	4,500	$	—	$	48,653

Short-term investments
Commercial paper	$	—	$	71,425	$	—	$	71,425
Corporate bonds	—		4,505		—		4,505
U.S. Treasury and agency obligations	—		37,693		—		37,693
	$	—	$	113,623	$	—	$	113,623

We did not have any liabilities measured and recorded at fair value at March 31, 2021 or December 31, 2020.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Revenue - Summary of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 123,189	$ 102,648
Subscription revenue
Disaggregation of Revenue [Line Items]
Revenue	107,402	86,390
Perpetual license and maintenance revenue
Disaggregation of Revenue [Line Items]
Revenue	12,405	13,419
Professional services and other revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 3,382	$ 2,839

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
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-Section S99
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue - Remaining Performance Obligations (Details) $ in Millions	Mar. 31, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Future estimated revenue	$ 441.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected recognized percentage over succeeding 12 months	75.00%
Expected timing of satisfaction	4 years

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Components of lease expense and supplemental information

The components of lease expense were as follows:


	Three Months Ended March 31,
(in thousands)	2021		2020
Operating lease cost	$	1,869	$	2,484

Finance lease cost
Amortization of ROU assets	$	2	$	110
Interest on lease liabilities	1		2
Total finance lease cost	$	3	$	112

Supplemental information related to leases was as follows:


	March 31, 2021	December 31, 2020
Operating leases
Weighted average remaining lease term	10.0 years	10.0 years
Weighted average discount rate	5.6%	5.6%

Schedule of maturities of operating lease liabilities

Maturities of operating lease liabilities at March 31, 2021 were as follows:


(in thousands)
Year ending December 31,
2021(1)	$	2,397
2022	8,007
2023	7,676
2024	7,830
2025	7,394
Thereafter	44,490
Total lease payments	77,794
Less: Imputed interest	(20,295)

Total	$	57,499

_______________

(1) Represents the nine months ending December 31, 2021.

Cash and Cash Equivalents and Short-Term Investments

3 Months Ended

Mar. 31, 2021

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents and Short-Term Investments

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


	March 31, 2021
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	65,968	$	—	$	—	$	65,968

Total cash equivalents	$	65,968	$	—	$	—	$	65,968

Short-term investments:
Commercial paper	$	69,833	$	—	$	—	$	69,833
Supranational bonds	4,502		—		(1)		4,501
U.S. Treasury and agency obligations	37,602		9		—		37,611
Total short-term investments	$	111,937	$	9	$	(1)	$	111,945


	December 31, 2020
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	44,153	$	—	$	—	$	44,153
Commercial paper	4,500		—		—		4,500
Total cash equivalents	$	48,653	$	—	$	—	$	48,653

Short-term investments:
Commercial paper	$	71,425	$	—	$	—	$	71,425
Corporate bonds	4,502		3		—		4,505
U.S. Treasury and agency obligations	37,686		7		—		37,693
Total short-term investments	$	113,613	$	10	$	—	$	113,623

At March 31, 2021, all of our short-term investments had maturities within the next twelve months.

Revenue (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Summary of revenue

The following table presents a summary of revenue:


	Three Months Ended March 31,
(in thousands)	2021		2020
Subscription revenue	$	107,402	$	86,390
Perpetual license and maintenance revenue	12,405		13,419
Professional services and other revenue	3,382		2,839
Revenue	$	123,189	$	102,648

Activity of deferred contract costs

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


	Three Months Ended March 31,
(in thousands)	2021		2020
Beginning balance	$	78,876	$	72,265
Capitalization of contract acquisition costs	7,224		6,121
Amortization of deferred contract acquisition costs	(8,800)		(7,644)
Ending balance	$	77,300	$	70,742

Geographic Information - Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 123,189	$ 102,648
The Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	80,595	69,314
Europe, Middle East and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	29,266	23,550
Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 13,328	$ 9,784

- Definition

+ References

+ Details

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Right-of-use assets under finance leases	$ 1,344		$ 1,571
Total	58,305		56,722
Less: accumulated depreciation and amortization	(19,395)		(17,802)
Property and equipment, net	38,910		38,920
Depreciation and amortization	2,200	$ 2,000
Computer software and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	23,794		22,930
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	6,027		6,011
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 27,140		$ 26,210

