0001193125-20-290221 | S-1 | XBRL Viewer | Bigcommerce Holdings INC

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Cover	9 Months Ended
Cover	Sep. 30, 2020
Cover [Abstract]
Document Type	S-1
Amendment Flag	false
Entity Registrant Name	BigCommerce Holdings, Inc.
Entity Central Index Key	0001626450
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 178,846	$ 7,795	$ 12,793
Restricted cash	1,133	1,355	1,104
Marketable securities			23,367
Accounts receivable, net	21,458	15,548	10,238
Prepaid expenses and other assets	9,259	5,296	3,512
Deferred commissions	2,224	1,677	2,106
Total current assets	212,920	31,671	53,120
Property and equipment, net	7,242	8,241	5,231
Right-of-use-assets	12,345	14,065
Deferred commissions, net of current portion	2,995	2,087	753
Total assets	235,502	56,064	59,104
Current liabilities
Accounts payable	5,566	3,881	5,463
Accrued liabilities	2,584	5,849	2,618
Deferred revenue	11,842	9,399	10,429
Current portion of long-term debt	11,895	2,363	946
Current portion of operating lease liabilities	3,074	2,718
Other current liabilities	17,516	9,704	7,934
Deferred rent and leasehold incentive obligations			247
Total current liabilities	52,477	33,914	27,637
Deferred revenue, net of current portion	1,127	1,492	2,136
Long-term debt, net of current portion	10,000	38,502	23,415
Operating lease liabilities, net of current portion	13,400	15,705
Deferred rent and leasehold incentive obligations, net of current portion			946
Total liabilities	77,004	89,613	54,134
Commitments and contingencies (Note 6)
Stockholders' equity (deficit)
Common stock	7	2	2
Additional paid-in capital	457,681	17,244	13,261
Accumulated other comprehensive loss			(14)
Accumulated deficit	(299,190)	(274,549)	(224,725)
Total stockholders' equity (deficit)	158,498	(257,303)	(211,476)
Total liabilities, convertible preferred stock, and stockholders' equity (deficit)	$ 235,502	56,064	59,104
Convertible Preferred Stock
Convertible preferred stock
Convertible preferred stock		$ 223,754	$ 216,446

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Common stock, shares par value	$ 0.0001	$ 0.0001	$ 0.0001
Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	10,000,000	102,030,000	102,030,000
Convertible preferred stock, shares issued	0	102,030,000	102,030,000
Convertible preferred stock, shares outstanding	0	102,030,000	102,030,000
Convertible Preferred Stock \| Previously Reported
Convertible preferred stock, shares issued		102,031,000
Convertible preferred stock, shares outstanding		102,031,000
Voting Common Stock
Common stock, shares authorized		200,000,000	200,000,000
Common stock, shares issued		18,544,000	17,445,000
Common stock, shares outstanding		18,544,000	17,445,000
Non-voting Common Stock
Common stock, shares authorized		30,000,000	30,000,000
Common stock, shares issued		0	0
Common stock, shares outstanding		0	0
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

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Revenue	$ 39,735	$ 28,264	$ 109,225	$ 81,083	$ 112,103	$ 91,867
Cost of revenue	8,593	6,806	23,910	18,958	27,023	21,937
Gross profit	31,142	21,458	85,315	62,125	85,080	69,930
Operating expenses:
Sales and marketing	19,328	15,346	51,893	45,445	60,740	45,928
Research and development	12,124	10,862	34,390	32,162	43,123	42,485
General and administrative	9,745	5,527	23,925	15,748	22,204	19,497
Total operating expenses	41,197	31,735	110,208	93,355	126,067	107,910
Loss from operations	(10,055)	(10,277)	(24,893)	(31,230)	(40,987)	(37,980)
Interest income	2	4	20	245	245	653
Interest expense	(741)	(359)	(2,655)	(1,129)	(1,612)	(1,489)
Change in fair value of financial instruments			4,413
Other expense	(75)	(86)	(238)	(163)	(208)	(52)
Loss before provision for income taxes	(10,869)	(10,718)	(23,353)	(32,277)	(42,562)	(38,868)
Provision for income taxes	(14)	7	6	21	28	10
Net loss	(10,855)	(10,725)	(23,359)	(32,298)	(42,590)	(38,878)
Dividends and accretion of issuance costs on Series F preferred stock	2,732	(1,865)	(962)	(5,417)	(7,308)	(4,712)
Net loss attributable to common stockholders	$ (8,123)	$ (12,590)	$ (24,321)	$ (37,715)	$ (49,898)	$ (43,590)
Basic and diluted net loss per share attributable to common stockholders	$ (0.16)	$ (0.70)	$ (0.83)	$ (2.13)	$ (2.80)	$ (2.59)
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	17,834	16,807

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (10,855)	$ (10,725)	$ (23,359)	$ (32,298)	$ (42,590)	$ (38,878)
Other comprehensive income (loss):
Net unrealized gain (loss) on marketable debt securities		14		14	14	(14)
Total comprehensive loss	$ (10,855)	$ (10,711)	$ (23,359)	$ (32,284)	$ (42,576)	$ (38,892)

- 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) - 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, 2017	$ (171,714)			$ 2	$ 10,633	$ (182,349)
Balance (Accounting Standards Update 2014-09) at Dec. 31, 2017		$ 1,164					$ 1,164
Temporary equity, shares at Dec. 31, 2017			78,402
Temporary equity, balance at Dec. 31, 2017			$ 148,105
Balance, shares at Dec. 31, 2017				16,059
Issuance of Series F preferred stock, net of issuance costs			$ 63,629
Issuance of Series F preferred stock, net of issuance costs, shares			23,628
Exercise of stock options	$ 607				607
Exercise of stock options, shares	1,386			1,386
Stock-based compensation	$ 2,071				2,071
Accumulated dividend - Series F	(4,662)					(4,662)
Temporary Equity, Accumulated dividend - Series F			$ 4,662
Temporary Equity, Accretion of Series F issuance costs			$ 50
Accretion of Series F issuance costs	(50)				(50)
Unrealized gain (loss) on investments	(14)							$ (14)
Net loss	(38,878)					(38,878)
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 (loss) 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 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	$ 901				901
Exercise of stock options, shares	1,099			1,099
Stock-based compensation	$ 3,156				3,156
Accumulated dividend - Series F	(7,234)					(7,234)
Temporary Equity, Accumulated dividend - Series F			7,234
Temporary Equity, Accretion of Series F issuance costs			$ 74
Accretion of Series F issuance costs	(74)				(74)
Unrealized gain (loss) on investments	14							14
Net loss	(42,590)					(42,590)
Balance at Dec. 31, 2019	(257,303)			$ 2	17,244	(274,549)
Balance (ASU 2016-13) at Dec. 31, 2019		(364)					(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
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
Accretion of Series F issuance costs	(19)				(19)
Unrealized gain (loss) on investments	14							$ 14
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)			$ 2	17,244	(274,549)
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
Balance at Dec. 31, 2019	(257,303)			$ 2	17,244	(274,549)
Balance (ASU 2016-13) at Dec. 31, 2019		$ (364)					$ (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)
Payment of Series F 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 - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net loss	$ (23,359)	$ (32,298)	$ (42,590)	$ (38,878)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,377	1,751	2,569	1,844
Amortization of discount on debt	480	41	54	49
Stock-based compensation	5,038	2,231	3,156	2,071
Allowance for credit losses	1,198	741	988	341
Accretion on discount to marketable securities		(69)	(69)	(190)
Change in fair value of financial instrument	(4,413)
Changes in operating assets and liabilities:
Accounts receivable	(7,473)	(3,587)	(6,297)	(4,627)
Prepaid expenses	(3,675)	1,612	(1,786)	(294)
Deferred commissions	(1,454)	(2,482)	(903)	(804)
Accounts payable	1,685	(1,050)	(1,582)	291
Accrued and other current liabilities	4,319	2,920	8,164	2,351
Deferred revenue	2,077	(920)	(1,673)	6,908
Deferred rent and leasehold incentive obligations				347
Net cash used in operating activities	(23,200)	(31,110)	(39,969)	(30,591)
Cash flows from investing activities:
Purchase of marketable securities				(33,566)
Purchase of property and equipment	(1,378)	(5,326)	(5,579)	(3,326)
Maturity of marketable securities		23,450	23,450	10,375
Net cash (used in) provided by investing activities	(1,378)	18,124	17,871	(26,517)
Cash flows from financing activities:
Proceeds from issuance of preferred stock, net of issuance costs				63,629
Proceeds from exercise of stock options	1,947	471	901	607
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	18,500	4,500
Repayment of debt	(6,715)	(1,538)	(2,050)	(4,500)
Net cash provided by financing activities	195,407	7,524	17,351	64,236
Net change in cash and cash equivalents and restricted cash	170,829	(5,462)	(4,747)	7,128
Cash and cash equivalents and restricted cash, beginning of period	9,150	13,897	13,897	6,769
Cash and cash equivalents and restricted cash, end of period	179,979	8,435	9,150	13,897
Supplemental cash flow information
Cash paid for taxes, net of refunds			0	0
Cash paid for interest	1,519	$ 1,117	$ 1,626	$ 1,250
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	12 Months Ended
Overview	Sep. 30, 2020	Dec. 31, 2019
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.	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. In our audited financial statements for the year ended December 31, 2018, we previously reported having substantial doubt as to our ability to continue as a going concern. Subsequent to December 31, 2019, we amended our loan agreement to add a convertible term loan of $35.0 million. With this additional financing we alleviated our substantial doubt to continue as a going concern. Based upon our current operating plan, we believe we have sufficient resources to fund operations through at least the second quarter of 2021.

Summary of Significant Accounting Policies

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

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.

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

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.

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 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 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.

2. Summary of significant accounting policies

Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Basis of consolidation

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. 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.

Stock split

On July 24, 2020, our board of directors and stockholders approved 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.

Segment and geographic information


	Year ended December 31,
*(in thousands)*	2019		2018
Revenue:
Americas—U.S.	$	91,057	$	75,025
Americas—other		3,761		3,000
EMEA		7,370		6,123
APAC		9,915		7,719

Total revenue	$	112,103	$	91,867

Long-lived assets by geographic region was as follows:


	Year ended December 31,
*(in thousands)*	2019		2018
Long-lived assets:
Americas—U.S.	$	7,699	$	4,864
Americas—other		—		—
EMEA		—		—
APAC		542		367

Total long-lived assets	$	8,241	$	5,231

Cash and cash equivalents

Restricted cash

Marketable securities

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 December 31, 2019 and 2018 included unbilled receivables of $4.0 million and $2.6 million, respectively.

The allowance for doubtful accounts is our best estimate of the amount of probable credit losses. We

determine the allowance for doubtful accounts based on our analysis of historical bad debts, customer

concentrations, credit history, and general economic trends. Account balances are written off against

the allowance after all means of collection have been exhausted and the potential for recovery is

considered remote. Significant judgments and estimates are made and used in connection with

establishing allowances for doubtful accounts in any accounting period. The allowance for doubtful

accounts consisted of the following:


*(in thousands)*
Balance at December 31, 2017	$	376
Bad-debt expense		341
Accounts written off		(120	)

Balance at December 31, 2018		597
Bad-debt expense		988
Accounts written off		(418	)

Balance at December 31, 2019	$	1,167

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

One of our strategic partners accounted for 12% of our revenue for the years ended December 31, 2019 and 2018, and accounted for 20% and 22% of our accounts receivable balance at December 31, 2019 and 2018, respectively.

Foreign currency

Our functional and reporting currency and the functional and reporting currency of our subsidiaries is the U.S. dollar. Monetary assets and liabilities denominated in foreign currencies are re-measured to U.S. dollars using the exchange rates at the balance sheet dates. Non-monetary assets and liabilities denominated in foreign currencies are measured in U.S. dollars using historical exchange rates. Revenue and expenses are measured using the actual exchange rates prevailing on the dates of the transactions. Gains and losses resulting from re-measurement are recorded within Other expense in our consolidated statements of operations and were not material for all periods presented.

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:


	Year ended December 31,
*(in thousands)*	2019		2018
Subscription solutions	$	82,689	$	70,484
Partner and services		29,414		21,383

Total revenue	$	112,103	$	91,867

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.

