0001564590-20-051982 | 10-Q | XBRL Viewer

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2020 shares
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Entity Registrant Name	BigCommerce Holdings, Inc.
Entity Central Index Key	0001626450
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-39423
Entity Tax Identification Number	46-2707656
Entity Address Address Line1	11305 Four Points Drive Building II, 3rd Floor
Entity Address City Or Town	Austin
Entity Address State Or Province	TX
Entity Interactive Data Current	Yes
Entity Address Postal Zip Code	78726
City Area Code	512
Local Phone Number	865-4500
Entity Incorporation State Country Code	DE
Security12b Title	Series 1 common stock, $0.0001 par value per share
Trading Symbol	BIGC
Security Exchange Name	NASDAQ
Series 1 Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding	62,756,186
Series 2 Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding	5,050,555

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 178,846	$ 7,795
Restricted cash	1,133	1,355
Accounts receivable, net	21,458	15,548
Prepaid expenses and other assets	9,259	5,296
Deferred commissions	2,224	1,677
Total current assets	212,920	31,671
Property and equipment, net	7,242	8,241
Right-of-use-assets	12,345	14,065
Deferred commissions, net of current portion	2,995	2,087
Total assets	235,502	56,064
Current liabilities
Accounts payable	5,566	3,881
Accrued liabilities	2,584	5,849
Deferred revenue	11,842	9,399
Current portion of long-term debt	11,895	2,363
Current portion of operating lease liabilities	3,074	2,718
Other current liabilities	17,516	9,704
Total current liabilities	52,477	33,914
Deferred revenue, net of current portion	1,127	1,492
Long-term debt, net of current portion	10,000	38,502
Operating lease liabilities, net of current portion	13,400	15,705
Total liabilities	77,004	89,613
Commitments and contingencies (Note 6)
Stockholders’ equity (deficit)
Common stock, $0.0001 par value; 500,000 shares Series 1 and, 5,051 shares Series 2 authorized at September 30, 2020 and 200,000 shares voting and 30,000 shares of non-voting authorized at December 31, 2019; 62,757, and 18,544 shares Series 1 and voting issued and, outstanding at September 30, 2020 and December 31, 2019, respectively, and 5,051 and 0 shares Series 2 and non-voting issued and, outstanding at September 30, 2020, and December 31, 2019, respectively.	7	2
Additional paid-in capital	457,681	17,244
Accumulated deficit	(299,190)	(274,549)
Total stockholders’ equity (deficit)	158,498	(257,303)
Total liabilities, convertible preferred stock, and stockholders’ equity (deficit)	$ 235,502	56,064
Convertible Preferred Stock
Convertible preferred stock
Convertible preferred stock, $0.0001 par value; 10,000 and 102,030 shares authorized at September 30, 2020 and December 31, 2019, respectively; 0 shares and 102,030 shares issued and outstanding, at September 30, 2020 and December 31, 2019, respectively.		$ 223,754

Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Common stock, par value	$ 0.0001	$ 0.0001
Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	10,000,000	102,030,000
Convertible preferred stock, shares issued	0	102,030,000
Convertible preferred stock, shares outstanding	0	102,030,000
Series 1 Common Stock
Common stock, shares authorized	500,000,000
Common stock, shares issued	62,757,000
Common stock, shares outstanding	62,757,000
Series 2 Common Stock
Common stock, shares authorized	5,051,000
Common stock, shares issued	5,051,000
Common stock, shares outstanding	5,051,000
Voting Common Stock
Common stock, shares authorized		200,000,000
Common stock, shares issued		18,544,000
Common stock, shares outstanding		18,544,000
Non-voting Common Stock
Common stock, shares authorized		30,000,000
Common stock, shares issued		0
Common stock, shares outstanding		0

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenue	$ 39,735	$ 28,264	$ 109,225	$ 81,083
Cost of revenue	8,593	6,806	23,910	18,958
Gross profit	31,142	21,458	85,315	62,125
Operating expenses:
Sales and marketing	19,328	15,346	51,893	45,445
Research and development	12,124	10,862	34,390	32,162
General and administrative	9,745	5,527	23,925	15,748
Total operating expenses	41,197	31,735	110,208	93,355
Loss from operations	(10,055)	(10,277)	(24,893)	(31,230)
Interest income	2	4	20	245
Interest expense	(741)	(359)	(2,655)	(1,129)
Change in fair value of financial instruments			4,413
Other expense	(75)	(86)	(238)	(163)
Loss before provision for income taxes	(10,869)	(10,718)	(23,353)	(32,277)
Provision for income taxes	(14)	7	6	21
Net loss	(10,855)	(10,725)	(23,359)	(32,298)
Dividends and accretion of issuance costs on Series F preferred stock	2,732	(1,865)	(962)	(5,417)
Net loss attributable to common stockholders	$ (8,123)	$ (12,590)	$ (24,321)	$ (37,715)
Basic and diluted net loss per share attributable to common stockholders	$ (0.16)	$ (0.70)	$ (0.83)	$ (2.13)
Weighted average shares used to compute basic and diluted net loss per share attributable to common stockholders	49,355	17,959	29,145	17,681

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (10,855)	$ (10,725)	$ (23,359)	$ (32,298)
Other comprehensive income (loss):
Net unrealized gain (loss) on marketable debt securities		14		14
Total comprehensive loss	$ (10,855)	$ (10,711)	$ (23,359)	$ (32,284)

- 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

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss
Balance at Dec. 31, 2018	$ (211,476)			$ 2	$ 13,261	$ (224,725)		$ (14)
Temporary equity, shares at Dec. 31, 2018			102,030
Temporary equity, balance at Dec. 31, 2018			$ 216,446
Balance, shares at Dec. 31, 2018				17,445
Exercise of stock options	132				132
Exercise of stock options, shares				96
Stock-based compensation	595				595
Accumulated dividend – Series F	(1,736)					(1,736)
Temporary Equity, Accumulated dividend – Series F			1,736
Temporary Equity, Accretion of Series F issuance costs			$ 18
Accretion of Series F issuance costs	(18)				(18)
Net loss	(10,541)					(10,541)
Balance at Mar. 31, 2019	(223,044)			$ 2	13,970	(237,002)		(14)
Temporary equity, shares at Mar. 31, 2019			102,030
Temporary equity, balance at Mar. 31, 2019			$ 218,200
Balance, shares at Mar. 31, 2019				17,541
Balance at Dec. 31, 2018	(211,476)			$ 2	13,261	(224,725)		(14)
Temporary equity, shares at Dec. 31, 2018			102,030
Temporary equity, balance at Dec. 31, 2018			$ 216,446
Balance, shares at Dec. 31, 2018				17,445
Unrealized gain on investments	14
Net loss	(32,298)
Balance at Sep. 30, 2019	(246,475)			$ 2	15,908	(262,385)
Temporary equity, shares at Sep. 30, 2019			102,030
Temporary equity, balance at Sep. 30, 2019			$ 221,863
Balance, shares at Sep. 30, 2019				18,107
Balance at Mar. 31, 2019	(223,044)			$ 2	13,970	(237,002)		(14)
Temporary equity, shares at Mar. 31, 2019			102,030
Temporary equity, balance at Mar. 31, 2019			$ 218,200
Balance, shares at Mar. 31, 2019				17,541
Exercise of stock options	40				40
Exercise of stock options, shares				360
Stock-based compensation	821				821
Accumulated dividend – Series F	(1,780)					(1,780)
Temporary Equity, Accumulated dividend – Series F			1,780
Temporary Equity, Accretion of Series F issuance costs			$ 18
Accretion of Series F issuance costs	(18)				(18)
Net loss	(11,032)					(11,032)
Balance at Jun. 30, 2019	(235,013)			$ 2	14,813	(249,814)		(14)
Temporary equity, shares at Jun. 30, 2019			102,030
Temporary equity, balance at Jun. 30, 2019			$ 219,998
Balance, shares at Jun. 30, 2019				17,901
Exercise of stock options	299				299
Exercise of stock options, shares				206
Stock-based compensation	815				815
Accumulated dividend – Series F	(1,846)					(1,846)
Temporary Equity, Accumulated dividend – Series F			1,846
Temporary Equity, Accretion of Series F issuance costs			$ 19
Unrealized gain on investments	14							$ 14
Accretion of Series F issuance costs	(19)				(19)
Net loss	(10,725)					(10,725)
Balance at Sep. 30, 2019	(246,475)			$ 2	15,908	(262,385)
Temporary equity, shares at Sep. 30, 2019			102,030
Temporary equity, balance at Sep. 30, 2019			$ 221,863
Balance, shares at Sep. 30, 2019				18,107
Balance at Dec. 31, 2019	(257,303)	$ (364)		$ 2	17,244	(274,549)	$ (364)
Temporary equity, shares at Dec. 31, 2019			102,030
Temporary equity, balance at Dec. 31, 2019			$ 223,754
Balance, shares at Dec. 31, 2019				18,544
Exercise of stock options	404				404
Exercise of stock options, shares				448
Stock-based compensation	1,026				1,026
Accumulated dividend – Series F	(1,727)					(1,727)
Temporary Equity, Accumulated dividend – Series F			1,727
Temporary Equity, Accretion of Series F issuance costs			$ 18
Accretion of Series F issuance costs	(18)				(18)
Warrants issued in connection with debt	297				297
Net loss	(4,023)					(4,023)
Balance at Mar. 31, 2020	$ (261,708)			$ 2	18,953	(280,663)
Temporary equity, shares at Mar. 31, 2020			102,030
Temporary equity, balance at Mar. 31, 2020			$ 225,499
Balance, shares at Mar. 31, 2020				18,992
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Balance at Dec. 31, 2019	$ (257,303)	$ (364)		$ 2	17,244	(274,549)	$ (364)
Temporary equity, shares at Dec. 31, 2019			102,030
Temporary equity, balance at Dec. 31, 2019			$ 223,754
Balance, shares at Dec. 31, 2019				18,544
Net loss	(23,359)
Balance at Sep. 30, 2020	158,498			$ 7	457,681	(299,190)
Temporary equity, shares at Sep. 30, 2020			0
Balance, shares at Sep. 30, 2020				67,808
Balance at Mar. 31, 2020	(261,708)			$ 2	18,953	(280,663)
Temporary equity, shares at Mar. 31, 2020			102,030
Temporary equity, balance at Mar. 31, 2020			$ 225,499
Balance, shares at Mar. 31, 2020				18,992
Exercise of stock options	366				366
Exercise of stock options, shares				351
Exercise of warrants	126				126
Exercise of warrants, shares				35
Stock-based compensation	1,144				1,144
Accumulated dividend – Series F	(1,935)					(1,935)
Temporary Equity, Accumulated dividend – Series F			1,935
Temporary Equity, Accretion of Series F issuance costs			$ 18
Accretion of Series F issuance costs	(18)				(18)
Net loss	(8,481)					(8,481)
Balance at Jun. 30, 2020	(270,506)			$ 2	20,571	(291,079)
Temporary equity, shares at Jun. 30, 2020			102,030
Temporary equity, balance at Jun. 30, 2020			$ 227,452
Balance, shares at Jun. 30, 2020				19,378
Exercise of stock options	1,051				1,051
Exercise of stock options, shares				511
Exercise of warrants, shares				349
Stock-based compensation	2,868				2,868
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs	171,129			$ 1	171,128
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs, shares				7,878
Conversion of redeemable preferred stock to common stock upon initial public offering	211,902			$ 3	211,899
Temporary equity,Conversion of redeemable preferred stock to common stock upon initial public offering, shares			(102,030)
Temporary equity,Conversion of redeemable preferred stock to common stock upon initial public offering			$ (211,902)
Conversion of redeemable preferred stock to common stock upon initial public offering, shares				34,442
Conversion of redeemable convertible debt to common stock upon initial public offering	50,173			$ 1	50,172
Conversion of redeemable convertible debt to common stock upon initial public offering, shares				5,250
Accumulated dividend – Series F	2,744					2,744
Temporary Equity, Accumulated dividend – Series F			(2,744)
Temporary Equity, Payment of Dividend			(12,814)
Temporary Equity, Accretion of Series F issuance costs			$ 8
Accretion of Series F issuance costs	(8)				(8)
Net loss	(10,855)					(10,855)
Balance at Sep. 30, 2020	$ 158,498			$ 7	$ 457,681	$ (299,190)
Temporary equity, shares at Sep. 30, 2020			0
Balance, shares at Sep. 30, 2020				67,808

