Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading |
Name of each exchange | ||
Large accelerated filer | ☐ | ☒ | ||||
Non-accelerated filer |
☐ (Do not check if a smaller reporting company) | Smaller reporting company | ||||
Emerging growth company |
Page |
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PART I. FINANCIAL INFORMATION |
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• |
our ability to achieve profitability; |
• |
our competitive position and the effect of competition in our industry; |
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our ability to retain and attract new customers; |
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our ability to penetrate existing markets and develop new markets for our services; |
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our ability to retain or hire qualified accounting and other personnel; |
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our ability to successfully integrate acquired businesses; |
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our ability to protect our intellectual property and operate our business without infringing upon the intellectual property rights of others; |
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our ability to maintain the security and reliability of our systems; |
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our estimates with regard to our future performance and total potential market opportunity; |
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our estimates regarding our anticipated results of operations, future revenue, bookings growth, capital requirements and our needs for additional financing; and |
• |
our goals and strategies, including those related to revenue and bookings growth. |
June 30, 2021 |
December 31, 2020 |
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(in thousands, except share and per share data) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ | $ | ||||||
Accounts receivable, net of allowance of $ |
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Prepaid expenses |
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Other current assets |
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Total current assets |
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Property and equipment, net |
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Operating lease right-of-use |
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Intangible assets, net |
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Goodwill |
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Other assets |
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Total assets |
$ | $ | ||||||
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable |
$ | $ | ||||||
Accrued expenses |
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Operating lease liability |
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Deferred revenue |
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Total current liabilities |
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Operating lease liability, net of current portion |
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Other liabilities |
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Total liabilities |
$ | |||||||
Commitments and contingencies (Note 8) |
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Stockholders’ equity: |
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Undesignated preferred stock, $ |
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Common stock, $ |
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Additional paid-in capital |
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Treasury stock, at cost; |
( |
) | ( |
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Accumulated other comprehensive loss |
( |
) | ( |
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Accumulated deficit |
( |
) | ( |
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Total stockholders’ equity |
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Total liabilities and stockholders’ equity |
$ | $ | ||||||
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Three Months Ended June 30, |
Six Months Ended June 30, |
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2021 |
2020 |
2021 |
2020 |
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(in thousands, except share and per share data) |
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Revenue: |
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Subscription and support revenue |
$ | $ | $ | $ | ||||||||||||
Professional services and other revenue |
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Total revenue |
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Cost of revenue: |
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Cost of subscription and support revenue |
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Cost of professional services and other revenue |
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Total cost of revenue |
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Gross profit |
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Operating expenses: |
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Research and development |
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Sales and marketing |
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General and administrative |
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Merger-related |
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Other (benefit) expense |
— | — | ( |
) | — | |||||||||||
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Total operating expenses |
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Income (loss) from operations |
( |
) | ( |
) | ||||||||||||
Other expense, net |
( |
) | ( |
) | ( |
) | ||||||||||
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Income (loss) before income taxes |
( |
) | ( |
) | ||||||||||||
Provision for income taxes |
( |
) | ||||||||||||||
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Net income (loss) |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
Net income (loss) per share—basic and diluted |
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Basic |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
Diluted |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
Weighted-average shares—basic and diluted |
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Basic |
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Diluted |
Three Months Ended June 30, |
Six Months June 30, |
