Company Quick10K Filing
Alteryx
Price118.23 EPS0
Shares64 P/E582
MCap7,563 P/FCF561
Net Debt-644 EBIT-1
TEV6,919 TEV/EBIT-7,696
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-14
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-08
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-11
8-K 2020-10-02 Earnings, Officers, Exhibits
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-05-20
8-K 2020-05-06
8-K 2020-05-05
8-K 2020-04-29
8-K 2020-02-13
8-K 2019-12-03
8-K 2019-10-31
8-K 2019-10-14
8-K 2019-08-07
8-K 2019-08-07
8-K 2019-08-06
8-K 2019-07-31
8-K 2019-05-22
8-K 2019-05-01
8-K 2019-04-04
8-K 2019-02-27
8-K 2019-02-05
8-K 2019-01-24
8-K 2018-11-07
8-K 2018-09-27
8-K 2018-08-08
8-K 2018-06-13
8-K 2018-05-15
8-K 2018-05-15
8-K 2018-05-14
8-K 2018-05-09
8-K 2018-02-21

AYX 10Q Quarterly Report

Part I: Financial Information
Item 1. Condensed Consolidated Financial Statements (Unaudited).
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part Ii: Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-31.1 ayxex311q2202010q.htm
EX-31.2 ayxex312q2202010q.htm
EX-32.1 ayxex321q2202010q.htm
EX-32.2 ayxex322q2202010q.htm

Alteryx Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.31.00.80.50.30.02017201820192020
Assets, Equity
0.20.10.10.0-0.0-0.12017201820192020
Rev, G Profit, Net Income
0.60.40.30.1-0.0-0.22017201820192020
Ops, Inv, Fin

ayx-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
  _____________________________________________________
FORM 10-Q
 _____________________________________________________
 (Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 001-38034
  _____________________________________________________
Alteryx, Inc.
(Exact name of registrant as specified in its charter)
_____________________________________________________
Delaware90-0673106
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
3345 Michelson Drive,Suite 400,Irvine,California92612
(Address of principal executive offices)(Zip Code)
(888) 836-4274
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

_____________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Class A Common Stock, $0.0001 par value per shareAYXNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes       No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
On July 31, 2020, there were 53,498,926 shares of the registrant’s Class A common stock outstanding and 12,677,445 shares of the registrant’s Class B common stock outstanding.




Alteryx, Inc.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended June 30, 2020
TABLE OF CONTENTS
 
  Page Number
Part I:
A.
B.
C.
D.
E.
Part II:




SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q includes “forward-looking statements” within the meaning of the federal securities laws. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. In some cases, forward-looking statements can be identified by the use of terminology such as “believe,” “may,” “will,” “intend,” “expect,” “plan,” “anticipate,” “estimate,” “potential,” or “continue,” or other comparable terminology. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about our expectations regarding:
 
the duration and impact of the novel coronavirus and the coronavirus disease, or COVID-19, pandemic;
trends in revenue, cost of revenue, and gross margin;
our investments in cloud infrastructure and the cost of third-party data center hosting fees;
trends in operating expenses, including research and development expense, sales and marketing expense, and general and administrative expense, and expectations regarding these expenses as a percentage of revenue;
expansion of our international operations and the impact on foreign tax expense;
maintaining a valuation allowance for net deferred tax assets to the extent they are not expected to be recoverable;
the timing and method of settlement of any series of our convertible senior notes;
the global opportunity for our analytic process automation software platform;
our investments in our marketing efforts and sales organization, including indirect sales channels and headcount, and the impact of any changes to our sales organization on revenue and growth;
the continued development and success of Alteryx Community, our online user community, distribution channels and our partner relationships;
our expectations for the Alteryx APA platform, Alteryx Connect, Alteryx Promote, Alteryx Analytics Hub and Alteryx Intelligence Suite;
expansion of and within our customer base;
continued investments in research and development;
competitors and competition in our markets;
the impact of foreign currency exchange rates;
cash and cash equivalents and short-term investments and any positive cash flows from operations being sufficient to support our working capital and capital expenditure requirements for at least the next 12 months; and
other statements regarding our future operations, financial condition, and prospects and business strategies.
Although we believe that the expectations reflected in the forward-looking statements contained herein are reasonable, these expectations or any of the forward-looking statements could prove to be incorrect, and actual results could differ materially from those projected or assumed in the forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to risks and uncertainties, including, but not limited to, the factors set forth in this Quarterly Report on Form 10-Q under Part II, Item 1A. Risk Factors. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the forward-looking statements made in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.
All forward-looking statements and reasons why results may differ included in this Quarterly Report on Form 10-Q are made as of the date of the filing of this Quarterly Report on Form 10-Q, and we assume no obligation to update any such forward-looking statements or reasons why actual results may differ. The following discussion should be read in conjunction with our condensed consolidated financial statements and notes thereto appearing in Part I, Item 1 of this Quarterly Report on Form 10-Q.