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 228,386	$ 178,223
Short-term investments	111,945	113,623
Accounts receivable (net of allowance for doubtful accounts of $326 and $261 at March 31, 2021 and December 31, 2020, respectively)	82,822	115,342
Deferred commissions	31,936	32,143
Prepaid expenses and other current assets	42,570	44,462
Total current assets	497,659	483,793
Property and equipment, net	38,910	38,920
Deferred commissions (net of current portion)	45,364	46,733
Operating lease right-of-use assets	38,364	39,426
Acquired intangible assets, net	12,614	13,193
Goodwill	54,414	54,414
Other assets	13,522	14,110
Total assets	700,847	690,589
Current liabilities:
Accounts payable and accrued expenses	9,555	5,731
Accrued compensation	26,787	35,509
Deferred revenue	325,113	328,819
Operating lease liabilities	4,298	3,815
Other current liabilities	1,097	1,028
Total current liabilities	366,850	374,902
Deferred revenue (net of current portion)	103,749	105,691
Operating lease liabilities (net of current portion)	53,201	54,529
Other liabilities	5,108	4,802
Total liabilities	528,908	539,924
Stockholders’ equity:
Common stock (par value: $0.01; 500,000 shares authorized; 105,513 and 103,715 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively)	1,055	1,037
Additional paid-in capital	786,476	757,470
Accumulated other comprehensive income	8	10
Accumulated deficit	(615,600)	(607,852)
Total stockholders’ equity	171,939	150,665
Total liabilities and stockholders’ equity	$ 700,847	$ 690,589

Goodwill and Acquired Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 54,414		$ 54,414
Amortization of acquired intangible assets	$ 600	$ 600

Revenue - Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue recognized that was included in deferred revenue	$ 114.9	$ 95.3

Stock-Based Compensation - Fair Value Assumptions (Details) - Employee stock purchase plan	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	52.00%	41.60%
Expected volatility, maximum	59.40%	47.90%
Risk-free interest rate	0.10%
Risk-free interest rate, minimum		0.80%
Risk-free interest rate, maximum		0.90%
Expected dividend yield	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 months	6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	2 years	2 years

Income Taxes (Details) $ in Millions	3 Months Ended
Income Taxes (Details) $ in Millions	Mar. 31, 2021 USD ($)
Israel
Income Tax Examination [Line Items]
Income tax expense, research and development	$ 2.8
India
Income Tax Examination [Line Items]
Tax settlement, foreign amount	$ 2.6

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsIn April 2021, we acquired Alsid SAS ("Alsid"), a leader in active directory security. Active directory is the basis for managing user permissions across on-premises and hybrid cloud deployments and is foundational to the security of cloud workloads, security remote work, and adopting zero trust architectures. We acquired Alsid for a total purchase price of $98 million in cash, subject to customary purchase price adjustments.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (7,748)	$ (22,977)
Other comprehensive (loss) income, net of tax:
Unrealized (losses) gains on available-for-sale securities	(2)	113
Other comprehensive (loss) income	(2)	113
Comprehensive loss	$ (7,750)	$ (22,864)

- Definition

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

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+ Details

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating lease cost	$ 1,869	$ 2,484
Finance lease cost
Amortization of ROU assets	2	110
Interest on lease liabilities	1	2
Total finance lease cost	$ 3	$ 112

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 326	$ 261
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	105,513,000	103,715,000
Common stock, shares outstanding (in shares)	105,513,000	103,715,000

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2021	Apr. 23, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-38600
Entity Registrant Name	TENABLE HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-5580846
Entity Address, Address Line One	6100 Merriweather Drive
Entity Address, City or Town	Columbia
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21044
City Area Code	410
Local Phone Number	872-0555
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	TENB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		105,591,098
Entity Central Index Key	0001660280
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Stock-Based Compensation - Stock Option Activity (Narrative) (Details) shares in Millions	Mar. 31, 2021 shares
Share-based Payment Arrangement [Abstract]
Stock options vested and expected to vest (in shares)	8.8

Goodwill and Acquired Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

At March 31, 2021 and December 31, 2020, our goodwill balance was $54.4 million.

Acquired intangible assets subject to amortization are as follows:


	March 31, 2021						December 31, 2020
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired technology	$	17,325	$	(4,777)	$	12,548	$	17,325	$	(4,224)	$	13,101
Trade name	200		(134)		66		200		(108)		92
	$	17,525	$	(4,911)	$	12,614	$	17,525	$	(4,332)	$	13,193

Amortization of acquired intangible assets was $0.6 million in each of the three months ended March 31, 2021 and 2020.

At March 31, 2021, estimated future amortization of acquired intangible assets is as follows:


(in thousands)
Year ending December 31,
2021(1)	$	1,727
2022	2,214
2023	2,214
2024	2,214
2025	2,214
Thereafter	2,031
Total	$	12,614

_______________

(1) Represents the nine months ending December 31, 2021.

