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☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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MuleSoft, Inc.
(Exact name of Registrant as specified in its Charter)
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Delaware
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20-5158650
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Title of each class
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Name of each exchange on which registered
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Class A common stock, par value $0.000025 per share
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New York Stock Exchange
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Large accelerated filer
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☐
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Accelerated filer
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☐
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Non-accelerated filer
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☒ (Do not check if a small reporting company)
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Small reporting company
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☐
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Emerging growth company
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☒
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Page
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our ability to attract and retain customers, including larger organizations;
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our ability to deepen our relationships with existing customers;
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our expectations regarding our customer growth rate;
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our business plan and beliefs and objectives for future operations;
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trends associated with our industry and potential market, including the adoption of application networks;
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benefits associated with use of our platform and services;
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our ability to develop or acquire new products and services, improve our platform and services and increase the value of our platform and services;
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our ability to compete successfully against current and future competitors;
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the network effects associated with our business;
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our ability to further develop strategic relationships;
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our ability to achieve positive returns on investments;
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our plans to further invest in and grow our business, and our ability to effectively manage our growth and associated investments;
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our ability to timely and effectively scale and adapt our existing technology;
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our ability to increase our revenue, our revenue growth rate and our gross margin;
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our future financial performance, including trends in revenue, cost of revenue, operating expenses, other income and expenses, income taxes, billings, customers and dollar-based net retention rate;
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the sufficiency of our cash and cash equivalents and cash generated from operations to meet our working capital and capital expenditure requirements;
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our ability to attract, train, and retain qualified employees and key personnel;
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our ability to maintain and benefit from our corporate culture;
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our ability to successfully identify, acquire and integrate companies and assets;
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our ability to successfully enter new markets and manage our international expansion; and
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our ability to maintain, protect and enhance our intellectual property and not infringe upon others’ intellectual property.
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Anypoint API Designer
enables developers to create and share API designs by leveraging the widely used RESTful API Modeling Language, or RAML, which optimizes for ease of consumption. Anypoint API Designer’s features allow API developers and prospective consumers to iterate and improve the API design without having to implement the API.
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Anypoint Studio
is a unified graphical design environment with a user-friendly drag-and-drop interface for implementing and composing the API building blocks for the application network. It features two-way graphical to XML configuration, visual debugging capabilities, and integration with the most popular open source development tools (e.g., Eclipse, Maven, Ant, SVN, Git, Jenkins). AnyPoint Studio includes:
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▪
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DataWeave,
a simple, powerful tool to query and transform a wide variety of data formats (e.g., JSON, EDI, XML, COBOL Copybook). With DataWeave, users can do real-time integration, batch tasks such as data ingestion or synchronization, and filter, aggregate, and sort data to manage big data use cases.
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▪
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DataSense,
a capability that aids in the discovery of the metadata of third-party APIs to simplify data integration of those applications.
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▪
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APIKit,
a toolkit that facilitates API implementation using the RAML and WSDL programming standards.
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▪
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MUnit,
our application testing framework that provides support to unit and integration testing on API building blocks.
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•
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Connector DevKit
is a software development kit with code templates and automatically generated test cases that enables users to build and package their own reusable connectors for any applications that do not already have Anypoint Connectors available out of the box.
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Anypoint Runtime Manager
provides a single interface for managing and monitoring deployments in the cloud, on-premises, or in hybrid environments. With Runtime Manager, users can deploy applications, upgrade to new versions of those applications, group servers into clusters, view performance metrics across environments, and connect to third party monitoring and operations tools already in use by the customer.
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Anypoint API Manager
provides a single interface to manage API users, monitor API traffic, and secure APIs by provisioning access and enforcing policies. Users can manage existing APIs or new APIs that are developed on Anypoint Platform.
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Anypoint Analytics
enables users to track key metrics on API usage, traffic volume and performance across the application network, as well as gain visibility into business transactions flowing across the network. Armed with this insight, customers can understand usage patterns, improve application network performance, and continually improve the quality of the nodes themselves.
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Anypoint MQ
is the cloud-based multi-tenant messaging service for Anypoint Platform. It performs advanced asynchronous messaging scenarios such as queueing and publish-subscribe as a hosted and managed cloud service.
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Anypoint Fabric
is designed to provide application uptime and zero message loss for integrations and APIs, whether on-premises or in the cloud. An in-memory data grid enables sharing of workloads between application instances while maintaining the state of information, as well as allowing for vertical or horizontal scalability.
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Anypoint Enterprise Security
blocks unauthorized access to systems, prevents exposure of sensitive data, and prevents attacks through proactive threat management and integration. Organizations can restrict data access based on client IP addresses through simple drag-and-drop interfaces to apply policies and filters. Access credentials, confidential messages, and data can be encrypted and protected with digital signatures. Our platform utilizes federated identity to protect access to APIs and endpoints.
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Anypoint Virtual Private Cloud
securely connects corporate data centers and on-premises applications to the cloud as though they were all part of a single private network. Networks can be secured at the hardware or software levels with industry-standard encryption procedures. Organizations can create tiered security levels within the cloud, create a secure connection between data centers and the cloud via a virtual private cloud gateway, and create secure connections with other clouds and cloud services.
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product features and functionality;
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ease of deployment and use;
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deployment options and flexibility;
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professional services and customer support;
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brand awareness and reputation;
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total cost of ownership;
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global reach; and
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capability for customization, configurability, integration, security, scalability, and reliability.
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organizations may determine that they only need point-to-point products to address their software integration needs;
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organizations may decide that the investments needed to construct an application network are too significant or that such investments are better spent on other strategic initiatives within the organization; and
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organizations may not understand the benefits that can be achieved with an application network.
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our ability to support our customers as they build application networks that increase the speed at which they operate and innovate;
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our ability to include technologies for the broadening diversity of use cases and respond to the rapid evolution of new technologies;
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our ability to design and engineer our platform for ease-of-use across an organization; and
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our ability to enable customers to successfully adopt and deploy our platform in their organizations.
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the mix of revenue and associated costs attributable to subscriptions and support and professional services, which may impact our gross margins and operating income;
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our ability to attract new customers;
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our ability to retain customers and expand their usage of our platform, particularly for our largest customers;
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delays in closing sales, including the timing of renewals, which may result in revenue being pushed into the next quarter, particularly because a large portion of our sales occur toward the end of each quarter;
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the timing of revenue recognition;
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the mix of revenue attributable to larger transactions as opposed to smaller transactions;
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changes in customers’ budgets and in the timing of their purchasing decisions;
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potential customers opting for alternative products, including developing their own in-house solutions;
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our ability to control costs, including our operating expenses;
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the timing and success of new products, features and services by us and our competitors or any other change in the competitive dynamics of our industry, including consolidation among competitors, customers or strategic partners;
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significant security breaches of, technical difficulties with, or interruptions to, the delivery and use of our platform;
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the collectability of receivables from customers and resellers, which may be hindered or delayed if these customers or resellers experience financial distress;
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general economic conditions, both domestically and internationally, as well as economic conditions specifically affecting industries in which our customers participate;
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sales tax and other tax determinations by authorities in the jurisdictions in which we conduct business;
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the impact of new accounting pronouncements; and
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fluctuations in stock-based compensation expense.
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manual integration efforts, which are either conducted in-house or through custom integration services providers;
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legacy integration software vendors such as IBM, Oracle, and TIBCO; and
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smaller specialized companies such as Apigee (owned by Alphabet) and Dell Boomi, which are focused on various niches in integration and API management.
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the discretionary nature of purchasing and budget cycles and decisions;
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lengthy purchasing approval processes;
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the evaluation of competing products during the purchasing process;
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announcements or planned introductions of new products, features or functionality by us or our competitors; and
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evolving functionality demands.
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we cannot provide any assurance that these solutions meet the same quality standards that we apply to our own development efforts, and to the extent that they contain bugs or defects, they may create disruptions in our customers’ use of our services or negatively affect our brand;
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we do not typically provide technical support for solutions developed by our partner ecosystem, and customers may be left without support and potentially cease using our services if these SIs and developers do not provide adequate support for those solutions; and
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these SIs and developers may not possess the appropriate intellectual property rights to develop and share their solutions.
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political and economic uncertainty in the locations in which we operate, particularly in Argentina, where we have a development center, including the potential for significant inflation, labor unrest and currency devaluation;
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increased management, travel, infrastructure and legal compliance costs associated with having operations in multiple jurisdictions;
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greater challenges in hiring, training, motivating, and retaining high-quality personnel;
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increased difficulties in maintaining our unique corporate culture as we continue to expand globally;
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reliance on channel partners;
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longer sales cycle and more time required to educate customers on the benefits of our platform outside of the United States;
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more challenges in enabling our sales force to reach larger organizations outside of the United States;
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longer payment cycles and difficulties in collecting accounts receivable, especially in emerging markets;
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increased financial accounting and reporting burdens and complexities;
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compliance with U.S. laws and regulations for foreign operations, including the Foreign Corrupt Practices Act, or FCPA, the U.K. Bribery Act, import and export control laws, tariffs, trade barriers, economic sanctions and other regulatory or contractual limitations on our ability to sell subscriptions to our software in certain foreign markets, and the risks and costs of non-compliance;
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heightened risks of unfair or corrupt business practices in certain geographies and of improper or fraudulent sales arrangements that may impact results of operations and result in restatements of our consolidated financial statements and irregularities in our consolidated financial statements;
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fluctuations in currency exchange rates, particularly in Argentina, and the related effect on our results of operations;
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difficulties in repatriating or transferring funds from or converting currencies in certain countries;
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the need for localized software and licensing programs;
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reduced protection for intellectual property rights in some countries and practical difficulties of enforcing intellectual property and contract rights abroad;
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compliance with the laws of numerous foreign taxing jurisdictions and overlapping of different tax regimes including withholding obligations; and
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difficulties associated with delivering support, training and documentation in languages other than English.