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net loss	$ (23,359)	$ (32,298)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,377	1,751
Amortization of discount on debt	480	41
Stock-based compensation	5,038	2,231
Allowance for credit losses	1,198	741
Accretion on discount to marketable securities		(69)
Change in fair value of financial instrument	(4,413)
Changes in operating assets and liabilities:
Accounts receivable	(7,473)	(3,587)
Prepaid expenses	(3,675)	1,612
Deferred commissions	(1,454)	(2,482)
Accounts payable	1,685	(1,050)
Accrued and other current liabilities	4,319	2,920
Deferred revenue	2,077	(920)
Net cash used in operating activities	(23,200)	(31,110)
Cash flows from investing activities:
Purchase of property and equipment	(1,378)	(5,326)
Maturity of marketable securities		23,450
Net cash (used in) provided by investing activities	(1,378)	18,124
Cash flows from financing activities:
Proceeds from exercise of stock options	1,947	471
Payment of dividends	(12,814)
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs	171,128
Proceeds from debt	41,861	8,591
Repayment of debt	(6,715)	(1,538)
Net cash provided by financing activities	195,407	7,524
Net change in cash and cash equivalents and restricted cash	170,829	(5,462)
Cash and cash equivalents and restricted cash, beginning of period	9,150	13,897
Cash and cash equivalents and restricted cash, end of period	179,979	8,435
Supplemental cash flow information:
Cash paid for interest	1,519	$ 1,117
Noncash investing and financing activities:
Conversion of convertible preferred stock into common stock upon initial public offering	211,902
Conversion of convertible debt into common stock upon initial public offering	$ 50,173

Overview

9 Months Ended

Sep. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Overview

1. Overview

BigCommerce is leading a new era of ecommerce. Our software-as-a-service (“SaaS”) platform simplifies the creation of beautiful, engaging online stores by delivering a unique combination of ease-of-use, enterprise functionality, and flexibility. We power both our customers’ branded ecommerce stores and their cross-channel connections to popular online marketplaces, social networks, and offline point-of-sale systems.

We provide a comprehensive platform for launching and scaling an ecommerce operation, including store design, catalog management, hosting, checkout, order management, reporting, and pre-integration into third-party services like payments, shipping, and accounting. All our stores run on a single code base and share a global, multi-tenant architecture purpose built for security, high performance, and innovation. Our platform serves stores in a wide variety of sizes, product categories, and purchase types, including business-to-consumer and business-to-business.

Our headquarters and principal place of business are in Austin, Texas.

We were formed in Australia in December 2003 under the name Interspire Pty Ltd and reorganized into a corporation in Delaware under the name BigCommerce Holdings, Inc. in February 2013.

References in these consolidated financial statements to “we,” “us,” “our,” the “Company,” or “BigCommerce” refer to BigCommerce Holdings, Inc. and its subsidiaries, unless otherwise stated.

Stock Split and Initial Public Offering

On July 24, 2020, we filed with the Secretary of State of the State of Delaware an amendment to our certificate of incorporation that effected a one-for-three reverse stock split of our common stock. All common stock share and per share information for all periods presented has been adjusted to reflect the reverse stock split. The amendment to our certificate of incorporation adjusted the amount of our authorized shares to: 205,000,000 shares of Series 1 common stock, 45,000,000 shares of Series 2 common stock, and 109,030,573 shares of preferred stock. The common stock has a par value of $0.0001 per share. On July 24, 2020, concurrently with the effectiveness of the reverse stock split, the conversion prices applicable to our preferred stock were adjusted proportionately in accordance with our certificate of incorporation. The Series 1 common stock and Series 2 common stock numbers referenced herein and included in this Form 10-Q reflect this split.

On August 4, 2020, we completed our initial public offering (IPO), in which we issued and sold 7,877,500 shares of our Series 1 common stock, including 1,027,500 shares of Series 1 common stock that were sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares of Series 1 common stock at $24.00 per share. The IPO resulted in net proceeds of $171.1 million after deducting underwriting discounts, commissions and other offering costs. Existing stockholders sold an additional 2,495,000 shares of Series 1 common stock, including 325,435 shares of Series 1 common stock that were sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares of Series 1 common stock at $24.00 per share. We did not receive any proceeds from the sale of shares by the selling stockholders in the IPO.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of significant accounting policies

Basis of presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.

In the opinion of management, these financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position, results of operations and cash flows for the periods indicated. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2020.

2. Summary of significant accounting policies (continued)

The accompanying interim financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s final prospectus filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, on August 5, 2020 (“Prospectus”).

Basis of consolidation

The accompanying consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. Our fiscal year ends on December 31.

Use of estimates

The preparation of consolidated financial statements in conformity with GAAP requires certain financial instruments to be recorded at fair value; requires our 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 consolidated financial statements and reported amounts of revenue and expenses during the reporting periods. Significant estimates, judgments, and assumptions in these consolidated financial statements include: allocating variable consideration for revenue recognition; the amortization period for deferred commissions; the allowance for credit losses; a determination of the deferred tax asset valuation allowance and the valuation of our common stock used to determine stock-based compensation expense prior to our IPO. Because of the use of estimates inherent in the financial reporting process and given the additional or unforeseen effects from the COVID-19 pandemic, actual results could differ from those estimates, and such differences could be material to our consolidated financial statements.

COVID-19, declared a global pandemic by the World Health Organization on March 11, 2020, has caused disruption to the economies and communities of the United States and our target international markets. In the interest of public health, many governments closed physical stores and places of business deemed non-essential. This precipitated a significant shift in shopping behavior from offline to online. Our business has benefited from this shift, both in accelerated sales growth for our existing customers’ stores, and in our sales of new store subscriptions to customers. Nevertheless, we do not have certainty that those trends will continue; the COVID-19 pandemic and the uncertainty it has created in the global economy could materially adversely affect our business, financial condition, and results of operations.

Segment and geographic information

Our chief operating decision maker is our chief executive officer. Our chief executive officer reviews the financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. Accordingly, we have determined that we operate as a single operating and reportable segment. Revenue by geographic region was as follows:

	Three months ended September 30,				Nine months ended September 30,
(Unaudited, in thousands)	2020		2019		2020		2019
Revenue:
Americas – U.S.	$	31,483	$	22,842	$	87,099	$	66,022
Americas – other		1,422		949		3,827		2,722
EMEA		3,180		1,899		8,493		5,260
APAC		3,650		2,574		9,806		7,079
Total revenue	$	39,735	$	28,264	$	109,225	$	81,083

2. Summary of significant accounting policies (continued)

Long-lived assets by geographic region was as follows:

	September 30,		December 31,
(in thousands)	2020		2019
	(Unaudited)
Long-lived assets:
Americas – U.S.	$	6,703	$	7,699
Americas – other		—		—
EMEA		—		—
APAC		539		542
Total long-lived assets	$	7,242	$	8,241

Cash and cash equivalents

We consider all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. Cash equivalents consist of money market funds and investment securities and are stated at fair value.