Geographic Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Revenue by region

Revenue by region, based on the address of the end user as specified in our subscription, license or service agreements, was as follows:


	Three Months Ended March 31,
(in thousands)	2021		2020
The Americas	$	80,595	$	69,314
Europe, Middle East and Africa	29,266		23,550
Asia Pacific	13,328		9,784
Revenue	$	123,189	$	102,648

Property and equipment, net by geographic area

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


(in thousands)	March 31, 2021		December 31, 2020
United States	$	35,714	$	35,406
International	3,196		3,514
Property and equipment, net	$	38,910	$	38,920

Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based CompensationUnder the evergreen provision in our 2018 Equity Incentive Plan ("2018 Plan"), in January 2021 we reserved an additional 5,185,762 shares of our common stock for issuance. At March 31, 2021, there were 20,955,023 shares available for grant under the 2018 Plan.

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


	Three Months Ended March 31,
(in thousands)	2021		2020
Cost of revenue	$	937	$	747
Sales and marketing	6,296		4,496
Research and development	4,156		2,948
General and administrative	5,563		4,844
Total stock-based compensation expense	$	16,952	$	13,035

At March 31, 2021, the unrecognized stock-based compensation expense related to unvested restricted stock units ("RSUs") was $186.1 million, which is expected to be recognized over an estimated remaining weighted average period of 3.2 years.

At March 31, 2021, the unrecognized stock-based compensation expense related to outstanding stock options was $8.1 million, which is expected to be recognized over an estimated remaining weighted average period of 1.1 years.

Restricted Stock and RSUs

A summary of our restricted stock and RSU activity is presented below:


	Restricted Stock			RSUs
(in thousands, except for per share data)	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2020	99	$	4.25	4,490	$	28.13
Granted	—	—		2,244	43.88
Vested	(99)	4.25		(792)	27.92
Forfeited	—	—		(226)	29.63
Unvested balance at March 31, 2021	—	—		5,716	34.28

Stock Options

A summary of our stock option activity is presented below:


(in thousands, except for exercise prices and years)	Number of Shares	Weighted Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2020	9,441	$	8.56	6.4	$	412,547
Granted	—	—
Exercised	(607)	6.61			23,631
Forfeited/canceled	(20)	14.74
Outstanding at March 31, 2021	8,814	8.68		6.2	242,384
Exercisable at March 31, 2021	6,545	6.70		5.9	192,978

At March 31, 2021, there were 8.8 million stock options that were vested and expected to vest.

2018 Employee Stock Purchase Plan

Under the evergreen provision in our 2018 Employee Stock Purchase Plan ("2018 ESPP"), in January 2021 we reserved an additional 1,555,728 shares of our common stock for issuance. At March 31, 2021, there were 6,587,717 shares reserved for issuance under the 2018 ESPP.

In the three months ended March 31, 2021, employees purchased 399,187 shares of our common stock at a weighted average price of $20.16 per share, resulting in $8.0 million of cash proceeds.

At March 31, 2021, there was $1.3 million of employee contributions to the 2018 ESPP included in accrued compensation. At March 31, 2021, the unrecognized stock-based compensation expense related to our 2018 ESPP was $4.3 million, which is expected to be recognized over an estimated weighted average period of 0.7 years.

The fair value of the 2018 ESPP purchase rights was estimated on the offering or modification dates using a Black-Scholes option-pricing model and the following assumptions:


	Three Months Ended March 31,
	2021	2020
Expected term (in years)	0.5 — 2.0	0.5 — 2.0
Expected volatility	52.0% — 59.4%	41.6% — 47.9%
Risk-free interest rate	0.1%	0.8% — 0.9%
Expected dividend yield	—	—

As we now have sufficient history as a public company, in the three months ended March 31, 2021 we began using the volatility of our common stock to calculate expected volatility. Previously, we used the volatility of the common stock of similar peer companies.

Stock-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jan. 01, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock issued in connection with the employee stock purchase plan	$ 8,046	$ 7,307
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)			1,555,728
Shares available for grant (in shares)	6,587,717
Common stock purchased (in shares)	399,187
Share price (in usd per share)	$ 20.16
Employee contributions	$ 1,300
Unrecognized stock-based compensation expense	$ 4,300
Remaining offering period	8 months 12 days

Goodwill and Acquired Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of finite-lived intangible assets

Acquired intangible assets subject to amortization are as follows:


	March 31, 2021						December 31, 2020
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired technology	$	17,325	$	(4,777)	$	12,548	$	17,325	$	(4,224)	$	13,101
Trade name	200		(134)		66		200		(108)		92
	$	17,525	$	(4,911)	$	12,614	$	17,525	$	(4,332)	$	13,193

Schedule of finite-lived intangible assets, future amortization expense

At March 31, 2021, estimated future amortization of acquired intangible assets is as follows:


(in thousands)
Year ending December 31,
2021(1)	$	1,727
2022	2,214
2023	2,214
2024	2,214
2025	2,214
Thereafter	2,031
Total	$	12,614

_______________

(1) Represents the nine months ending December 31, 2021.