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changes in fiscal or contracting policies;
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decreases in available government funding;
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changes in government programs or applicable requirements;
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the adoption of new laws or regulations or changes to existing laws or regulations; and
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potential delays or changes in the government appropriations or other funding authorization processes.
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an acquisition may negatively affect our results of operations because it may require us to incur charges or assume substantial debt or other liabilities, may cause adverse tax consequences or unfavorable accounting treatment, may
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we may encounter difficulties or unforeseen expenditures in integrating the business, technologies, products, personnel or operations of any company that we acquire, particularly if key personnel of the acquired company decide not to work for us;
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an acquisition may disrupt our ongoing business, divert resources, increase our expenses and distract our management;
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an acquisition may result in a delay or reduction of customer purchases for both us and the company acquired due to customer uncertainty about continuity and effectiveness of service from either company;
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we may encounter difficulties in, or may be unable to, successfully sell any acquired products;
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our use of cash to pay for acquisitions would limit other potential uses for our cash;
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if we incur debt to fund any acquisitions, such debt may subject us to material restrictions on our ability to conduct our business financial maintenance covenants; and
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if we issue a significant amount of equity securities in connection with future acquisitions, existing stockholders may be diluted and earnings per share may decrease.
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announcements of new products or technologies, commercial relationships, acquisitions or other events by us or our competitors;
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changes in how customers perceive the benefits of our platform;
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departures of key personnel;
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price and volume fluctuations in the overall stock market from time to time;
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fluctuations in the trading volume of our shares or the size of our public float;
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sales of large blocks of our Class A common stock;
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actual or anticipated changes or fluctuations in our results of operations;
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whether our results of operations meet the expectations of securities analysts or investors;
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changes in actual or future expectations of investors or securities analysts;
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litigation involving us, our industry, or both;
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regulatory developments in the United States, foreign countries or both;
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general economic conditions and trends;
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major catastrophic events in our domestic and foreign markets; and
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“flash crashes,” “freeze flashes” or other glitches that disrupt trading on the securities exchange on which we are listed.
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a classified board of directors with three-year staggered terms, which could delay the ability of stockholders to change the membership of a majority of our board of directors;
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the ability of our board of directors to issue shares of preferred stock and to determine the price and other terms of those shares, including preferences and voting rights, without stockholder approval, which could be used to significantly dilute the ownership of a hostile acquirer;
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the exclusive right of our board of directors to elect a director to fill a vacancy created by the expansion of our board of directors or the resignation, death or removal of a director, which prevents stockholders from being able to fill vacancies on our board of directors;
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a prohibition on stockholder action by written consent, which forces stockholder action to be taken at an annual or special meeting of our stockholders;
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the requirement that a special meeting of stockholders may be called only by our board of directors, the chairperson of our board of directors, our Chief Executive Officer or our President (in the absence of a Chief Executive Officer), which could delay the ability of our stockholders to force consideration of a proposal or to take action, including the removal of directors;
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the requirement for the affirmative vote of holders of at least 66 2/3% of the voting power of all of the then outstanding shares of the voting stock, voting together as a single class, to amend the provisions of our amended and restated certificate of incorporation relating to the management of our business (including our classified board structure) or certain provisions of our amended and restated bylaws, which may inhibit the ability of an acquirer to effect such amendments to facilitate an unsolicited takeover attempt;
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the ability of our board of directors to amend the bylaws, which may allow our board of directors to take additional actions to prevent an unsolicited takeover and inhibit the ability of an acquirer to amend the bylaws to facilitate an unsolicited takeover attempt;
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advance notice procedures with which stockholders must comply to nominate candidates to our board of directors or to propose matters to be acted upon at a stockholders’ meeting, which may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of us; and
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the authorization of two classes of common stock, as discussed above.
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High
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Low
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||||
Year Ended December 31, 2017:
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||||
First Quarter
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$
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24.75
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$
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22.43
|
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Second Quarter
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$
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28.38
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$
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21.69
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Third Quarter
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$
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26.70
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$
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19.54
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Fourth Quarter
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$
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23.98
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$
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20.03
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Year Ended December 31,
|
||||||||||
|
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2017
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2016
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2015