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.

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.

The net decrease in the deferred revenue balance for the year ended December 31, 2019 is primarily due to the recognition of revenue related to a large upfront payment on a multi-year arrangement that was entered into in prior years. Amounts recognized from deferred revenue represent primarily revenue from the sale of subscription solutions, integration, and marketing services.

As of December 31, 2019, we had $47.8 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 60% of the remaining performance obligations as revenue in the next 12 months, 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 during the years ended December 31, 2019 and December 31, 2018.

Sales commissions of $2.5 million and $2.0 million were deferred for the years ended December 31, 2019 and 2018, respectively; and deferred commission amortization expense was $1.6 million and $1.2 million for the years ended December 31, 2019 and 2018, respectively.

Advertising costs

We expense advertising costs as incurred. Advertising expenses were approximately $11.8 million and $8.9 million for the years ended December 31, 2019 and 2018, 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

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 that position is more likely than not of being sustained upon examination by taxing authorities, based on the technical merits of the position. Any interest and penalties related to uncertain tax positions will be reflected as a component of income tax expense.

Stock-based compensation

Stock-based compensation 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.

Accounting pronouncements

In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 (Leases), which provides narrow amendments to clarify how to apply certain aspects of the new lease standard. In July 2018, the FASB also issued ASU 2018-11, Targeted Improvements, which provides the option to adopt ASU No. 2016-02 retrospectively for each prior period presented or as of the adoption date with a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. In January 2019, the FASB issued ASU No. 2019-01, “Leases (Topic 842): Codification Improvements” to clarify the required disclosures of ASU No 2016-02 and explicitly exempt entities from disclosing the effect of the change for the interim period. We adopted the standard effective January 1, 2019 and elected the package of practical expedients permitted under the transition guidance with Topic 842, which among other things, allows us to carry forward the historical lease classification and the practical expedient to not separate lease and non-lease components of an agreement. Adoption of the new standard resulted in the recording of Right-of-Use (“ROU”) assets and lease liabilities of approximately $8.8 million and $11.0 million, respectively as of January 1, 2019. The difference between the ROU asset and lease liabilities is the derecognition of deferred rent and tenant improvement allowances at the date of adoption. The standard had no impact on our consolidated statements of operations. See Note 6 for more information.

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 fiscal years, beginning after December 15, 2019. The adoption of ASU 2018-07 is not expected to 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. The adoption of 2016-13 is not expected to have a material impact on our consolidated financial statements.

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). ASU 2018-15 will be effective beginning in our first quarter of 2020, with early adoption permitted. The ASU may be applied retrospectively or prospectively to all implementation costs incurred after the date of adoption. We are currently evaluating the consolidated financial statement impact on the

consolidated financial statements upon adoption.

Cash Equivalents and Marketable Securities

12 Months Ended

Dec. 31, 2019

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Marketable Securities

3. Cash equivalents and marketable securities

The following table summarizes the estimated fair value of our cash equivalents and marketable securities:


	December 31, 2018
*(in thousands)*	Amortized cost		Gross unrealized gains		Gross unrealized losses			Estimated fair value
Cash equivalents:
Money market funds	$	3,755	$	—	$	—		$	3,755
Reverse repurchase agreements		3,000		—		—			3,000

Total cash equivalents	$	6,755	$	—	$	—		$	6,755

Marketable securities:
Commercial paper	$	8,961	$	—	$	—		$	8,961
Corporate securities		14,420		—		(14	)		14,406

Total marketable securities	$	23,381	$	—	$	(14	)	$	23,367

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

Fair Value Measurements

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

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.

4. Fair value measurements

Financial instruments carried at fair value include cash and cash equivalents, restricted cash and marketable securities. The carrying amount of accounts receivable, accounts payable, and accrued liabilities approximate fair value due to their relatively short maturities.

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.

•

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

The following table summarizes the estimated fair value of our cash equivalents and marketable securities:


	As of December 31, 2018
*(in thousands)*	(Level 1)		(Level 2)		(Level 3)		Total
Financial assets:
Money market funds	$	3,755	$	—	$	—	$	3,755
Reverse repurchase agreements		—		3,000		—		3,000
Commercial paper		—		8,961		—		8,961
Corporate securities		—		14,406		—		14,406

Total financial assets	$	3,755	$	26,367	$	—	$	30,122

We did not have any cash equivalents or marketable securities as of 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

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

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
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.

5. Property and equipment

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


	As of December 31,
*(in thousands)*	2019			2018
Computer software	$	1,788		$	1,193
Computer equipment		6,816			5,309
Furniture and fixtures		2,198			1,549
Leasehold improvements		7,834			5,235

		18,636			13,286
Less: accumulated depreciation and amortization		(10,395	)		(8,055	)

Property and equipment, net	$	8,241		$	5,231

Depreciation expense on property and equipment was $2.6 million and $1.8 million during 2019 and 2018, respectively.

Commitments, Contingencies, and Leases

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

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, 2020		Nine months ended September 30, 2019
Cash paid for operating lease liabilities	$	2,684	$	2,345
Right-of-use assets obtained in exchange for operating lease obligations	$	—	$	2,834


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

6. Commitments, contingencies, and leases

We had unconditional purchase obligations as of December 31, 2019, as follows:


*(in thousands)*
2020	$	2,603
2021		6,587
2022		4,333
2023 and thereafter		—

Total	$	13,523

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

Leases

We adopted ASC Topic 842, Leases, on January 1, 2019. Operating and short-term rent expense was $3.2 million and $0.3 million, respectively, for the year ended December 31, 2019. Operating rent expense was $2.5 million for the year ended December 31, 2018.

We elected the practical expedient to not provide comparable presentation for periods prior to adoption.

Supplemental lease information


*Cash flow information (in thousands)*	Year ended December 31, 2019
Cash paid for operating lease liabilities	$	3,224
Right-of-use assets obtained in exchange for operating lease obligations	$	2,714


*Operating lease information*	Year ended December 31, 2019
Weighted-average remaining lease-term		6.8 years
Weighted-average discount rate		5.50%

The future maturities of operating lease liabilities are as follows:


*(in thousands)*	December 31, 2019
2020	$	3,643
2021		3,903
2022		3,037
2023		2,459
2024		2,227
Thereafter		6,934

Total minimum lease payments	$	22,203
Less imputed interest		(3,780	)

Total lease liabilities	$	18,423

Other Liabilities

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

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
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

7. Other liabilities

The following table summarizes the components of other current liabilities:


	Year ended December 31,
*(in thousands)*	2019		2018
Sales tax payable	$	551	$	1,195
Payroll and payroll related expenses		6,126		4,831
Other		3,027		1,908

Other current liabilities	$	9,704	$	7,934

Debt

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

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.

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.

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.

8. Debt

Convertible term loan

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. The Convertible Term Loan maturity date is October 27, 2022. Interest is 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 5.4% and 4.9% during the years ended December 31, 2019 and 2018. Quarterly principal payments of $125 thousand are due and payable from June 1, 2018 through maturity. As of December 31, 2019, and 2018, we had $19.1 million and $19.6 million outstanding under the Convertible Term Loan, respectively.

The conversion feature grants the bank rights to convert part or all of the outstanding principal, plus accrued and unpaid interest into shares of Series F preferred stock at a conversion price of $3.059 per share. The conversion rights may be exercised at the lenders’ option in the event of a change of control, initial public offering, or when the note matures. The Convertible Term Loan also provides lenders rights to purchase Series F preferred stock at $3.059 per share in an aggregate amount of principal previously repaid. The conversion rights and the purchase rights expire after the Convertible Term Loan’s maturity date.

Credit facility

On October 27, 2017, we amended and restated our loan and security agreement (as amended, the “Credit Facility”) with SVB. As of December 31, 2018, 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.

Advances under the Credit Facility are collateralized by all of our assets. The Credit Facility includes two financial covenants. One requires us to maintain a revenue growth rate of 110% each quarter compared to the same quarter in the prior year. The other covenant requires us to maintain a minimum of $10 million in cash plus available amounts under the Credit Facility. We were in compliance with all covenants as of December 31, 2019.

Revolving line

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 5.3% and 5.2% during the years ended December 31, 2019 and 2018, respectively. Interest is calculated on the outstanding principal and is payable monthly. As of December 31, 2019 and 2018, we had $18.5 million and $3.5 million outstanding under the Revolving Line, respectively.

2018 term loan

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 5.3% and 5.2% during the years ended December 31, 2019 and 2018, respectively. Interest is calculated on the outstanding principal and is payable monthly. Monthly principal payments commenced on October 1, 2018. The principal amortizes equally from the time of the draw to the maturity date. As of December 31, 2019, and 2018, we had $3.3 million and $1.4 million outstanding under the 2018 Term Loan, respectively.

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 $0.1 million and $0.1 million for each of the years ended December 31, 2019 and 2018, respectively. Net unamortized fees as of each of December 31, 2019 and 2018 amounted to $0.1 million and $0.1 million.

In connection with debt acquired prior to 2017, we issued warrants to purchase 255 thousand shares of common stock with a weighted-average exercise price of $4.20 per share. The exercise prices of the warrants range from $1.65 to $5.55 per share. Warrants to purchase 17 thousand shares of common stock expire on July 12, 2023, with the remainder expiring on September 30, 2024. The warrant holder may, at any time, exercise the warrants, in whole or in part, by delivering to us the original warrant, together with a duly executed notice of exercise and the exercise price.

Upon issuance of the warrants, we recorded the fair value of the warrants at $0.5 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 in prior years.

The maturities of debt are as follows:


*(in thousands)*	December 31, 2019
2020	$	2,394
2021		20,431
2022		18,125
2023		—
2024 and thereafter		—

Total debt	$	40,950
Less:
Current portion	$	(2,363	)
Discount on long-term debt	$	(85	)

Noncurrent portion of debt		38,502

Stockholders' Equity (Deficit)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

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.

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 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.

9. Stockholders’ equity (deficit)

2013 Stock plan

In February 2013, we established the 2013 Stock Option Plan (the “2013 Plan”). Pursuant to the 2013 Plan, the exercise price for incentive stock options is at least 100% of the fair market value on the date of grant, or for employees owning in excess of 10% of the voting power of all classes of stock, 110% of the fair market value on the date of grant.

Options expire ten years from the date of grant, or for employees owning in excess of 10% of the voting power of all classes of stock, five years for incentive stock options. The term of each option shall not be more than ten years from the date of grant thereof, except the term of each Incentive Stock Option shall not be more than five years from the date of grant thereof in the case of any participant who owns directly, or by attribution shares possessing, more than 10% of the total combined voting power of all classes of our shares or shares of any parent or subsidiary corporations. Vesting periods are determined by the board of directors; however, options generally vest 25% one year after the date of grant, with the remaining balance vesting on a pro rata basis monthly for 36 months.

As of December 31, 2019, the total number of shares reserved for issuance under the 2013 Plan was 9,596, of which 9,327 shares were subject to outstanding option awards.

Stock options

We use the Black-Scholes option-pricing model to estimate the fair value of our share-based payment awards. The Black-Scholes option-pricing model requires estimates regarding the risk-free rate of return, dividend yields, expected life of the award, and estimated forfeitures of awards during the service period. The calculation of expected volatility is based on historical volatility for comparable industry peer groups over periods of time equivalent to the expected life of each stock option grant. As we are not publicly traded, we believe that comparable industry peer groups provide a reasonable measurement of volatility in order to calculate a reasonable estimate of fair value of each stock award. The expected term is calculated based on the weighted average of the remaining vesting term and the remaining contractual life of each award. We based the estimate of risk-free rate on the U.S. Treasury yield curve in effect at the time of grant or modification. We have never paid cash dividends and do not currently intend to pay cash dividends, and thus have assumed a dividend yield of zero.

We estimate the fair value of common stock at the time of grant of the option by considering a number of objective and subjective factors, including independent third-party valuations of our common stock, operating and financial performance, the lack of liquidity of capital stock, and general and industry-specific economic outlook, among other factors.

We estimate potential forfeitures of stock grants and adjust compensation cost recorded accordingly. The estimate of forfeitures will be adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures will be recognized through a cumulative catch-up adjustment in the period of change and will also impact the amount of stock compensation expense to be recognized in future periods.