Restricted cash

We maintain a portion of amounts collected through our online payment processor with the online payment processor as a security deposit for future chargebacks. Additionally, we have amounts on deposit with certain financial institutions that serve as collateral for letters of credit and lease deposits.

Marketable securities

All marketable securities have been classified as available-for-sale and are carried at estimated fair value. We determine the appropriate classification of our investments in debt securities at the time of purchase. Securities may have stated maturities greater than one year. All marketable securities are considered available to support current operations and are classified as current assets. Unrealized gains and losses are excluded from earnings and are reported as a component of accumulated other comprehensive loss. Realized gains and losses, and declines in fair value judged to be other than temporary, are included in other expense. The cost of securities sold is based on the specific-identification method. Interest on marketable securities is included in interest income.

Accounts receivable

Accounts receivable are stated at net realizable value and include unbilled receivables. Unbilled receivables arise primarily when we provide subscriptions services in advance of billing. Accounts receivable are net of an allowance for credit losses, are not collateralized, and do not bear interest. Payment terms range from due immediately to due within 60 days. The accounts receivable balance at September 30, 2020 and December 31, 2019 included unbilled receivables of $5.7 million and $4.0 million, respectively.

We assess the collectability of outstanding accounts receivable on an ongoing basis and maintain an allowance for credit losses for accounts receivable deemed uncollectable. Upon adoption of ASU 2016-13, we analyzed the accounts receivable portfolio for significant risks, historical activity, and an estimate of future collectability to determine the amount that will ultimately be collected. This estimate is analyzed quarterly and adjusted as necessary. Identified risks pertaining to our accounts receivable include the delinquency level, customer type, and current economic environment. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers. Adoption of ASU 2016-13 resulted in an increase in the allowance for credit losses of approximately $0.4 million as of January 1, 2020, primarily related to unbilled receivables.

2. Summary of significant accounting policies (continued)

The allowance for credit losses consisted of the following:

(Unaudited, in thousands)
Balance at December 31, 2019	$	1,167
Cumulative effect adjustment upon adoption		364
Provision for expected credit losses		589
Accounts written off		(236	)
Balance at March 31, 2020		1,884
Provision for expected credit losses		355
Accounts written off		(583	)
Balance at June 30, 2020		1,656
Provision for expected credit losses		254
Accounts written off		(49	)
Balance at September 30, 2020	$	1,861

Property and equipment

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives or the related lease terms (if shorter).

The estimated useful lives of property and equipment are as follows:

		Estimated Useful Life
Computer equipment		3 years
Computer software		3 years
Furniture and fixtures		5 years
Leasehold improvements		1-10 years

Maintenance and repairs that do not enhance or extend the asset’s useful life are charged to operating expenses as incurred.

The carrying values of property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. When such factors and circumstances exist, we compare the projected undiscounted future cash flows associated with groups of assets used in combination over their estimated useful lives against their respective carrying amounts. If projected undiscounted future cash flows are less than the carrying value of the asset group, impairment is recorded for any excess of the carrying amount over the fair value of those assets in the period in which the determination is made.

Research and development and internal use software

Research and development expenses consist primarily of personnel and related expenses for our research and development staff, which include: salaries, benefits, bonuses, and stock-based compensation; the cost of certain third-party contractors; and allocated overhead. Expenditures for research and development, other than internal use software costs, are expensed as incurred.

Software development costs associated with internal use software, which are incurred during the application development phase and meet other requirements under the guidance are capitalized. To date, software costs eligible for capitalization have not been significant.

Concentration of credit risks, significant clients, and suppliers

Financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents, marketable securities, restricted cash, and accounts receivable. Our investment policy limits investments to high credit quality securities issued by the U.S. government, U.S. government-sponsored agencies, and highly rated corporate securities, subject to certain concentration limits and restrictions on maturities. Our cash and cash equivalents and restricted cash are held by financial institutions that management believes are of high credit quality. Amounts on deposit may at times exceed federally insured limits. We have not

2. Summary of significant accounting policies (continued)

experienced any losses on our deposits of cash and cash equivalents. We are exposed to credit risk in the event of default by the financial institutions holding our cash and cash equivalents and bond issuers.

Accounts receivable are derived from sales to our customers and our strategic technology partners who operate in a variety of sectors. We do not require collateral. Estimated credit losses are provided for in the consolidated financial statements and historically have been within management’s expectations.

For the nine months ended September 30, 2020 and 2019 one of our strategic partners accounted for 15% and 13% of our revenue, respectively, and accounted for 20% of our accounts receivable balance at September 30, 2020.

Advertising costs

We expense advertising costs as incurred. Advertising costs were $9.0 million and $9.0 million for the nine months ended September 30, 2020 and 2019, respectively.

Leases

We determine if an arrangement is a lease or contains a lease at inception. At the commencement date of a lease, we recognize a liability to make lease payments and an asset representing the right to use the underlying asset during the lease term. The lease liability is measured at the present value of lease payments over the lease term. As our leases typically do not provide an implicit rate, we use our incremental borrowing rate for most leases. The right-of-use (“ROU”) asset is measured at cost, which includes the initial measurement of the lease liability and initial direct costs incurred and excludes lease incentives.

Lease terms may include options to extend or terminate the lease. We record a ROU asset and a lease liability when it is reasonably certain that we will exercise that option. Operating lease costs are recognized on a straight-line basis over the lease term.

We also lease office space under short-term arrangements and have elected not to include these arrangements in the ROU asset or lease liabilities.

Income taxes

We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax balances are adjusted to reflect tax rates based on currently enacted tax laws, which will be in effect in the years in which the temporary differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period of the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that those assets will be realized. To date, we have provided a valuation allowance against all of our deferred tax assets as we believe the objective and verifiable evidence of our historical pretax net losses outweighs any positive evidence of its forecasted future results. We will continue to monitor the positive and negative evidence, and we will adjust the valuation allowance as sufficient objective positive evidence becomes available.

We account for uncertain tax positions in accordance with ASC 740, “Income Taxes”, which clarifies the accounting for uncertainty in tax positions. These provisions require recognition of the impact of a tax position in our financial statements only if it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Any interest and penalties related to uncertain tax positions will be reflected as a component of income tax expense.

Stock-based compensation

We issue stock options and restricted stock units ("RSUs"). Stock-based compensation related to stock options is measured at the date of grant and is recognized on a straight-line basis over the service period, net of estimated forfeitures. We use the Black-Scholes option-pricing model to estimate the fair value of stock options awarded at the date of grant. Stock-based compensation related to restricted stock units is measured at the date of grant and recognized using the accelerated attribution method, net of forfeitures, over the remaining service period.

Accounting pronouncements

In June 2018, the FASB Issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The new guidance is effective for fiscal years, and interim periods within those

2. Summary of significant accounting policies (continued)

fiscal years, beginning after December 15, 2019. The adoption of this standard on January 1, 2020 did not have a material impact on our consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326)” which modifies the measurement of expected credit losses of certain financial instruments. Credit losses on trade and other receivables, available-for-sale debt securities, and other instruments will reflect our current estimate of the expected credit losses and will generally result in the earlier recognition of allowance for losses. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The adoption of the new standard resulted in the recording of a cumulative-effect adjustment to accumulated deficit of $0.4 million on January 1, 2020. We will continue to actively monitor the impact of the recent COVID-19 pandemic on expected credit losses.

In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). We adopted this guidance on January 1, 2020 on a prospective basis, which did not result in a material impact to our consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes,” as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also clarifies and simplifies other aspects of the accounting for income taxes. Although the amendments in ASU 2019-12 become effective for fiscal years beginning after December 15, 2020, we elected to early adopt the ASU as of January 1, 2019 on a prospective basis. There is no material tax impact of the early adoption of ASU 2019-12 on our financial position and results of operations.

Revenue Recognition and Deferred Costs

9 Months Ended

Sep. 30, 2020

Revenue From Contract With Customer [Abstract]

Revenue Recognition and Deferred Costs

3. Revenue recognition and deferred costs

Revenue recognition

Our sources of revenue consist of subscription solutions fees and partner and services fees. These services allow customers to access our hosted software over the contract period. The customer is not allowed to take possession of the software or transfer the software. Our revenue arrangements do not contain general rights of refund in the event of cancellations.

The following table disaggregates our revenue by major source:

	Three months ended September 30,				Nine months ended September 30,
(Unaudited, in thousands)	2020		2019		2020		2019
Subscription solutions	$	26,545	$	21,021	$	74,041	$	60,406
Partner and services		13,190		7,243		35,184		20,677
Total revenue	$	39,735	$	28,264	$	109,225	$	81,083

Subscription solutions

Subscription solutions revenue consists primarily of platform subscription fees from all plans. It also includes recurring professional services and sales of SSL certificates. Subscription solutions are charged monthly, quarterly, or annually for our customers to sell their products and process transactions on our platform. Subscription solutions are generally charged per online store and are based on the store’s subscription plan. Monthly subscription fees for Pro and Enterprise plans are adjusted if a customer’s gross merchandise volume or orders processed are above specified plan thresholds on a trailing twelve-month basis. For most subscription solutions arrangements, we have determined we meet the variable consideration allocation exception and, therefore, recognize fixed monthly fees or a pro-rata portion of quarterly or annual fees and any transaction fees as revenue in the month they are earned. A portion of our Enterprise subscription plans include an upfront promotional period in order to incentivize the customer to enter into a subscription arrangement. For these Enterprise arrangements, the total subscription fee is recognized on a straight-line basis over the term of the contract.

Professional services, which primarily consist of education packages, launch services, solutions architecting, implementation consulting, and catalog transfer services, are generally billed and recognized as revenue when delivered.