Geographic Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Geographic Information

We operate as one operating segment. Our Chief Executive Officer, who is our chief operating decision maker, reviews financial information on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.

Revenue by region, based on the address of the end user as specified in our subscription, license or service agreements, was as follows:


	Three Months Ended March 31,
(in thousands)	2021		2020
The Americas	$	80,595	$	69,314
Europe, Middle East and Africa	29,266		23,550
Asia Pacific	13,328		9,784
Revenue	$	123,189	$	102,648

Customers located in the United States accounted for 59% and 62% of revenue in the three months ended March 31, 2021 and 2020, respectively. No other country accounted for 10% or more of revenue in the periods presented.

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


(in thousands)	March 31, 2021		December 31, 2020
United States	$	35,714	$	35,406
International	3,196		3,514
Property and equipment, net	$	38,910	$	38,920

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

Property and equipment, net

Property and equipment, net consisted of the following:


(in thousands)	March 31, 2021		December 31, 2020
Computer software and equipment	$	23,794	$	22,930
Furniture and fixtures	6,027		6,011
Leasehold improvements	27,140		26,210
Right-of-use assets under finance leases	1,344		1,571
Total	58,305		56,722
Less: accumulated depreciation and amortization	(19,395)		(17,802)
Property and equipment, net	$	38,910	$	38,920

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenue	$ 123,189	$ 102,648
Cost of revenue	22,073	18,701
Gross profit	101,116	83,947
Operating expenses:
Sales and marketing	58,635	59,855
Research and development	26,838	26,831
General and administrative	21,445	18,933
Total operating expenses	106,918	105,619
Loss from operations	(5,802)	(21,672)
Interest (expense) income, net	(28)	734
Other expense, net	(66)	(960)
Loss before income taxes	(5,896)	(21,898)
Provision for income taxes	1,852	1,079
Net loss	$ (7,748)	$ (22,977)
Net loss per share, basic and diluted (in usd per share)	$ (0.07)	$ (0.23)
Weighted-average shares used to compute net loss per share, basic and diluted (in shares)	104,531	98,855

Geographic Information - Narrative (Details) - segment	3 Months Ended
Geographic Information - Narrative (Details) - segment	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting [Abstract]
Number of operating segments	1
United States \| Revenue \| Geographic concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	59.00%	62.00%

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (7,748)	$ (22,977)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	2,816	2,678
Stock-based compensation	16,952	13,035
Other	313	515
Changes in operating assets and liabilities:
Accounts receivable	32,455	20,813
Prepaid expenses and other assets	5,427	5,958
Accounts payable, accrued expenses and accrued compensation	(6,003)	(9,608)
Deferred revenue	(5,648)	(5,036)
Other current and noncurrent liabilities	61	(886)
Net cash provided by operating activities	38,625	4,492
Cash flows from investing activities:
Purchases of property and equipment	(1,061)	(614)
Purchases of short-term investments	(29,361)	(58,831)
Sales and maturities of short-term investments	31,000	78,175
Net cash provided by investing activities	578	18,730
Cash flows from financing activities:
Proceeds from stock issued in connection with the employee stock purchase plan	8,046	7,307
Proceeds from the exercise of stock options	4,015	3,978
Other financing activities	(3)	(4)
Net cash provided by financing activities	12,058	11,281
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(1,068)	(1,097)
Net increase in cash and cash equivalents and restricted cash	50,193	33,406
Cash and cash equivalents and restricted cash at beginning of period	178,463	74,665
Cash and cash equivalents and restricted cash at end of period	228,656	108,071
Supplemental disclosure of cash flow information:
Cash paid for interest	71	41
Cash paid for income taxes, net of refunds	3,470	1,203
Supplemental cash flow information related to leases:
Cash payments for operating leases	$ 1,518	$ 1,263

