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Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2021
Accounting Policies [Abstract] |
Schedule of property and equipment | We record property and equipment at cost and depreciate them using the straight-line method over their estimated useful lives as follows:
| Useful Life (in years)
Equipment, servers and computers | 3 - 5
Furniture and fixtures | 5 - 7
Software | 3 - 5
Leasehold improvements | Lesser of lease term or useful life
Property and equipment, net including software, consisted of the following:
| December 31, |  |
| 2020 |  | 2019 |  |
| (in thousands) |  |
Servers, equipment and computers | $ | 29,025 |  |  | $ | 20,167 |  |  |
Furniture and fixtures | 3,474 |  |  | 2,700 |  |  |
Software | 1,022 |  |  | 965 |  |  |
Leasehold improvements | 8,740 |  |  | 6,459 |  |  |
| $ | 42,261 |  |  | $ | 30,291 |  |  |
Less: Accumulated depreciation and amortization | (22,671) |  |  | (16,884) |  |  |
Property and equipment, net | $ | 19,590 |  |  | $ | 13,407 |  |  |
Depreciation and amortization expense on property and equipment was as follows:
| Year Ended December 31, |  |
| 2020 |  | 2019 |  | 2018 |  |  |  |
| (in thousands) |  |
Cost of revenue | $ | 4,252 |  |  | $ | 3,433 |  |  | $ | 2,716 |  |  |  |  |
Operating expense | 2,329 |  |  | 2,350 |  |  | 2,436 |  |  |  |  |
Total depreciation and amortization | $ | 6,581 |  |  | $ | 5,783 |  |  | $ | 5,152 |  |  |  |  |
Performance obligation from which revenue is generated | The following summarizes our performance obligations from which we generate revenue:
Performance obligation |  | When performance obligation is typically satisfied
SaaS solutions |  | Over the subscription term, once the service is made available to the MSP partner (over time)
Subscription-based term and perpetual licenses |  | Upon the delivery of the license key or password that provides immediate availability of the product (point in time)
Technical support and unspecified software upgrades |  | Ratably over the contract period (over time)
Disaggregation of revenue | Our revenue consists of the following:
| Year Ended December 31, |  |
| 2020 |  | 2019 |  | 2018 |  |  |  |
| (in thousands) |  |
Subscription revenue | $ | 292,027 |  |  | $ | 251,695 |  |  | $ | 216,750 |  |  |  |  |
Other revenue | 10,844 |  |  | 11,823 |  |  | 11,544 |  |  |  |  |
Total subscription and other revenue | $ | 302,871 |  |  | $ | 263,518 |  |  | $ | 228,294 |  |  |  |  |
During the periods ended December 31, 2020, 2019 and 2018, and March 31, 2021 and 2020 (unaudited), respectively, we recognized the following revenue from subscription and other services at a point in time and over time:
| Year Ended December 31, |  |
| 2020 |  | 2019 |  | 2018 |  |  |  |
| (in thousands) |  |
Revenue recognized at a point in time | $ | 57,943 |  |  | $ | 49,510 |  |  | $ | — |  |  |  |  |
Revenue recognized over time | 244,928 |  |  | 214,008 |  |  | $ | 228,294 |  |  |  |  |
Total revenue recognized | $ | 302,871 |  |  | $ | 263,518 |  |  | $ | 228,294 |  |  |  |  |
Our revenue consists of the following:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (in thousands)
Subscription revenue | $ | 82,821 |  |  | $ | 70,820 |  |  | $ | 163,492 |  |  | $ | 140,975 |
Other revenue | 2,519 |  |  | 2,604 |  |  | 5,038 |  |  | 5,717 |
Total subscription and other revenue | $ | 85,340 |  |  | $ | 73,424 |  |  | $ | 168,530 |  |  | $ | 146,692 |
During the three months and six months periods ended June 30, 2021 and 2020, respectively, we recognized the following revenue from subscription and other services at a point in time and over time:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (in thousands)