3. Revenue recognition and deferred costs (continued)

Contracts with our retail customers are generally month-to-month, while contracts with our enterprise customers generally range from one to three years. Contracts are typically non-cancellable and do not contain refund-type provisions. Revenue is presented net of sales tax and other taxes we collect on behalf of governmental authorities.

Partner and services

Our partner and services revenue consists of revenue share, partner technology integrations, and marketing services provided to partners. Revenue share relates to fees earned by our partners from customers using our platform, where we have an arrangement with such partner to share such fees as they occur. Revenue share is recognized at the time the earning activity is complete, which is generally monthly. Revenue for partner technology integrations is recorded on a straight-line basis over the life of the contract commencing when the integration has been completed. Fees for marketing services are recognized either at the time the earning activity is complete, or ratably over the length of the contract, depending on the nature of the obligations in the contract. Payments received in advance of services being rendered are recorded as deferred revenue and recognized when the obligation is completed.

We also derive revenue from the sales of website themes and applications upon delivery.

We recognize revenue share, and revenue from the sales of third-party applications, on a net basis as we have determined that we are the agent in our arrangements with third-party application providers. All other revenue is recognized on a gross basis, as we have determined we are the principal in these arrangements.

Contracts with multiple performance obligations

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment.

Our subscription contracts are generally comprised of a single performance obligation to provide access to our platform, but can include additional performance obligations. For contracts with multiple performance obligations where the contracted price differs from the standalone selling price (“SSP”) for any distinct good or service, we may be required to allocate the contract’s transaction price to each performance obligation using our best estimate of SSP.

Contracts with our technology solution partners often include multiple performance obligations. In determining whether integration services are distinct from hosting services we consider various factors. These considerations included the level of integration, interdependency, and interrelation between the implementation and hosting service, as well as any promises in the contract. We have concluded that the integration services included in contracts with hosting obligations are not distinct. As a result, we defer any arrangement fees for integration services and recognize such amounts over the life of the hosting obligation. Additional consideration for some partner contracts varies based on the level of customer activity on the platform. We have determined we meet the variable consideration allocation exception and therefore recognize these variable fees in the period they are earned.

Judgment is required to determine the SSP for each distinct performance obligation. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The primary method used to estimate SSP is the expected cost-plus margin approach, which considers margins achieved on standalone sales of similar products, market data related to historical margins within an industry, industry sales price averages, market conditions, and profit objectives.

Cost of revenue

Cost of revenue consists primarily of personnel-related costs, including: stock-based compensation expenses for customer support and professional services personnel; costs of maintaining and securing our infrastructure and platform; amortization expense associated with capitalized internal-use software; and allocation of overhead costs.

Deferred revenue

Deferred revenue primarily consists of amounts that have been billed to or received from customers in advance of performing the associated services. We recognize revenue from deferred revenue when the services are performed, and the corresponding revenue recognition criteria are met.

3. Revenue recognition and deferred costs (continued)

The net increase in the deferred revenue balance for the nine months ended September 30, 2020 is primarily due to increases in SaaS related subscriptions. Amounts recognized from deferred revenue represent primarily revenue from the sale of subscription solutions, integration, and marketing services.

As of September 30, 2020, we had $76.0 million of remaining performance obligations, which represents contracted revenue minimums that have not yet been recognized, including amounts that will be invoiced and recognized as revenue in future periods. We expect to recognize approximately 53% of the remaining performance obligations as revenue in the following 12-month periods, and the remaining balance in the periods thereafter.

Deferred commissions

Certain sales commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions are not paid on subscription renewals. We amortize deferred sales commissions ratably over the estimated period of our relationship with customers of approximately four years. Based on historical experience, we determine the average life of our customer relationship by taking into consideration our customer contracts and the estimated technological life of our platform and related significant features. We include amortization of deferred commissions in Sales and marketing expense in the consolidated statements of operations. We periodically review the carrying amount of deferred commissions to determine whether events or changes in circumstances have occurred that could impact the period of benefit of these deferred costs. We did not recognize an impairment of deferred commissions for the nine months ended September 30, 2020 and 2019 or the year ended December 31, 2019.

Sales commissions of $2.9 million and $1.8 million were deferred for the nine months ended September 30, 2020 and 2019, respectively; and deferred commission amortization expense was $1.5 million and $1.1 million for the nine months ended September 30, 2020 and 2019, respectively.

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Section 50
-Paragraph 13
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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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
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-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

Fair Value Measurements

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair value measurements

Financial instruments carried at fair value include cash and cash equivalents, restricted cash, marketable securities, and embedded put options. The carrying amount of accounts receivable approximates fair value due to their relatively short maturities.

For assets and liabilities measured at fair value, fair value is the price to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When determining fair value, we consider the principal or most advantageous market in which it would transact, and assumptions that market participants would use when pricing asset or liabilities.

The accounting standard for fair value establishes a fair value hierarchy based on three levels of inputs, the first two of which are considered observable and the last unobservable. The standard requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The three levels of inputs that may be used to measure fair value are as follows:

•

Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

•

Level 2 – Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

•

Level 3 – Inputs are unobservable that are significant to the fair value of the asset or liability and are developed based on the best information available in the circumstances, which might include our data.

The fair value of debt was measured using Level 2 inputs and approximated its carrying value.

We did not have any cash equivalents or marketable securities as of September 30, 2020 and December 31, 2019.

- 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

Property and Equipment

9 Months Ended

Sep. 30, 2020

Property Plant And Equipment [Abstract]

Property and Equipment

5. Property and equipment

Property and equipment, which includes software purchased or developed for internal use, is composed of the following:

	As of September 30,			As of December 31,
(in thousands)	2020			2019
	(Unaudited)
Computer software	$	2,043		$	1,788
Computer equipment		7,660			6,816
Furniture and fixtures		2,380			2,198
Leasehold improvements		7,935			7,834
		20,018			18,636
Less: accumulated depreciation and amortization		(12,776	)		(10,395	)
Property and equipment, net	$	7,242		$	8,241

Depreciation expense on property and equipment was $2.4 million and $1.8 million for the nine months ended September 30, 2020 and 2019, respectively and $0.7 million and $0.6 million for the three months ended September 30, 2020 and 2019, respectively.

Commitments, Contingencies, and Leases

9 Months Ended

Sep. 30, 2020

Commitments Contingencies And Leases [Abstract]

Commitments, Contingencies, and Leases

6. Commitments, contingencies, and leases

Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and that the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. From time to time, we are subject to various claims that arise in the normal course of business. In the opinion of management, we are unaware of any pending or unasserted claims that would have a material adverse effect on our financial position, liquidity, or results.

Certain executive officers are entitled to payments in the event of termination of employment in connection with a certain change in control.

Our certificate of incorporation and certain contractual arrangements provide for indemnification of our officers and directors for certain events or occurrences. We maintain a directors and officers insurance policy to provide coverage in the event of a claim against an officer of director. Historically, we have not been obligated to make any payments for indemnification obligations, and no liabilities have been recorded for these obligations on the consolidated balance sheets as of September 30, 2020 or December 31, 2019.

Leases

We lease certain facilities under operating lease agreements that expire at various dates through 2028. Some of these arrangements contain renewal options and require us to pay taxes, insurance and maintenance costs. Renewal options were not included in the ROU asset and lease liability calculation.

Operating and short-term rent expenses was $0.9 million and $1.0 million for each of the three-month periods ended September 30, 2020 and 2019, respectively, and $2.7 million for both nine-month periods ended September 30, 2020 and 2019. Short-term rent expense was not material for any of the periods presented.

Supplemental lease information

Cash flow information (in thousands)	Nine months ended September 30,		Nine months ended September 30,
	2020		2019

Cash paid for operating lease liabilities	$	2,684	$	2,345
Right-of-use assets obtained in exchange for operating lease obligations	$	—	$	2,834

6. Commitments, contingencies, and leases (continued)

Operating lease information	Nine months ended September 30,			Nine months ended September 30,
	2020			2019

Weighted-average remaining lease-term	6.17			7.1
Weighted-average discount rate		5.46	%		5.52	%

The future maturities of operating lease liabilities are as follows:

(in thousands)	September 30, 2020

2020 (October 1st through December 31st)	$	959
2021		3,903
2022		3,037
2023		2,459
2024		2,227
Thereafter		6,934
Total minimum lease payments	$	19,519
Less imputed interest		(3,069	)
Total lease liabilities	$	16,450

Other Liabilities

9 Months Ended

Sep. 30, 2020

Other Liabilities Disclosure [Abstract]

Other Liabilities

7. Other liabilities

The following table summarizes the components of other current liabilities:

	As of September 30,		Year Ended December 31,
(in thousands)	2020		2019
	(Unaudited)
Sales tax payable	$	644	$	551
Payroll and payroll related expenses		13,324		6,126
Other		3,548		3,027
Other current liabilities	$	17,516	$	9,704

Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Debt

8. Debt

Convertible Term Loans

On October 27, 2017, we entered into a contingent convertible debt agreement (the “Convertible Term Loan”) with Silicon Valley Bank (“SVB”) providing for a term loan of $20.0 million. In conjunction with our IPO on August 5, 2020, the bank exercised its purchase right and repaid $1.1 million of previously paid principal This balance, combined with the unpaid principal balance of $18.9 was converted into 2,179,360 shares of Series 1 common stock. No further borrowings are allowed under this convertible debt agreement. Interest was calculated on the outstanding principal, with interest payable monthly. The initial interest rate was equal to the prime rate and changes to a rate of prime plus 2.0% on and after January 1, 2020, a rate of prime plus 4.0% on and after January 1, 2021, and a rate of prime plus 6.0% on and after January 1, 2022. The weighted-average effective interest rate was 5.8%, and 5.6% during the nine-month periods ended September 30, 2020 and 2019, respectively. Quarterly principal payments of $125 thousand were due and payable from June 1, 2018 through maturity.