Stock-Based Compensation - Restricted Stock and Restricted Stock Units (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Restricted stock
Number of Shares
Number of shares unvested, beginning of period (in shares) \| shares	99
Number of shares, granted (in shares) \| shares	0
Number of shares, vested (in shares) \| shares	(99)
Number of shares, forfeited (in shares) \| shares	0
Number of shares unvested, end of period (in shares) \| shares	0
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning of period (in usd per share) \| $ / shares	$ 4.25
Weighted average grant date fair value, granted (in usd per share) \| $ / shares	0
Weighted average grant date fair value, vested (in usd per share) \| $ / shares	4.25
Weighted average grant date fair value, forfeited (in usd per share) \| $ / shares	0
Weighted average grant date fair value, end of period (in usd per share) \| $ / shares	$ 0
RSUs
Number of Shares
Number of shares unvested, beginning of period (in shares) \| shares	4,490
Number of shares, granted (in shares) \| shares	2,244
Number of shares, vested (in shares) \| shares	(792)
Number of shares, forfeited (in shares) \| shares	(226)
Number of shares unvested, end of period (in shares) \| shares	5,716
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning of period (in usd per share) \| $ / shares	$ 28.13
Weighted average grant date fair value, granted (in usd per share) \| $ / shares	43.88
Weighted average grant date fair value, vested (in usd per share) \| $ / shares	27.92
Weighted average grant date fair value, forfeited (in usd per share) \| $ / shares	29.63
Weighted average grant date fair value, end of period (in usd per share) \| $ / shares	$ 34.28

Goodwill and Acquired Intangible Assets - Schedule of Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2021	$ 1,727
2022	2,214
2023	2,214
2024	2,214
2025	2,214
Thereafter	2,031
Total	$ 12,614	$ 13,193

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net loss	$ (7,748)	$ (22,977)
Weighted-average shares used to compute net loss per share (in shares)	104,531	98,855
Net loss per share, basic and diluted (in usd per share)	$ (0.07)	$ (0.23)

- Definition

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

+ References

+ Details

Property and Equipment, Net

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following:


(in thousands)	March 31, 2021		December 31, 2020
Computer software and equipment	$	23,794	$	22,930
Furniture and fixtures	6,027		6,011
Leasehold improvements	27,140		26,210
Right-of-use assets under finance leases	1,344		1,571
Total	58,305		56,722
Less: accumulated depreciation and amortization	(19,395)		(17,802)
Property and equipment, net	$	38,910	$	38,920

Depreciation and amortization related to property and equipment was $2.2 million and $2.0 million in the three months ended March 31, 2021 and 2020, respectively.

Business and Summary of Significant Accounting Policies	3 Months Ended
Business and Summary of Significant Accounting Policies	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Summary of Significant Accounting Policies	Business and Summary of Significant Accounting Policies Business Description Tenable Holdings, Inc. (the “Company,” “we,” "us," or “our”) is a provider of Cyber Exposure solutions, which is a discipline for managing, measuring and comparing cybersecurity risk in the digital era. Our platform offerings provide broad visibility into security issues such as vulnerabilities, misconfigurations, internal and regulatory compliance violations and other indicators of the state of an organization’s security across IT infrastructure and applications, cloud environments and industrial internet of things and operational technology environments. Basis of Presentation The accompanying consolidated financial statements include the accounts of Tenable Holdings, Inc. and our wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“GAAP”) for interim financial information. The consolidated statements are unaudited and should be read in conjunction with the consolidated financial statements and related notes included in our 2020 Annual Report on Form 10-K ("10-K") filed with the Securities and Exchange Commission on February 23, 2021. The consolidated financial statements have been prepared on a basis consistent with the audited annual consolidated financial statements included in the 10-K and, in the opinion of management, include all adjustments of a normal recurring nature necessary to fairly state our financial position, our results of operations, and cash flows. The results for the three months ended March 31, 2021 are not necessarily indicative of the operating results expected for the year ending December 31, 2021 or any other future period. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates include, but are not limited to, the determination of the estimated economic life of perpetual licenses for revenue recognition, the estimated period of benefit for deferred commissions, the useful lives of long-lived assets, the fair value of acquired intangible assets, the valuation of stock-based compensation, including the estimated underlying fair value of our common stock prior to our IPO, the incremental borrowing rate for operating leases, and the valuation of deferred tax assets. We base these estimates on historical experience and on various other assumptions that we believe to be reasonable. Actual results could differ significantly from these estimates. Significant Accounting Policies Our significant accounting policies are described in our 10-K. During the three months ended March 31, 2021, there were no material changes to our significant accounting policies from those described in our 10-K. Recently Adopted Accounting Pronouncements We adopted Accounting Standards Update ("ASU") No. 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, effective January 1, 2021. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements. This ASU eliminated previously allowed exceptions and clarified existing guidance in the accounting for income taxes, including in the areas of franchise taxes, the tax basis of goodwill and interim period effects of changes in tax laws.