1


PART I: FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements (unaudited).
Alteryx, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except per share data)
(unaudited)
 
 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Revenue:
Subscription-based software license$34,646  $36,841  $85,390  $71,649  
PCS and services61,587  45,202  119,674  86,414  
Total revenue96,233  82,043  205,064  158,063  
Cost of revenue:
Subscription-based software license946  1,073  2,927  1,848  
PCS and services8,689  8,222  19,755  15,447  
Total cost of revenue9,635  9,295  22,682  17,295  
Gross profit86,598  72,748  182,382  140,768  
Operating expenses:
Research and development23,256  16,381  49,437  30,453  
Sales and marketing57,941  48,185  123,106  86,635  
General and administrative23,195  16,470  47,738  36,370  
Total operating expenses104,392  81,036  220,281  153,458  
Loss from operations(17,794) (8,288) (37,899) (12,690) 
Interest expense(9,496) (3,098) (18,799) (6,084) 
Other income, net4,530  847  2,068  3,676  
Loss before provision for (benefit of) income taxes(22,760) (10,539) (54,630) (15,098) 
Provision for (benefit of) income taxes12,533  (7,320) (3,864) (17,793) 
Net income (loss)$(35,293) $(3,219) $(50,766) $2,695  
Net income (loss) per share attributable to common stockholders, basic$(0.53) $(0.05) $(0.77) $0.04  
Net income (loss) per share attributable to common stockholders, diluted$(0.53) $(0.05) $(0.77) $0.04  
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, basic66,039  62,613  65,804  62,271  
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, diluted66,039  62,613  65,804  67,994  
Other comprehensive income, net of tax:
Net unrealized holding gain on investments, net of tax1,817  212  3,060  914  
Foreign currency translation adjustments613  1,193  1,611  182  
Other comprehensive income, net of tax2,430  1,405  4,671  1,096  
Total comprehensive income (loss)$(32,863) $(1,814) $(46,095) $3,791  
The accompanying notes are an integral part of these condensed consolidated financial statements
2


Alteryx, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except par value)
(unaudited)
 
June 30, 2020December 31, 2019
Assets
Current assets:
Cash and cash equivalents$128,175  $409,949  
Short-term investments607,620  376,995  
Accounts receivable, net 68,548  129,912  
Prepaid expenses and other current assets68,556  55,129  
Total current assets872,899  971,985  
Property and equipment, net26,785  20,296  
Operating lease right-of-use assets37,579  33,600  
Long-term investments238,643  187,921  
Goodwill36,843  36,910  
Intangible assets, net18,005  22,083  
Other assets85,485  69,543  
Total assets$1,316,239  $1,342,338  
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$11,919  $9,383  
Accrued payroll and payroll related liabilities29,215  53,683  
Accrued expenses and other current liabilities28,746  31,715  
Deferred revenue83,958  83,895  
Convertible senior notes, net70,345  68,154  
Total current liabilities224,183  246,830  
Convertible senior notes, net643,690  630,321  
Deferred revenue2,685  2,733  
Operating lease liabilities33,028  29,293  
Other liabilities3,175  8,254  
Total liabilities906,761  917,431  
Stockholders’ equity:
Preferred stock, $0.0001 par value: 10,000 shares authorized as of June 30, 2020 and
    December 31, 2019, respectively; no shares issued and outstanding as of June 30,
    2020 and December 31, 2019, respectively
    
Common stock, $0.0001 par value: 500,000 Class A shares authorized, 53,374 and
    52,056 shares issued and outstanding as of June 30, 2020 and December 31, 2019,
    respectively; 500,000 Class B shares authorized, 12,770 and 13,204 shares issued
    and outstanding as of June 30, 2020 and December 31, 2019, respectively
7  7  
Additional paid-in capital443,466  412,191  
Retained earnings (accumulated deficit)(37,140) 14,235  
Accumulated other comprehensive income (loss)3,145  (1,526) 
Total stockholders’ equity409,478  424,907  
Total liabilities and stockholders’ equity$1,316,239  $1,342,338  
The accompanying notes are an integral part of these condensed consolidated financial statements
3