On February 28, 2020 we entered into a contingent convertible term loan (the “2020 Convertible Loan”) with SVB, providing for a convertible term loan in an amount of $35.0 million. In conjunction with our IPO on August 5, 2020, the outstanding principal balance of $35 million was converted into 3,070,174 shares of Series 1 common stock. No further borrowings are allowed under this convertible debt agreement. Interest was calculated on the outstanding principal, with interest payable monthly. The 2020 Convertible Term Loan bears interest at (a) 4.5% prior to January 1, 2022, (b) 6.5% from January 1, 2022 and prior to January 1, 2023, (c) 8.5% from January 1, 2023 and prior to January 1, 2024, and (d) 10.5% from and after January 1, 2024.

8. Debt (continued)

In addition to the conversion shares on the outstanding principal, this instrument required a deficiency payment if the value of the conversion shares does not meet an applicable required minimum return of (a) 1.25 if converted within 18 months of the agreement, (b) 1.32 if converted between 18 months and 24 months, and (c) 1.55 if converted between 24 months and maturity. The deficiency payment, at the election of the holder, would be settled either (i) by issuance of additional shares of common stock equal to the difference between the minimum return and the conversion value or (ii) in cash in a single installment in the amount of such difference. Management determined that the required minimum return as defined above represented, in substance, an embedded lenders’ put option designed to provide the investor with a fixed monetary amount, settleable in either additional shares or cash. Management determined that this put option should be separated and accounted for as a derivative primarily because the put option met the net settlement criterion and the settlement provisions were not consistent with a fixed-for-fixed equity instrument. Based on the value of the conversion shares issued to the bank upon completion of the IPO, we met the required minimum return under terms of the 2020 Convertible Term Loan and were not required to provide any additional shares or cash.

The put option, with an initial fair value of approximately $4.4 million, was recorded as a derivative liability on the accompanying balance sheet and a corresponding discount to the 2020 Convertible Term Loan. The discount was accreted to interest expense on the consolidated statement of operations over the term of the 2020 Convertible Term Loan using the effective interest method. The net balance outstanding under the terms of this agreement was netted against the outstanding principal balance upon conversion to Series 1 Common Stock upon completion of our IPO. We recorded interest expense related to this instrument of $0.1 million and $0.4 million during the three and nine-month periods ended September 30, 2020, respectively.

The estimated fair value of the put option was determined using a multi-scenario probability weighted expected return method analysis in which the future probability of exit events was weighted for its respective probability. Key assumptions included time to exit event, fair value of common stock, and a discount rate. At March 31, 2020, we determined the put option had no fair value due to an increase in market conditions that would make any amounts due under the redemption feature remote. As a result, we recorded a gain in the amount of $4.4 million in the three-month period ending March 31, 2020, which was recorded in the accompanying consolidated statements of operations. This instrument was extinguished upon the conversion of the 2020 Convertible Term Debt upon completion of our IPO.

Credit Facility

On October 27, 2017, we amended and restated our loan and security agreement (as amended, the “Credit Facility”) with SVB. The Credit Facility provided a $20.0 million revolving line of credit (the “Revolving Line”) and a $5.0 million term loan (the “2018 Term Loan”). On June 4, 2019, we amended the Credit Facility to increase the Revolving Line by $5.0 million to $25.0 million.

On February 28, 2020, we amended and restated our loan and security agreement (the “A&R Credit Facility”) with SVB. The A&R Credit Facility reduces the amount available under the Revolving Line by $5.0 million to $20.0 million with a further reduction in availability to $10.0 million scheduled for September 30, 2020. On September 29, 2020, we entered into an agreement with SVB to defer the reduction in amounts available under the Revolving Line from $20.0 million to $10.0 million from September 30, 2020 to December 31, 2020. We accounted for the February 28, 2020 amendment and restatement transaction as an extinguishment of debt pursuant to ASC 470-50. We recorded an immaterial loss on extinguishment during the nine-month period ended September 30, 2020.

The Revolving Line has a maturity date of October 27, 2021. The Revolving Line bore interest at a rate equal to the prime rate, and the weighted-average effective interest rate was 3.7%, and 5.6% for the nine months ended September 30, 2020 and 2019, respectively. Interest is calculated on the outstanding principal and is payable monthly. As of September 30, 2020, and December 31, 2019, we had $20.0 million, and $18.5 million outstanding under the Revolving Line, respectively.

Borrowings from the 2018 Term Loan mature 36 months after each draw. The 2018 Term Loan bore interest at a rate equal to the prime rate plus 0.25% and, the weighted-average effective interest rate was 4.3%, and 5.8% for the nine months ended September 30, 2020 and 2019, respectively. Interest is calculated on the outstanding principal and is payable monthly. Monthly principal payments commenced on October 1, 2018 with a maturity date of October 1, 2021. The principal amortizes equally from the time of the draw to the maturity date. As of September 30, 2020, and December 31, 2019, we had $1.9 million, and $3.3 million outstanding under the 2018 Term Loan, respectively.

8. Debt (continued)

In conjunction with our entry into the A&R Credit Facility, our financial covenants were amended. We are required to maintain a revenue growth rate of 118% each quarter compared to the same quarter in the prior year. The other covenant requires us to maintain a minimum liquidity ratio of 1.5:1. The liquidity ratio is calculated as unrestricted and unencumbered cash plus sixty percent of net accounts receivable to balance outstanding under the Revolving Line. We were in compliance with all covenants as of September 30, 2020.

Mezzanine Facility Loan

On February 28, 2020, we entered into a mezzanine loan and security agreement (the “Mezzanine Facility”) with WestRiver Innovation Lending Fund VIII, L.P. (“WestRiver”) providing for a term loan of $10.0 million. The Mezzanine Facility maturity date is March 1, 2023. Our obligations under the Mezzanine Facility are secured by substantially all of our assets. The Mezzanine Facility contains restrictive covenants, including limits on additional indebtedness, liens, asset dispositions, dividends, investments, and distributions. Borrowings under the Mezzanine Facility bear interest at the greater of (i) 10.0% or (ii) the prime rate then in effect plus 5.25%. Interest is calculated on the outstanding principal on a 360-day year basis, payable monthly. As of September 30, 2020, we had no balance outstanding under this agreement and our ability to draw under the Mezzanine Facility terminated. We formally terminated the Mezzanine Facility effective as of November 6, 2020.

In connection with the Mezzanine Facility, we issued warrants to purchase up to 99,000 shares of common stock with an exercise price of $9.21 per share with the warrants expiring on March 1, 2023. The warrant was exercisable for half of the shares. The warrant did not become exercisable for the remaining half of the shares because we did not draw down under the Mezzanine Facility and our ability to draw down under the Mezzanine Facility terminated. The portion of the warrant that was exercisable was exercised in August 2020 and the portion that did not become exercisable terminated upon the termination of the Mezzanine Facility.

Upon issuance of the warrants, we recorded the fair value of the first tranche of warrants at $0.3 million. The value of the warrants issued was recorded as a discount on the carrying value of the debt instruments, which was amortized to interest expense over the life of the debt instruments as an adjustment to (increase in) the effective interest rate.

Debt fees

Lender fees that were paid upfront to the lenders and debt issuance fees paid to third parties are recorded as a discount from the debt carrying amount and are being amortized to interest expense over the life of the debt. Interest expense related to debt discount amortization was not material for any of the periods presented. Net unamortized fees were not material as of September 30, 2020. Net unamortized fees as of December 31, 2019 amounted to $0.9 million.

Stockholders' Equity (Deficit)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Stockholders' Equity (Deficit)

9. Stockholders’ equity (deficit)

Equity Incentive Plans – Stock Options

During the nine months ended September 30, 2020, the Company granted an aggregate of 1,352,000 shares of stock options, with a weighted average exercise price of $14.44 per share. The fair value of options granted was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions (i) expected term of 6.0 years, (ii) expected volatility of 50%, (iii) risk-free interest rate .71% and (iv) expected dividend yield of 0%.

As of September 30, 2020, there was $10.9 million of unamortized stock-based compensation cost related to unvested stock options, which the Company expects to recognize over a weighted-average period of 2.8 years.

Restricted Stock Units

In May 2020, our board of directors granted an aggregate of 1,216,000 RSUs to officers and employees pursuant to the 2013 Plan with a per share fair value of $15.51. The RSUs vest and settle upon the satisfaction of both a service condition and a liquidity event condition. The service condition for the awards is satisfied over four years. The liquidity event condition is satisfied upon the occurrence of a qualifying event, defined as the effectiveness of an initial public offering or the consummation of a change of control transaction. The qualifying event occurred on August 5, 2020 with the completion of our IPO and the RSU’s vest over the remaining service period of 4 years from the date of grant, subject to the continued employment of the employees.

9. Stockholders’ equity (deficit) (continued)

In September 2020, we began issuing RSU’s to certain employees pursuant to the BigCommerce Holdings, Inc. 2020 Equity Incentive Plan (“2020 Plan”). During the nine months ended September 30, 2020, we granted an aggregate of 147,000 RSUs with a weighted grant-date fair value of $87.79. The RSUs vest over the requisite service period of 4 years from the date of grant, subject to the continued employment of the employees.

As of September 30, 2020, there was $13.6 million of unamortized stock-based compensation costs related to unvested RSUs, which the Company expects to recognize over a weighted-average period of 3.7 years.