Debt	3 Months Ended
Debt	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt In July 2020, we entered into a $45.0 million senior secured credit facility (“2020 Credit Facility”) with Silicon Valley Bank in connection with the expiration of our $25.0 million revolving credit facility. The 2020 Credit Facility bears interest at either LIBOR plus 2%, with a 1% LIBOR floor, or the base rate plus 1%, and terminates on July 24, 2022. A commitment fee of 0.35% per annum is payable quarterly in arrears based on the unused portion. The obligations under the 2020 Credit Facility are secured by a lien on our tangible and intangible property except intellectual property and certain subsidiaries and by a pledge of all of the equity interests of our material direct and indirect domestic subsidiaries and 65% of each class of capital stock of any material first-tier foreign subsidiaries, subject to limited exceptions. The 2020 Credit Facility includes a $45.0 million uncommitted expansion, as well as a $10.0 million sublimit for the issuance of letters of credit and a swingline sub-facility of up to $10.0 million, and has a financial covenant requiring a minimum consolidated quick ratio of at least 1.5:1.0 on the last day of each quarter.During the three months ended March 31, 2021, there were no amounts outstanding under the 2020 Credit Facility. At March 31, 2021, we were in compliance with the financial covenant and our borrowing capacity was reduced by $5.5 million related to standby letters of credit.

Revenue

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

The following table presents a summary of revenue:


	Three Months Ended March 31,
(in thousands)	2021		2020
Subscription revenue	$	107,402	$	86,390
Perpetual license and maintenance revenue	12,405		13,419
Professional services and other revenue	3,382		2,839
Revenue	$	123,189	$	102,648

Concentrations

We sell and market our products and services through our field sales force that works closely with our channel partners, which includes a network of distributors and resellers, in developing sales opportunities. We use a two-tiered channel model whereby we sell our products and services to our distributors, which in turn sell to resellers, which then sell to end-users. We derived 92% and 91% of revenue through our channel network in the three months ended March 31, 2021 and 2020, respectively. One of our distributors accounted for 41% and 43% of revenue in the three months ended March 31, 2021 and 2020, respectively. That same distributor accounted for 41% of accounts receivable at March 31, 2021 and December 31, 2020.

Contract Balances

We generally bill our customers in advance and accounts receivable are recorded when we have the right to invoice the customer. Contract liabilities consist of deferred revenue and include customer billings and payments received in advance of performance under the contract. In the three months ended March 31, 2021 and 2020, we recognized revenue of $114.9 million and $95.3 million, respectively, that was included in the deferred revenue balance at the beginning of each of the respective periods.

Remaining Performance Obligations

At March 31, 2021, the future estimated revenue related to unsatisfied performance obligations was $441.1 million, of which approximately 75% is expected to be recognized as revenue over the succeeding twelve months, and the remainder is expected to be recognized over the four years thereafter.

Deferred Commissions

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


	Three Months Ended March 31,
(in thousands)	2021		2020
Beginning balance	$	78,876	$	72,265
Capitalization of contract acquisition costs	7,224		6,121
Amortization of deferred contract acquisition costs	(8,800)		(7,644)
Ending balance	$	77,300	$	70,742

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Geographic Information - Property And Equipment, Net By Geographic Area (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 38,910	$ 38,920
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	35,714	35,406
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 3,196	$ 3,514

Goodwill and Acquired Intangible Assets - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 17,525	$ 17,525
Accumulated Amortization	(4,911)	(4,332)
Total	12,614	13,193
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	17,325	17,325
Accumulated Amortization	(4,777)	(4,224)
Total	12,548	13,101
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	200	200
Accumulated Amortization	(134)	(108)
Total	$ 66	$ 92

Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Number of Shares
Number of shares outstanding, beginning of period (in shares)	9,441
Number of shares, granted (in shares)	0
Number of shares, exercised (in shares)	(607)
Number of shares, forfeited/canceled (in shares)	(20)
Number of shares outstanding, end of period (in shares)	8,814	9,441
Number of shares exercisable (in shares)	6,545
Weighted Average Exercise Price
Weighted average exercise price, outstanding, beginning of period (in usd per share)	$ 8.56
Weighted average exercise price, granted (in usd per share)	0
Weighted average exercise price, exercised (in usd per share)	6.61
Weighted average exercise price, forfeited/canceled (in usd per share)	14.74
Weighted average exercise price, outstanding, end of period (in usd per share)	8.68	$ 8.56
Weighted average exercise price, exercisable (in usd per share)	$ 6.70
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual term (in years), outstanding	6 years 2 months 12 days	6 years 4 months 24 days
Weighted average remaining contractual term (in years), exercisable	5 years 10 months 24 days
Aggregate intrinsic value, outstanding	$ 242,384	$ 412,547
Aggregate intrinsic value, exercised	23,631
Aggregate intrinsic value, exercisable	$ 192,978