The following table summarizes the weighted-average grant date value of options and the assumptions used to develop their fair value.


	Year ended December 31,
	2019			2018
Weighted-average grant date fair value of options	$	1.20		$	0.42
Risk-free interest rate		1.51%—2.53	%		2.43%—3.09	%
Expected volatility		46.70%—47.87	%		47.22%—49.13	%
Expected life in years		5.52—6.08 years			5.00—6.08 years
Dividend yield		—			—

A summary of the changes in common stock options issued under all of the existing stock option plans is as follows:


*(in thousands, except per share amounts)*	Shares			Weighted average of exercise prices		Weighted average of remaining term (years)		Aggregate intrinsic value
Options outstanding at December 31, 2017		6,444		$	0.66		8.36	$	8,019
Granted		4,655			2.76		—		—
Exercised		(1,386	)		0.45		—		—
Forfeited		(707	)		1.29		—		—

Options outstanding at December 31, 2018		9,006		$	1.71		8.60	$	13,327
Granted		2,266			3.45		—		—
Exercised		(1,099	)		1.17		—		—
Forfeited		(846	)		1.98		—		—

Options outstanding at December 31, 2019		9,327		$	2.22		8.17	$	65,294

Vested and expected to vest at December 31, 2019(1)		8,588		$	2.10		8.04	$	61,144

Vested at December 31, 2019		3,699		$	1.35		7.08	$	29,092

(1)	The expected-to-vest options are the result of applying the pre-vesting forfeiture rate to outstanding options.

The total intrinsic value of options exercised during the years ended December 31, 2019 and 2018 was $5.6 million and $2.6 million, respectively. The intrinsic value was calculated as the difference between the estimated fair value of our common stock at exercise, as determined by the board of directors, and the exercise price of the in-the-money options. The weighted-average grant date fair value of options granted during the years ended December 31, 2019 and 2018 was $8.1 million and $6.3 million, respectively.

At December 31, 2019 and 2018, there was an estimated $9.4 million and $6.2 million, respectively, of total unrecognized compensation costs related to stock-based compensation arrangements. These costs will be recognized over a weighted-average period of three years.

Total stock-based compensation expense recognized was as follows:


	Year ended December 31,
*(in thousands)*	2019		2018
Cost of revenue	$	191	$	82
Sales and marketing		838		388
Research and development		666		432
General and administrative		1,461		1,169

Total stock-based compensation expense	$	3,156	$	2,071

Preferred stock

As of December 31, 2019, the holders of preferred stock (“Series A Stock,” “Series B Stock,” “Series C Stock,” “Series D Stock,” “Series D-1 Stock,” “Series E Stock,” “Series E-1 Stock,” and “Series F Stock”) have various rights and preferences as follows:


*(in thousands)*	Shares authorized		Shares outstanding		Shares outstanding as converted to common stock		Liquidation amounts
Series A Stock		15,000		15,000	$	5,000	$	15,000
Series B Stock		10,611		10,611		3,537		20,116
Series C Stock		16,393		16,393		5,604		40,000
Series D Stock		14,451		14,451		5,082		50,000
Series D-1 Stock		1,445		1,445		508		5,000
Series E Stock		20,307		20,307		6,769		39,000
Series E-1 Stock		195		195		65		400
Series F Stock		23,628		23,628		7,877		68,662

Total Preferred Stock		102,030		102,030	$	34,442	$	238,178

Dividends

Holders of Series F Stock are entitled to receive cumulative dividends. Dividends on shares of Series F Stock (the “Series F Dividend”) accrue on a daily basis and compound quarterly at a per annum rate of 10% of the Series F Stock original issue price of $2.7086 per share (the “Series F Original Issue Price”). Except for the limited instances identified in our currently effective amended and restated certificate of incorporation with respect to the Series F Stock, we have no obligation to pay any dividends, except when, as and if declared by the board of directors. No dividends on any share of other series of preferred stock or common stock can be paid until the full Series F Dividend then accrued has been paid in full. In the event that the holders of Series F Stock receive proceeds per share of Series F Stock in cash or freely tradeable securities as a result of any deemed liquidation event or any conversion to common stock at the option of the holder or a mandatory conversion event of at least: (a) $6.7715 per share of Series F Stock, then the Series F Dividend shall be reduced from 10% to 9% per annum effective as of the date of issuance, or (b) $8.1258, then the Series F Dividend shall be reduced from 10% to 8% per annum effective as of the date of issuance. As of December 31, 2019, we accrued $11.9 million of dividends for holders of our Series F Stock, or $0.50 per share. On July 24, 2020, concurrently with the effectiveness of the one-for-three reverse stock split of our common stock, the foregoing prices were adjusted proportionately in accordance with our certificate of incorporation.

Holders of all other series of preferred stock are entitled to participate in dividends on common stock when, as and if declared by the board of directors, based on the number of shares of common stock held on an as-converted basis. From our inception through December 31, 2019, our board of directors had not declared any dividends.

Liquidation

In the event of any voluntary or involuntary liquidation, dissolution, winding up or deemed liquidation event, the holders of each series of preferred stock are entitled to be paid out of our assets available for distribution to our stockholders before any payment shall be made to the holders of our common stock in the following order: (i) first, the holders of shares of Series F Stock, an amount equal to the Series F Original Issue Price, plus any dividends (other than the Series F Dividend) declared but unpaid, (ii) second, to the holders of Series E Stock and Series E-1 Stock, an amount equal to the Series E Stock original issue price of $1.9242 per share, plus any dividends declared but unpaid thereon, (iii) third, to the holders of Series D Stock and Series D-1 Stock, an amount equal to the Series D Stock original issue price of $3.46 per share, plus any dividends declared but unpaid thereon, (iv) fourth, to the holders of Series A Stock, Series B Stock and Series C Stock, pari passu amongst one another, an amount equal to the Series A Stock original issue price of $1.00 per share, Series B Stock original issue price of $1.8896 per share, and Series C Stock original issue price of $2.44 per share, respectively, in each case, plus any dividends declared but unpaid thereon, (v) fifth, any accrued but unpaid Series F Dividends, and (vi) to the holders of all other series of our preferred stock, pari passu among one another, in an amount equal to (A) the original issue price for such series of preferred stock times (B) 50%. Other than in connection with a deemed liquidation event, the preferred stock is not redeemable by us without the consent of the stockholders.

Conversion

Each share of preferred stock (other than the Series D-1 Stock and Series E-1 Stock, which are subject to restrictions regarding conversion) shall be convertible, at the option of the holder thereof, at any time, and without the payment of additional consideration by the holder thereof, into such number of fully paid shares of common stock as is determined by dividing the original issue price for such series of preferred stock by the applicable conversion price for such series of preferred stock in effect at the time of conversion. The Series A and Series B are mandatorily convertible upon the election of the holders of a majority of such shares voting together on an as converted to common stock basis. The Series C is mandatorily convertible upon the election of the holders of a majority of such shares. The Series D is mandatorily convertible upon the election of the holders of a majority of such shares. The Series E is mandatorily convertible upon the election of the holders of at least 60% of such shares. The Series F is mandatorily convertible upon the election of the holders of a majority of such shares. In addition, all shares of preferred stock (other than the Series D-1 Stock and Series E-1 Stock) are mandatorily convertible upon the sale of shares of common stock to the public in a firm commitment underwritten public offering of our common stock resulting in (a) at least $50 million in net proceeds (after the underwriting discount and commissions) to us and (b) a price per share that yields (including the payment of the Series F Dividend) an implied value per share of Series F Preferred Stock issued on the original issue date of the Series F of at least $4.0629 (such offering, a “Qualified IPO”). The conversion price per share applicable to: (i) the Series A Stock shall initially be equal to $1.00, (ii) the Series B Stock shall initially be equal to $1.8896, (iii) the Series C Stock shall initially be equal to $2.3793, (iv) the Series D Stock and Series D-1 Stock shall initially be equal to $3.2794, (v) the Series E Stock and Series E-1 Stock shall initially be equal to $1.9242, and (vi) the Series F Stock shall initially be equal to $2.7086. On July 24, 2020, concurrently with the effectiveness of the one-for-three reverse stock split of our common stock, the conversion prices applicable to our preferred stock were adjusted proportionately in accordance with our certificate of incorporation. Additionally, upon a mandatory conversion, we shall pay to the holders of Series F Stock, an amount per share of Series F Stock equal to the Series F Dividend or a number of additional shares of non-voting common stock per share of Series F Stock equal to the Series F Dividend based on the price of the common stock in the Qualified IPO. No fractional common stock shall be issued upon conversion of Preferred Stock. The Series C Stock, Series D Stock, and Series D-1 Stock is currently convertible into common stock on a greater than one-to-one basis.

Voting

Holders of preferred stock are entitled to voting rights equal to holders of common stock, except for holders of Series D-1 Stock, Series E-1 Stock, and Series F Stock held by certain non-voting holders and except as otherwise provided in the amended and restated certificate of incorporation and our voting agreement with certain of our stockholders. The Series F Stock held by Goldman Sachs & Co. LLC will convert to voting shares upon sale or transfer to a third party. A majority of the outstanding shares of preferred stock is necessary for approving certain protective provisions in the amended and restated certificate of incorporation. In addition, the holders of each series of preferred stock have protective provisions which require approval from a majority of the outstanding shares of such series.

Redemption

Series F Stockholders are allowed to request redemption of their shares on the earlier of: (i) the five-year anniversary of the original issue date of the Series F Stock or (ii) the consummation of an initial public offering of our capital stock that is not a Qualified IPO.

Our merger or consolidation into another entity in which our stockholders own less than 50% of the voting stock of the surviving company or the sale, transfer or lease of substantially all of our assets shall be deemed a liquidation, dissolution or winding up, and, as a result, a redemption event. As the redemption event is outside of our control, all shares of preferred stock have been presented outside of permanent equity. We have also concluded that since the shares of preferred stock are not mandatorily redeemable, but rather are only contingently redeemable, and given that the redemption event is not certain to occur, the shares have not been accounted for as a liability in any of the periods presented.

Income Taxes

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

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.

10. Income taxes

Pretax earnings from continuing operations consist of the following:


	Year ended December 31,
*(in thousands)*	2019			2018
United States	$	(38,720	)	$	(38,471	)
Non-U.S.		(3,842	)		(397	)

Total pre-tax earnings	$	(42,562	)	$	(38,868	)

Our components of the provision for income taxes are as follows:


	Year ended December 31,
*(in thousands)*	2019		2018
Income tax provision (benefit)
Current:
Federal	$	—	$	—
State		25		10
Foreign		3		—

Total current	$	28	$	10

Deferred:
Federal		—		—
State		—		—
Foreign		—		—

Total deferred		—		—

Total provision (benefit)	$	28	$	10

Our provision for income taxes attributable to continuing operations differs from the expected tax expense (benefit) amount computed by applying the U.S. statutory federal income tax rate of 21% to income from continuing operations before income taxes. The variance is a result of the application of a valuation allowance for net deferred assets, including NOL carryforwards and credits generated in Australia, the UK, and the United States. Income tax expense for the period is a result of the Texas “Gross Margin” tax in the case of the state tax expense and taxable profits in Ireland and Singapore in the case of the foreign tax expense.