Stock-based compensation expense was included in the following line items in the accompanying condensed consolidated statements of operations during the periods presented (in thousands):

	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Cost of revenue	$	179	$	62	$	334	$	121
Sales and marketing		871		241		1,511		572
Research and development		582		186		1,216		415
General and administrative		1,236		326		1,977		1,123
Total stock-based compensation expense	$	2,868	$	815	$	5,038	$	2,231

Preferred stock

As of December 31, 2019, we had six outstanding series of redeemable convertible preferred stock. These preferred shares were classified as temporary equity within the Company’s consolidated balance sheet as of December 31, 2019. Immediately upon closing of our IPO, the outstanding preferred stock was automatically converted into an aggregate of 29,390,733 shares of Series 1 common stock and 5,050,555 shares of Series 2 common stock. Under the terms of Series F preferred stock, dividends were required to be paid at 10 percent, which could be adjusted for the holder’s actual rate of return upon redemption. Upon completion of our IPO with an offering price of $24 per share, we met the threshold for a reduction of dividends and reduced the required dividend rate to 8 percent. Due to this reduction in rate, we recorded a dividend benefit for the three-month period ended September 30, 2020. We utilized a portion of the proceeds from the IPO to pay the cumulative dividends of $12.8 million to the holders of our Series F preferred stock. As of September 30, 2020, there was no preferred stock issued or outstanding.

Income Taxes

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

10. Income taxes

Our provision for income taxes is based on estimated effective tax rates derived from an estimate of annual consolidated earnings before taxes, adjusted for nondeductible expenses, other permanent items, and any applicable income tax credits. The difference in the 21% U.S. statutory tax rate and the annual forecasted effective tax rate is primarily a result of the jurisdictional mix of earnings and losses as well as valuation allowances offsetting the benefit of forecasted losses in the U.S., Australia, and the United Kingdom. Forecasted tax expense is related to non-U.S. jurisdictions where we are profitable along with state income taxes.

The effective tax rates for the three months ended September 30, 2020 and 2019 were 0.13 % and (0.07) % respectively. The effective tax rates for the nine months ended September 30, 2020 and 2019 were (0.03) % and (0.07) % respectively.

We file tax returns in the U.S., including various state and local returns, and in other foreign jurisdictions including the Australia and the United Kingdom. We believe adequate provision has been made for all income tax uncertainties. We are not currently under audit in any filing jurisdiction. Fiscal years 2016 through 2019 remain open to examination by the major taxing jurisdictions to which we are subject. Carry forward attributes that were generated in tax years prior to fiscal year 2016 remain open to adjustment until the statute of limitations closes for the tax year in which the attributes are utilized.

- 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

Net Loss per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Net Loss per Share

11. Net loss per share

Net loss per share

Basic and diluted net loss per common share is presented in conformity with the two-class method required for participating securities. Holders of Series F preferred stock were entitled to receive cumulative dividends at the annual rate of 10% compounded quarterly payable prior and in preference to any dividends on any shares of our common stock, subject to certain adjustments as set forth in our certificate of incorporation. In the event a dividend is paid on common stock, the holders of preferred stock were entitled to a proportionate share of any such dividend as if they were holders of common stock (on an as-if converted basis). Accordingly, all of our outstanding series of preferred stock were considered to be participating securities. The holders of our preferred stock did not have a contractual obligation to share in our losses; therefore, no amount of total undistributed loss was allocated to preferred stock. Net loss attributable to common stockholders is calculated as net loss less current period preferred stock dividends.

Basic net loss per share attributable to common stockholders is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Because we have reported a net loss for both the three and nine-months ended September 30, 2020, and 2019, the number of shares used to calculate diluted net loss per share of common stock attributable to common stockholders is the same as the number of shares used to calculate basic net loss per share of common stock attributable to common stockholders for the period presented because the potentially dilutive shares would have been antidilutive if included in the calculation.

The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding because such securities have an antidilutive impact due to losses reported:

	Three months ended September 30,				Nine months ended September 30,
(Unaudited, in thousands)	2020		2019		2020		2019
Preferred stock as-converted		—		34,442		—		34,442
Stock options outstanding		9,391		9,422		9,391		9,422
Restricted stock units		1,363		—		1,363		—
Warrants to purchase common stock		—		364		—		364
Convertible debt		—		2,180		—		2,180
Total potentially dilutive securities		10,754		46,408		10,754		46,408

Subsequent Events

9 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

12. Subsequent events

On November 3, 2020, the Company terminated the Mezzanine Facility effective as of November 6, 2020. The Mezzanine Facility remained undrawn as of September 30, 2020 at the expiration of the draw period and was terminated as a result of such expiration.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Basis of presentation

2. Summary of significant accounting policies (continued)

Basis of consolidation

Use of estimates

Segment and geographic information

	Three months ended September 30,				Nine months ended September 30,
(Unaudited, in thousands)	2020		2019		2020		2019
Revenue:
Americas – U.S.	$	31,483	$	22,842	$	87,099	$	66,022
Americas – other		1,422		949		3,827		2,722
EMEA		3,180		1,899		8,493		5,260
APAC		3,650		2,574		9,806		7,079
Total revenue	$	39,735	$	28,264	$	109,225	$	81,083

2. Summary of significant accounting policies (continued)

Long-lived assets by geographic region was as follows:

	September 30,		December 31,
(in thousands)	2020		2019
	(Unaudited)
Long-lived assets:
Americas – U.S.	$	6,703	$	7,699
Americas – other		—		—
EMEA		—		—
APAC		539		542
Total long-lived assets	$	7,242	$	8,241

Cash and cash equivalents

Restricted cash

Marketable securities

Accounts receivable

2. Summary of significant accounting policies (continued)

The allowance for credit losses consisted of the following:

(Unaudited, in thousands)
Balance at December 31, 2019	$	1,167
Cumulative effect adjustment upon adoption		364
Provision for expected credit losses		589
Accounts written off		(236	)
Balance at March 31, 2020		1,884
Provision for expected credit losses		355
Accounts written off		(583	)
Balance at June 30, 2020		1,656
Provision for expected credit losses		254
Accounts written off		(49	)
Balance at September 30, 2020	$	1,861

Property and equipment

The estimated useful lives of property and equipment are as follows:

		Estimated Useful Life
Computer equipment		3 years
Computer software		3 years
Furniture and fixtures		5 years
Leasehold improvements		1-10 years

Maintenance and repairs that do not enhance or extend the asset’s useful life are charged to operating expenses as incurred.

Research and development and internal use software

Concentration of credit risks, significant clients, and suppliers

2. Summary of significant accounting policies (continued)

Advertising costs

We expense advertising costs as incurred. Advertising costs were $9.0 million and $9.0 million for the nine months ended September 30, 2020 and 2019, respectively.

Leases

We also lease office space under short-term arrangements and have elected not to include these arrangements in the ROU asset or lease liabilities.

Income taxes

Stock-based compensation

Accounting pronouncements

2. Summary of significant accounting policies (continued)

fiscal years, beginning after December 15, 2019. The adoption of this standard on January 1, 2020 did not have a material impact on our consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Schedule of Revenue by Geographic Region

Accordingly, we have determined that we operate as a single operating and reportable segment. Revenue by geographic region was as follows:

	Three months ended September 30,				Nine months ended September 30,
(Unaudited, in thousands)	2020		2019		2020		2019
Revenue:
Americas – U.S.	$	31,483	$	22,842	$	87,099	$	66,022
Americas – other		1,422		949		3,827		2,722
EMEA		3,180		1,899		8,493		5,260
APAC		3,650		2,574		9,806		7,079
Total revenue	$	39,735	$	28,264	$	109,225	$	81,083

Schedule of Long-lived Assets by Geographic Region

Long-lived assets by geographic region was as follows:

	September 30,		December 31,
(in thousands)	2020		2019
	(Unaudited)
Long-lived assets:
Americas – U.S.	$	6,703	$	7,699
Americas – other		—		—
EMEA		—		—
APAC		539		542
Total long-lived assets	$	7,242	$	8,241

Schedule of Allowance for Credit Losses

The allowance for credit losses consisted of the following:

(Unaudited, in thousands)
Balance at December 31, 2019	$	1,167
Cumulative effect adjustment upon adoption		364
Provision for expected credit losses		589
Accounts written off		(236	)
Balance at March 31, 2020		1,884
Provision for expected credit losses		355
Accounts written off		(583	)
Balance at June 30, 2020		1,656
Provision for expected credit losses		254
Accounts written off		(49	)
Balance at September 30, 2020	$	1,861

Schedule of Estimated Useful Lives of Property and Equipment

The estimated useful lives of property and equipment are as follows:

		Estimated Useful Life
Computer equipment		3 years
Computer software		3 years
Furniture and fixtures		5 years
Leasehold improvements		1-10 years

Revenue Recognition and Deferred Costs (Tables)

9 Months Ended

Sep. 30, 2020

Revenue From Contract With Customer [Abstract]

Schedule of Disaggregate Revenue by Major Source

The following table disaggregates our revenue by major source:

	Three months ended September 30,				Nine months ended September 30,
(Unaudited, in thousands)	2020		2019		2020		2019
Subscription solutions	$	26,545	$	21,021	$	74,041	$	60,406
Partner and services		13,190		7,243		35,184		20,677
Total revenue	$	39,735	$	28,264	$	109,225	$	81,083

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2020

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, which includes software purchased or developed for internal use, is composed of the following:

	As of September 30,			As of December 31,
(in thousands)	2020			2019
	(Unaudited)
Computer software	$	2,043		$	1,788
Computer equipment		7,660			6,816
Furniture and fixtures		2,380			2,198
Leasehold improvements		7,935			7,834
		20,018			18,636
Less: accumulated depreciation and amortization		(12,776	)		(10,395	)
Property and equipment, net	$	7,242		$	8,241

Commitments, Contingencies, and Leases (Tables)

9 Months Ended

Sep. 30, 2020

Commitments Contingencies And Leases [Abstract]

Supplemental Lease Information

Supplemental lease information

Cash flow information (in thousands)	Nine months ended September 30,		Nine months ended September 30,
	2020		2019