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2021 |
2020 |
2021 |
2020 |
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(in thousands) |
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Net income (loss) |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
Other comprehensive income: |
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Foreign currency translation adjustments |
( |
) | ( |
) | ||||||||||||
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Comprehensive income (loss) |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
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Three Months Ended June 30, |
Six Months Ended June 30, |
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2021 |
2020 |
2021 |
2020 |
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(in thousands, except share data) |
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Shares of common stock issued |
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Balance, beginning of period |
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Issuance of common stock upon exercise of stock options and pursuant to restricted stock units |
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Balance, end of period |
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Shares of treasury stock |
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Balance, beginning of period |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
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Balance, end of period |
( |
) | ( |
) | ( |
) | ( |
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Par value of common stock issued |
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Balance, beginning of period |
$ | $ | $ | $ | ||||||||||||
Issuance of common stock upon exercise of stock options |
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Issuance of common stock upon exercise of stock options and pursuant to restricted stock units |
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Balance, end of period |
$ | $ | $ | $ | ||||||||||||
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Value of treasury stock |
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Balance, beginning of period |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
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Balance, end of period |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
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Additional paid-in capital |
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Balance, beginning of period |
$ | $ | $ | $ | ||||||||||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, net of tax |
( |
) | ( |
) | ( |
) | ||||||||||
Stock-based compensation expense |
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Balance, end of period |
$ | $ | $ | $ | ||||||||||||
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Accumulated deficit |
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Balance, beginning of period |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Net income (loss) |
( |
) | ( |
) | ||||||||||||
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Balance, end of period |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
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Accumulated other comprehensive loss |
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Balance, beginning of period |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Foreign currency translation adjustment |
( |
) | ( |
) | ||||||||||||
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Balance, end of period |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
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Total stockholders’ equity |
$ | $ | $ | $ | ||||||||||||
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Six Months Ended June 30, |
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2021 |
2020 |
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(in thousands) |
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Operating activities |
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Net income (loss) |
$ | $ | ( |
) | ||||
Adjustments to reconcile net loss to net cash provided by operating activities: |
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Depreciation and amortization |
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Stock-based compensation |
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Provision for reserves on accounts receivable |
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Changes in assets and liabilities: |
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Accounts receivable |
( |
) | ||||||
Prepaid expenses and other current assets |
( |
) | ( |
) | ||||
Other assets |
( |
) | ( |
) | ||||
Accounts payable |
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Accrued expenses |
( |
) | ( |
) | ||||
Operating leases |
( |
) | ||||||
Deferred revenue |
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Net cash provided by operating activities |
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Investing activities |
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Purchases of property and equipment |
( |
) | ( |
) | ||||
Capitalized internal-use software costs |
( |
) | ( |
) | ||||
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Net cash used in investing activities |
( |
) | ( |
) | ||||
Financing activities |
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Proceeds from exercise of stock options |
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Deferred acquisition payments |
( |
) | — | |||||
Proceeds from debt |
— | |||||||
Debt paydown |
— | ( |
) | |||||
Other financing activities |
( |
) | ( |
) | ||||
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Net cash provided by financing activities |
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Effect of exchange rate changes on cash and cash equivalents |
( |
) | ( |
) | ||||
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Net increase in cash and cash equivalents |
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Cash and cash equivalents at beginning of period |
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Cash and cash equivalents at end of period |
$ | $ | ||||||
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Supplemental disclosure of cash flow information |
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Cash paid for operating lease liabilities |
$ | $ | ||||||
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Allowance for Credit Losses |
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(in thousands) |