	Year ended December 31,
*(in thousands)*	2019			2018
U.S. federal taxes at statutory rate		21.00	%		21.00	%
State taxes, net of federal benefit		3.25			3.45
Foreign tax rate differentials		0.33			(0.15	)
Research and development credit		3.24			(0.46	)
Stock-based compensation		0.38			(0.83	)
Permanent differences, other		(3.77	)		(1.83	)
Change in valuation allowance		(24.50	)		(22.30	)
Other		—			1.09

Effective tax rate		-0.07	%		-0.03	%

The Tax Cuts and Jobs Act of 2017 (the “TJCA”) subjects a U.S. shareholder to current tax on certain earnings of foreign subsidiaries under a provision commonly known as GILTI (global intangible low-taxed income). Under U.S. GAAP, an accounting policy election can be made to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years, or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. We have elected to account for GILTI in the year the tax is incurred.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

Significant components of deferred taxes are as follows:


	December 31,
*(in thousands)*	2019			2018
Deferred tax assets:
Net operating loss and credit carryforwards	$	36,373		$	37,274
Deferred lease obligation		3,854			45
Deferred revenue		871			632
Depreciation and amortization		9,144			9,820
Share-based compensation		682			376
Other		702			1,129

Gross deferred tax assets	$	51,626		$	49,276

Valuation allowance		(46,784	)		(47,835	)
Deferred tax liabilities:
Capitalized software costs		(478	)		(351	)
Deferred commission		(752	)		(645	)
Deferred lease right-of-use asset		(2,887	)		—
Prepaid expenses and other		(725	)		(445	)

Gross deferred tax liabilities		(4,842	)		(1,441	)

Net deferred tax assets	$	—		$	—

At December 31, 2019, we had NOL carryforwards for U.S. federal income tax purposes of approximately $118.2 million. Of this total, $69.9 million is related to tax years 2018 and 2019 that do not have an expiration, as a result of the TCJA. The remaining $48.4 million of U.S. federal NOL carryforwards are available to offset future U.S. federal taxable income and begin to expire in 2036.

At December 31, 2019, we had NOL carryforwards for certain state income tax purposes of approximately $37.3 million. These state NOL carryforwards are available to offset future state taxable income and begin to expire in 2036.

At December 31, 2019, we had foreign NOL carryforwards in Australia and the U.K., combined, of approximately $6.9 million, which are available to offset future foreign taxable income and that do not have an expiration.

At December 31, 2019, we did not provide any U.S. income or foreign withholding taxes related to certain foreign subsidiaries’ undistributed earnings, as such earnings have been retained and are intended to be indefinitely reinvested. The majority of our foreign operations are in excess tax basis over book basis positions. It is not practicable to estimate the amount of taxes that would be payable upon remittance of these earnings, because such tax, if any, is dependent upon circumstances existing if and when remittance occur.

At December 31, 2019, we had research and development tax credit carryforwards of approximately $3.9 million, which are available to offset future U.S. federal income tax. These U.S. federal tax credits begin to expire in 2034.

At December 31, 2019 and December 31, 2018, we did not believe it is more likely than not that our net deferred tax assets will be realized. Therefore, we recorded a full valuation allowance with respect to all net deferred tax assets. During 2019, the valuation allowance was decreased by approximately $1.1 million. Although the U.S. NOL carryforwards increased, which would have also increased the change in the valuation allowance, certain limitations on the foreign NOL carryforwards and tax credits offset the increases and resulted in a net decrease of the valuation allowance. The impact will likely be subject to ongoing technical guidance and accounting interpretation, that we will continue to monitor and assess.

We file U.S. federal, state and foreign income tax returns in jurisdictions with varying statutes of limitations. The 2016 through 2019 tax years generally remain open and subject to examination by U.S. federal, state and foreign tax authorities. The 2016 tax year generally remains open and subject to examination by foreign tax authorities. Losses generated in any year since inception remain open to adjustment until the statute of limitations closes for the tax year in which the NOL carryforwards are utilized. We are not currently under audit in any taxing jurisdictions.

As of December 31, 2019, we had no recorded unrecognized tax benefits that would impact our effective tax rate.

Our practice is to recognize interest and/or penalties related to income tax matters in income tax expense. During 2019 and 2018, we did not recognize any material interest or penalties.

- 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

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

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,
*(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

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 are 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. In the event a dividend is paid on common stock, the holders of preferred stock are 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 are considered to be participating securities. The holders of our preferred stock do not have a contractual obligation to share in our losses; therefore, no amount of total undistributed loss is 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 2019 and 2018, 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.


	Year ended December 31,
*(in thousands)*	2019		2018
Preferred stock as-converted		34,442		34,442
Stock options outstanding		9,327		9,006
Warrants to purchase common stock		364		352
Convertible debt		2,180		2,180

Total potentially dilutive securities		46,313		45,980

Subsequent Events	9 Months Ended	12 Months Ended
Subsequent Events	Sep. 30, 2020	Dec. 31, 2019
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.	12. Subsequent events Debt On February 28, 2020, we amended and restated our loan and security agreement with SVB (the “A&R Credit Facility”). The A&R Credit Facility reduces the amount available under the Revolving Line by $5.0 million to $20.0 million. The reduction is effective concurrent with the funding of the 2020 Convertible Loan. On September 30, 2020, the amount available under the Revolving Line will be reduced to $10.0 million. The A&R Credit Facility includes two financial covenants that require us to maintain a minimum liquidity ratio of 1.5:1 and minimum recurring revenue growth rate. The liquidity ratio is calculated as unrestricted and unencumbered cash plus sixty percent of net accounts receivable to balance outstanding under the Revolving Line. The minimum recurring revenue covenant requires us to maintain a revenue growth rate of 118% each quarter compared to the same quarter in the prior year. 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. The 2020 Convertible Loan matures on February 28, 2025. The interest rate for the 2020 Convertible Term Loan is (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. Interest is calculated on the outstanding principal on a 360-day year basis, payable monthly. Principal payments are not due until maturity. The conversion feature grants the bank rights to convert the outstanding principal, plus accrued and unpaid interest into shares of common stock at a conversion price of $3.80 per share, which was adjusted to $11.40 per share as a result of the one-for-three reverse stock split effected on July 24, 2020. The conversion rights may be exercised at the lenders’ option in the event of a change of control, initial public offering, or when the note matures. 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. We have not drawn any amounts under the Mezzanine Facility. 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. In connection with the Mezzanine Facility, we issued to WestRiver a warrant to purchase up to 100 thousand shares of common stock. The warrant can be exercised for half of the shares upon closing, and the remaining half upon funding. The warrant exercise price is $9.21 per share. Amended and restated certificate of incorporation On February 28, 2020, we amended and restated our certificate of incorporation to create two classes of common stock. Series 1 is voting common stock, and Series 2 is non-voting common stock. In the event that the SVB convertible debt facilities convert into our capital stock, and as a result of that conversion SVB would own 5% or more of our outstanding capital stock, SVB would be issued shares of Series 2 non-voting common stock instead of Series 1 voting common stock due to bank holding company regulations. The rights of the holders of Series 1 common stock and Series 2 common stock are identical, except for voting and conversion rights. Each share of Series 1 common stock is entitled to one vote and is not convertible into another class or series of our securities. Series 2 common stock is not entitled to vote, except as required by law, and automatically converts without the payment of additional consideration into Series 1 common stock upon election or transfer by holders of Series 2 common stock in certain circumstances.

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

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

Partner and services

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

Contracts with multiple performance obligations

Cost of revenue

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.

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.

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
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

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

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

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

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

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

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

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

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

+ Details

Summary of Significant Accounting Policies (Policies)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Accounting Policies [Abstract]

Basis of presentation

Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Basis of consolidation

Basis of consolidation

Use of estimates

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. 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.

Stock split

Stock split

Segment and geographic information

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

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

Segment and geographic information


	Year ended December 31,
*(in thousands)*	2019		2018
Revenue:
Americas—U.S.	$	91,057	$	75,025
Americas—other		3,761		3,000
EMEA		7,370		6,123
APAC		9,915		7,719

Total revenue	$	112,103	$	91,867

Long-lived assets by geographic region was as follows:


	Year ended December 31,
*(in thousands)*	2019		2018
Long-lived assets:
Americas—U.S.	$	7,699	$	4,864
Americas—other		—		—
EMEA		—		—
APAC		542		367

Total long-lived assets	$	8,241	$	5,231

Cash and cash equivalents

Cash and cash equivalents

Restricted cash

Restricted cash

Marketable securities

Marketable securities

Accounts receivable

Accounts receivable

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

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 December 31, 2019 and 2018 included unbilled receivables of $4.0 million and $2.6 million, respectively.

The allowance for doubtful accounts is our best estimate of the amount of probable credit losses. We

determine the allowance for doubtful accounts based on our analysis of historical bad debts, customer

concentrations, credit history, and general economic trends. Account balances are written off against

the allowance after all means of collection have been exhausted and the potential for recovery is

considered remote. Significant judgments and estimates are made and used in connection with

establishing allowances for doubtful accounts in any accounting period. The allowance for doubtful

accounts consisted of the following:


*(in thousands)*
Balance at December 31, 2017	$	376
Bad-debt expense		341
Accounts written off		(120	)

Balance at December 31, 2018		597
Bad-debt expense		988
Accounts written off		(418	)

Balance at December 31, 2019	$	1,167

Property and equipment

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.

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

Research and development and internal use software

Concentration of credit risks, significant clients, and suppliers

Concentration of credit risks, significant clients, and suppliers

Foreign currency

Foreign currency

Revenue recognition

Revenue recognition

The following table disaggregates our revenue by major source:


	Year ended December 31,
*(in thousands)*	2019		2018
Subscription solutions	$	82,689	$	70,484
Partner and services		29,414		21,383

Total revenue	$	112,103	$	91,867

Subscription solutions

Partner and services

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

Contracts with multiple performance obligations

Cost of revenue

Cost of revenue

Deferred revenue

Deferred revenue

Deferred commissions

Deferred commissions

Advertising costs

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.

Advertising costs

We expense advertising costs as incurred. Advertising expenses were approximately $11.8 million and $8.9 million for the years ended December 31, 2019 and 2018, respectively.

Leases

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.

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

Income taxes

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 that position is more likely than not of being sustained upon examination by taxing authorities, based on the technical merits of the position. Any interest and penalties related to uncertain tax positions will be reflected as a component of income tax expense.

Stock-based compensation

Stock-based compensation

Accounting pronouncements

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 fiscal years, beginning after December 15, 2019. The adoption of ASU 2018-07 is not expected to have a material impact on our consolidated financial statements.

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). ASU 2018-15 will be effective beginning in our first quarter of 2020, with early adoption permitted. The ASU may be applied retrospectively or prospectively to all implementation costs incurred after the date of adoption. We are currently evaluating the consolidated financial statement impact on the

consolidated financial statements upon adoption.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

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

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


	Year ended December 31,
*(in thousands)*	2019		2018
Revenue:
Americas—U.S.	$	91,057	$	75,025
Americas—other		3,761		3,000
EMEA		7,370		6,123
APAC		9,915		7,719

Total revenue	$	112,103	$	91,867

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

Long-lived assets by geographic region was as follows:


	Year ended December 31,
*(in thousands)*	2019		2018
Long-lived assets:
Americas—U.S.	$	7,699	$	4,864
Americas—other		—		—
EMEA		—		—
APAC		542		367

Total long-lived assets	$	8,241	$	5,231

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

The allowance for doubtful accounts consisted of the following:


*(in thousands)*
Balance at December 31, 2017	$	376
Bad-debt expense		341
Accounts written off		(120	)

Balance at December 31, 2018		597
Bad-debt expense		988
Accounts written off		(418	)

Balance at December 31, 2019	$	1,167

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

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

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

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

The following table disaggregates our revenue by major source:


	Year ended December 31,
*(in thousands)*	2019		2018
Subscription solutions	$	82,689	$	70,484
Partner and services		29,414		21,383

Total revenue	$	112,103	$	91,867

Cash Equivalents and Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2019

Cash and Cash Equivalents [Abstract]

Schedule of Cash Equivalents and Marketable Securities

The following table summarizes the estimated fair value of our cash equivalents and marketable securities:


	December 31, 2018
*(in thousands)*	Amortized cost		Gross unrealized gains		Gross unrealized losses			Estimated fair value
Cash equivalents:
Money market funds	$	3,755	$	—	$	—		$	3,755
Reverse repurchase agreements		3,000		—		—			3,000

Total cash equivalents	$	6,755	$	—	$	—		$	6,755

Marketable securities:
Commercial paper	$	8,961	$	—	$	—		$	8,961
Corporate securities		14,420		—		(14	)		14,406

Total marketable securities	$	23,381	$	—	$	(14	)	$	23,367

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Cash Equivalents and Marketable Securities

The following table summarizes the estimated fair value of our cash equivalents and marketable securities:


	As of December 31, 2018
*(in thousands)*	(Level 1)		(Level 2)		(Level 3)		Total
Financial assets:
Money market funds	$	3,755	$	—	$	—	$	3,755
Reverse repurchase agreements		—		3,000		—		3,000
Commercial paper		—		8,961		—		8,961
Corporate securities		—		14,406		—		14,406