Cash paid for operating lease liabilities	$	2,684	$	2,345
Right-of-use assets obtained in exchange for operating lease obligations	$	—	$	2,834

6. Commitments, contingencies, and leases (continued)

Operating lease information	Nine months ended September 30,			Nine months ended September 30,
	2020			2019

Weighted-average remaining lease-term	6.17			7.1
Weighted-average discount rate		5.46	%		5.52	%

Schedule of Future Maturities of Operating Lease Liabilities

The future maturities of operating lease liabilities are as follows:

(in thousands)	September 30, 2020

2020 (October 1st through December 31st)	$	959
2021		3,903
2022		3,037
2023		2,459
2024		2,227
Thereafter		6,934
Total minimum lease payments	$	19,519
Less imputed interest		(3,069	)
Total lease liabilities	$	16,450

Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Other Liabilities Disclosure [Abstract]

Components of Other Current Liabilities

The following table summarizes the components of other current liabilities:

	As of September 30,		Year Ended December 31,
(in thousands)	2020		2019
	(Unaudited)
Sales tax payable	$	644	$	551
Payroll and payroll related expenses		13,324		6,126
Other		3,548		3,027
Other current liabilities	$	17,516	$	9,704

Stockholders' Equity (Deficit) (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was included in the following line items in the accompanying condensed consolidated statements of operations during the periods presented (in thousands):

	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Cost of revenue	$	179	$	62	$	334	$	121
Sales and marketing		871		241		1,511		572
Research and development		582		186		1,216		415
General and administrative		1,236		326		1,977		1,123
Total stock-based compensation expense	$	2,868	$	815	$	5,038	$	2,231

Net Loss per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Outstanding Excluded from Computation of Diluted Weighted-Average Shares Outstanding

	Three months ended September 30,				Nine months ended September 30,
(Unaudited, in thousands)	2020		2019		2020		2019
Preferred stock as-converted		—		34,442		—		34,442
Stock options outstanding		9,391		9,422		9,391		9,422
Restricted stock units		1,363		—		1,363		—
Warrants to purchase common stock		—		364		—		364
Convertible debt		—		2,180		—		2,180
Total potentially dilutive securities		10,754		46,408		10,754		46,408

Overview - Additional Information (Details)			9 Months Ended
Overview - Additional Information (Details)	Aug. 04, 2020 USD ($) $ / shares shares	Jul. 24, 2020 $ / shares shares	Sep. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2019 $ / shares
Overview [Line Items]
Entity incorporation date			Feb. 28, 2013
Common stock, par value \| $ / shares			$ 0.0001	$ 0.0001
Net proceeds after deducting underwriting discounts and commissions \| $			$ 171,128,000
Initial Public Offering
Overview [Line Items]
Reverse stock split description		one-for-three
Reverse stock split, conversion ratio		0.3333
Preferred stock, authorized shares		109,030,573
Common stock, par value \| $ / shares		$ 0.0001
Proceeds from issuance of stock \| $	$ 0
Series 1 Common Stock
Overview [Line Items]
Common stock, shares authorized			500,000,000
Stock sold at underwriters option			62,757,000
Net proceeds after deducting underwriting discounts and commissions \| $	$ 171,100,000
Series 1 Common Stock \| Initial Public Offering
Overview [Line Items]
Common stock, shares authorized		205,000,000
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs, shares	7,877,500
Stock sold at underwriters option	1,027,500
Stock issued price per share \| $ / shares	$ 24.00			$ 24
Series 1 Common Stock \| Underwriters? Option to Purchase Additional Shares
Overview [Line Items]
Stock sold at underwriters option	325,435
Stock issued price per share \| $ / shares	$ 24.00
Additional shares sold by existing shareholders	2,495,000
Series 2 Common Stock
Overview [Line Items]
Common stock, shares authorized			5,051,000
Stock sold at underwriters option			5,051,000
Series 2 Common Stock \| Initial Public Offering
Overview [Line Items]
Common stock, shares authorized		45,000,000

Summary of Significant Accounting Policies - Schedule of Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	$ 39,735	$ 28,264	$ 109,225	$ 81,083
Americas – U.S.
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	31,483	22,842	87,099	66,022
Americas – other
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	1,422	949	3,827	2,722
EMEA
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	3,180	1,899	8,493	5,260
APAC
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	$ 3,650	$ 2,574	$ 9,806	$ 7,079

- 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
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-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
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Summary of Significant Accounting Policies - Schedule of Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Revenues From External Customers And Long Lived Assets [Line Items]
Total long-lived assets	$ 7,242	$ 8,241
Americas – U.S.
Revenues From External Customers And Long Lived Assets [Line Items]
Total long-lived assets	6,703	7,699
APAC
Revenues From External Customers And Long Lived Assets [Line Items]
Total long-lived assets	$ 539	$ 542

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands		9 Months Ended
	Jan. 01, 2020 USD ($)	Sep. 30, 2020 USD ($) Customer	Sep. 30, 2019 USD ($) Customer	Dec. 31, 2019 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Accounts receivable including unbilled receivables		$ 5,700		$ 4,000
Concentration risk, number of customer \| Customer		1	1
Advertising expenses		$ 9,000	$ 9,000
Accumulated deficit		$ (299,190)		$ (274,549)
Cumulative Effect, Period of Adoption, Adjustment \| Revision of Prior Period, Adjustment
Summary Of Significant Accounting Policies [Line Items]
Accumulated deficit	$ (400)
Customer Concentration Risk \| Revenue
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage		15.00%	13.00%
Customer Concentration Risk \| Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage		20.00%
ASU 2016-13
Summary Of Significant Accounting Policies [Line Items]
Increase in the allowance for credit losses	$ 400
ASU 2018-07
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]		true
Change in Accounting Principle, Accounting Standards Update, Adoption Date		Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]		true
ASU 2018-15
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]		true
Change in Accounting Principle, Accounting Standards Update, Adoption Date		Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]		true
ASU 2019-12
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]		true
Change in Accounting Principle, Accounting Standards Update, Adoption Date		Jan. 01, 2019
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]		true
Minimum
Summary Of Significant Accounting Policies [Line Items]
Account receivable payment terms		Due immediately
Maximum
Summary Of Significant Accounting Policies [Line Items]
Account receivable payment terms		Due within 60 days

Summary of Significant Accounting Policies - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2019
Financing Receivable Allowance For Credit Losses [Line Items]
Beginning Balance	$ 1,656	$ 1,884	$ 1,167	$ 1,167
Allowance for credit losses	254	355	589	1,198	$ 741
Accounts written off	(49)	(583)	(236)
Ending Balance	$ 1,861	$ 1,656	1,884	1,861
Cumulative Effect, Period of Adoption, Adjustment \| ASU 2016-13
Financing Receivable Allowance For Credit Losses [Line Items]
Beginning Balance			$ 364	$ 364

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)	9 Months Ended
	Sep. 30, 2020
Computer Equipment
Property Plant And Equipment [Line Items]
Estimated useful lives of property and equipment	3 years
Computer Software
Property Plant And Equipment [Line Items]
Estimated useful lives of property and equipment	3 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Estimated useful lives of property and equipment	5 years
Leasehold Improvements \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives of property and equipment	1 year
Leasehold Improvements \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives of property and equipment	10 years

Revenue Recognition and Deferred Costs - Schedule of Disaggregate Revenue by Major Source (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation Of Revenue [Line Items]
Total revenue	$ 39,735	$ 28,264	$ 109,225	$ 81,083
Subscription Solutions
Disaggregation Of Revenue [Line Items]
Total revenue	26,545	21,021	74,041	60,406
Partner and Services
Disaggregation Of Revenue [Line Items]
Total revenue	$ 13,190	$ 7,243	$ 35,184	$ 20,677

- Definition

+ References

+ Details

Revenue Recognition and Deferred Costs - Additional Information (Details 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-10-01 $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 76.0
Remaining performance obligations, percentage	53.00%
Remaining performance obligations, satisfaction period	12 months
Revenue, expected recognition period, explanation	We expect to recognize approximately 53% of the remaining performance obligations as revenue in the following 12-month periods, and the remaining balance in the periods thereafter.

Revenue Recognition and Deferred Costs - Additional Information (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Revenue From Contract With Customer [Abstract]
Impairment of deferred commissions	$ 0	$ 0	$ 0
Deferred sales commissions	2,900,000	1,800,000
Deferred commission amortization expense	$ 1,500,000	$ 1,100,000

Fair Value Measurements - Additional Information (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Cash equivalents	$ 0	$ 0
Marketable securities	$ 0	$ 0

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 20,018	$ 18,636
Less: accumulated depreciation and amortization	(12,776)	(10,395)
Property and equipment, net	7,242	8,241
Computer Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,043	1,788
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	7,660	6,816
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,380	2,198
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 7,935	$ 7,834

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Property Plant And Equipment [Abstract]
Depreciation expense on property and equipment	$ 0.7	$ 0.6	$ 2.4	$ 1.8

Commitment, Contingencies, and Leases - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Commitments Contingencies And Leases [Abstract]
Liability related to indemnification obligations	$ 0		$ 0		$ 0
Operating lease, expiration year			2028
Operating and short-term rent expense	$ 900,000	$ 1,000,000	$ 2,700,000	$ 2,700,000

Commitment, Contingencies, and Leases - Schedule of Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Commitments Contingencies And Leases [Abstract]
Cash paid for operating lease liabilities	$ 2,684	$ 2,345
Right-of-use assets obtained in exchange for operating lease obligations		$ 2,834

Commitment, Contingencies, and Leases - Schedule of Operating Lease Information (Details)	Sep. 30, 2020	Sep. 30, 2019
Commitments Contingencies And Leases [Abstract]
Weighted-average remaining lease-term	6 years 2 months 1 day	7 years 1 month 6 days
Weighted-average discount rate	5.46%	5.52%

