2020 Q2 Form 10-Q Financial Statement

#000139297220000119 Filed on July 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $63.75M $63.88M $56.13M
YoY Change -0.21% 34.69% 17.16%
Cost Of Revenue $25.95M $23.58M $20.79M
YoY Change 10.04% 25.95% 6.5%
Gross Profit $37.80M $40.30M $35.34M
YoY Change -6.2% 40.39% 24.49%
Gross Profit Margin 59.29% 63.08% 62.96%
Selling, General & Admin $34.54M $34.99M $33.15M
YoY Change -1.27% 21.75% 17.32%
% of Gross Profit 91.38% 86.82% 93.81%
Research & Development $18.40M $17.46M $15.80M
YoY Change 5.4% 34.68% 6.87%
% of Gross Profit 48.67% 43.32% 44.7%
Depreciation & Amortization $3.510M $3.500M $3.325M
YoY Change 0.29% 7.36% -1.16%
% of Gross Profit 9.29% 8.69% 9.41%
Operating Expenses $52.94M $52.44M $48.95M
YoY Change 0.95% 25.77% 13.73%
Operating Profit -$15.14M -$12.15M -$13.61M
YoY Change 24.65% -6.53% -7.71%
Interest Expense -$2.090M -$4.270M -$4.360M
YoY Change -51.05% 0.95% 4.31%
% of Operating Profit
Other Income/Expense, Net $146.0K -$862.0K $1.271M
YoY Change -116.94% -453.28% 529.21%
Pretax Income -$17.08M -$17.28M -$16.70M
YoY Change -1.17% 1.8% -10.84%
Income Tax $130.0K $236.0K $222.0K
% Of Pretax Income
Net Earnings -$17.21M -$17.52M -$16.92M
YoY Change -1.76% 4.0% -10.28%
Net Earnings / Revenue -26.99% -27.42% -30.14%
Basic Earnings Per Share -$0.40 -$0.44 -$0.45
Diluted Earnings Per Share -$0.40 -$0.44 -$0.45
COMMON SHARES
Basic Shares Outstanding 43.30M shares 39.41M shares 37.62M shares
Diluted Shares Outstanding 43.30M shares 39.41M shares 37.62M shares

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $220.2M $329.6M $272.6M
YoY Change -33.19% 132.28% 84.06%
Cash & Equivalents $220.2M $329.6M $272.6M
Short-Term Investments
Other Short-Term Assets $14.50M $12.60M $10.90M
YoY Change 15.08% 46.51% 9.0%
Inventory
Prepaid Expenses
Receivables $54.70M $53.10M $45.60M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $289.3M $395.3M $329.2M
YoY Change -26.8% 108.26% 75.86%
LONG-TERM ASSETS
Property, Plant & Equipment $33.66M $15.13M $15.92M
YoY Change 122.51% 1.83% 7.59%
Goodwill $49.12M $38.16M $38.03M
YoY Change 28.71% -0.73% -1.9%
Intangibles $11.40M $15.85M $17.48M
YoY Change -28.07% -30.87% -30.26%
Long-Term Investments
YoY Change
Other Assets $6.900M $5.832M $5.530M
YoY Change 18.31% 30.56% 30.46%
Total Long-Term Assets $138.0M $112.6M $115.8M
YoY Change 22.47% 22.91% 24.14%
TOTAL ASSETS
Total Short-Term Assets $289.3M $395.3M $329.2M
Total Long-Term Assets $138.0M $112.6M $115.8M
Total Assets $427.3M $507.9M $445.0M
YoY Change -15.87% 80.46% 58.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.506M $6.948M $7.562M
YoY Change 22.42% 47.05% 109.71%
Accrued Expenses $17.70M $13.31M $12.35M
YoY Change 32.94% 50.82% 131.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $21.10M $138.4M
YoY Change
Total Short-Term Liabilities $158.7M $179.0M $287.2M
YoY Change -11.37% 55.38% 183.97%
LONG-TERM LIABILITIES
Long-Term Debt $114.1M $198.4M $89.90M
YoY Change -42.49% -9.45% -58.4%
Other Long-Term Liabilities $1.282M $751.0K $740.0K
YoY Change 70.71% -8.3% -13.25%
Total Long-Term Liabilities $1.282M $751.0K $740.0K
YoY Change 70.71% -8.3% -13.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $158.7M $179.0M $287.2M
Total Long-Term Liabilities $1.282M $751.0K $740.0K
Total Liabilities $309.1M $412.4M $414.5M
YoY Change -25.05% 17.8% 23.51%
SHAREHOLDERS EQUITY
Retained Earnings -$401.7M -$327.1M -$309.6M
YoY Change 22.8% 23.84% 25.19%
Common Stock $48.00K $45.00K $42.00K
YoY Change 6.67% 21.62% 13.51%
Preferred Stock
YoY Change
Treasury Stock (at cost) $29.85M $13.94M $13.94M
YoY Change 114.14% 0.0% 0.0%
Treasury Stock Shares 4.681M shares 4.418M shares 4.418M shares
Shareholders Equity $118.2M $95.49M $30.47M
YoY Change
Total Liabilities & Shareholders Equity $427.3M $507.9M $445.0M
YoY Change -15.87% 80.46% 58.66%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$17.21M -$17.52M -$16.92M
YoY Change -1.76% 4.0% -10.28%
Depreciation, Depletion And Amortization $3.510M $3.500M $3.325M
YoY Change 0.29% 7.36% -1.16%
Cash From Operating Activities -$22.79M -$3.540M -$8.095M
YoY Change 543.79% -1.12% 71.07%
INVESTING ACTIVITIES
Capital Expenditures -$8.590M -$1.700M $611.0K
YoY Change 405.29% 7.59% -21.47%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$70.00K
YoY Change -100.0%
Cash From Investing Activities -$8.590M -$1.760M -$1.529M
YoY Change 388.07% 11.39% -26.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.00K 62.28M -$13.30M
YoY Change -100.08% -4580.58% 137.26%
NET CHANGE
Cash From Operating Activities -22.79M -3.540M -$8.095M
Cash From Investing Activities -8.590M -1.760M -$1.529M
Cash From Financing Activities -50.00K 62.28M -$13.30M
Net Change In Cash -31.43M 56.98M -$22.84M
YoY Change -155.16% -969.92% 83.75%
FREE CASH FLOW
Cash From Operating Activities -$22.79M -$3.540M -$8.095M
Capital Expenditures -$8.590M -$1.700M $611.0K
Free Cash Flow -$14.20M -$1.840M -$8.706M
YoY Change 671.74% -8.0% 58.0%