Total financial assets	$	3,755	$	26,367	$	—	$	30,122

Property and Equipment (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

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
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

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


	As of December 31,
*(in thousands)*	2019			2018
Computer software	$	1,788		$	1,193
Computer equipment		6,816			5,309
Furniture and fixtures		2,198			1,549
Leasehold improvements		7,834			5,235

		18,636			13,286
Less: accumulated depreciation and amortization		(10,395	)		(8,055	)

Property and equipment, net	$	8,241		$	5,231

Commitments, Contingencies, and Leases (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Commitments Contingencies And Leases [Abstract]

Schedule of Unconditional Purchase Obligations

We had unconditional purchase obligations as of December 31, 2019, as follows:


*(in thousands)*
2020	$	2,603
2021		6,587
2022		4,333
2023 and thereafter		—

Total	$	13,523

Supplemental Lease Information

Supplemental lease information


*Cash flow information (in thousands)*	Nine months ended September 30, 2020		Nine months ended September 30, 2019
Cash paid for operating lease liabilities	$	2,684	$	2,345
Right-of-use assets obtained in exchange for operating lease obligations	$	—	$	2,834


*Operating lease information*	Nine months ended September 30, 2020			Nine months ended September 30, 2019
Weighted-average remaining lease-term		6.17			7.1
Weighted-average discount rate		5.46	%		5.52	%

Supplemental lease information


*Cash flow information (in thousands)*	Year ended December 31, 2019
Cash paid for operating lease liabilities	$	3,224
Right-of-use assets obtained in exchange for operating lease obligations	$	2,714


*Operating lease information*	Year ended December 31, 2019
Weighted-average remaining lease-term		6.8 years
Weighted-average discount rate		5.50%

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

The future maturities of operating lease liabilities are as follows:


*(in thousands)*	December 31, 2019
2020	$	3,643
2021		3,903
2022		3,037
2023		2,459
2024		2,227
Thereafter		6,934

Total minimum lease payments	$	22,203
Less imputed interest		(3,780	)

Total lease liabilities	$	18,423

Other Liabilities (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

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
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

The following table summarizes the components of other current liabilities:


	Year ended December 31,
*(in thousands)*	2019		2018
Sales tax payable	$	551	$	1,195
Payroll and payroll related expenses		6,126		4,831
Other		3,027		1,908

Other current liabilities	$	9,704	$	7,934

Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Debt Maturities

The maturities of debt are as follows:


*(in thousands)*	December 31, 2019
2020	$	2,394
2021		20,431
2022		18,125
2023		—
2024 and thereafter		—

Total debt	$	40,950
Less:
Current portion	$	(2,363	)
Discount on long-term debt	$	(85	)

Noncurrent portion of debt		38,502

Stockholders' Equity (Deficit) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Equity [Abstract]

Summary of Stock Options Valuation Assumptions

The following table summarizes the weighted-average grant date value of options and the assumptions used to develop their fair value.


	Year ended December 31,
	2019			2018
Weighted-average grant date fair value of options	$	1.20		$	0.42
Risk-free interest rate		1.51%—2.53	%		2.43%—3.09	%
Expected volatility		46.70%—47.87	%		47.22%—49.13	%
Expected life in years		5.52—6.08 years			5.00—6.08 years
Dividend yield		—			—

Summary of Changes in Stock Options Activity

A summary of the changes in common stock options issued under all of the existing stock option plans is as follows:


*(in thousands, except per share amounts)*	Shares			Weighted average of exercise prices		Weighted average of remaining term (years)		Aggregate intrinsic value
Options outstanding at December 31, 2017		6,444		$	0.66		8.36	$	8,019
Granted		4,655			2.76		—		—
Exercised		(1,386	)		0.45		—		—
Forfeited		(707	)		1.29		—		—

Options outstanding at December 31, 2018		9,006		$	1.71		8.60	$	13,327
Granted		2,266			3.45		—		—
Exercised		(1,099	)		1.17		—		—
Forfeited		(846	)		1.98		—		—

Options outstanding at December 31, 2019		9,327		$	2.22		8.17	$	65,294

Vested and expected to vest at December 31, 2019(1)		8,588		$	2.10		8.04	$	61,144

Vested at December 31, 2019		3,699		$	1.35		7.08	$	29,092

(1)	The expected-to-vest options are the result of applying the pre-vesting forfeiture rate to outstanding options.

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

Total stock-based compensation expense recognized was as follows:


	Year ended December 31,
*(in thousands)*	2019		2018
Cost of revenue	$	191	$	82
Sales and marketing		838		388
Research and development		666		432
General and administrative		1,461		1,169

Total stock-based compensation expense	$	3,156	$	2,071

Schedule of Preferred Stock


*(in thousands)*	Shares authorized		Shares outstanding		Shares outstanding as converted to common stock		Liquidation amounts
Series A Stock		15,000		15,000	$	5,000	$	15,000
Series B Stock		10,611		10,611		3,537		20,116
Series C Stock		16,393		16,393		5,604		40,000
Series D Stock		14,451		14,451		5,082		50,000
Series D-1 Stock		1,445		1,445		508		5,000
Series E Stock		20,307		20,307		6,769		39,000
Series E-1 Stock		195		195		65		400
Series F Stock		23,628		23,628		7,877		68,662

Total Preferred Stock		102,030		102,030	$	34,442	$	238,178

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Pretax Earnings from Continuing Operations

Pretax earnings from continuing operations consist of the following:


	Year ended December 31,
*(in thousands)*	2019			2018
United States	$	(38,720	)	$	(38,471	)
Non-U.S.		(3,842	)		(397	)

Total pre-tax earnings	$	(42,562	)	$	(38,868	)

Schedule Components of Provision for Income Taxes

Our components of the provision for income taxes are as follows:


	Year ended December 31,
*(in thousands)*	2019		2018
Income tax provision (benefit)
Current:
Federal	$	—	$	—
State		25		10
Foreign		3		—

Total current	$	28	$	10

Deferred:
Federal		—		—
State		—		—
Foreign		—		—

Total deferred		—		—

Total provision (benefit)	$	28	$	10

ScheduleOf Effective Income Tax Rate Reconciliation

Income tax expense for the period is a result of the Texas “Gross Margin” tax in the case of the state tax expense and taxable profits in Ireland and Singapore in the case of the foreign tax expense.


	Year ended December 31,
*(in thousands)*	2019			2018
U.S. federal taxes at statutory rate		21.00	%		21.00	%
State taxes, net of federal benefit		3.25			3.45
Foreign tax rate differentials		0.33			(0.15	)
Research and development credit		3.24			(0.46	)
Stock-based compensation		0.38			(0.83	)
Permanent differences, other		(3.77	)		(1.83	)
Change in valuation allowance		(24.50	)		(22.30	)
Other		—			1.09

Effective tax rate		-0.07	%		-0.03	%

Significant Components of Deferred Taxes

Significant components of deferred taxes are as follows:


	December 31,
*(in thousands)*	2019			2018
Deferred tax assets:
Net operating loss and credit carryforwards	$	36,373		$	37,274
Deferred lease obligation		3,854			45
Deferred revenue		871			632
Depreciation and amortization		9,144			9,820
Share-based compensation		682			376
Other		702			1,129

Gross deferred tax assets	$	51,626		$	49,276

Valuation allowance		(46,784	)		(47,835	)
Deferred tax liabilities:
Capitalized software costs		(478	)		(351	)
Deferred commission		(752	)		(645	)
Deferred lease right-of-use asset		(2,887	)		—
Prepaid expenses and other		(725	)		(445	)

Gross deferred tax liabilities		(4,842	)		(1,441	)

Net deferred tax assets	$	—		$	—

Net Loss per Share (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

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,
*(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


	Year ended December 31,
*(in thousands)*	2019		2018
Preferred stock as-converted		34,442		34,442
Stock options outstanding		9,327		9,006
Warrants to purchase common stock		364		352
Convertible debt		2,180		2,180

Total potentially dilutive securities		46,313		45,980

Overview - Additional Information (Detail)			9 Months Ended
Overview - Additional Information (Detail)	Aug. 04, 2020 USD ($) $ / shares shares	Jul. 24, 2020 $ / shares shares	Sep. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares	Dec. 31, 2018 $ / shares
Overview [Line Items]
Entity incorporation date			Feb. 28, 2013
Common stock, par value \| $ / shares			$ 0.0001	$ 0.0001	$ 0.0001
Net proceeds after deducting underwriting discounts and commissions \| $			$ 171,128,000
Initial Public Offering
Overview [Line Items]
Reverse stock split		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 authorized shares			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 authorized shares		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 authorized shares			5,051,000
Stock sold at underwriters option			5,051,000
Series 2 Common Stock \| Initial Public Offering
Overview [Line Items]
Common stock authorized shares		45,000,000
Convertible Term Loan
Overview [Line Items]
Debt principal amount \| $				$ 35,000,000

Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Thousands			9 Months Ended		12 Months Ended
	Jul. 24, 2020 $ / shares shares	Jan. 01, 2020 USD ($)	Sep. 30, 2020 USD ($) Customer $ / shares shares	Sep. 30, 2019 USD ($) Customer	Dec. 31, 2019 USD ($) Customer $ / shares	Dec. 31, 2018 USD ($) Customer $ / shares	Jan. 01, 2019 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Common stock, par value \| $ / shares			$ 0.0001		$ 0.0001	$ 0.0001
Accounts receivable including unbilled receivables			$ 5,700		$ 4,000	$ 2,600
Concentration risk, number of customer \| Customer			1	1	1	1
Sales commissions					$ 2,500	$ 2,000
Deferred commission amortization expense					1,600	1,200
Advertising expenses			$ 9,000	$ 9,000	11,800	$ 8,900
Right-of-Use assets			12,345		14,065
Lease liabilities			$ 16,450		$ 18,423
Customer Concentration Risk \| Revenue
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage			15.00%	13.00%	12.00%	12.00%
Customer Concentration Risk \| Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage			20.00%		20.00%	22.00%
ASU 2016-02
Summary Of Significant Accounting Policies [Line Items]
Right-of-Use assets							$ 8,800
Lease liabilities							$ 11,000
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		true
Change in Accounting Principle, Accounting Standards Update, Adoption Date			Jan. 01, 2020		Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]			true		true
ASU 2018-15
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]			true		true
Change in Accounting Principle, Accounting Standards Update, Adoption Date			Jan. 01, 2020		Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]			true		true
ASU 2019-12
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]			true		true
Change in Accounting Principle, Accounting Standards Update, Adoption Date			Jan. 01, 2019		Jan. 01, 2019
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]			true		true
Initial Public Offering
Summary Of Significant Accounting Policies [Line Items]
Reverse stock split	One-for-three
Reverse stock split, conversion ratio	0.3333
Preferred stock authorized shares \| shares	109,030,573
Common stock, par value \| $ / shares	$ 0.0001
Initial Public Offering \| Subsequent Event [Member]
Summary Of Significant Accounting Policies [Line Items]
Reverse stock split	One-for-three
Reverse stock split, conversion ratio	0.3333
Preferred stock authorized shares \| shares	109,030,573
Common stock, par value \| $ / shares	$ 0.0001
Series 1 Common Stock
Summary Of Significant Accounting Policies [Line Items]
Common stock authorized shares \| shares			500,000,000
Series 1 Common Stock \| Initial Public Offering
Summary Of Significant Accounting Policies [Line Items]
Common stock authorized shares \| shares	205,000,000
Series 1 Common Stock \| Initial Public Offering \| Subsequent Event [Member]
Summary Of Significant Accounting Policies [Line Items]
Common stock authorized shares \| shares	205,000,000
Series 2 Common Stock
Summary Of Significant Accounting Policies [Line Items]
Common stock authorized shares \| shares			5,051,000
Series 2 Common Stock \| Initial Public Offering
Summary Of Significant Accounting Policies [Line Items]
Common stock authorized shares \| shares	45,000,000
Series 2 Common Stock \| Initial Public Offering \| Subsequent Event [Member]
Summary Of Significant Accounting Policies [Line Items]
Common stock authorized shares \| shares	45,000,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Account receivable payment terms			Due immediately		Due immediately
Maximum
Summary Of Significant Accounting Policies [Line Items]
Account receivable payment terms			Due within 60 days		Due within 60 days