Alteryx, Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(in thousands)
(unaudited)
Three and Six Months Ended June 30, 2020
 Common StockAdditional
Paid-in
Capital
Retained Earnings (Accumulated Deficit)Accumulated
Other
Comprehensive
Gain (Loss)
Total
SharesAmount
Balances at December 31, 201965,260  $7  $412,191  $14,235  $(1,526) $424,907  
Cumulative effect of adoption of ASC 326—  —  —  (609) —  (609) 
Shares issued pursuant to stock
awards, net of tax withholdings
related to vesting of restricted
stock units
625  —  1,655  —  —  1,655  
Stock-based compensation—  —  13,664  —  —  13,664  
Cumulative translation adjustment—  —  —  —  998  998  
Unrealized gain on investments, net of tax—  —  —  —  1,243  1,243  
Net loss—  —  —  (15,473) —  (15,473) 
Balances at March 31, 202065,885  $7  $427,510  $(1,847) $715  $426,385  
Shares issued pursuant to stock
awards, net of tax withholdings
related to vesting of restricted
stock units
259  —  (967) —  —  (967) 
Stock-based compensation—  —  16,923  —  —  16,923  
Cumulative translation adjustment—  —  —  —  613  613  
Unrealized gain on investments, net of tax—  —  —  —  1,817  1,817  
Net loss—  —  —  (35,293) —  (35,293) 
Balances at June 30, 202066,144  $7  $443,466  $(37,140) $3,145  $409,478  

The accompanying notes are an integral part of these condensed consolidated financial statements
4


Alteryx, Inc.
Condensed Consolidated Statements of Stockholders’ Equity (continued)
(in thousands)
(unaudited)
Three and Six Months Ended June 30, 2019
 Common StockAdditional
Paid-in
Capital
Accumulated DeficitAccumulated
Other
Comprehensive Gain (Loss)
Total
SharesAmount
Balances at December 31, 201861,579  $6  $315,291  $(12,908) $(571) $301,818  
Receipt of Section 16(b) disgorgement, net of tax effect—  —  3,743  —  —  3,743  
Shares issued pursuant to stock
awards, net of tax withholdings
related to vesting of restricted
stock units
863  —  8,587  —  —  8,587  
Stock-based compensation—  —  5,335  —  —  5,335  
Equity-settled contingent consideration21  —  750  —  —  750  
Cumulative translation adjustment—  —  —  —  (1,011) (1,011) 
Unrealized gain on investments, net of tax—  —  —  —  702  702  
Net income—  —  —  5,914  —  5,914  
Balances at March 31, 201962,463  $6  $333,706  $(6,994) $(880) $325,838  
Shares issued pursuant to stock
awards, net of tax withholdings
related to vesting of restricted
stock units
309  —  (620) —  —  (620) 
Stock-based compensation—  —  8,024  —  —  8,024  
Cumulative translation adjustment—  —  —  —  1,193  1,193  
Unrealized gain on investments, net of tax—  —  —  —  212  212  
Net loss—  —  —  (3,219) —  (3,219) 
Balances at June 30, 201962,772  $6  $341,110  $(10,213) $525  $331,428  
The accompanying notes are an integral part of these condensed consolidated financial statements
5