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Balance (in shares) at Dec. 31, 2019		98,587
Balance at Dec. 31, 2019	$ 98,905	$ 986	$ 662,990	$ 50	$ (565,121)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Exercise of stock options (in shares)		635
Exercise of stock options	3,978	$ 6	3,972
Vesting of restricted stock units (in shares)		403
Vesting of restricted stock units	0	$ 4	(4)
Issuance of common stock under employee stock purchase plan (in shares)		378
Issuance of common stock under employee stock purchase plan	7,307	$ 4	7,303
Stock-based compensation	13,050		13,050
Other comprehensive income (loss)	113			113
Net loss	(22,977)				(22,977)
Balance (in shares) at Mar. 31, 2020		100,003
Balance at Mar. 31, 2020	$ 100,376	$ 1,000	687,311	163	(588,098)
Balance (in shares) at Dec. 31, 2020	103,715	103,715
Balance at Dec. 31, 2020	$ 150,665	$ 1,037	757,470	10	(607,852)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Exercise of stock options (in shares)	607	607
Exercise of stock options	$ 4,015	$ 6	4,009
Vesting of restricted stock units (in shares)		792
Vesting of restricted stock units	0	$ 8	(8)
Issuance of common stock under employee stock purchase plan (in shares)		399
Issuance of common stock under employee stock purchase plan	8,046	$ 4	8,042
Stock-based compensation	16,963		16,963
Other comprehensive income (loss)	(2)			(2)
Net loss	$ (7,748)				(7,748)
Balance (in shares) at Mar. 31, 2021	105,513	105,513
Balance at Mar. 31, 2021	$ 171,939	$ 1,055	$ 786,476	$ 8	$ (615,600)

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-based compensation expense

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


	Three Months Ended March 31,
(in thousands)	2021		2020
Cost of revenue	$	937	$	747
Sales and marketing	6,296		4,496
Research and development	4,156		2,948
General and administrative	5,563		4,844
Total stock-based compensation expense	$	16,952	$	13,035

Summary of restricted stock and restricted stock units

A summary of our restricted stock and RSU activity is presented below:


	Restricted Stock			RSUs
(in thousands, except for per share data)	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2020	99	$	4.25	4,490	$	28.13
Granted	—	—		2,244	43.88
Vested	(99)	4.25		(792)	27.92
Forfeited	—	—		(226)	29.63
Unvested balance at March 31, 2021	—	—		5,716	34.28

Stock option activity

A summary of our stock option activity is presented below:


(in thousands, except for exercise prices and years)	Number of Shares	Weighted Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2020	9,441	$	8.56	6.4	$	412,547
Granted	—	—
Exercised	(607)	6.61			23,631
Forfeited/canceled	(20)	14.74
Outstanding at March 31, 2021	8,814	8.68		6.2	242,384
Exercisable at March 31, 2021	6,545	6.70		5.9	192,978

ESPP valuation assumptions

The fair value of the 2018 ESPP purchase rights was estimated on the offering or modification dates using a Black-Scholes option-pricing model and the following assumptions:


	Three Months Ended March 31,
	2021	2020
Expected term (in years)	0.5 — 2.0	0.5 — 2.0
Expected volatility	52.0% — 59.4%	41.6% — 47.9%
Risk-free interest rate	0.1%	0.8% — 0.9%
Expected dividend yield	—	—

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of assets measured at fair value on recurring basis

The following tables summarize assets that are measured at fair value on a recurring basis:


	March 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Cash and cash equivalents
Money market funds	$	65,968	$	—	$	—	$	65,968

	$	65,968	$	—	$	—	$	65,968

Short-term investments
Commercial paper	$	—	$	69,833	$	—	$	69,833
Supranational bonds	—		4,501		—		4,501
U.S. Treasury and agency obligations	—		37,611		—		37,611
	$	—	$	111,945	$	—	$	111,945


	December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Cash and cash equivalents
Money market funds	$	44,153	$	—	$	—	$	44,153
Commercial paper	—		4,500		—		4,500
	$	44,153	$	4,500	$	—	$	48,653