Summary of Significant Accounting Policies - Schedule of Revenue by Geographic Region (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	$ 39,735	$ 28,264	$ 109,225	$ 81,083	$ 112,103	$ 91,867
Americas - U.S.
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	31,483	22,842	87,099	66,022	91,057	75,025
Americas - other
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	1,422	949	3,827	2,722	3,761	3,000
EMEA
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	3,180	1,899	8,493	5,260	7,370	6,123
APAC
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	$ 3,650	$ 2,574	$ 9,806	$ 7,079	$ 9,915	$ 7,719

- 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
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-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 (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues From External Customers And Long Lived Assets [Line Items]
Total long-lived assets	$ 7,242	$ 8,241	$ 5,231
Americas - U.S.
Revenues From External Customers And Long Lived Assets [Line Items]
Total long-lived assets	6,703	7,699	4,864
APAC
Revenues From External Customers And Long Lived Assets [Line Items]
Total long-lived assets	$ 539	$ 542	$ 367

Summary of Significant Accounting Policies - Schedule of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable Allowance For Credit Losses [Line Items]
Beginning Balance	$ 1,656	$ 1,884	$ 1,167	$ 1,167	$ 597	$ 597	$ 376
Allowance for credit losses	254	355	589	1,198	$ 741	988	341
Accounts written off	(49)	(583)	(236)			(418)	(120)
Ending Balance	$ 1,861	$ 1,656	1,884	1,861		1,167	$ 597
Cumulative Effect, Period of Adoption, Adjustment \| ASU 2016-13
Financing Receivable Allowance For Credit Losses [Line Items]
Beginning Balance			$ 364	$ 364
Ending Balance						$ 364

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Detail)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Computer Equipment
Property Plant And Equipment [Line Items]
Estimated useful lives of property and equipment	3 years	3 years
Computer Software
Property Plant And Equipment [Line Items]
Estimated useful lives of property and equipment	3 years	3 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Estimated useful lives of property and equipment	5 years	5 years
Leasehold Improvements \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives of property and equipment	1 year	1 year
Leasehold Improvements \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives of property and equipment	10 years	10 years

Summary of Significant Accounting Policies - Schedule of Disaggregate Revenue by Major Source (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Disaggregation Of Revenue [Line Items]
Revenue	$ 39,735	$ 28,264	$ 109,225	$ 81,083	$ 112,103	$ 91,867
Subscription solutions
Disaggregation Of Revenue [Line Items]
Revenue					82,689	70,484
Partner and Services
Disaggregation Of Revenue [Line Items]
Revenue	$ 13,190	$ 7,243	$ 35,184	$ 20,677	$ 29,414	$ 21,383

- Definition

+ References

+ Details

Revenue Recognition and Deferred Costs - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Disaggregation Of Revenue [Line Items]
Remaining performance obligations		$ 47.8
Percentage of revenue recognized		60.00%
Remaining performance obligations, satisfaction period		12 months
Revenue, expected recognition period, explanation		We expect to recognize approximately 60% of the remaining performance obligations as revenue in the next 12 months, and the remaining balance in the periods thereafter.
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Disaggregation Of Revenue [Line Items]
Remaining performance obligations	$ 76.0
Percentage of revenue recognized	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.

Cash equivalents and marketable securities - Schedule of cash equivalents and marketable securities (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)
Cash Equivalents [Member]
Cash, Cash Equivalents and Investments [Line Items]
Amortized cost	$ 6,755
Gross unrealized gains	0
Estimated fair value	6,755
Marketable Equity Securities [Member]
Cash, Cash Equivalents and Investments [Line Items]
Amortized cost	23,381
Gross unrealized gains	0
Gross unrealized losses	(14)
Estimated fair value	23,367
Money Market Funds [Member] \| Cash Equivalents [Member]
Cash, Cash Equivalents and Investments [Line Items]
Amortized cost	3,755
Gross unrealized gains	0
Estimated fair value	3,755
Reverse repurchase agreements [Member] \| Cash Equivalents [Member]
Cash, Cash Equivalents and Investments [Line Items]
Amortized cost	3,000
Gross unrealized gains	0
Estimated fair value	3,000
Commercial Paper [Member] \| Marketable Equity Securities [Member]
Cash, Cash Equivalents and Investments [Line Items]
Amortized cost	8,961
Gross unrealized gains	0
Estimated fair value	8,961
Corporate Debt Securities [Member] \| Marketable Equity Securities [Member]
Cash, Cash Equivalents and Investments [Line Items]
Amortized cost	14,420
Gross unrealized gains	0
Gross unrealized losses	(14)
Estimated fair value	$ 14,406

Cash equivalents and marketable securities - Additional Information (Detail) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Cash equivalents	$ 0	$ 0
Marketable securities	$ 0	$ 0

Fair Value - Schedule of fair value of cash equivalents and marketable securities (Detail) $ in Thousands	Dec. 31, 2018 USD ($)
Financial assets:
Total financial assets	$ 30,122
Money Market Funds [Member]
Financial assets:
Total financial assets	3,755
Reverse repurchase agreements [Member]
Financial assets:
Total financial assets	3,000
Commercial Paper [Member]
Financial assets:
Total financial assets	8,961
Corporate Debt Securities [Member]
Financial assets:
Total financial assets	14,406
Fair Value, Inputs, Level 1 [Member]
Financial assets:
Total financial assets	3,755
Fair Value, Inputs, Level 1 [Member] \| Money Market Funds [Member]
Financial assets:
Total financial assets	3,755
Fair Value, Inputs, Level 2 [Member]
Financial assets:
Total financial assets	26,367
Fair Value, Inputs, Level 2 [Member] \| Reverse repurchase agreements [Member]
Financial assets:
Total financial assets	3,000
Fair Value, Inputs, Level 2 [Member] \| Commercial Paper [Member]
Financial assets:
Total financial assets	8,961
Fair Value, Inputs, Level 2 [Member] \| Corporate Debt Securities [Member]
Financial assets:
Total financial assets	$ 14,406

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 20,018	$ 18,636	$ 13,286
Less: accumulated depreciation and amortization	(12,776)	(10,395)	(8,055)
Property and equipment, net	7,242	8,241	5,231
Computer Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,043	1,788	1,193
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	7,660	6,816	5,309
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,380	2,198	1,549
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 7,935	$ 7,834	$ 5,235

Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Depreciation expense on property and equipment	$ 0.7	$ 0.6	$ 2.4	$ 1.8	$ 2.6	$ 1.8

Commitment, Contingencies, and Leases - Schedule of Unconditional Purchase Obligations (Detail) $ in Thousands	Dec. 31, 2019 USD ($)
Commitments Contingencies And Leases [Abstract]
2020	$ 2,603
2021	6,587
2022	4,333
Total	$ 13,523

Commitment, Contingencies, and Leases - Additional Information (Detail) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 01, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Commitments Contingencies And Leases [Abstract]
Liability related to indemnification obligations		$ 0		$ 0		$ 0	$ 0
Operating lease, expiration year				2028		2028
Operating and short-term rent expense	$ 300,000	$ 900,000	$ 1,000,000	$ 2,700,000	$ 2,700,000	$ 3,200,000	$ 2,500,000

Commitment, Contingencies, and Leases - Schedule of Cash Flow Information (Detail) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Commitments Contingencies And Leases [Abstract]
Cash paid for operating lease liabilities	$ 2,684	$ 2,345	$ 3,224
Right-of-use assets obtained in exchange for operating lease obligations		$ 2,834	$ 2,714

Commitment, Contingencies, and Leases - Schedule of Operating Lease Information (Detail)	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Commitments Contingencies And Leases [Abstract]
Weighted-average remaining lease-term	6 years 2 months 1 day	6 years 9 months 18 days	7 years 1 month 6 days
Weighted-average discount rate	5.46%	5.50%	5.52%

Commitment, Contingencies, and Leases - Schedule of Future Maturities of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Commitments Contingencies And Leases [Abstract]
2020 (October 1st through December 31st)	$ 959
Lessee, Operating Lease, Liability, to be Paid, Year One	3,903	$ 3,643
Lessee, Operating Lease, Liability, to be Paid, Year Two	3,037	3,903
Lessee, Operating Lease, Liability, to be Paid, Year Three	2,459	3,037
Lessee, Operating Lease, Liability, to be Paid, Year Four	2,227	2,459
Lessee, Operating Lease, Liability, to be Paid, Year Five		2,227
Thereafter	6,934
Thereafter		6,934
Total minimum lease payments	19,519	22,203
Less imputed interest	(3,069)	(3,780)
Total lease liabilities	$ 16,450	$ 18,423

Other Liabilities - Components of Other Current Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
Sales tax payable	$ 644	$ 551	$ 1,195
Payroll and payroll related expenses	13,324	6,126	4,831
Other	3,548	3,027	1,908
Other current liabilities	$ 17,516	$ 9,704	$ 7,934

Debt - Additional Information (Detail) - USD ($)			1 Months Ended	3 Months Ended		9 Months Ended	12 Months Ended
Debt - Additional Information (Detail) - USD ($)	Feb. 28, 2020	Oct. 27, 2017	Feb. 28, 2020	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2019	Jun. 04, 2019
Interest expense related to debt discount amortization							$ 100,000	$ 100,000
Net unamortized fees							$ 100,000	$ 100,000
Warrants to purchase							255,000
Weighted-average exercise price							$ 4.20
Warrants to purchase description							Warrants to purchase 17 thousand shares of common stock expire on July 12, 2023, with the remainder expiring on September 30, 2024.
Fair value of the warrants							$ 500,000
Unpaid principal amount conversion to shares						$ 50,173,000
Gain on fair value of put option					$ 4,400,000	$ 4,413,000
Revolving Line \| A&R Credit Facility
Credit facility, covenant to maintain revenue growth rate of each quarter compared to same quarter in prior year	118.00%
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 1.51. 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.
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
Credit facility, covenant to maintain minimum liquidity ratio	150.00%
WestRiver \| Mezzanine facility
Debt instrument, maturity date			Mar. 01, 2023
Credit facility, outstanding amount				0		$ 0
Credit facility, maturity date			Nov. 06, 2020
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.
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
WestRiver \| Prime Rate \| Mezzanine facility
Variable interest rate			5.25%
Silicon Valley Bank
Weighted average interest rate							5.40%	4.90%
Quarterly principal payments		$ 125,000
Credit facility, outstanding amount							$ 19,100,000	$ 19,600,000
Initial public offering completion date		Aug. 05, 2020
Credit facility, covenant to maintain revenue growth rate of each quarter compared to same quarter in prior year		110.00%
Credit facility, covenant to maintain minimum cash balance		$ 10,000,000
Credit facility, covenant terms							The Credit Facility includes two financial covenants. One requires us to maintain a revenue growth rate of 110% each quarter compared to the same quarter in the prior year. The other covenant requires us to maintain a minimum of $10 million in cash plus available amounts under the Credit Facility.
Credit facility, covenant compliance							We were in compliance with all covenants as of September 30, 2020.
Credit facility, weighted-average effective interest rate							5.30%	5.20%
Credit facility, maturity period		36 months
Silicon Valley Bank \| Prime Rate
Variable interest rate								0.25%
Silicon Valley Bank \| Revolving Line
Debt principal amount		$ 20,000,000
Debt instrument, maturity date		Oct. 27, 2022
Weighted average interest rate							5.30%	5.20%
Credit facility, outstanding amount				$ 20,000,000		$ 20,000,000	$ 18,500,000	$ 3,500,000
Credit facility, maturity date		Oct. 27, 2021
Credit facility, weighted-average effective interest rate				3.70%		3.70%			5.60%
Credit facility maximum borrowing capacity		$ 20,000,000								$ 25,000,000
Line of credit facility increase the amended										$ 5,000,000
Minimum
Exercise price							$ 1.65
Minimum \| WestRiver \| Mezzanine facility
Credit facility maximum borrowing capacity	10,000,000		$ 10,000,000
Maximum
Exercise price							$ 5.55
Maximum \| WestRiver \| Mezzanine facility
Fair value of warrants issued	99,000		99,000
2018 Term Loan \| Silicon Valley Bank
Credit facility, outstanding amount				$ 1,900,000		$ 1,900,000	$ 3,300,000	$ 1,400,000
Credit facility, maturity date		Oct. 01, 2021
Credit facility, weighted-average effective interest rate				4.30%		4.30%			5.80%
Credit facility, maturity period		36 months
Credit facility maximum borrowing capacity		$ 5,000,000
Convertible Term Loan
Debt principal amount							35,000,000
Convertible Term Loan \| Silicon Valley Bank
Weighted average interest rate				5.80%		5.80%			5.60%
Quarterly principal payments		$ 125,000
2020 Convertible Loan
Derivative liability				$ 4,400,000		$ 4,400,000
Interest expense				$ 100,000		$ 400,000
2020 Convertible Loan \| Silicon Valley Bank
Debt principal amount	$ 35,000,000		$ 35,000,000
Previously Reported
Net unamortized fees							$ 900,000
Series F Preferred Stock
Convertible notes conversion price per share		$ 3.059
Series 1 Common Stock
Initial public offering completion date		Aug. 05, 2020
Repayment of paid principal amount		$ 1,100,000
Unpaid principal amount conversion to shares		$ 18,900,000
Conversion of debt to shares \| shares		2,179,360
Series 1 Common Stock
Initial public offering completion date			Aug. 05, 2020
Unpaid principal amount conversion to shares			$ 35,000,000
Conversion of debt to shares \| shares			3,070,174
After January 1, 2020 \| Convertible Term Loan \| Silicon Valley Bank \| Prime Rate
Variable interest rate		2.00%
After January 1, 2021 \| Convertible Term Loan \| Silicon Valley Bank \| Prime Rate
Variable interest rate		4.00%
Prior to January 1, 2022 \| Convertible Term Loan \| Silicon Valley Bank \| Prime Rate
Variable interest rate		6.00%
Prior to January 1, 2022 \| 2020 Convertible Loan \| Silicon Valley Bank \| Prime Rate
Variable interest rate			4.50%
From January 1, 2022 and Prior to January 1, 2023 \| 2020 Convertible Loan \| Silicon Valley Bank \| Prime Rate
Variable interest rate			6.50%
From January 1, 2023 and Prior to January 1, 2024 \| 2020 Convertible Loan \| Silicon Valley Bank \| Prime Rate
Variable interest rate			8.50%
From and After January 1, 2024 \| 2020 Convertible Loan \| Silicon Valley Bank \| Prime Rate
Variable interest rate			10.50%
Converted Within 18 Months
Conversion of required minimum return			1.25
Converted Between 18 Months and 24 Months
Conversion of required minimum return			1.32
Converted Between 24 Months and Maturity
Conversion of required minimum return			1.55