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||||||
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(in thousands, except share and per share
data)
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||||||||||
Consolidated Statements of Operations Data:
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||||||||||
Revenue:
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||||||||
Subscription and support
|
|
$
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237,980
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|
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$
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152,843
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|
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$
|
88,096
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Professional services and other
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58,476
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34,904
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22,156
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|||
Total revenue
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296,456
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187,747
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|
110,252
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|
|||
Cost of revenue:
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|
|
|
|
|
|
||||||
Subscription and support
(1)
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|
20,001
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13,722
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|
|
7,525
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|
|||
Professional services and other
(1)
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61,269
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|
35,341
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|
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24,645
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|
|||
Total cost of revenue
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81,270
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49,063
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|
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32,170
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|||
Gross profit
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215,186
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138,684
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|
78,082
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|
|||
Operating expenses:
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|
|
|
|
|
||||||
Research and development
(1)
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64,585
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32,862
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24,725
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|
|||
Sales and marketing
(1)
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184,583
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|
122,630
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|
|
93,057
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|
|||
General and administrative
(1)
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45,813
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31,577
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|
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24,368
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|||
Total operating expenses
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294,981
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|
|
187,069
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|
|
142,150
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|
|||
Loss from operations
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|
(79,795
|
)
|
|
(48,385
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)
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|
(64,068
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)
|
|||
Interest income
|
|
2,483
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|
|
465
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|
|
220
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|
|||
Other expense, net
|
|
(1,015
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)
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(340
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)
|
|
(729
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)
|
|||
Net loss before provision for income taxes
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|
(78,327
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)
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|
(48,260
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)
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|
(64,577
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)
|
|||
Provision for income taxes
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|
1,653
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|
|
1,339
|
|
|
862
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|
|||
Net loss
|
|
$
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(79,980
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)
|
|
$
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(49,599
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)
|
|
$
|
(65,439
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)
|
Net loss attributable to common stockholders
|
|
$
|
(79,980
|
)
|
|
$
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(59,035
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)
|
|
$
|
(65,439
|
)
|
Net loss per share attributable to common stockholders, basic and diluted
|
|
$
|
(0.75
|
)
|
|
$
|
(2.73
|
)
|
|
$
|
(3.57
|
)
|
Shares used to compute net loss per share attributable to common stockholders, basic and diluted
|
|
106,742,923
|
|
|
21,623,610
|
|
|
18,324,048
|
|
(1)
|
Includes stock-based compensation expense and other compensation expense related to the 2015 Common Stock Repurchase and 2016 Tender Offer as follows (in thousands):
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Cost of revenue—subscription and support
|
|
$
|
945
|
|
|
$
|
255
|
|
|
$
|
146
|
|
Cost of revenue—professional services and other
|
|
3,442
|
|
|
675
|
|
|
324
|
|
|||
Research and development
|
|
6,994
|
|
|
2,831
|
|
|
2,506
|
|
|||
Sales and marketing
|
|
12,646
|
|
|
8,619
|
|
|
4,891
|
|
|||
General and administrative
|
|
4,043
|
|
|
4,120
|
|
|
4,542
|
|
|||
Total stock-based and other compensation expense
|
|
$
|
28,070
|
|
|
$
|
16,500
|
|
|
$
|
12,409
|
|
|
|
As of December 31,
|
||||||
|
|
2017
|
|
2016
|
||||
|
|
(In thousands)
|
||||||
Consolidated Balance Sheet Data:
|
|
|
|
|
||||
Cash, cash equivalents, and investments
|
|
$
|
347,279
|
|
|
$
|
102,613
|
|
Working capital
|
|
87,603
|
|
|
33,550
|
|
||
Total assets
|
|
492,596
|
|
|
202,938
|
|
||
Deferred revenue, current and non-current
|
|
211,432
|
|
|
135,614
|
|
||
Convertible preferred stock
|
|
—
|
|
|
255,946
|
|
||
Total stockholders’ equity
|
|
232,947
|
|
|
40,103
|
|
|
|
December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Customers (as of end of period)
|
|
1,286
|
|
|
1,071
|
|
|
839
|
|
|||
Average subscription and support revenue per customer (in thousands)
|
|
$
|
185
|
|
|
$
|
143
|
|
|
$
|
105
|
|
Dollar-based net retention rate
|
|
119
|
%
|
|
117
|
%
|
|
121
|
%
|
|
|
As of December 31,
|
|||||||
|
|
2017
|
|
2016
|
|
2015
|
|||
Customers
|
|
1,286
|
|
|
1,071
|
|
|
839
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
(In thousands)
|
||||||||||
Average subscription and support revenue per customer
|
|
$
|
185
|
|
|
$
|
143
|
|
|
$
|
105
|
|
|
|
Year Ended December 31,
|
|||||||
|
|
2017
|
|
2016
|
|
2015
|
|||
Dollar-based net retention rate
|
|
119
|
%
|
|
117
|
%
|
|
121
|
%
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
(In thousands)
|
||||||||||
Consolidated Statements of Operations Data:
|
|
|
|
|
|
|
||||||
Revenue:
|
|
|
|
|
||||||||
Subscription and support
|
|
$
|
237,980
|
|
|
$
|
152,843
|
|
|
$
|
88,096
|
|
Professional services and other
|
|
58,476
|
|
|
34,904
|
|
|
22,156
|
|
|||
Total revenue
|
|
296,456
|
|
|
187,747
|
|
|
110,252
|
|
|||
Cost of revenue:
|
|
|
|
|
|
|
||||||
Subscription and support
(1)(2)
|
|
20,001
|
|
|
13,722
|
|
|
7,525
|
|
|||
Professional services and other
(1)(2)
|
|
61,269
|
|
|
35,341
|
|
|
24,645
|
|
|||