Alteryx, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 
 Six Months Ended June 30,
 20202019
Cash flows from operating activities:
Net income (loss)$(50,766) $2,695  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization5,542  3,573  
Non-cash operating lease cost3,580  2,134  
Stock-based compensation30,587  13,359  
Accretion of discounts and premiums on investments, net(609) (1,587) 
Amortization of debt discount and issuance costs15,560  5,513  
Deferred income taxes(4,262) (18,040) 
Other non-cash operating activities, net7,098  (85) 
Changes in operating assets and liabilities, net of effect of business
acquisitions:
Accounts receivable60,176  30,290  
Deferred commissions382  (2,066) 
Prepaid expenses, other current assets, and other assets(29,874) (15,270) 
Accounts payable2,482  4,753  
Accrued payroll and payroll related liabilities(24,153) (5,871) 
Accrued expenses, other current liabilities, operating lease liabilities, and other liabilities(10,125) 232  
Deferred revenue996  (12,957) 
Net cash provided by operating activities6,614  6,673  
Cash flows from investing activities:
Purchases of property and equipment(10,389) (3,550) 
Cash paid in business acquisitions, net of cash acquired  (16,604) 
Purchases of investments(643,320) (146,782) 
Sales and maturities of investments365,624  167,040  
Net cash provided by (used in) investing activities(288,085) 104  
Cash flows from financing activities:
Proceeds from receipt of Section 16(b) disgorgement  4,918  
Proceeds from exercise of stock options14,776  13,227  
Minimum tax withholding paid on behalf of employees for restricted stock units(14,088) (5,261) 
Other financing activity(526) (1,305) 
Net cash provided by financing activities162  11,579  
Effect of exchange rate changes on cash, cash equivalents and restricted cash(463) 43  
Net increase (decrease) in cash, cash equivalents and restricted cash(281,772) 18,399  
Cash, cash equivalents and restricted cash—beginning of period411,424  90,961  
Cash, cash equivalents and restricted cash—end of period$129,652  $109,360  
The accompanying notes are an integral part of these condensed consolidated financial statements
6


Alteryx, Inc.
Condensed Consolidated Statements of Cash Flows (continued)
(in thousands)
(unaudited)
 
 Six Months Ended June 30,
 20202019
Supplemental disclosure of cash flow information:
Cash paid for interest$3,029  $575  
Cash paid for income taxes$1,231  $829  
Cash paid for amounts included in the measurement of operating lease liabilities$4,677  $2,749  
Supplemental disclosure of noncash investing and financing activities:
Property and equipment recorded in accounts payable and accrued expenses and
other current liabilities
$1,235  $1,336  
Right-of-use assets obtained in exchange for new operating lease liabilities$14,400  $8,593  
Reduction of right-of-use assets due to remeasurement $(5,948) $  
Consideration for business acquisition included in accrued expenses and
other current liabilities and other liabilities
$  $3,000  
Contingent consideration settled through issuance of common stock$  $750  
The accompanying notes are an integral part of these condensed consolidated financial statements
7


Alteryx, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
1. Business
Our Company
Alteryx, Inc. and its subsidiaries, or we, our, or us, is a leader in Analytic Process Automation, or APA. The Alteryx APA software platform unifies analytics, data science and business process automation in one self-service platform to accelerate digital transformation, deliver high-impact business outcomes, accelerate the democratization of data and rapidly upskill modern workforces. Data workers, regardless of technical acumen, are empowered to be curious and solve problems. With the Alteryx APA software platform, users can automate the full range of analytics, data science and processes, embed intelligent decision-making and actions, and empower their organization to deliver faster and better business outcomes.
Basis of Presentation
Our unaudited interim condensed consolidated financial statements are presented in accordance with accounting standards generally accepted in the United States of America, or U.S. GAAP, for interim financial information. Certain information and disclosures normally included in consolidated financial statements presented in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission, or SEC, on February 14, 2020. The unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with that used to prepare the audited annual consolidated financial statements and reflect all adjustments which are, in the opinion of our management, of a normal recurring nature and necessary for a fair statement of the condensed consolidated financial statements. All intercompany accounts and transactions have been eliminated in consolidation.
The operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results expected for the full year ending December 31, 2020.
2. Significant Accounting Policies
There have been no changes to our accounting policies disclosed in our audited consolidated financial statements and the related notes for the year ended December 31, 2019, other than, during the three months ended March 31, 2020, we adopted new accounting guidance related to the measurement of credit losses and implementation costs incurred in cloud computing arrangements. See Recently Adopted Accounting Pronouncements below and Note 6, Allowance for Doubtful Accounts and Sales Reserves, for additional information.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates and assumptions.
On an ongoing basis, our management evaluates these estimates and assumptions, including those related to determination of standalone selling prices of our products and services, allowance for doubtful account and sales reserves, income tax valuations, stock-based compensation, goodwill, and intangible assets valuations and recoverability. We base our estimates on historical data and experience, as well as various other factors that our management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities.
Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. Except for the increase in expected credit losses as discussed in Note 6, Allowance for Doubtful Accounts and Sales Reserves, and recognition of a full valuation allowance against our deferred tax assets as discussed in Note 12, Income Taxes, we are not aware of any specific event or circumstance that would require an update to our estimates or assumptions or a revision of the carrying value of our assets or liabilities as of the date of this Quarterly Report on Form 10-Q. These estimates and assumptions may change as new events occur and additional information is obtained. As a result, actual results could differ materially from these estimates and assumptions.
8