Debt - Schedule of Debt Maturities (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2020		$ 2,394
2021		20,431
2022		18,125
2023		0
2024 and thereafter		0
Total debt		40,950
Less: Current portion	$ (11,895)	(2,363)	$ (946)
Discount on long-term debt		(85)
Noncurrent portion of debt	$ 10,000	$ 38,502	$ 23,415

Stockholders' Equity (Deficit) - Additional Information (Detail) - USD ($)				1 Months Ended	9 Months Ended	12 Months Ended
	Aug. 05, 2020	Jul. 24, 2020	Feb. 28, 2013	May 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Aug. 04, 2020	Feb. 28, 2020	Dec. 31, 2017
Class Of Stock [Line Items]
Outstanding option						9,327,000	9,006,000			6,444,000
Fair value assumptions, expected dividend yield					0.00%	0.00%
Total intrinsic value of options exercised during the period						$ 5,600,000	$ 2,600,000
Weighted-average grant date fair value of options granted						8,100,000	6,300,000
Unamortized stock-based compensation cost related to unvested stock options					$ 10,900,000	$ 9,400,000	$ 6,200,000
Weighted-average period for recognition of unamortized stock-based compensation cost					2 years 9 months 18 days		3 years
Stock options granted					1,352,000	2,266,000	4,655,000
Weighted average exercise price of stock options granted					$ 14.44	$ 3.45	$ 2.76
Fair value assumptions, expected term					6 years
Fair value assumptions, expected volatility rate					50.00%
Fair value assumptions, risk-free interest rate					0.71%
Preferred stock issued					0
Preferred stock outstanding					0
Minimum
Class Of Stock [Line Items]
Fair value assumptions, expected dividend yield
Fair value assumptions, expected term						5 years 6 months 7 days	5 years
Fair value assumptions, expected volatility rate						46.70%	47.22%
Fair value assumptions, risk-free interest rate						1.51%	2.43%
Maximum
Class Of Stock [Line Items]
Fair value assumptions, expected dividend yield
Percentage of voting stock of stockholders						50.00%
Fair value assumptions, expected term						6 years 29 days	6 years 29 days
Fair value assumptions, expected volatility rate						47.87%	49.13%
Fair value assumptions, risk-free interest rate						2.53%	3.09%
Initial Public Offering
Class Of Stock [Line Items]
Reverse stock split		One-for-three
Subsequent Event [Member]
Class Of Stock [Line Items]
Stock issued price per share									$ 3.80
Subsequent Event [Member] \| Initial Public Offering
Class Of Stock [Line Items]
Reverse stock split		One-for-three
2013 Stock Option Plan
Class Of Stock [Line Items]
Exercise price for incentive stock options as percentage of fair market value on grant date			100.00%
Stock option expiration period			10 years
Stock option vesting percentage			25.00%
Shares reserved for issuance						9,596
Outstanding option						9,327
2013 Stock Option Plan \| More Than Ten Percent Voting Power [Member]
Class Of Stock [Line Items]
Exercise price for incentive stock options as percentage of fair market value on grant date			110.00%
Stock option expiration period			5 years
2013 Stock Option Plan \| Share-based Payment Arrangement, Tranche One [Member]
Class Of Stock [Line Items]
Vesting period			1 year
2013 Stock Option Plan \| Share-based Payment Arrangement, Tranche Two [Member]
Class Of Stock [Line Items]
Vesting period			36 months
Series F Preferred Stock
Class Of Stock [Line Items]
Dividend rate					10.00%	10.00%
Dividend per share						$ 2.7086
Dividend term						In the event that the holders of Series F Stock receive proceeds per share of Series F Stock in cash or freely tradeable securities as a result of any deemed liquidation event or any conversion to common stock at the option of the holder or a mandatory conversion event of at least: (a) $6.7715 per share of Series F Stock, then the Series F Dividend shall be reduced from 10% to 9% per annum effective as of the date of issuance
Accrued dividends						$ 11,900,000
Accrued dividends per share						$ 0.50
Initial conversion price						$ 2.7086
Adjusted dividend rate						8.00%
Cumulative dividends						$ 12,800,000
Series F Preferred Stock \| $6.7715 Per Share of Series F Stock \| Minimum
Class Of Stock [Line Items]
Dividend rate						9.00%
Dividend per share						$ 6.7715
Series F Preferred Stock \| $8.1258 Per Share of Series F Stock \| Minimum
Class Of Stock [Line Items]
Dividend rate						8.00%
Dividend per share						$ 8.1258
Series F Preferred Stock \| Initial Public Offering \| Minimum
Class Of Stock [Line Items]
Implied value per share						$ 4.0629
Series A Stock
Class Of Stock [Line Items]
Dividend rate						50.00%
Dividend per share						$ 1.0000
Preferred stock dividend						$ 0
Initial conversion price						$ 1.0000
Series B Stock
Class Of Stock [Line Items]
Dividend rate						50.00%
Dividend per share						$ 1.8896
Preferred stock dividend						$ 0
Initial conversion price						$ 1.8896
Series C Stock
Class Of Stock [Line Items]
Dividend rate						50.00%
Dividend per share						$ 2.4400
Preferred stock dividend						$ 0
Initial conversion price						$ 2.3793
Preferred stock conversion basis						Common stock on a greater than one-to-one basis
Series D Stock
Class Of Stock [Line Items]
Dividend rate						50.00%
Dividend per share						$ 3.4600
Preferred stock dividend						$ 0
Initial conversion price						$ 3.2794
Preferred stock conversion basis						Common stock on a greater than one-to-one basis
Series D-1 Stock
Class Of Stock [Line Items]
Dividend rate						50.00%
Dividend per share						$ 3.4600
Preferred stock dividend						$ 0
Initial conversion price						$ 3.2794
Preferred stock conversion basis						Common stock on a greater than one-to-one basis
Series E Stock
Class Of Stock [Line Items]
Dividend rate						50.00%
Dividend per share						$ 1.9242
Preferred stock dividend						$ 0
Initial conversion price						$ 1.9242
Series E-1 Stock
Class Of Stock [Line Items]
Dividend rate						50.00%
Dividend per share						$ 1.9242
Preferred stock dividend						$ 0
Initial conversion price						$ 1.9242
Preferred Stock (other than Series D-1 Stock and Series E-1 Stock) \| Minimum
Class Of Stock [Line Items]
Net proceeds (after underwriting discount and commissions						$ 50,000,000
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
Restricted Stock Units (RSUs)
Class Of Stock [Line Items]
Unamortized stock-based compensation costs					$ 13,600,000
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]
Vesting period	4 years
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
Restricted Stock Units (RSUs) \| 2020 Equity Incentive Plan
Class Of Stock [Line Items]
Vesting period					4 years
Awards granted to officers and employees					147,000
Awards granted to officers and employees, fair value per share					$ 87.79

Stockholders' equity (deficit) - Summarizes the weighted-average grant date value of options (Detail) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Weighted-average grant date fair value of options		$ 1.20	$ 0.42
Risk-free interest rate	0.71%
Expected volatility	50.00%
Expected life in years	6 years
Dividend yield	0.00%	0.00%
Minimum
Risk-free interest rate		1.51%	2.43%
Expected volatility		46.70%	47.22%
Expected life in years		5 years 6 months 7 days	5 years
Dividend yield
Maximum
Risk-free interest rate		2.53%	3.09%
Expected volatility		47.87%	49.13%
Expected life in years		6 years 29 days	6 years 29 days
Dividend yield

Stockholders' equity (deficit) - Summary of changes in common stock options issued under existing stock option plans (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity [Abstract]
Option outstanding at beginning of period (in shares)	9,327	9,006	6,444
Option outstanding, granted (in shares)	1,352	2,266	4,655
Option outstanding, exercised (in shares)		(1,099)	(1,386)
Option outstanding, forfeited (in shares)		(846)	(707)
Options outstanding at ending of period (in shares)		9,327	9,006	6,444
Weighted average of exercise prices at beginning of period (in dollars per share)	$ 2.22	$ 1.71	$ 0.66
Options outstanding, vested and expected to vest		8,588
Weighted average of exercise prices, granted (in dollars per share)	$ 14.44	$ 3.45	2.76
Options outstanding, vested (in shares)		3,699
Weighted average of exercise prices, exercised (in dollars per share)		$ 1.17	0.45
Weighted average of exercise prices, forfeited (in dollars per share)		1.98	1.29
Weighted average of exercise prices at end of period (in dollars per share)		2.22	$ 1.71	$ 0.66
Weighted average of exercise prices, vested and expected to vest (in dollars per share)		2.10
Weighted average of exercise prices, vested (in dollars per share)		$ 1.35
Weighted average of remaining term (years)		8 years 2 months 1 day	8 years 7 months 6 days	8 years 4 months 9 days
Weighted average of remaining term, vested and expected to vest at December 31, 2019 (years)		8 years 14 days
Weighted average of remaining term, vested at December 31, 2019 (years)		7 years 29 days
Aggregate intrinsic value, options outstanding		$ 65,294	$ 13,327	$ 8,019
Aggregate intrinsic value, vested and expected to vest at December 31, 2019		61,144
Aggregate intrinsic value, vested at December 31, 2019		$ 29,092

Stockholders' Equity (Deficit) - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,868	$ 815	$ 5,038	$ 2,231	$ 3,156	$ 2,071
Cost of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	179	62	334	121	191	82
Sales and Marketing
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	871	241	1,511	572	838	388
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	582	186	1,216	415	666	432
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	$ 1,461	$ 1,169