Total cost of revenue
|
|
81,270
|
|
|
49,063
|
|
|
32,170
|
|
|||
Gross profit
|
|
215,186
|
|
|
138,684
|
|
|
78,082
|
|
|||
Operating expenses:
|
|
|
|
|
|
|
||||||
Research and development
(1)(2)
|
|
64,585
|
|
|
32,862
|
|
|
24,725
|
|
|||
Sales and marketing
(1)(2)
|
|
184,583
|
|
|
122,630
|
|
|
93,057
|
|
|||
General and administrative
(1)(2)
|
|
45,813
|
|
|
31,577
|
|
|
24,368
|
|
|||
Total operating expenses
|
|
294,981
|
|
|
187,069
|
|
|
142,150
|
|
|||
Loss from operations
|
|
(79,795
|
)
|
|
(48,385
|
)
|
|
(64,068
|
)
|
|||
Interest income
|
|
2,483
|
|
|
465
|
|
|
220
|
|
|||
Other expense, net
|
|
(1,015
|
)
|
|
(340
|
)
|
|
(729
|
)
|
|||
Net loss before provision for income taxes
|
|
(78,327
|
)
|
|
(48,260
|
)
|
|
(64,577
|
)
|
|||
Provision for income taxes
|
|
1,653
|
|
|
1,339
|
|
|
862
|
|
|||
Net loss
|
|
$
|
(79,980
|
)
|
|
$
|
(49,599
|
)
|
|
$
|
(65,439
|
)
|
(1)
|
Includes stock-based compensation expense as follows (in thousands):
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Cost of revenue—subscription and support
|
|
$
|
945
|
|
|
$
|
231
|
|
|
$
|
83
|
|
Cost of revenue—professional services and other
|
|
3,442
|
|
|
567
|
|
|
262
|
|
|||
Research and development
|
|
6,994
|
|
|
1,677
|
|
|
579
|
|
|||
Sales and marketing
|
|
12,646
|
|
|
2,691
|
|
|
1,548
|
|
|||
General and administrative
|
|
4,043
|
|
|
1,386
|
|
|
846
|
|
|||
Total stock-based compensation expense
|
|
$
|
28,070
|
|
|
$
|
6,552
|
|
|
$
|
3,318
|
|
(2)
|
Includes other compensation expense related to the 2015 Common Stock Repurchase and 2016 Tender Offer as follows (in thousands):
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Cost of revenue—subscription and support
|
|
$
|
—
|
|
|
$
|
24
|
|
|
$
|
63
|
|
Cost of revenue—professional services and other
|
|
—
|
|
|
108
|
|
|
62
|
|
|||
Research and development
|
|
—
|
|
|
1,154
|
|
|
1,927
|
|
|||
Sales and marketing
|
|
—
|
|
|
5,928
|
|
|
3,343
|
|
|||
General and administrative
|
|
—
|
|
|
2,734
|
|
|
3,696
|
|
|||
Total other compensation expense
|
|
$
|
—
|
|
|
$
|
9,948
|
|
|
$
|
9,091
|
|
|
|
Year Ended December 31,
|
|||||||
|
|
2017
|
|
2016
|
|
2015
|
|||
Consolidated Statements of Operations, as a percentage of revenue:
|
|
|
|
|
|
|
|||
Revenue:
|
|
|
|
|
|
|
|||
Subscription and support
|
|
80
|
%
|
|
81
|
%
|
|
80
|
%
|
Professional services and other
|
|
20
|
|
|
19
|
|
|
20
|
|
Total revenue
|
|
100
|
|
|
100
|
|
|
100
|
|
Cost of revenue:
|
|
|
|
|
|
|
|||
Subscription and support
|
|
7
|
|
|
7
|
|
|
7
|
|
Professional services and other
|
|
21
|
|
|
19
|
|
|
22
|
|
Total cost of revenue
|
|
27
|
|
|
26
|
|
|
29
|
|
Gross profit
|
|
73
|
|
|
74
|
|
|
71
|
|
Operating expenses:
|
|
|
|
|
|
|
|||
Research and development
|
|
22
|
|
|
18
|
|
|
22
|
|
Sales and marketing
|
|
62
|
|
|
65
|
|
|
84
|
|
General and administrative
|
|
15
|
|
|
17
|
|
|
22
|
|
Total operating expenses
|
|
100
|
|
|
100
|
|
|
129
|
|
Loss from operations
|
|
(27
|
)
|
|
(26
|
)
|
|
(58
|
)
|
Interest income
|
|
1
|
|
|
—
|
|
|
—
|
|
Other expense, net
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
Net loss before provision for income taxes
|
|
(26
|
)
|
|
(26
|
)
|
|
(59
|
)
|
Provision for income taxes
|
|
1
|
|
|
1
|
|
|
1
|
|
Net loss
|
|
(27
|
)%
|
|
(26
|
)%
|
|
(59
|
)%
|
|
|
Year Ended December 31,
|
|
Change
|
|||||||||||
|
|
2017
|
|
2016
|
|
Amount
|
|
%
|
|||||||
|
|
(In thousands, except percentages)
|
|||||||||||||
Subscription and support
|
|
$
|
237,980
|
|
|
$
|
152,843
|
|
|
$
|
85,137
|
|
|
56
|
%
|
Professional services and other
|
|
58,476
|
|
|
34,904
|
|
|
23,572
|
|
|
68
|
%
|
|||
Total revenue
|
|
$
|
296,456
|
|
|
$
|
187,747
|
|
|
$
|
108,709
|
|
|
58
|
%
|
|
|
Year Ended
December 31,
|
|
Change
|
|||||||||||
|
|
2017
|
|
2016
|
|
Amount
|
|
%
|
|||||||
|
|
(In thousands, except percentages)
|
|||||||||||||
Subscription and support
|
|
$
|
20,001
|
|
|
$
|
13,722
|
|
|
$
|
6,279
|
|
|
46
|
%
|
Professional services and other
|
|
61,269
|
|
|
35,341
|
|
|
25,928
|
|
|
73
|
%
|
|||
Total cost of revenue
|
|
$
|
81,270
|
|
|
$
|
49,063
|
|
|
$
|
32,207
|
|
|
66
|
%
|
Subscription and support gross margin
|
|
92
|
%
|
|
91
|
%
|
|
|
|
|
|||||
Professional services and other gross margin
|
|
(5
|
)%
|
|
(1
|
)%
|
|
|
|
|
|||||
Gross margin
|
|
73
|
%
|
|
74
|
%
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
Change
|
|||||||||||
|
|
2017
|
|
2016
|
|
Amount
|
|
%
|
|||||||
|
|
(In thousands, except percentages)
|
|||||||||||||
Research and development
|
|
$
|
64,585
|
|
|
$
|
32,862
|
|
|
$
|
31,723
|
|
|
97
|
%
|
Sales and marketing
|
|
184,583
|
|
|
122,630
|
|
|
61,953
|
|
|
51
|
%
|
|||
General and administrative
|
|
45,813
|
|
|
31,577
|
|
|
14,236
|
|
|
45
|
%
|
|||
Total operating expenses
|
|
$
|
294,981
|
|
|
$
|
187,069
|
|
|
$
|
107,912
|
|
|
58
|
%
|
|
|
Year Ended
December 31,
|
|
Change
|
|||||||||||
|
|
2017
|
|
2016
|
|
Amount
|
|
%
|
|||||||
|
|
(In thousands, except percentage)
|
|||||||||||||
Interest income
|
|
$
|
2,483
|
|
|
$
|
465
|
|
|
$
|
2,018
|
|
|
434
|
%
|
|
|
Year Ended
December 31,
|
|
Change
|
|||||||||||
|
|
2017
|
|
2016
|
|
Amount
|
|
%
|
|||||||
|
|
(In thousands, except percentage)
|
|||||||||||||
Other expense, net
|
|
$
|
(1,015
|
)
|
|
$
|
(340
|
)
|
|
$
|
(675
|
)
|
|
199
|
%
|
|
|
Year Ended
December 31,
|
|
Change
|
|||||||||||
|
|
2017
|
|
2016
|
|
Amount
|
|
%
|
|||||||
|
|
(In thousands, except percentage)
|
|||||||||||||
Provision for income taxes
|
|
$
|
1,653
|
|
|
$
|
1,339
|
|
|
$
|
314
|
|
|
23
|
%
|
|
|
Year Ended
December 31,
|
|
Change
|
|||||||||||
|
|
2016
|
|
2015
|
|
Amount
|
|
%
|
|||||||
|
|
(In thousands, except percentages)
|
|||||||||||||
Subscription and support
|
|
$
|
152,843
|
|
|
$
|
88,096
|
|
|
$
|
64,747
|
|
|
73
|
%
|
Professional services and other
|
|
34,904
|
|
|
22,156
|
|
|
12,748
|
|
|
58
|
%
|
|||
Total revenue
|
|
$
|
187,747
|
|
|
$
|
110,252
|
|
|
$
|
77,495
|
|
|
70
|
%
|
|
|
Year Ended
December 31,
|
|
Change
|
|||||||||||
|
|
2016
|
|
2015
|
|
Amount
|
|
%
|
|||||||
|
|
(In thousands, except percentages)
|
|||||||||||||
Subscription and support
|
|
$
|
13,722
|
|
|
$
|
7,525
|
|
|
$
|
6,197
|
|
|
82
|
%
|
Professional services and other
|
|
35,341
|
|
|
24,645
|
|
|
10,696
|
|
|
43
|
%
|
|||
Total cost of revenue
|
|
$
|
49,063
|
|
|
$
|
32,170
|
|
|
$
|
16,893
|
|
|
53
|
%
|
Subscription and support gross margin
|
|
91
|
%
|
|
91
|
%
|
|
|
|
|
|||||
Professional services and other gross margin
|
|
(1
|
)%
|
|
(11
|
)%
|
|
|
|
|
|||||
Gross margin
|
|
74
|
%
|
|
71
|
%
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
Change
|
|||||||||||
|
|
2016
|
|
2015
|
|
Amount
|
|
%
|
|||||||
|
|
(In thousands, except percentages)
|
|||||||||||||
Research and development
|
|
$
|
32,862
|
|
|
$
|
24,725
|
|
|
$
|
8,137
|
|
|
33
|
%
|
Sales and marketing
|
|
122,630
|
|
|
93,057
|
|
|
29,573
|
|
|
32
|
%
|
|||
General and administrative
|
|
31,577
|
|
|
24,368
|
|
|
7,209
|
|
|
30
|
%
|
|||
Total operating expenses
|
|
$
|
187,069
|
|
|
$
|
142,150
|
|
|
$
|
44,919
|
|
|
32
|
%
|
|
|
Year Ended
December 31,
|
|
Change
|
|||||||||||
|
|
2016
|
|
2015
|
|
Amount
|
|
%
|
|||||||
|
|
(In thousands, except percentages)
|
|||||||||||||
Provision for income taxes
|
|
$
|
1,339
|
|
|
$
|
862
|
|
|
$
|
477
|
|
|
55
|
%
|
|
|
Three Months Ended,
|
||||||||||||||||||||||||||||||
|
|
Dec. 31,
2017 |
|
Sept. 30,
2017 |
|
June 30,
2017 |
|
Mar. 31,
2017 |
|
Dec. 31,
2016 |
|
Sept. 30,
2016 |
|
June 30,
2016 |
|
Mar. 31,
2016 |
||||||||||||||||
|
|
(in thousands, except share and per share data)
|
||||||||||||||||||||||||||||||
Consolidated Statements of Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Subscription and support
|
|
$
|
70,605
|
|
|
$
|
61,704
|
|
|
$
|
55,077
|
|
|
$
|
50,594
|
|
|
$
|
45,006
|
|
|
$
|
40,937
|
|
|
$
|
35,649
|
|
|
$
|
31,251
|
|
Professional services and other
|
|
18,109
|
|
|
15,900
|
|
|
14,156
|
|
|
10,311
|
|
|
10,347
|
|
|
8,432
|
|
|
8,345
|
|
|
7,780
|
|
||||||||
Total revenue
|
|
88,714
|
|
|
77,604
|
|
|
69,233
|
|
|
60,905
|
|
|
55,353
|
|
|
49,369
|
|
|
43,994
|
|
|
39,031
|
|
||||||||
Cost of revenue:
(1)(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Subscription and support
|
|
6,062
|
|
|
5,242
|
|
|
4,649
|
|
|
4,048
|
|
|
4,182
|
|
|
3,589
|
|
|
3,371
|
|
|
2,580
|
|
||||||||
Professional services and other
|
|
19,521
|
|
|
16,858
|
|
|
13,699
|
|
|
11,191
|
|
|
10,952
|
|
|
8,756
|
|
|
8,461
|
|
|
7,172
|
|
||||||||
Total cost of revenue
|
|
25,583
|
|
|
22,100
|
|
|
18,348
|
|
|
15,239
|
|
|
15,134
|
|
|
12,345
|
|
|
11,832
|
|
|
9,752