Operating Segments
Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the Chief Operating Decision Maker, or CODM, who is our chief executive officer, in deciding how to allocate resources and assess our financial and operational performance. Our CODM evaluates our financial information and resources and assesses the performance of these resources on a consolidated and aggregated basis. As a result, we have determined that our business operates in a single operating segment.
Recently Adopted Accounting Pronouncements
In June 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2016-13, Financial Instruments - Credit Losses, or ASC 326. The new standard amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology. As a result, we are now required to use a forward-looking expected credit loss model for accounts receivables and other commitments to extend credit. Through December 31, 2019, we calculated our allowance for credit losses using a single pool of trade receivables as the basis for our credit loss rate. Effective January 1, 2020, we adopted ASC 326 and made changes to our accounting policies related to credit loss calculations, including the consideration of forecasted economic data and the pooling of financial assets with similar risk profiles, and now recognize credit losses associated with our available-for-sale securities. We adopted the new allowance for credit losses accounting standard on January 1, 2020 by means of a cumulative-effect adjustment, where we recognized the cumulative effect of initially applying the guidance as a $0.6 million addition to our contract asset reserve with an offsetting adjustment to retained earnings. See Note 5, Fair Value Measurements and Note 6, Allowance for Doubtful Accounts and Sales Reserves, for additional details.
In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing costs incurred to develop or obtain internal-use software. We adopted this standard prospectively effective January 1, 2020. As a result of the adoption, we are required to capitalize additional costs related to the implementation of cloud computing arrangements that we have historically expensed as incurred, particularly costs incurred during the application development phase. This policy aligns the accounting for implementation costs associated with cloud computing arrangements with our existing policy related to internal-use software. Capitalized costs related to cloud computing arrangements for the six months ended June 30, 2020, which are included in prepaid expenses and other current assets on our condensed consolidated balance sheets, were not material.

3. Revenue

Disaggregation of Revenue
The disaggregation of revenue by region was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Revenue by region:
United States$65,969  $57,782  $146,504  $110,678  
International30,264  24,261  58,560  47,385  
Total$96,233  $82,043  $205,064  $158,063  
Revenue attributable to the United Kingdom comprised 10.4% of total revenue for the three months ended June 30, 2020. Other than the United Kingdom for the three months ended June 30, 2020, no other countries outside the United States comprised more than 10% of revenue for any of the periods presented. Our operations outside the United States include sales offices in Australia, Canada, the Czech Republic, France, Germany, Japan, Singapore, the United Arab Emirates, and the United Kingdom, and a research and development center in Ukraine and the Czech Republic. Revenue by location is determined by the billing address of the customer. 
Revenue recognized on our subscription-based software licenses is recognized at a point in time when the platform is first made available to the customer, or the beginning of the subscription term, if later. Revenue recognized related to post-contract support, or PCS, service, and hosted services is recognized ratably over the subscription term, with the exception of professional services related to training services. Revenue related to professional services is recognized at a point in time as the services are performed and represents 5% or less of total revenue for all periods presented.
9


Contract Assets and Contract Liabilities
Timing may differ between the satisfaction of performance obligations and the invoicing and collection of amounts related to our contracts with customers. Contract assets primarily relate to unbilled amounts for contracts with customers for which the amount of revenue recognized exceeds the amount billed to the customer. Contract assets are transferred to accounts receivable when the right to invoice becomes unconditional. Contract liabilities, or deferred revenue, are recorded for amounts that are collected in advance of the satisfaction of performance obligations. These liabilities are classified as current and non-current deferred revenue.
As of June 30, 2020, our contract assets are expected to be transferred to receivables within the next 12 to 24 months and, with respect to these contract assets, $24.7 million is included in prepaid expenses and other current assets and $57.4 million is included in other assets on our condensed consolidated balance sheet. As of December 31, 2019, we had contract assets of $18.5 million included in prepaid expenses and other current assets and $39.3 million included in other assets on our consolidated balance sheet. There were no impairments of contract assets during the three and six months ended June 30, 2020.
During the six months ended June 30, 2020 and 2019, we recognized $59.8 million and $58.0 million, respectively, of revenue related to amounts that were included in deferred revenue as of December 31, 2019 and 2018, respectively.
Assets Recognized from the Costs to Obtain our Contracts with Customers
We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. This primarily consists of sales commissions and partner referral fees that are earned upon execution of the related contracts. We amortize these deferred commissions, which include partner referral fees, proportionate with related revenues over the benefit period. A summary of the activity impacting our deferred commissions during the six months ended June 30, 2020 is presented below (in thousands):
Balances at December 31, 2019$43,035  
Additional deferred commissions15,862  
Amortization of deferred commissions(16,077) 
Effects of foreign currency translation(681) 
Balances at June 30, 2020$42,139  