Facts In Submission

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us-gaap Amortization Of Financing Costs And Discounts
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pro Tax Withholding Related To Net Share Settlement Of Restricted Stock Units
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CashAndCashEquivalentsAtCarryingValue
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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OtherComprehensiveIncomeLossNetOfTax
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NetIncomeLoss
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NetIncomeLoss
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CY2019Q2 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
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CY2019Q2 pro Adjustmenttoadditionalpaidincapitalterminationofbondhedgeandwarrant
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OtherComprehensiveIncomeLossNetOfTax
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StockholdersEquity
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StockholdersEquity
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StockIssuedDuringPeriodValueRestrictedStockAwardGross
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pro Warrant Exercise Value
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0 USD
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12058000 USD
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OtherComprehensiveIncomeLossNetOfTax
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CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
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StockholdersEquity
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StockIssuedDuringPeriodValueRestrictedStockAwardGross
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pro Adjustmenttoadditionalpaidincapitalterminationofbondhedgeandwarrant
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64819000 USD
pro Adjustmenttoadditionalpaidincapitalterminationofwarrant
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us-gaap Adjustments To Additional Paid In Capital Equity Component Of Convertible Debt
AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebt
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pro Adjustmenttoadditionalpaidincapitalpurchaseofcappedcall
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-16445000 USD
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
11995000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Net Income Loss
NetIncomeLoss
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CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
95494000 USD
us-gaap Nature Of Operations
NatureOfOperations
Organization and Nature of Operations<div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">        </span></div><div style="text-indent:36pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">PROS Holdings, Inc., a Delaware corporation, through its operating subsidiaries (collectively, the "Company"), provides artificial intelligence ("AI") solutions that power commerce in the digital economy by providing fast, frictionless and personalized buying experiences. PROS solutions enable dynamic buying experiences for both business-to-business ("B2B") and business-to-consumer ("B2C") companies across industry verticals. Companies can use the Company's selling, pricing, revenue optimization and eCommerce solutions to assess their market environments in real time to deliver customized prices and offers. The Company's solutions enable buyers to move fluidly across its customers’ direct sales, online, mobile and partner channels with personalized experiences regardless of which channel those buyers choose. The Company's decades of data science and AI expertise are infused into its solutions and are designed to reduce time and complexity through actionable intelligence. The Company provides standard configurations of its software based on the industries it serves and offers professional services to configure these solutions to meet the specific needs of each customer.</span></div>
CY2019Q4 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
21200000 USD
CY2020Q2 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
1400000 USD
CY2020Q2 pro Treasury Money Market Funds At Fair Value
TreasuryMoneyMarketFundsAtFairValue
209200000 USD
CY2019Q4 pro Treasury Money Market Funds At Fair Value
TreasuryMoneyMarketFundsAtFairValue
273100000 USD
CY2020Q2 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
19600000 USD
us-gaap Revenue Recognition Customer Acquisitions
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CY2019Q2 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
1100000 USD
us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
2900000 USD
us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
2200000 USD
CY2020Q2 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
3500000 USD
CY2019Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
4400000 USD
CY2020Q2 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
600000 USD
CY2019Q2 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
400000 USD
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
1000000.0 USD
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
600000 USD
CY2020Q2 us-gaap Allowance For Loan And Lease Losses Write Offs
AllowanceForLoanAndLeaseLossesWriteOffs
500000 USD
CY2020Q2 us-gaap Deferred Revenue Revenue Recognized1
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48800000 USD
CY2019Q2 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
43700000 USD
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
84000000.0 USD
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
67100000 USD
CY2020Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
374500000 USD
CY2020Q2 pro Revenue Remaining Performance Obligationtoberecognizedwithin12months
RevenueRemainingPerformanceObligationtoberecognizedwithin12months
180800000 USD
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Revenues
63747000 USD
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PercentageOfTotalRevenue
1
CY2019Q2 us-gaap Revenues
Revenues
63878000 USD
CY2019Q2 pro Percentage Of Total Revenue
PercentageOfTotalRevenue
1
us-gaap Revenues
Revenues
130058000 USD
pro Percentage Of Total Revenue
PercentageOfTotalRevenue
1