|
|
||||||||
Gross profit
|
|
63,131
|
|
|
55,504
|
|
|
50,885
|
|
|
45,666
|
|
|
40,219
|
|
|
37,024
|
|
|
32,162
|
|
|
29,279
|
|
||||||||
Operating expenses:
(1)(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Research and development
|
|
18,608
|
|
|
18,048
|
|
|
15,140
|
|
|
12,789
|
|
|
9,969
|
|
|
8,701
|
|
|
7,332
|
|
|
6,860
|
|
||||||||
Sales and marketing
|
|
56,933
|
|
|
50,707
|
|
|
43,817
|
|
|
33,126
|
|
|
35,190
|
|
|
33,920
|
|
|
29,815
|
|
|
23,705
|
|
||||||||
General and administrative
|
|
13,058
|
|
|
12,144
|
|
|
10,950
|
|
|
9,661
|
|
|
7,896
|
|
|
9,555
|
|
|
6,843
|
|
|
7,283
|
|
||||||||
Total operating expenses
|
|
88,599
|
|
|
80,899
|
|
|
69,907
|
|
|
55,576
|
|
|
53,055
|
|
|
52,176
|
|
|
43,990
|
|
|
37,848
|
|
||||||||
Loss from operations
|
|
(25,468
|
)
|
|
(25,395
|
)
|
|
(19,022
|
)
|
|
(9,910
|
)
|
|
(12,836
|
)
|
|
(15,152
|
)
|
|
(11,828
|
)
|
|
(8,569
|
)
|
||||||||
Interest income
|
|
1,000
|
|
|
968
|
|
|
357
|
|
|
158
|
|
|
151
|
|
|
110
|
|
|
107
|
|
|
97
|
|
||||||||
Other income (expense), net
|
|
(394
|
)
|
|
(354
|
)
|
|
(191
|
)
|
|
(76
|
)
|
|
8
|
|
|
(242
|
)
|
|
(107
|
)
|
|
1
|
|
||||||||
Net loss before provision for income taxes
|
|
(24,862
|
)
|
|
(24,781
|
)
|
|
(18,856
|
)
|
|
(9,828
|
)
|
|
(12,677
|
)
|
|
(15,284
|
)
|
|
(11,828
|
)
|
|
(8,471
|
)
|
||||||||
Provision for income taxes
|
|
226
|
|
|
335
|
|
|
779
|
|
|
313
|
|
|
414
|
|
|
377
|
|
|
268
|
|
|
280
|
|
||||||||
Net loss
|
|
$
|
(25,088
|
)
|
|
$
|
(25,116
|
)
|
|
$
|
(19,635
|
)
|
|
$
|
(10,141
|
)
|
|
$
|
(13,091
|
)
|
|
$
|
(15,661
|
)
|
|
$
|
(12,096
|
)
|
|
$
|
(8,751
|
)
|
Net loss attributable to common stockholders
|
|
$
|
(25,088
|
)
|
|
$
|
(25,116
|
)
|
|
$
|
(19,635
|
)
|
|
$
|
(10,141
|
)
|
|
$
|
(13,091
|
)
|
|
$
|
(25,097
|
)
|
|
$
|
(12,096
|
)
|
|
$
|
(8,751
|
)
|
Net loss per share attributable to common stockholders, basic and diluted
|
|
$
|
(0.19
|
)
|
|
$
|
(0.19
|
)
|
|
$
|
(0.15
|
)
|
|
$
|
(0.27
|
)
|
|
$
|
(0.52
|
)
|
|
$
|
(1.15
|
)
|
|
$
|
(0.60
|
)
|
|
$
|
(0.45
|
)
|
Weighted-average shares used in computing net loss per share, basic and diluted
|
|
130,423,175
|
|
|
129,044,913
|
|
|
128,825,841
|
|
|
37,410,235
|
|
|
25,364,224
|
|
|
21,733,456
|
|
|
19,995,314
|
|
|
19,361,543
|
|
|
|
Three Months Ended,
|
||||||||||||||||||||||||||||||
|
|
Dec. 31,
2017 |
|
Sept. 30,
2017 |
|
June 30,
2017 |
|
Mar. 31,
2017 |
|
Dec. 31,
2016 |
|
Sept. 30,
2016 |
|
June 30,
2016 |
|
Mar. 31,
2016 |
||||||||||||||||
Cost of revenue—subscription and support
|
|
$
|
320
|
|
|
$
|
288
|
|
|
$
|
236
|
|
|
$
|
101
|
|
|
$
|
90
|
|
|
$
|
53
|
|
|
$
|
55
|
|
|
$
|
33
|
|
Cost of revenue—professional services and other
|
|
1,172
|
|
|
1,110
|
|
|
847
|
|
|
313
|
|
|
188
|
|
|
168
|
|
|
119
|
|
|
92
|
|
||||||||
Research and development
|
|
2,428
|
|
|
2,121
|
|
|
1,529
|
|
|
916
|
|
|
625
|
|
|
514
|
|
|
329
|
|
|
209
|
|
||||||||
Sales and marketing
|
|
4,166
|
|
|
3,827
|
|
|
3,229
|
|
|
1,424
|
|
|
844
|
|
|
753
|
|
|
586
|
|
|
508
|
|
||||||||
General and administrative
|
|
1,352
|
|
|
1,123
|
|
|
1,039
|
|
|
529
|
|
|
457
|
|
|
402
|
|
|
327
|
|
|
200
|
|
||||||||
Total stock-based compensation expense
|
|
$
|
9,438
|
|
|
$
|
8,469
|
|
|
$
|
6,880
|
|
|
$
|
3,283
|
|
|
$
|
2,204
|
|
|
$
|
1,890
|
|
|
$
|
1,416
|
|
|
$
|
1,042
|
|
|
|
Three Months Ended,
|
||||||||||||||||||||||||||||||
|
|
Dec. 31,
2017 |
|
Sept. 30,
2017 |
|
June 30,
2017 |
|
Mar. 31,
2017 |
|
Dec. 31,
2016 |
|
Sept. 30,
2016 |
|
June 30,
2016 |
|
Mar. 31,
2016 |
||||||||||||||||
Cost of revenue—subscription and support
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
24
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Cost of revenue—professional services and other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
108
|
|
|
—
|
|
|
—
|
|
||||||||
Research and development
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,154
|
|
|
—
|
|
|
—
|
|
||||||||
Sales and marketing
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,928
|
|
|
—
|
|
|
—
|
|
||||||||
General and administrative
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,734
|
|
|
—
|
|
|
—
|
|
||||||||
Total other compensation expense
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,948
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Three Months Ended,
|
||||||||||||||||||||||||||||||
|
|
Dec. 31,
2017 |
|
Sept. 30,
2017 |
|
June 30,
2017 |
|
Mar. 31,
2017 |
|
Dec. 31,
2016 |
|
Sept. 30,
2016 |
|
June 30,
2016 |
|
Mar. 31,
2016 |
||||||||||||||||
Consolidated Statements of Operations as a percentage of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Subscription and support
|
|
80
|
%
|
|
80
|
%
|
|
80
|
%
|
|
83
|
%
|
|
81
|
%
|
|
83
|
%
|
|
81
|
%
|
|
80
|
%
|
||||||||
Professional services and other
|
|
20
|
|
|
20
|
|
|
20
|
|
|
17
|
|
|
19
|
|
|
17
|
|
|
19
|
|
|
20
|
|
||||||||
Total revenue
|
|
100
|
|
|
100
|
|
|
100
|
|
|
100
|
|
|
100
|
|
|
100
|
|
|
100
|
|
|
100
|
|
||||||||
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Subscription and support
|
|
7
|
|
|
7
|
|
|
7
|
|
|
7
|
|
|
8
|
|
|
7
|
|
|
8
|
|
|
7
|
|
||||||||
Professional services and other
|
|
22
|
|
|
22
|
|
|
20
|
|
|
18
|
|
|
20
|
|
|
18
|
|
|
19
|
|
|
18
|
|
||||||||
Total cost of revenue
|
|
29
|
|
|
28
|
|
|
27
|
|
|
25
|
|
|
27
|
|
|
25
|
|
|
27
|
|
|
25
|
|
||||||||
Gross profit
|
|
71
|
|
|
72
|
|
|
73
|
|
|
75
|
|
|
73
|
|
|
75
|
|
|
73
|
|
|
75
|
|
||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Research and development
|
|
21
|
|
|
23
|
|
|
22
|
|
|
21
|
|
|
18
|
|
|
18
|
|
|
17
|
|
|
18
|
|
||||||||
Sales and marketing
|
|
64
|
|
|
65
|
|
|
63
|
|
|
54
|
|
|
64
|
|
|
69
|
|
|
68
|
|
|
61
|
|
||||||||
General and administrative
|
|
15
|
|
|
16
|
|
|
16
|
|
|
16
|
|
|
14
|
|
|
19
|
|
|
16
|
|
|
19
|
|
||||||||
Total operating expenses
|
|
100
|
|
|
104
|
|
|
101
|
|
|
91
|
|
|
96
|
|
|
106
|
|
|
100
|
|
|
97
|
|
||||||||
Loss from operations
|
|
(29
|
)
|
|
(33
|
)
|
|
(27
|
)
|
|
(16
|
)
|
|
(23
|
)
|
|
(31
|
)
|
|
(27
|
)
|
|
(22
|
)
|
||||||||
Interest income
|
|
1
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Other income (expense), net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Net loss before provision for income taxes
|
|
(28
|
)
|
|
(32
|
)
|
|
(27
|
)
|
|
(16
|
)
|
|
(23
|
)
|
|
(31
|
)
|
|
(27
|
)
|
|
(22
|
)
|
||||||||
Provision for income taxes
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
||||||||
Net loss
|
|
(28
|
)%
|
|
(32
|
)%
|
|
(28
|
)%
|
|
(17
|
)%
|
|
(24
|
)%
|
|
(32
|
)%
|
|
(27
|
)%
|
|
(22
|
)%
|
||||||||
|
|
Dec. 31,
2017 |
|
Sept. 30,
2017 |
|
June 30,
2017 |
|
Mar. 31,
2017 |
|
Dec. 31,
2016 |
|
Sept. 30,
2016 |
|
June 30,
2016 |
|
Mar. 31,
2016 |
||||||||||||||||
Customers
(1)
|
|
1,286
|
|
|
1,217
|
|
|
1,170
|
|
|
1,131
|
|
|
1,071
|
|
|
994
|
|
|
946
|
|
|
892
|
|
||||||||
Average subscription and support revenue per customer (in thousands)
(1)
|
|
$
|
185
|
|
|
$
|
175
|
|
|
$
|
164
|
|
|
$
|
152
|
|
|
$
|
143
|
|
|
$
|
136
|
|
|
$
|
125
|
|
|
$
|
115
|
|
Dollar-based net retention rate
(1)
|
|
119
|
%
|
|
116
|
%
|
|
116
|
%
|
|
116
|
%
|
|
117
|
%
|
|
120
|
%
|
|
122
|
%
|
|
125
|
%
|
(1)
|
See the section titled “—Key Metrics” for additional information about our key metrics.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Cash provided by (used in) operating activities
|
|
$
|
1,981
|
|
|
$
|
(2,381
|
)
|
|
$
|
(46,980
|
)
|
Cash provided by (used in) investing activities
|
|
(207,217
|
)
|
|
17,471
|
|
|
(93,245
|
)
|
|||
Cash provided by (used in) financing activities
|
|
249,566
|
|
|
(657
|
)
|
|
112,309
|
|
|||
Effect of exchange rate changes on cash
|
|
250
|
|
|
(1,044
|
)
|
|
(322
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
|
$
|
44,580
|
|
|
$
|
13,389
|
|
|
$
|
(28,238
|
)
|
|
|
Payments Due by Period
|
||||||||||||||||||
|
|
Less Than
1 Year
|
|
1 to 3
Years
|
|
3 to 5
Years
|
|
More Than
5 Years
|
|
Total
|
||||||||||
Operating leases
|
|
$
|
9,212
|
|
|
$
|
14,584
|
|
|
$
|
6,653
|
|
|
$
|
3,239
|
|
|
$
|
33,688
|
|
Purchase obligations
(1)
|
|
7,650
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,650
|
|
|||||
Total
|
|
$
|
16,862
|
|
|
$
|
14,584
|
|
|
$
|
6,653
|
|
|
$
|
3,239
|
|
|
$
|
41,338
|
|
(1)
|
Purchase obligations represent total future minimum payments under our contract with our cloud infrastructure provider.
|
|
Page
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
79,568
|
|
|
$
|
35,101
|
|
Investments
|
124,603
|
|
|
63,361
|
|
||
Trade receivables, net of allowance for doubtful accounts of $527 and $446 as of December 31, 2017 and December 31, 2016