As of June 30, 2020, $19.0 million of our deferred commissions are expected to be amortized within the next 12 months and therefore are included in prepaid expenses and other current assets. The remaining amount of our deferred commissions is included in other assets. There were no impairments of assets related to deferred commissions during the six months ended June 30, 2020. There were no assets recognized related to the costs to fulfill contracts during the six months ended June 30, 2020 as these costs were not material.
Remaining Performance Obligations
Transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue on our condensed consolidated balance sheets and unbilled amounts that will be recognized as revenue in future periods. As of June 30, 2020, we had an aggregate transaction price of $410.0 million allocated to unsatisfied performance obligations related primarily to PCS, cloud-based offerings, and subscriptions to third-party syndicated data. We expect to recognize $366.3 million as revenue over the next 24 months, with the remaining amount recognized thereafter.
4. Business Combinations
On April 4, 2019, we acquired 100% of the outstanding equity of ClearStory Data Inc., a Delaware corporation, or ClearStory Data, pursuant to an Agreement and Plan of Merger, or the ClearStory Merger Agreement, dated as of March 28, 2019. The acquisition was made to augment our research and development team and acquire certain developed technology.
The aggregate consideration payable in exchange for all of the outstanding equity interests of ClearStory Data was $19.6 million in cash, subject to customary adjustments set forth in the ClearStory Merger Agreement. The acquisition of ClearStory Data included $3.0 million of cash consideration held back for customary indemnification matters for a period of 18 months following the acquisition date, which is included in accrued expenses and other current liabilities on our condensed consolidated balance sheets as of June 30, 2020.
10


In connection with the acquisition, we entered into employment agreements with certain employees from ClearStory Data, which include up to $6.0 million in equity awards that vest over a three-year term and aggregate cash payments based on the achievement of certain milestones over a period of 24 months. As the awards are subject to the continued employment of the employees, they were excluded from the purchase consideration, and will be recognized as post-acquisition compensation.
The condensed consolidated financial statements include the results of operations of ClearStory Data commencing as of the acquisition date. The purchase consideration for the acquisition of $19.6 million consisted of $10.7 million in developed technology, $9.5 million of goodwill, which is tax deductible, and $0.6 million of net liabilities assumed.
Goodwill represents the excess of the purchase price consideration over the fair value of the underlying intangible assets and net liabilities assumed. We believe the amount of goodwill resulting from the acquisition is primarily attributable to expected synergies from an assembled workforce, increased development capabilities, offerings to customers, and enhanced opportunities for growth and innovation.
We determined the fair value of the developed technology acquired using the replacement cost method which uses estimated costs to recreate the technology. This model utilizes certain unobservable inputs classified as Level 3 measurements as defined by ASC 820, Fair Value Measurements and Disclosures. Key inputs utilized in the models include a discount rate of 20% and estimated costs to recreate the technology. Based on the valuation model, we determined the fair value of the developed technology to be $10.7 million with an amortization period of 4.0 years.
Pro forma information and revenue and operating results of ClearStory Data have not been presented as the impact is not material to our condensed consolidated financial statements.
11


5. Fair Value Measurements
Instruments Measured at Fair Value on a Recurring Basis. The following tables present our cash and cash equivalents’ and investments’ costs, gross unrealized gains (losses), and fair value by major security type recorded as cash and cash equivalents or short-term or long-term investments as of June 30, 2020 and December 31, 2019 (in thousands):
 
 As of June 30, 2020
 CostNet
Unrealized
Gains (Losses)
Fair ValueCash and
Cash
Equivalents
Short-term
Investments
Long-term
Investments
Cash$42,475  $—  $42,475  $42,475  $—  $—  
Level 1:
Money market funds$57,500  $—  $57,500  $57,500  $—  $—  
Subtotal$