Commitment, Contingencies, and Leases - Schedule of Future Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Commitments Contingencies And Leases [Abstract]
2020 (October 1st through December 31st)	$ 959
2021	3,903
2022	3,037
2023	2,459
2024	2,227
Thereafter	6,934
Total minimum lease payments	19,519
Less imputed interest	(3,069)
Total lease liabilities	$ 16,450

Other Liabilities - Components of Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Sales tax payable	$ 644	$ 551
Payroll and payroll related expenses	13,324	6,126
Other	3,548	3,027
Other current liabilities	$ 17,516	$ 9,704

Debt - Additional Information (Details) - USD ($)			1 Months Ended	3 Months Ended		9 Months Ended	12 Months Ended
Debt - Additional Information (Details) - USD ($)	Feb. 28, 2020	Oct. 27, 2017	Feb. 28, 2020	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 04, 2019
Debt Instrument [Line Items]
Unpaid principal amount conversion to shares						$ 50,173,000
Gain on fair value of put option					$ 4,400,000	4,413,000
Net unamortized fees							$ 900,000
Mezzanine Facility \| WestRiver
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	$ 10,000,000		$ 10,000,000
Credit facility, maturity date	Mar. 01, 2023
Credit facility, outstanding amount				$ 0		$ 0
Credit facility, interest rate terms						Borrowings under the Mezzanine Facility bear interest at the greater of (i) 10.0% or (ii) the prime rate then in effect plus 5.25%. Interest is calculated on the outstanding principal on a 360-day year basis, payable monthly.
Debt instrument, maturity date	Nov. 06, 2020
Warrants, exercise price per share	$ 9.21		$ 9.21
Warrants expiration date	Mar. 01, 2023		Mar. 01, 2023
Fair value of warrants issued	$ 300,000		$ 300,000
Mezzanine Facility \| WestRiver \| Minimum
Debt Instrument [Line Items]
Credit facility, weighted-average effective interest rate	10.00%		10.00%
Mezzanine Facility \| WestRiver \| Maximum
Debt Instrument [Line Items]
Warrants to purchase shares of common stock	99,000		99,000
Revolving Line \| A&R Credit Facility
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	$ 20,000,000		$ 20,000,000	$ 10,000,000		$ 10,000,000
Credit facility, increase (decrease) in borrowing capacity	$ 5,000,000
Series 1 Common Stock
Debt Instrument [Line Items]
Repayment of paid principal amount		$ 1,100,000
Unpaid principal amount conversion to shares		$ 18,900,000	$ 35,000,000
Conversion of debt to shares		2,179,360	3,070,174
Initial public offering completion date		Aug. 05, 2020
Silicon Valley Bank \| A&R Credit Facility
Debt Instrument [Line Items]
Credit facility, covenant to maintain revenue growth rate of each quarter compared to same quarter in prior year	118.00%
Credit facility, covenant to maintain minimum liquidity ratio	150.00%
Credit facility, covenant terms						We are required to maintain a revenue growth rate of 118% each quarter compared to the same quarter in the prior year. The other covenant requires us to maintain a minimum liquidity ratio of 1.5:1. The liquidity ratio is calculated as unrestricted and unencumbered cash plus sixty percent of net accounts receivable to balance outstanding under the Revolving Line.
Credit facility, covenant compliance						We were in compliance with all covenants as of September 30, 2020.
Silicon Valley Bank \| Revolving Line
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity		$ 20,000,000							$ 25,000,000
Line of credit facility increase the amended									$ 5,000,000
Credit facility, maturity date		Oct. 27, 2021
Credit facility, weighted-average effective interest rate				3.70%		3.70%	5.60%
Credit facility, outstanding amount				$ 20,000,000		$ 20,000,000	$ 18,500,000
Convertible Term Loan \| Silicon Valley Bank
Debt Instrument [Line Items]
Debt principal amount		$ 20,000,000
Weighted average interest rate				5.80%		5.80%		5.60%
Quarterly principal payments		125,000
2020 Convertible Loan
Debt Instrument [Line Items]
Derivative liability				$ 4,400,000		$ 4,400,000
Interest expense				$ 100,000		$ 400,000
2020 Convertible Loan \| Silicon Valley Bank
Debt Instrument [Line Items]
Debt principal amount	$ 35,000,000		$ 35,000,000
2018 Term Loan \| Silicon Valley Bank
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity		$ 5,000,000
Credit facility, weighted-average effective interest rate				4.30%		4.30%		5.80%
Credit facility, outstanding amount				$ 1,900,000		$ 1,900,000	$ 3,300,000
Credit facility, maturity period		36 months
Converted Within 18 Months
Debt Instrument [Line Items]
Conversion of required minimum return			1.25
Converted Between 18 Months and 24 Months
Debt Instrument [Line Items]
Conversion of required minimum return			1.32
Converted Between 24 Months and Maturity
Debt Instrument [Line Items]
Conversion of required minimum return			1.55
Prime Rate \| Mezzanine Facility \| WestRiver
Debt Instrument [Line Items]
Variable interest rate	5.25%
Prime Rate \| 2018 Term Loan \| Silicon Valley Bank
Debt Instrument [Line Items]
Variable interest rate		0.25%
Prime Rate \| After January 1, 2020 \| Convertible Term Loan \| Silicon Valley Bank
Debt Instrument [Line Items]
Variable interest rate		2.00%
Prime Rate \| After January 1, 2021 \| Convertible Term Loan \| Silicon Valley Bank
Debt Instrument [Line Items]
Variable interest rate		4.00%
Prime Rate \| After January 1, 2022 \| Convertible Term Loan \| Silicon Valley Bank
Debt Instrument [Line Items]
Variable interest rate		6.00%
Prime Rate \| Prior to January 1, 2022 \| 2020 Convertible Loan \| Silicon Valley Bank
Debt Instrument [Line Items]
Variable interest rate			4.50%
Prime Rate \| From January 1, 2022 and Prior to January 1, 2023 \| 2020 Convertible Loan \| Silicon Valley Bank
Debt Instrument [Line Items]
Variable interest rate			6.50%
Prime Rate \| From January 1, 2023 and Prior to January 1, 2024 \| 2020 Convertible Loan \| Silicon Valley Bank
Debt Instrument [Line Items]
Variable interest rate			8.50%
Prime Rate \| From and After January 1, 2024 \| 2020 Convertible Loan \| Silicon Valley Bank
Debt Instrument [Line Items]
Variable interest rate			10.50%

Stockholders' Equity (Deficit) - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	9 Months Ended	12 Months Ended
	Aug. 05, 2020	May 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Aug. 04, 2020
Class Of Stock [Line Items]
Stock options granted			1,352,000
Weighted average exercise price of stock options granted			$ 14.44
Fair value assumptions, expected term			6 years
Fair value assumptions, expected volatility rate			50.00%
Fair value assumptions, risk-free interest rate			0.71%
Fair value assumptions, expected dividend yield			0.00%
Unamortized stock-based compensation cost related to unvested stock options			$ 10.9
Weighted-average period for recognition of unamortized stock-based compensation cost			2 years 9 months 18 days
Preferred stock issued			0
Preferred stock outstanding			0
Series 1 Common Stock
Class Of Stock [Line Items]
Conversion of stock, converted into aggregate shares				29,390,733
Series 1 Common Stock \| Initial Public Offering
Class Of Stock [Line Items]
Stock issued price per share				$ 24	$ 24.00
Series 2 Common Stock
Class Of Stock [Line Items]
Conversion of stock, converted into aggregate shares				5,050,555
Series F Preferred Stock
Class Of Stock [Line Items]
Dividend rate			10.00%	10.00%
Adjusted dividend rate				8.00%
Cumulative dividends				$ 12.8
Restricted Stock Units (RSUs)
Class Of Stock [Line Items]
Unamortized stock-based compensation costs			$ 13.6
Unamortized stock-based compensation costs, weighted-average period			3 years 8 months 12 days
Restricted Stock Units (RSUs) \| 2013 Stock Option Plan
Class Of Stock [Line Items]
Awards granted to officers and employees		1,216,000
Awards granted to officers and employees, fair value per share		$ 15.51
Service condition for awards satisfied period		4 years
Vesting period	4 years
Restricted Stock Units (RSUs) \| 2020 Equity Incentive Plan
Class Of Stock [Line Items]
Awards granted to officers and employees			147,000
Awards granted to officers and employees, fair value per share			$ 87.79
Vesting period			4 years

Stockholders' Equity (Deficit) - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,868	$ 815	$ 5,038	$ 2,231
Cost of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	179	62	334	121
Sales and Marketing
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	871	241	1,511	572
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	582	186	1,216	415
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,236	$ 326	$ 1,977	$ 1,123

Income Taxes - Additional Information (Details)	3 Months Ended		9 Months Ended
Income Taxes - Additional Information (Details)	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
U.S. statutory tax rate			21.00%
Effective tax rate	0.13%	(0.07%)	(0.03%)	(0.07%)

Net Loss per Share - Additional Information (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Earnings Per Share Basic [Line Items]
Total undistributed loss is allocated to preferred stock, diluted	$ 0
Total undistributed loss is allocated to preferred stock, basic	$ 0
Series F Preferred Stock
Earnings Per Share Basic [Line Items]
Dividend rate	10.00%	10.00%

Net Loss per Share - Schedule of Antidilutive Securities Outstanding Excluded from Computation of Diluted Weighted-Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding	10,754	46,408	10,754	46,408
Preferred Stock as-Converted
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding	0	34,442	0	34,442
Stock Options Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding	9,391	9,422	9,391	9,422
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding	1,363	0	1,363	0
Warrants to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding	0	364	0	364
Convertible Debt
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding	0	2,180	0	2,180