|
111,863
|
|
|
72,324
|
|
||
Prepaid expenses and other current assets
|
18,987
|
|
|
18,854
|
|
||
Total current assets
|
335,021
|
|
|
189,640
|
|
||
Investments, noncurrent
|
143,108
|
|
|
4,151
|
|
||
Property and equipment, net
|
6,791
|
|
|
5,231
|
|
||
Restricted cash
|
784
|
|
|
671
|
|
||
Goodwill
|
814
|
|
|
787
|
|
||
Intangible assets, net
|
789
|
|
|
1,797
|
|
||
Other assets
|
5,289
|
|
|
661
|
|
||
TOTAL ASSETS
|
$
|
492,596
|
|
|
$
|
202,938
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
CURRENT LIABILITIES:
|
|
|
|
||||
Accounts payable
|
$
|
2,219
|
|
|
$
|
1,879
|
|
Accrued expenses
|
12,158
|
|
|
7,797
|
|
||
Accrued compensation and related expenses
|
31,065
|
|
|
16,369
|
|
||
Deferred revenue, current
|
201,976
|
|
|
130,045
|
|
||
Total current liabilities
|
247,418
|
|
|
156,090
|
|
||
Deferred revenue, noncurrent
|
9,456
|
|
|
5,569
|
|
||
Other liabilities
|
2,775
|
|
|
1,176
|
|
||
TOTAL LIABILITIES
|
259,649
|
|
|
162,835
|
|
||
Commitments and contingencies
|
|
|
|
||||
STOCKHOLDERS’ EQUITY:
|
|
|
|
||||
Convertible preferred stock, $0.000025 par value per share:
|
|
|
|
||||
Authorized shares 100,000,000 and 90,296,190 as of December 31, 2017 and 2016; Issued and outstanding shares none and 86,030,961 as of December 31, 2017 and 2016; aggregate liquidation preference of none and $258.4 million as of December 31, 2017 and 2016
|
—
|
|
|
255,946
|
|
||
Common stock, $0.000025 par value per share:
|
|
|
|
||||
Authorized shares 1,200,000,000 as of December 31, 2017 and 2016; Issued and outstanding shares 131,337,767 and 26,960,616 as of December 31, 2017 and 2016
|
3
|
|
|
1
|
|
||
Additional paid-in capital
|
552,260
|
|
|
22,241
|
|
||
Accumulated deficit
|
(316,218
|
)
|
|
(236,230
|
)
|
||
Accumulated other comprehensive loss
|
(3,098
|
)
|
|
(1,855
|
)
|
||
TOTAL STOCKHOLDERS’ EQUITY
|
232,947
|
|
|
40,103
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
492,596
|
|
|
$
|
202,938
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Revenue:
|
|
|
|
|
|
||||||
Subscription and support
|
$
|
237,980
|
|
|
$
|
152,843
|
|
|
$
|
88,096
|
|
Professional services and other
|
58,476
|
|
|
34,904
|
|
|
22,156
|
|
|||
Total revenue
|
296,456
|
|
|
187,747
|
|
|
110,252
|
|
|||
Cost of revenue:
|
|
|
|
|
|
||||||
Subscription and support
|
20,001
|
|
|
13,722
|
|
|
7,525
|
|
|||
Professional services and other
|
61,269
|
|
|
35,341
|
|
|
24,645
|
|
|||
Total cost of revenue
|
81,270
|
|
|
49,063
|
|
|
32,170
|
|
|||
Gross profit
|
215,186
|
|
|
138,684
|
|
|
78,082
|
|
|||
Operating expenses:
|
|
|
|
|
|
||||||
Research and development
|
64,585
|
|
|
32,862
|
|
|
24,725
|
|
|||
Sales and marketing
|
184,583
|
|
|
122,630
|
|
|
93,057
|
|
|||
General and administrative
|
45,813
|
|
|
31,577
|
|
|
24,368
|
|
|||
Total operating expenses
|
294,981
|
|
|
187,069
|
|
|
142,150
|
|
|||
Loss from operations
|
(79,795
|
)
|
|
(48,385
|
)
|
|
(64,068
|
)
|
|||
Interest income
|
2,483
|
|
|
465
|
|
|
220
|
|
|||
Other expense, net
|
(1,015
|
)
|
|
(340
|
)
|
|
(729
|
)
|
|||
Net loss before provision for income taxes
|
(78,327
|
)
|
|
(48,260
|
)
|
|
(64,577
|
)
|
|||
Provision for income taxes
|
1,653
|
|
|
1,339
|
|
|
862
|
|
|||
Net loss
|
$
|
(79,980
|
)
|
|
$
|
(49,599
|
)
|
|
$
|
(65,439
|
)
|
Net loss attributable to common stockholders
|
$
|
(79,980
|
)
|
|
$
|
(59,035
|
)
|
|
$
|
(65,439
|
)
|
Net loss per share attributable to common stockholders, basic and diluted
|
$
|
(0.75
|
)
|
|
$
|
(2.73
|
)
|
|
$
|
(3.57
|
)
|
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted
|
106,742,923
|
|
|
21,623,610
|
|
|
18,324,048
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net loss
|
$
|
(79,980
|
)
|
|
$
|
(49,599
|
)
|
|
$
|
(65,439
|
)
|
Other comprehensive loss:
|
|
|
|
|
|
||||||
Foreign currency translation adjustments, net
|
67
|
|
|
(1,112
|
)
|
|
(355
|
)
|
|||
Unrealized gains (losses) on investments
|
(1,310
|
)
|
|
250
|
|
|
(308
|
)
|
|||
Other comprehensive loss
|
(1,243
|
)
|
|
(862
|
)
|
|
(663
|
)
|
|||
Comprehensive loss
|
$
|
(81,223
|
)
|
|
$
|
(50,461
|
)
|
|
$
|
(66,102
|
)
|
|
Convertible
Preferred Stock
|
|
Class A Common Stock
|
|
Class B Common Stock
|
|
Additional
Paid-In
Capital
|
|
Accumulated Deficit
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Total
Stockholders’
Equity
|
||||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|||||||||||||||||||||||||
Balance-December 31, 2014
|
78,834,737
|
|
|
130,577
|
|
|
—
|
|
|
—
|
|
|
16,832,919
|
|
|
1
|
|
|
2,733
|
|
|
(109,990
|
)
|
|
(330
|
)
|
|
22,991
|
|
||||||||
Series G financing, net of issuance costs of $1,974
|
11,427,533
|
|
|
126,326
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126,326
|
|
||||||||
Repurchase of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,140,174
|
)
|
|
—
|
|
|
(4,699
|
)
|
|
(11,202
|
)
|
|
—
|
|
|
(15,901
|
)
|
||||||||
Issuance of common stock upon exercise of options
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,118,570
|
|
|
—
|
|
|
1,873
|
|
|
—
|
|
|
—
|
|
|
1,873
|
|
||||||||
Issuance of common stock upon exercise of warrants
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,480
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
11
|
|
||||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,318
|
|
|
—
|
|
|
—
|
|
|
3,318
|
|
|||||||||
Tax benefits from employee stock plans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
154
|
|
|
—
|
|
|
—
|
|
|
154
|
|
||||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(65,439
|
)
|
|
—
|
|
|
(65,439
|
)
|
||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(663
|
)
|
|
(663
|
)
|
||||||||
Balance-December 31, 2015
|
90,262,270
|
|
|
256,903
|
|
|
—
|
|
|
—
|
|
|
18,827,795
|
|
|
1
|
|
|
3,390
|
|
|
(186,631
|
)
|
|
(993
|
)
|
|
72,670
|
|
||||||||
Conversion of Series A convertible preferred stock into common stock in 2016 Tender Offer
|
(2,115,655
|
)
|
|
(479
|
)
|
|
—
|
|
|
—
|
|
|
2,115,655
|
|
|
—
|
|
|
479
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Conversion of Series A convertible preferred stock into common stock
|
(2,115,654
|
)
|
|
(478
|
)
|
|
—
|
|
|
—
|
|
|
2,115,654
|
|
|
—
|
|
|
478
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Repurchase of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(339,285
|
)
|
|
—
|
|
|
(3,208
|
)
|
|
—
|
|
|
—
|
|
|
(3,208
|
)
|
||||||||
Issuance of common stock upon exercise of options
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,240,797
|
|
|
—
|
|
|
4,281
|
|
|
—
|
|
|
—
|
|
|
4,281
|
|
||||||||
Other compensation expense relating to the 2016 Tender Offer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,948
|
|
|
—
|
|
|
—
|
|
|
9,948
|
|
||||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,552
|
|
|
—
|
|
|
—
|
|
|
6,552
|
|
||||||||
Tax benefits from employee stock plans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
321
|
|
|
—
|
|
|
—
|
|
|
321
|
|
||||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(49,599
|
)
|
|
—
|
|
|
(49,599
|
)
|
||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(862
|
)
|
|
(862
|
)
|
||||||||
Balance-December 31, 2016
|
86,030,961
|
|
|
$
|
255,946
|
|
|
—
|
|
|
—
|
|
|
26,960,616
|
|
|
$
|
1
|
|
|
$
|
22,241
|
|
|
$
|
(236,230
|
)
|
|
$
|
(1,855
|
)
|
|
$
|
40,103
|
|
||
Conversion of convertible preferred stock to common stock in connection with the initial public offering
|
(86,030,961
|
)
|
|
(255,946
|
)
|
|
—
|
|
|
—
|
|
|
86,030,961
|
|
|
2
|
|
|
255,944
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Issuance of common stock in connection with the initial public offering, net of underwriting discounts
|
—
|
|
|
—
|
|
|
14,950,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
236,360
|
|
|
—
|
|
|
—
|
|
|
236,360
|
|
Class A common stock issuance cost related to the initial public offering
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,553
|
)
|
|
—
|
|
|
—
|
|
|
(3,553
|
)
|
||||||||
Issuance of common stock upon exercise of options and warrants
|
—
|
|
|
—
|
|
|
1,841,752
|
|
|
—
|
|
|
1,134,432
|
|
|
—
|
|
|
8,103
|
|
|
—
|
|
|
—
|
|
|
8,103
|
|
||||||||
Issuance of common stock for settlement of restricted stock units
|
—
|
|
|
—
|
|
|
67,428
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Issuance of common stock related to employee stock purchase plan
|
—
|
|
|
—
|
|
|
352,578
|
|
|
—
|
|
|
—
|
|
1
|
|
—
|
|
|
5,095
|
|
|
—
|
|
|
—
|
|
|
5,095
|
|
|||||||
Conversion of shares of Class B common stock into share of Class A common stock
|
—
|
|
|
—
|
|
|
67,287,540
|
|
|
2
|
|
|
(67,287,540
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28,062