Stockholders' Equity (Deficit) - Summary of Holders of Preferred Stock (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Series A Stock
Class Of Stock [Line Items]
Total Preferred Stock, Shares authorized				15,000,000
Total Preferred Stock, Shares outstanding				15,000,000
Total Preferred Stock, Shares outstanding as converted to common stock				$ 5,000
Total Preferred Stock, Liquidation amounts				$ 15,000
Series B Stock
Class Of Stock [Line Items]
Total Preferred Stock, Shares authorized				10,611,000
Total Preferred Stock, Shares outstanding				10,611,000
Total Preferred Stock, Shares outstanding as converted to common stock				$ 3,537
Total Preferred Stock, Liquidation amounts				$ 20,116
Series C Stock
Class Of Stock [Line Items]
Total Preferred Stock, Shares authorized				16,393,000
Total Preferred Stock, Shares outstanding				16,393,000
Total Preferred Stock, Shares outstanding as converted to common stock				$ 5,604
Total Preferred Stock, Liquidation amounts				$ 40,000
Series D Stock
Class Of Stock [Line Items]
Total Preferred Stock, Shares authorized				14,451,000
Total Preferred Stock, Shares outstanding				14,451,000
Total Preferred Stock, Shares outstanding as converted to common stock				$ 5,082
Total Preferred Stock, Liquidation amounts				$ 50,000
Series D-1 Stock
Class Of Stock [Line Items]
Total Preferred Stock, Shares authorized				1,445,000
Total Preferred Stock, Shares outstanding				1,445,000
Total Preferred Stock, Shares outstanding as converted to common stock				$ 508
Total Preferred Stock, Liquidation amounts				$ 5,000
Series E Stock
Class Of Stock [Line Items]
Total Preferred Stock, Shares authorized				20,307,000
Total Preferred Stock, Shares outstanding				20,307,000
Total Preferred Stock, Shares outstanding as converted to common stock				$ 6,769
Total Preferred Stock, Liquidation amounts				$ 39,000
Series E-1 Stock
Class Of Stock [Line Items]
Total Preferred Stock, Shares authorized				195,000
Total Preferred Stock, Shares outstanding				195,000
Total Preferred Stock, Shares outstanding as converted to common stock				$ 65
Total Preferred Stock, Liquidation amounts				$ 400
Series F Preferred Stock
Class Of Stock [Line Items]
Total Preferred Stock, Shares authorized				23,628,000
Total Preferred Stock, Shares outstanding				23,628,000
Total Preferred Stock, Shares outstanding as converted to common stock				$ 7,877
Total Preferred Stock, Liquidation amounts				$ 68,662
Convertible Preferred Stock
Class Of Stock [Line Items]
Total Preferred Stock, Shares authorized	10,000,000			102,030,000				102,030,000
Total Preferred Stock, Shares outstanding	0	102,030,000	102,030,000	102,030,000	102,030,000	102,030,000	102,030,000	102,030,000	78,402,000
Total Preferred Stock, Shares outstanding as converted to common stock				$ 34,442
Total Preferred Stock, Liquidation amounts				$ 238,178

Income Taxes - Pretax earnings from continuing operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Pre-tax Income [Line Items]
Total pre-tax earnings	$ (42,562)	$ (38,868)
Americas - U.S.
Pre-tax Income [Line Items]
Total pre-tax earnings	(38,720)	(38,471)
Americas - other
Pre-tax Income [Line Items]
Total pre-tax earnings	$ (3,842)	$ (397)

Income Taxes - Components of Provision for income taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal					$ 0	$ 0
State					25	10
Foreign					3
Total current					28	10
Deferred:
Federal					0	0
State					0	0
Foreign					0	0
Total deferred					0	0
Total provision (benefit)	$ (14)	$ 7	$ 6	$ 21	$ 28	$ 10

Income Taxes - Schedule Income tax expense for the period (Detail)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
U.S. federal taxes at statutory rate			21.00%		21.00%	21.00%
State taxes, net of federal benefit					3.25%	3.45%
Foreign tax rate differentials					0.33%	(0.15%)
Research and development credit					3.24%	(0.46%)
Stock-based compensation					0.38%	(0.83%)
Permanent differences, other					(3.77%)	(1.83%)
Change in valuation allowance					(24.50%)	(22.30%)
Other						1.09%
Effective tax rate	13.00%	(7.00%)	(3.00%)	(7.00%)	(0.07%)	(0.03%)

Income Taxes - Additional Information (Detail) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Operating Loss Carryforwards, Domestic	$ 118,200,000					$ 118,200,000
Operating Loss Carryforwards Domestic Prior Year	69,900,000					69,900,000
Deferred Tax Assets Operating Loss Carryforwards Domestic to Future Period	$ 48,400,000					48,400,000
Operating Loss Carryforwards, Expiration Period	2036
State credit carryforwards	$ 37,300,000					$ 37,300,000
Net operating loss expiration year						2036
Operating Loss Carryforwards, Foreign	6,900,000					$ 6,900,000
Research and development tax credit carryforwards	3,900,000					$ 3,900,000
Tax Credits Begin To Expiration Year						2034
Decrease in valuation allowance	1,100,000					$ 1,100,000
Unrecognized tax benefit	$ 0					$ 0
U.S. statutory tax rate				21.00%		21.00%	21.00%
Effective tax rate		13.00%	(7.00%)	(3.00%)	(7.00%)	(0.07%)	(0.03%)

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

Net Loss per Share - Schedule of Antidilutive Securities Outstanding Excluded from Computation of Diluted Weighted-Average Shares Outstanding (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
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	46,313	45,980
Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding		34,442		34,442
Share-based Payment Arrangement, Option
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 (RSUs)
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		1,363
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding		364		364
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding		2,180		2,180
Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding					34,442	34,442
Share-based Payment Arrangement, Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding					9,327	9,006
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding					364	352
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding					2,180	2,180

Subsequent events - Additional Information (Detail) $ / shares in Units, shares in Thousands				1 Months Ended	9 Months Ended	12 Months Ended
	Jul. 24, 2020 $ / shares	Feb. 28, 2020 USD ($) $ / shares shares	Oct. 27, 2017 USD ($)	Feb. 28, 2020 USD ($) $ / shares shares	Sep. 30, 2020 USD ($)	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2019	Jun. 04, 2019 USD ($)
Initial Public Offering
Subsequent Event [Line Items]
Reverse stock split description	One-for-three
Reverse stock split, conversion ratio	0.3333
Mezzanine facility \| WestRiver
Subsequent Event [Line Items]
Debt instrument, maturity date				Mar. 01, 2023
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.
Warrant price per share \| $ / shares		$ 9.21		$ 9.21
Mezzanine facility \| WestRiver \| Prime Rate
Subsequent Event [Line Items]
Variable interest rate				5.25%
Revolving Line \| A&R Credit Facility
Subsequent Event [Line Items]
Credit facility, increase (decrease) in borrowing capacity				$ 5,000,000
Credit facility maximum borrowing capacity		$ 20,000,000		20,000,000	$ 10,000,000
Credit facility, covenant to maintain minimum liquidity ratio		150.00%
Credit facility, covenant to maintain revenue growth rate of each quarter compared to same quarter in prior year		118.00%
Silicon Valley Bank
Subsequent Event [Line Items]
Credit facility, covenant to maintain revenue growth rate of each quarter compared to same quarter in prior year			110.00%
Credit facility, weighted-average effective interest rate						5.30%	5.20%
Silicon Valley Bank \| Prime Rate
Subsequent Event [Line Items]
Variable interest rate							0.25%
Silicon Valley Bank \| 2020 Convertible Loan
Subsequent Event [Line Items]
Debt principal amount		$ 35,000,000		35,000,000
Silicon Valley Bank \| Revolving Line
Subsequent Event [Line Items]
Credit facility maximum borrowing capacity			$ 20,000,000						$ 25,000,000
Debt principal amount			$ 20,000,000
Debt instrument, maturity date			Oct. 27, 2022
Credit facility, weighted-average effective interest rate					3.70%			5.60%
Minimum \| Mezzanine facility \| WestRiver
Subsequent Event [Line Items]
Credit facility maximum borrowing capacity		$ 10,000,000		$ 10,000,000
Prior to January 1, 2022 \| Silicon Valley Bank \| 2020 Convertible Loan \| Prime Rate
Subsequent Event [Line Items]
Variable interest rate				4.50%
From January 1, 2022 and Prior to January 1, 2023 \| Silicon Valley Bank \| 2020 Convertible Loan \| Prime Rate
Subsequent Event [Line Items]
Variable interest rate				6.50%
From January 1, 2023 and Prior to January 1, 2024 \| Silicon Valley Bank \| 2020 Convertible Loan \| Prime Rate
Subsequent Event [Line Items]
Variable interest rate				8.50%
From and After January 1, 2024 \| Silicon Valley Bank \| 2020 Convertible Loan \| Prime Rate
Subsequent Event [Line Items]
Variable interest rate				10.50%
Subsequent Event [Member]
Subsequent Event [Line Items]
Conversion price per share \| $ / shares		$ 3.80		$ 3.80
Subsequent Event [Member] \| Initial Public Offering
Subsequent Event [Line Items]
Convertible notes conversion price per share \| $ / shares	$ 11.40
Reverse stock split description	One-for-three
Reverse stock split, conversion ratio	0.3333
Subsequent Event [Member] \| Mezzanine facility \| WestRiver
Subsequent Event [Line Items]
Credit facility maximum borrowing capacity		$ 10,000,000		$ 10,000,000
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.
Warrant price per share \| $ / shares		$ 9.21		$ 9.21
Subsequent Event [Member] \| Mezzanine facility \| WestRiver \| Prime Rate
Subsequent Event [Line Items]
Variable interest rate		5.25%
Subsequent Event [Member] \| Revolving Line \| A&R Credit Facility
Subsequent Event [Line Items]
Credit facility, increase (decrease) in borrowing capacity		$ 10,000,000
Credit facility maximum borrowing capacity		$ 20,000,000		$ 20,000,000	$ 10,000,000
Subsequent Event [Member] \| Silicon Valley Bank \| A&R Credit Facility
Subsequent Event [Line Items]
Credit facility, covenant to maintain minimum liquidity ratio		150.00%
Credit facility, covenant to maintain revenue growth rate of each quarter compared to same quarter in prior year		118.00%
Subsequent Event [Member] \| Silicon Valley Bank \| Revolving Line
Subsequent Event [Line Items]
Debt principal amount		$ 35,000,000		$ 35,000,000
Debt instrument, maturity date				Feb. 28, 2025
Subsequent Event [Member] \| Minimum \| Mezzanine facility \| WestRiver
Subsequent Event [Line Items]
Credit facility, weighted-average effective interest rate		10.00%		10.00%
Subsequent Event [Member] \| Maximum \| Mezzanine facility \| WestRiver
Subsequent Event [Line Items]
Warrants to purchase shares of common stock \| shares		100		100
Subsequent Event [Member] \| Prior to January 1, 2022 \| Silicon Valley Bank \| 2020 Convertible Loan \| Prime Rate
Subsequent Event [Line Items]
Variable interest rate				4.50%
Subsequent Event [Member] \| From January 1, 2022 and Prior to January 1, 2023 \| Silicon Valley Bank \| 2020 Convertible Loan \| Prime Rate
Subsequent Event [Line Items]
Variable interest rate				6.50%
Subsequent Event [Member] \| From January 1, 2023 and Prior to January 1, 2024 \| Silicon Valley Bank \| 2020 Convertible Loan \| Prime Rate
Subsequent Event [Line Items]
Variable interest rate				8.50%
Subsequent Event [Member] \| From and After January 1, 2024 \| Silicon Valley Bank \| 2020 Convertible Loan \| Prime Rate
Subsequent Event [Line Items]
Variable interest rate				10.50%

Revenue Recognition and Deferred Costs - Schedule of Disaggregate Revenue by Major Source (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Disaggregation Of Revenue [Line Items]
Total revenue	$ 39,735	$ 28,264	$ 109,225	$ 81,083	$ 112,103	$ 91,867
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	$ 29,414	$ 21,383

- Definition

+ References

+ Details

Revenue Recognition and Deferred Costs II - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Impairment of deferred commissions	$ 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 (Detail) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Cash equivalents	$ 0	$ 0
Marketable securities	$ 0	$ 0