Short-term investments
Commercial paper	$	—	$	71,425	$	—	$	71,425
Corporate bonds	—		4,505		—		4,505
U.S. Treasury and agency obligations	—		37,693		—		37,693
	$	—	$	113,623	$	—	$	113,623

- Definition

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

+ References + Details

Subsequent Events (Details) $ in Millions	1 Months Ended
Subsequent Events (Details) $ in Millions	Apr. 30, 2021 USD ($)
Subsequent Event \| Alsid SAS
Subsequent Event [Line Items]
Payments to acquire business	$ 98

Leases - Operating Lease Liability Maturities (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Leases [Abstract]
2021	$ 2,397
2022	8,007
2023	7,676
2024	7,830
2025	7,394
Thereafter	44,490
Total lease payments	77,794
Less: Imputed interest	(20,295)
Total	$ 57,499

Debt (Details) - USD ($)		3 Months Ended
Debt (Details) - USD ($)	Jul. 24, 2020	Mar. 31, 2021	May 04, 2017
Line of Credit Facility [Line Items]
Each type of capital stock of first-tier foreign subsidiaries, percent secured against line of credit	65.00%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity			$ 25,000,000.0
2020 Credit Facility \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 45,000,000.0
Commitment fee percentage	0.35%
Uncommitted expansion	$ 45,000,000.0
Uncommitted expansion, minimum quick ratio covenant	1.5
Proceeds from line of credit		$ 0
Line of credit facility, decrease in borrowing capacity		$ 5,500,000
2020 Credit Facility \| Letter of Credit
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 10,000,000.0
2020 Credit Facility \| Bridge Loan
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 10,000,000.0
LIBOR \| 2020 Credit Facility \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.00%
Debt instrument, basis spread on variable rate, variable rate floor	1.00%
Adjusted Base Rate \| 2020 Credit Facility \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.00%

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe provision for income taxes included income taxes in certain foreign jurisdictions in which we conduct business and the related withholding taxes on sales with customers. The provision for the three months ended March 31, 2021 was impacted by discrete items, including $2.8 million of current expense from the restructuring of our research and development operations in Israel partially offset by $2.6 million of discrete benefits, primarily related to a Supreme Court decision in India on the taxability of software license payments to nonresidents and the associated withholding taxes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Revenue - Concentrations (Details)	3 Months Ended		12 Months Ended
Revenue - Concentrations (Details)	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
One distributor \| Revenue \| Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	41.00%	43.00%
One distributor \| Accounts receivable \| Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	41.00%		41.00%
Channel network \| Revenue \| Sales method risk
Concentration Risk [Line Items]
Concentration risk, percentage	92.00%	91.00%

Cash and Cash Equivalents and Short-Term Investments - Summary of Amortized Cost, Unrealized Gain and Loss and Estimated Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Amortized Cost	$ 111,937	$ 113,613
Unrealized Gain	9	10
Unrealized Loss	(1)	0
Estimated Fair Value	111,945	113,623
Commercial paper
Cash and Cash Equivalents [Line Items]
Amortized Cost	69,833	71,425
Unrealized Gain	0	0
Unrealized Loss	0	0
Estimated Fair Value	69,833	71,425
Supranational bonds
Cash and Cash Equivalents [Line Items]
Amortized Cost	4,502
Unrealized Gain	0
Unrealized Loss	(1)
Estimated Fair Value	4,501
Corporate bonds
Cash and Cash Equivalents [Line Items]
Amortized Cost		4,502
Unrealized Gain		3
Unrealized Loss		0
Estimated Fair Value		4,505
U.S. Treasury and agency obligations
Cash and Cash Equivalents [Line Items]
Amortized Cost	37,602	37,686
Unrealized Gain	9	7
Unrealized Loss	0	0
Estimated Fair Value	37,611	37,693
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	65,968	44,153
Commercial paper
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents		4,500
Cash equivalents
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 65,968	$ 48,653

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 111,945	$ 113,623
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	69,833	71,425
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		4,505
U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	37,611	37,693
Supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	4,501
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	65,968	44,153
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		4,500
Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	65,968	48,653
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		0
Level 1 \| U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 1 \| Supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	65,968	44,153
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		0
Level 1 \| Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	65,968	44,153
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	111,945	113,623
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	69,833	71,425
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		4,505
Level 2 \| U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	37,611	37,693
Level 2 \| Supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	4,501
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		4,500
Level 2 \| Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	4,500
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 3 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		0
Level 3 \| U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 3 \| Supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		0
Level 3 \| Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 0	$ 0