Revenue recognized at a point in time | $ | 15,082 |  |  | $ | 13,917 |  |  | $ | 30,192 |  |  | $ | 28,611 |
Revenue recognized over time | $ | 70,258 |  |  | $ | 59,507 |  |  | $ | 138,338 |  |  | $ | 118,081 |
Total revenue recognized | $ | 85,340 |  |  | $ | 73,424 |  |  | $ | 168,530 |  |  | $ | 146,692 |
Details of total deferred revenue balance | Details of our total deferred revenue balance was as follows:
| Total Deferred Revenue
| (in thousands)
Balance at December 31, 2018 | $ | 8,491 |
Adoption of ASC 606 | (1,225) |
Deferred revenue recognized | (13,345) |
Additional amounts deferred | 14,217 |
Deferred revenue acquired in business combinations | 34 |
Balance at December 31, 2019 | 8,172 |
Deferred revenue recognized | (13,619) |
Additional amounts deferred | 15,117 |
Balance at December 31, 2020 | 9,670 |
Deferred revenue recognized | (4,090) |
Additional amounts deferred | 4,245 |
Balance at March 31, 2021 (unaudited) | $ | 9,825 |
Details of our total deferred revenue balance was as follows:
| Total Deferred Revenue
| (in thousands)
Balance at December 31, 2020 | $ | 9,670 |
Deferred revenue recognized | (8,465) |
Additional amounts deferred | 8,377 |
Balance at June 30, 2021 | $ | 9,582 |
Remaining performance obligations for revenue recognition | We expect to recognize revenue related to these remaining performance obligations as of December 31, 2020 and March 31, 2021 as follows:
| Revenue Recognition Expected by Period
| Total |  | Less than 1 year |  | 1-3 years |  | More than 3 years
| (in thousands)
Expected recognition of deferred revenue | $ | 9,670 |  |  | $ | 9,502 |  |  | $ | 168 |  |  | $ | — |
| Revenue Recognition Expected by Period
| Total |  | Less than 1 year |  | 1-3 years |  | More than 3 years
| (unaudited)
Expected recognition of deferred revenue | $ | 9,825 |  |  | $ | 9,688 |  |  | $ | 137 |  |  | $ | — |
We expect to recognize revenue related to remaining performance obligations as follows:
| Revenue Recognition Expected by Period
| Total |  | Less than 1 year |  | 1-3 years |  | More than 3 years
| (in thousands)
Expected recognition of deferred revenue | $ | 9,582 |  |  | $ | 9,462 |  |  | $ | 120 |  |  | $ | — |
Schedule of advertising expense |
| Year Ended December 31, |  |
| 2020 |  | 2019 |  | 2018 |  |  |  |
| (in thousands) |  |
Advertising expense | $ | 13,903 |  |  | $ | 12,774 |  |  | $ | 11,576 |  |  |  |  |
Changes in accumulated other comprehensive income (loss) by component | Changes in accumulated other comprehensive income (loss) by component are summarized below:
|  |  | Foreign Currency Translation Adjustments |  | Accumulated Other Comprehensive Income (Loss)
|  |  | (in thousands)
Balance at December 31, 2020 |  |  | $ | 48,991 |  |  | $ | 48,991 |
Other comprehensive loss before reclassification |  |  | (13,912) |  |  | (13,912) |
Net current period other comprehensive loss |  |  | (13,912) |  |  | (13,912) |
Balance at June 30, 2021 |  |  | $ | 35,079 |  |  | $ | 35,079 |
Intangible asset amortization expense | Intangible asset amortization expense was as follows:
| Year Ended December 31, |  |
| 2020 |  | 2019 |  | 2018 |  |  |  |
| (in thousands) |  |
Intangible asset amortization expense | $ | 48,105 |  |  | $ | 47,289 |  |  | $ | 50,168 |  |  |  |  |
Amortization of acquired technologies included in cost of revenue relate to our subscription products as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (in thousands)
Amortization of acquired technologies | $ | 1,037 |  |  | $ | 6,132 |  |  | $ | 3,741 |  |  | $ | 11,876 |

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