us-gaap Revenues
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120009000 USD
pro Percentage Of Total Revenue
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1
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LesseeOperatingLeaseRenewalTerm
P15Y
pro Lessee Operating Lease Termination Option
LesseeOperatingLeaseTerminationOption
P1Y
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1500000 USD
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
1973000 USD
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
1866000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
3600000 USD
us-gaap Operating Lease Payments
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LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
9106000 USD
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LesseeOperatingLeaseLiabilityPaymentsDueYearThree
8470000 USD
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LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4902000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
4952000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
34082000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
65256000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
23600000 USD
CY2020Q2 pro Lessee Operating Lease Anticipated Incentives
LesseeOperatingLeaseAnticipatedIncentives
10226000 USD
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
31430000 USD
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NetIncomeLoss
-17208000 USD
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NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43304000 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39413000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43203000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38518000 shares
CY2020Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2019Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43304000 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39413000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43203000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38518000 shares
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.40
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.44
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.92
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.89
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.40
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.44
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.92
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.89
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5752000 USD
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5979000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12099000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12025000 USD
CY2020Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
59600000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M24D
CY2020Q2 pro Sharebasedcompensationarrangementbysharebasedpayment Minimum Employee Subscriptionrate
SharebasedcompensationarrangementbysharebasedpaymentMinimumEmployeeSubscriptionrate
0.01
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Maximum Employee Subscription Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumEmployeeSubscriptionRate
0.10
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Offering Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPriceOfferingDate
0.15
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Offering Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPriceOfferingDate
0.15
pro Maximum Amount Contributablebyemployeesunder Espp Halfyearly
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5000 USD
pro Maximum Amount Contributable By Employees Under Espp Annually
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10000 USD
CY2020Q2 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
0 shares
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
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pro Esp Pcontributionsby Employees
ESPPcontributionsbyEmployees
1500000 USD
CY2020Q2 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
138100000 USD
CY2019Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
163200000 USD
CY2020Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
143750000 USD
CY2019Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
143750000 USD
CY2020Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
29619000 USD
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
33046000 USD
CY2020Q2 us-gaap Convertible Debt
ConvertibleDebt
114131000 USD
CY2019Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
341000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
314000 USD
CY2020Q2 us-gaap Debt Instrument Periodic Payment Interest
DebtInstrumentPeriodicPaymentInterest
359000 USD
CY2019Q4 us-gaap Convertible Debt
ConvertibleDebt
110704000 USD
CY2019Q2 us-gaap Debt Instrument Periodic Payment Interest
DebtInstrumentPeriodicPaymentInterest
1106000 USD
us-gaap Debt Instrument Periodic Payment Interest
DebtInstrumentPeriodicPaymentInterest
719000 USD
us-gaap Debt Instrument Periodic Payment Interest
DebtInstrumentPeriodicPaymentInterest
2356000 USD
CY2020Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
158000 USD
CY2020Q2 us-gaap Debt Instrument Convertible Carrying Amount Of The Equity Component
DebtInstrumentConvertibleCarryingAmountOfTheEquityComponent
32883000 USD
CY2019Q4 us-gaap Debt Instrument Convertible Carrying Amount Of The Equity Component
DebtInstrumentConvertibleCarryingAmountOfTheEquityComponent
32883000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
706000 USD
CY2020Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1568000 USD
CY2019Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
2827000 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
3114000 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
5568000 USD
CY2020Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
2085000 USD
CY2019Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
4274000 USD
us-gaap Interest Expense Debt
InterestExpenseDebt
4147000 USD
us-gaap Interest Expense Debt
InterestExpenseDebt
8630000 USD
pro Purchaseofcappedcall
Purchaseofcappedcall
16400000 USD
CY2020Q2 us-gaap Purchase Obligation
PurchaseObligation
52000000.0 USD

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