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Balance as of December 31, 2020 |
$ | |||
Current provision for credit losses |
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Write-offs against allowance |
( |
) | ||
Recoveries |
( |
) | ||
Balance as of June 30 , 2021 |
$ | |||
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|
Accounts Receivable, net |
Contract Assets (current) |
Deferred Revenue (current) |
Deferred Revenue (non- current) |
Total Deferred Revenue |
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Balance at December 31, 2020 |
$ | $ | $ | $ | $ | |||||||||||||||
Balance at June 30, 2021 |
June 30, 2021 |
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Description |
Contracted Maturity |
Cost |
Fair Market Value |
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Cash |
Demand | $ | $ | |||||||||
Money market funds |
Demand | |||||||||||
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Total cash and cash equivalents |
$ | $ | ||||||||||
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|
December 31, 2020 |
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Description |
Contracted Maturity |
Cost |
Fair Market Value |
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Cash |
Demand | $ | $ | |||||||||
Money market funds |
Demand | |||||||||||
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Total cash and cash equivalents |
$ | $ | ||||||||||
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|
Three Months Ended June 30, |
Six Months Ended June 30, |
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(in thousands) |
2021 |
2020 |
2021 |
2020 |
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Net income (loss) |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
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Weighted average shares used in computing basic earnings per share |
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Effect of weighted average dilutive stock-based awards |
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Weighted average shares used in computing diluted earnings per share |
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Net income (loss) per share—basic and diluted |
||||||||||||||||
Basic |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
Diluted |
$ | $ | ( |
) | $ | $ | ( |
) |
Three Months Ended June 30, |
Six Months Ended June 30, |
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(shares in thousands) |
2021 |
2020 |
2021 |
2020 |
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Options outstanding |
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Restricted stock units outstanding |
Three Months Ended June 30, |
Six Months Ended June 30, |
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2021 |
2020 |
2021 |
2020 |
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Weighted-average fair value of options granted during the period |
$ | $ | $ | $ | ||||||||||||
Risk-free interest rate |
% | % | % | % | ||||||||||||
Expected volatility |
% | % | % | % | ||||||||||||
Expected life (in years) |
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Expected dividend yield |
Three Months Ended June 30, |
Six Months Ended June 30, |
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2021 |
2020 |
2021 |
2020 |
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Stock-based compensation: |
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Cost of subscription and support revenue |
$ | $ | $ | $ | ||||||||||||
Cost of professional services and other revenue |
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Research and development |
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Sales and marketing |
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General and administrative |
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$ | $ | $ | $ | |||||||||||||
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Number of Shares |
Weighted-Average Exercise Price |
Weighted-Average Remaining Contractual Term (In Years) |
Aggregate Intrinsic Value (1) |
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Outstanding at December 31, 2020 |
$ | |||||||||||||||
Granted |
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Exercised |
( |
) | $ | |||||||||||||
Canceled |
( |
) | ||||||||||||||
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Outstanding at June 30, 2021 |
$ | $ | ||||||||||||||
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Exercisable at June 30, 2021 |
$ | $ | ||||||||||||||
|
|
(1) | The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on June 30, 2021 of $ |
S-RSU Shares |
Weighted Average Grant Date Fair Value |
P-RSU Shares |
Weighted Average Grant Date Fair Value |
Total RSU Shares |
Weighted Average Grant Date Fair Value |
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Unvested at December 31, 2020 |
$ | $ | $ | |||||||||||||||||||||
Granted |
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Vested and issued |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Canceled |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Unvested at June 30, 2021 |
$ | $ | $ | |||||||||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
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2021 |
2020 |
2021 |
2020 |
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Revenue: |
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North America |
$ | $ | $ | $ | ||||||||||||
Europe |
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Japan |
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Asia Pacific |
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Other |
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Total revenue |
$ | $ | $ | $ | ||||||||||||
ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Six Months Ended June 30, |
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2021 |
2020 |
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Customers (at period end) |
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Premium |
2,280 | 2,279 | ||||||
Volume |
983 | 1,144 | ||||||
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Total customers (at period end) |
3,263 | 3,423 | ||||||
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Net revenue retention rate |
98 | % | 92 | % | ||||
Recurring dollar retention rate |
86 | % | 84 | % | ||||
Average annual subscription revenue per premium customer, excluding Starter edition customers (in thousands) |
$ | 92.2 | $ | 86.4 | ||||
Average annual subscription revenue per premium customer for Starter edition customers only (in thousands) |