|
|
|
—
|
|
|
—
|
|
|
28,062
|
|
||||||||
Cumulative-effect adjustment from adoption of ASU 2016-09
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
||||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(79,980
|
)
|
|
—
|
|
|
(79,980
|
)
|
||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,243
|
)
|
|
(1,243
|
)
|
||||||||
Balance—December 31, 2017
|
—
|
|
|
—
|
|
|
84,499,298
|
|
|
$
|
2
|
|
|
46,838,469
|
|
|
1
|
|
|
552,260
|
|
|
(316,218
|
)
|
|
(3,098
|
)
|
|
232,947
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
||||||
Net loss
|
$
|
(79,980
|
)
|
|
$
|
(49,599
|
)
|
|
$
|
(65,439
|
)
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||||||
Stock-based compensation expense
|
28,070
|
|
|
6,552
|
|
|
3,318
|
|
|||
Other non-cash compensation related to 2016 Tender Offer
|
—
|
|
|
9,948
|
|
|
—
|
|
|||
Depreciation and amortization
|
3,833
|
|
|
1,949
|
|
|
1,221
|
|
|||
Amortization of investment premiums
|
766
|
|
|
559
|
|
|
562
|
|
|||
Provision for doubtful accounts
|
81
|
|
|
206
|
|
|
(17
|
)
|
|||
Tax benefits from employee stock plans
|
—
|
|
|
321
|
|
|
154
|
|
|||
Loss on disposal of property and equipment
|
134
|
|
|
6
|
|
|
177
|
|
|||
Other
|
—
|
|
|
13
|
|
|
—
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Trade receivables
|
(39,658
|
)
|
|
(25,106
|
)
|
|
(21,143
|
)
|
|||
Prepaid expenses and other current assets
|
(2,024
|
)
|
|
(6,836
|
)
|
|
(6,455
|
)
|
|||
Other assets
|
(4,628
|
)
|
|
(343
|
)
|
|
(217
|
)
|
|||
Accounts payable
|
380
|
|
|
1,090
|
|
|
(1,286
|
)
|
|||
Accrued expenses
|
4,637
|
|
|
1,127
|
|
|
1,619
|
|
|||
Accrued compensation and related expenses
|
12,759
|
|
|
4,705
|
|
|
5,011
|
|
|||
Other liabilities
|
1,599
|
|
|
1,096
|
|
|
(80
|
)
|
|||
Deferred revenue
|
76,012
|
|
|
51,931
|
|
|
35,595
|
|
|||
Net cash provided by (used in) operating activities
|
1,981
|
|
|
(2,381
|
)
|
|
(46,980
|
)
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
||||||
Purchases of investments
|
(319,709
|
)
|
|
(41,214
|
)
|
|
(106,164
|
)
|
|||
Sales of investments
|
42,476
|
|
|
24,536
|
|
|
5,000
|
|
|||
Maturities of investments
|
74,957
|
|
|
39,650
|
|
|
9,500
|
|
|||
Purchase of intangible assets
|
—
|
|
|
—
|
|
|
(75
|
)
|
|||
Purchases of property and equipment
|
(4,835
|
)
|
|
(4,501
|
)
|
|
(1,506
|
)
|
|||
Cash paid for acquisition
|
(106
|
)
|
|
(1,000
|
)
|
|
—
|
|
|||
Net cash provided by (used in) investing activities
|
(207,217
|
)
|
|
17,471
|
|
|
(93,245
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
||||||
Net proceeds from issuance of common stock in initial public offering
|
236,360
|
|
|
—
|
|
|
—
|
|
|||
Net proceeds from issuance of preferred stock
|
—
|
|
|
—
|
|
|
126,326
|
|
|||
Proceeds from employee stock purchase plan
|
7,031
|
|
|
—
|
|
|
—
|
|
|||
Repurchase of common shares
|
—
|
|
|
(3,208
|
)
|
|
(15,901
|
)
|
|||
Proceeds from issuance of common stock upon exercise of options and warrants
|
7,998
|
|
|
4,281
|
|
|
1,884
|
|
|||
Payment of costs related to initial public offering
|
(1,823
|
)
|
|
(1,730
|
)
|
|
—
|
|
|||
Net cash provided by (used in) financing activities
|
249,566
|
|
|
(657
|
)
|
|
112,309
|
|
|||
Impact of foreign exchange on cash and cash equivalents
|
250
|
|
|
(1,044
|
)
|
|
(322
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
44,580
|
|
|
13,389
|
|
|
(28,238
|
)
|
|||
Cash, cash equivalents, and restricted cash, Beginning of year
|
35,772
|
|
|
22,383
|
|
|
50,621
|
|
|||
Cash, cash equivalents, and restricted cash, End of year
|
$
|
80,352
|
|
|
$
|
35,772
|
|
|
$
|
22,383
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
|
|
|
|
|
||||||
Cash paid for income taxes
|
$
|
1,084
|
|
|
$
|
764
|
|
|
$
|
895
|
|
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:
|
|
|
|
|
|
||||||
Deemed dividends on preferred stock
|
$
|
—
|
|
|
$
|
9,436
|
|
|
$
|
—
|
|
Costs related to initial public offering, accrued but unpaid
|
$
|
—
|
|
|
$
|
266
|
|
|
$
|
—
|
|
Liability for purchase of property and equipment
|
$
|
41
|
|
|
$
|
91
|
|
|
$
|
72
|
|
•
|
Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
|
•
|
Level 2: Observable inputs, other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
|
•
|
Level 3: Unobservable inputs reflecting our own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.
|
|
December 31, 2017
|
||||||||||||||
|
Amortized
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
||||||||
|
(In thousands)
|
||||||||||||||
Corporate bonds
|
$
|
79,406
|
|
|
$
|
—
|
|
|
$
|
(527
|
)
|
|
$
|
78,879
|
|
U.S. Treasury securities
|
141,496
|
|
|
—
|
|
|
(591
|
)
|
|
140,905
|
|
||||
Agency securities
|
44,462
|
|
|
$
|
—
|
|
|
(201
|
)
|
|
44,261
|
|
|||
Foreign bonds
|
3,714
|
|
|
$
|
—
|
|
|
(48
|
)
|
|
3,666
|
|
|||
Total marketable securities
|
$
|
269,078
|
|
|
$
|
—
|
|
|
$
|
(1,367
|
)
|
|
$
|
267,711
|
|
|
December 31, 2016
|
||||||||||||||
|
Amortized
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair Value
|
||||||||
|
(In thousands)
|
||||||||||||||
Corporate bonds
|
$
|
24,027
|
|
|
$
|
—
|
|
|
$
|
(33
|
)
|
|
$
|
23,994
|
|
U.S. Treasury securities
|
40,548
|
|
|
—
|
|
|
(20
|
)
|
|
40,528
|
|
||||
Foreign bonds
|
2,995
|
|
|
—
|
|
|
(5
|
)
|
|
2,990
|
|
||||
Total marketable securities
|
$
|
67,570
|
|
|
$
|
—
|
|
|
$
|
(58
|
)
|
|
$
|
67,512
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Short-term (due in one year or less)
|
$
|
124,603
|
|
|
$
|
63,361
|
|
Long-term (due after one year)
|
143,108
|
|
|
4,151
|
|
||
Total marketable securities
|
$
|
267,711
|
|
|
$
|
67,512
|
|
|
Less than 12 months
|
|
Greater than 12 months
|
|
Total
|
||||||||||||||||||
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
Corporate bonds
|
$
|
78,879
|
|
|
$
|
(527
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
78,879
|
|
|
$
|
(527
|
)
|
U.S. Treasury securities
|
140,905
|
|
|
(591
|
)
|
|
—
|
|
|
—
|
|
|
140,905
|
|
|
(591
|
)
|
||||||
Agency securities
|
44,261
|
|
|
(201
|
)
|
|
—
|
|
|
—
|
|
|
44,261
|
|
|
(201
|
)
|
||||||
Foreign bonds
|
3,666
|
|
|
(48
|
)
|
|
—
|
|
|
—
|
|
|
3,666
|
|
|
(48
|
)
|
||||||
Total marketable securities
|
$
|
267,711
|
|
|
$
|
(1,367
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
267,711
|
|
|
$
|
(1,367
|
)
|
|
Less than 12 months
|
|
Greater than 12 months
|
|
Total
|
||||||||||||||||||
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
Corporate bonds
|
$
|
22,342
|
|
|
$
|
(31
|
)
|
|
$
|
1,652
|
|
|
$
|
(2
|
)
|
|
$
|
23,994
|
|
|
$
|
(33
|
)
|
U.S. Treasury securities
|
38,029
|
|
|
(20
|
)
|
|
2,499
|
|
|
—
|
|
|
40,528
|
|
|
(20
|
)
|
||||||
Foreign bonds
|
$
|
2,990
|
|
|
$
|
(5
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,990
|
|
|
$
|
(5
|
)
|
Total marketable securities
|
$
|
63,361
|
|
|
$
|
(56
|
)
|
|
$
|
4,151
|
|
|
$
|
(2
|
)
|
|
$
|
67,512
|
|
|
$
|
(58
|
)
|
|
As of December 31, 2017
|
||||||||||||||
|
Aggregate
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Money market
|
$
|
8,413
|
|
|
$
|
8,413
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Corporate bonds
|
78,879
|
|
|
—
|
|
|
78,879
|
|
|
—
|
|
||||
U.S. Treasury securities
|
140,905
|
|
|
—
|
|
|
140,905
|
|
|
—
|
|
||||
Commercial paper
|
7,442
|
|
|
—
|
|
|
7,442
|
|
|
—
|
|
||||
Agency securities
|
44,261
|
|
|
—
|
|
|
44,261
|
|
|
—
|
|
||||
Foreign bonds
|
3,666
|
|
|
—
|
|
|
3,666
|
|
|
—
|
|
||||
|
$
|
283,566
|
|
|
$
|
8,413
|
|
|
$
|
275,153
|
|
|
$
|
—
|
|
Reported as:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
(1)
|
$
|
15,855
|
|
|
|
|
|
|
|
||||||
Investments, current
|
124,603
|
|
|
|
|
|
|
|
|||||||
Investments, noncurrent
|
143,108
|
|
|
|
|
|
|
|
|||||||
Total
|
$
|
283,566
|
|
|
|
|
|
|
|
|
As of December 31, 2016
|
||||||||||||||
|
Aggregate
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Money market
|
$
|
3,133
|
|
|
$
|
3,133
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Corporate bonds
|
23,994
|
|
|
—
|
|
|
23,994
|
|
|
—
|
|
||||
U.S. Treasury securities
|
40,528
|
|
|
—
|
|
|
40,528
|
|
|
—
|
|
||||
Foreign bonds
|
2,990
|
|
|
—
|
|
|
2,990
|
|
|
—
|
|
||||
|
$
|
70,645
|
|
|
$
|
3,133
|
|
|
$
|
67,512
|
|
|
$
|
—
|
|
Reported As:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
(1)
|
$
|
3,133
|
|
|
|
|
|
|
|
||||||
Investments, current
|
63,361
|
|
|
|
|
|
|
|
|||||||
Investments, noncurrent
|
4,151
|
|
|
|
|
|
|
|
|||||||
Total
|
$
|
70,645
|
|
|
|
|
|
|
|
(1)
|
Included in “cash and cash equivalents” in the accompanying consolidated balance sheet as of
December 31, 2017
and
2016
, in addition to
$63.7 million
and
$32.0 million
of cash, respectively.