$ | 4.5 | $ | 4.5 | ||||
Total backlog, excluding professional services engagements (in millions) |
$ | 152.8 | $ | 136.9 | ||||
Total backlog to be recognized over next 12 months, excluding professional services engagements (in millions) |
$ | 119.8 | $ | 108.8 |
• | Number of Customers month-to-month pay-as-you-go month-to-month pay-as-you-go |
• | Net Revenue Retention Rate |
• | Recurring Dollar Retention Rate |
• | Average Annual Subscription Revenue Per Premium Customer |
• | Backlog |
Three Months Ended June 30, |
Six Months Ended June 30, |
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2021 |
2020 |
2021 |
2020 |
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(in thousands, except share and per share data) |
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Revenue: |
||||||||||||||||
Subscription and support revenue |
$ | 48,602 | $ | 45,617 | $ | 99,441 | $ | 90,275 | ||||||||
Professional services and other revenue |
2,870 | 2,309 | 6,848 | 4,304 | ||||||||||||
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Total revenue |
51,472 | 47,926 | 106,289 | 94,579 | ||||||||||||
Cost of revenue: |
||||||||||||||||
Cost of subscription and support revenue |
14,756 | 17,807 | 30,434 | 34,555 | ||||||||||||
Cost of professional services and other revenue |
2,468 | 2,092 | 5,958 | 3,986 | ||||||||||||
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Total cost of revenue |
17,224 | 19,899 | 36,392 | 38,541 | ||||||||||||
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Gross profit |
34,248 | 28,027 | 69,897 | 56,038 | ||||||||||||
Operating expenses: |
||||||||||||||||
Research and development |
7,855 | 9,131 | 16,139 | 17,984 | ||||||||||||
Sales and marketing |
18,130 | 13,383 | 34,279 | 27,557 | ||||||||||||
General and administrative |
7,418 | 6,407 | 14,477 | 12,939 | ||||||||||||
Merger-related |
255 | 259 | 255 | 5,768 | ||||||||||||
Other (benefit) expense |
— | — | (1,965 | ) | — | |||||||||||
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Total operating expenses |
33,658 | 29,180 | 63,185 | 64,248 | ||||||||||||
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Income (loss) from operations |
590 | (1,153 | ) | 6,712 | (8,210 | ) | ||||||||||
Other expense, net |
117 | (27 | ) | (618 | ) | (495 | ) | |||||||||
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Income (loss) before income taxes |
707 | (1,180 | ) | 6,094 | (8,705 | ) | ||||||||||
Provision for income taxes |
(163 | ) | 115 | 94 | 443 | |||||||||||
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Net income (loss) |
$ | 870 | $ | (1,295 | ) | $ | 6,000 | $ | (9,148 | ) | ||||||
Net income (loss) per share—basic and diluted |
||||||||||||||||
Basic |
$ | 0.02 | $ | (0.03 | ) | $ | 0.15 | $ | (0.23 | ) | ||||||
Diluted |
$ | 0.02 | $ | (0.03 | ) | $ | 0.14 | $ | (0.23 | ) | ||||||
Weighted-average shares—basic and diluted |
||||||||||||||||
Basic |
40,615,149 | 39,291,649 | 40,385,866 | 39,136,394 | ||||||||||||
Diluted |
42,208,933 | 39,291,649 | 42,390,641 | 39,136,394 |
Three Months Ended June 30, |
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2021 |
2020 |
Change |
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Revenue by Product Line |
Amount |
Percentage of Revenue |
Amount |
Percentage of Revenue |
Amount |
% |
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(in thousands, except percentages) | ||||||||||||||||||||||||
Premium |
$ | 50,694 | 98 | % | $ | 46,941 | 98 | % | $ | 3,753 | 8 | % | ||||||||||||
Volume |
778 | 2 | 985 | 2 | (207 | ) | (21 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ | 51,472 | 100 | % | $ | 47,926 | 100 | % | $ | 3,546 | 8 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
||||||||||||||||||||||||
2021 |
2020 |
Change |
||||||||||||||||||||||
Revenue by Type |
Amount |
Percentage of Revenue |
Amount |
Percentage of Revenue |
Amount |
% |
||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||
Subscription and support |
$ | 48,602 | 94 | % | $ | 45,617 | 96 | % | $ | 2,985 | 7 | % | ||||||||||||
Professional services and other |
2,870 | 6 | 2,309 | 4 | 561 | 24 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ | 51,472 | 100 | % | $ | 47,926 | 100 | % | $ | 3,546 | 8 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
||||||||||||||||||||||||
2021 |
2020 |
Change |
||||||||||||||||||||||
Revenue by Geography |
Amount |
Percentage of Revenue |
Amount |
Percentage of Revenue |
Amount |
% |
||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||
North America |
$ | 29,398 | 57 | % | $ | 26,039 | 54 | % | $ | 3,359 | 13 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Europe |
9,547 | 19 | 8,427 | 18 | 1,120 | 13 | ||||||||||||||||||
Japan |
5,370 | 10 | 5,554 | 12 | (184 | ) | (3 | ) | ||||||||||||||||
Asia Pacific |
7,016 | 14 | 7,714 | 16 | (698 | ) | (9 | ) | ||||||||||||||||
Other |
141 | — | 192 | — | (51 | ) | (27 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
International subtotal |
22,074 | 43 | 21,887 | 46 | 187 | 1 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ | 51,472 | 100 | % | $ | 47,926 | 100 | % | $ | 3,546 | 8 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
||||||||||||||||||||||||
2021 |
2020 |
Change |
||||||||||||||||||||||
Cost of Revenue |
Amount |
Percentage of Related Revenue |
Amount |
Percentage of Related Revenue |
Amount |
% |
||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||
Subscription and support |
$ | 14,756 | 30 | % | $ | 17,807 | 39 | % | $ | (3,051 | ) | (17 | )% | |||||||||||
Professional services and other |
2,468 | 86 | 2,092 | 91 | 376 | 18 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ | 17,224 | 33 | % | $ | 19,899 | 42 | % | $ | (2,675 | ) | (13 | )% | |||||||||||
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|
|
|
|
|
|
|
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|
|
Three Months Ended June 30, |
||||||||||||||||||||||||
2021 |
2020 |
Change |
||||||||||||||||||||||
Gross Profit |
Amount |
Percentage of Related Revenue |
Amount |
Percentage of Related Revenue |
Amount |
% |
||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||
Subscription and support |
$ | 33,846 | 70 | % | $ | 27,810 | 61 | % | $ | 6,036 | 22 | % | ||||||||||||
Professional services and other |
402 | 14 | 217 | 9 | 185 | 85 | % | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ | 34,248 | 67 | % | $ | 28,027 | 58 | % | $ | 6,221 | 22 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
||||||||||||||||||||||||
2021 |
2020 |
Change |
||||||||||||||||||||||
Operating Expenses |
Amount |
Percentage of Revenue |
Amount |
Percentage of Revenue |
Amount |
% |
||||||||||||||||||