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Computers and equipment
|
$
|
5,442
|
|
|
$
|
3,753
|
|
Office furniture, fixtures and equipment
|
725
|
|
|
313
|
|
||
Software
|
478
|
|
|
457
|
|
||
Leasehold improvements
|
5,790
|
|
|
3,037
|
|
||
Construction-in-progress
|
355
|
|
|
1,596
|
|
||
Property and equipment, gross
|
12,790
|
|
|
9,156
|
|
||
Less: accumulated depreciation and amortization
|
(5,999
|
)
|
|
(3,925
|
)
|
||
Total property and equipment, net
|
$
|
6,791
|
|
|
$
|
5,231
|
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Purchased intangibles
|
$
|
1,720
|
|
|
$
|
2,176
|
|
Less: accumulated amortization
|
(931
|
)
|
|
(379
|
)
|
||
Total intangible assets, net
|
$
|
789
|
|
|
$
|
1,797
|
|
|
Amount
|
||
Year ending:
|
|
||
2018
|
$
|
459
|
|
2019
|
195
|
|
|
2020
|
135
|
|
|
Total intangible assets, net
|
$
|
789
|
|
|
Amount
|
||
2018
|
$
|
9,212
|
|
2019
|
7,585
|
|
|
2020
|
6,999
|
|
|
2021
|
5,107
|
|
|
2022
|
1,546
|
|
|
Thereafter
|
3,239
|
|
|
Total future minimum lease payments
|
$
|
33,688
|
|
Convertible
Preferred Stock |
|
Date Issued
|
|
Original
Issue
Price
|
|
Shares
Authorized
|
|
Shares
Issued and Outstanding |
|
Liquidation
Preference
|
|
Net Proceeds
after Issuance
Costs
|
|
Dividend
Rate Per
Share
|
||||||||||
Series A
|
|
August 2006
|
|
$
|
0.23
|
|
|
17,914,408
|
|
|
13,683,099
|
|
|
$
|
3,093
|
|
|
$
|
3,058
|
|
|
$
|
0.02
|
|
Series B
|
|
May 2007
|
|
0.76
|
|
|
16,400,000
|
|
|
16,366,080
|
|
|
12,500
|
|
|
12,420
|
|
|
0.06
|
|
||||
Series C
|
|
March 2010
|
|
0.78
|
|
|
15,484,092
|
|
|
15,484,092
|
|
|
12,000
|
|
|
11,901
|
|
|
0.06
|
|
||||
Series D
|
|
February 2012
|
|
1.58
|
|
|
9,481,804
|
|
|
9,481,804
|
|
|
15,000
|
|
|
14,944
|
|
|
0.13
|
|
||||
Series E
|
|
February and March 2013
|
|
3.12
|
|
|
11,851,905
|
|
|
11,851,905
|
|
|
37,000
|
|
|
36,882
|
|
|
0.25
|
|
||||
Series F
|
|
March 2014
|
|
6.53
|
|
|
7,736,448
|
|
|
7,736,448
|
|
|
50,550
|
|
|
50,415
|
|
|
0.52
|
|
||||
Series G
|
|
May 2015
|
|
11.23
|
|
|
11,427,533
|
|
|
11,427,533
|
|
|
128,300
|
|
|
126,326
|
|
|
0.90
|
|
||||
|
|
|
|
|
|
90,296,190
|
|
|
86,030,961
|
|
|
$
|
258,443
|
|
|
$
|
255,946
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Cost of subscription and support revenue
|
$
|
—
|
|
|
$
|
24
|
|
|
$
|
63
|
|
Cost of professional services and other revenue
|
—
|
|
|
108
|
|
|
62
|
|
|||
Research and development
|
—
|
|
|
1,154
|
|
|
1,927
|
|
|||
Sales and marketing
|
—
|
|
|
5,928
|
|
|
3,343
|
|
|||
General and administrative
|
—
|
|
|
2,734
|
|
|
3,696
|
|
|||
Total other compensation expense
|
$
|
—
|
|
|
$
|
9,948
|
|
|
$
|
9,091
|
|
|
|
|
Options Outstanding
|
|||||||||
Options
Outstanding
|
|
Weighted-
Average
Exercise Price
|
|
Remaining
Contractual
Term
|
|
Aggregate
Intrinsic Value
|
||||||
|
|
(Per Share)
|
|
(Years)
|
|
(In thousands)
|
||||||
Balance—December 31, 2016
|
21,915,624
|
|
|
$
|
4.54
|
|
|
7.85
|
|
$
|
158,277
|
|
Granted
|
1,434,985
|
|
|
18.39
|
|
|
|
|
|
|||
Exercised
|
(2,958,474
|
)
|
|
2.75
|
|
|
|
|
$
|
51,887
|
|
|
Forfeited and Cancelled
|
(1,020,911
|
)
|
|
6.78
|
|
|
|
|
|
|||
Balance—December 31, 2017
|
19,371,224
|
|
|
$
|
5.72
|
|
|
7.21
|
|
$
|
339,826
|
|
Exercisable—December 31, 2017
|
10,248,754
|
|
|
$
|
3.30
|
|
|
6.25
|
|
$
|
204,589
|
|
Vested and expected to vest— December 31, 2017
|
19,371,224
|
|
|
$
|
5.72
|
|
|
7.21
|
|
$
|
339,826
|
|
|
Year Ended December 31,
|
||||
2017
|
|
2016
|
|
2015
|
|
Fair value of common stock
|
$12.53 - 23.73
|
|
$7.06 – 11.76
|
|
$2.60 – 7.93
|
Volatility
|
31.25% - 34.81%
|
|
34.75% – 35.86%
|
|
35.97% – 46.18%
|
Risk-free interest rate
|
1.8% - 2.3%
|
|
1.3% – 2.2%
|
|
1.4% – 2.0%
|
Expected term (in years)
|
5.6 - 6.5
|
|
5.9 – 6.2
|
|
5.5 – 6.6
|
Expected dividends
|
—%
|
|
—%
|
|
—%
|
|
|
|
|
|||||
Number of RSUs outstanding
|
|
Remaining
Contractual Term |
|
Aggregate
Intrinsic Value
|
||||
|
|
(Years)
|
|
(In thousands)
|
||||
Balance—December 31, 2016
|
—
|
|
|
|
|
|
||
Granted
|
3,372,368
|
|
|
|
|
|
||
Vested and Released
|
(70,617
|
)
|
|
|
|
|
||
Forfeited
|
(59,141
|
)
|
|
|
|
|
||
Balance—December 31, 2017
|
3,242,610
|
|
|
3.37
|
|
$
|
75,423
|
|
Expected to vest — December 31, 2017
|
3,242,610
|
|
|
3.37
|
|
$
|
75,423
|
|
|
Year Ended December 31,
|
||||||||||
2017
|
|
2016
|
|
2015
|
|||||||
Cost of subscription and support revenue
|
$
|
945
|
|
|
$
|
231
|
|
|
$
|
83
|
|
Cost of professional services and other revenue
|
3,442
|
|
|
567
|
|
|
262
|
|
|||
Research and development
|
6,994
|
|
|
1,677
|
|
|
579
|
|
|||
Sales and marketing
|
12,646
|
|
|
2,691
|
|
|
1,548
|
|
|||
General and administrative
|
4,043
|
|
|
1,386
|
|
|
846
|
|
|||
Total stock-based compensation expense
|
$
|
28,070
|
|
|
$
|
6,552
|
|
|
$
|
3,318
|
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
United States
|
$
|
4,923
|
|
|
$
|
4,974
|
|
Argentina
|
1,935
|
|
|
1,784
|
|
||
Others
|
1,536
|
|
|
1,057
|
|
||
Total long-lived assets
|
$
|
8,394
|
|
|
$
|
7,815
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Domestic
|
$
|
(58,569
|
)
|
|
$
|
(41,915
|
)
|
|
$
|
(67,484
|
)
|
Foreign
|
(19,758
|
)
|
|
(6,345
|
)
|
|
2,907
|
|
|||
Total loss before provision for income taxes
|
$
|
(78,327
|
)
|
|
$
|
(48,260
|
)
|
|
$
|
(64,577
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
State
|
99
|
|
|
14
|
|
|
20
|
|
|||
Foreign
|
2,288
|
|
|
1,410
|
|
|
834
|
|
|||
Total current tax expense
|
2,387
|
|
|
1,424
|
|
|
854
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
(39
|
)
|
|
14
|
|
|
14
|
|
|||
State
|
2
|
|
|
2
|
|
|
1
|
|
|||
Foreign
|
(697
|
)
|
|
(101
|
)
|
|
(7
|
)
|
|||
Total deferred tax expense (benefit)
|
(734
|
)
|
|
(85
|
)
|
|
8
|
|
|||
Total provision for income taxes
|
$
|
1,653
|
|
|
$
|
1,339
|
|
|
$
|
862
|
|
|
Year Ended December 31,
|
|||||||
|
2017
|
|
2016
|
|
2015
|
|||
Tax provision (benefit) at U.S. statutory rate
|
(34.00
|
)%
|
|
(34.00
|
)%
|
|
(34.00
|
)%
|
State income taxes, net of federal benefit
|
0.10
|
|
|
0.02
|
|
|
0.02
|
|
Foreign income and withholding taxes
|
10.59
|
|
|
7.17
|
|
|
(0.31
|
)
|
Change in valuation allowance
|
(8.21
|
)
|
|
24.18
|
|
|
1.88
|
|
Gain from intercompany sale of intellectual property
|
—
|
|
|
—
|
|
|
15.80
|
|
Uncertain tax positions
|
0.40
|
|
|
0.87
|
|
|
17.46
|
|
Stock-based compensation expense
|
(3.04
|
)
|
|
6.18
|
|
|
0.96
|
|
Impact of US Tax Reform
|
37.51
|
|
|
—
|
|
|
—
|
|
Other
|
(1.24
|
)
|
|
(1.65
|
)
|
|
(0.48
|
)
|
Provision for income taxes
|
2.11
|
%
|
|
2.77
|
%
|
|
1.33
|
%
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Deferred tax assets:
|
|
|
|
||||
Accruals and reserves
|
$
|
2,353
|
|
|
$
|
1,825
|
|
Deferred revenue
|
1,411
|
|
|
1,408
|
|
||
Net operating loss
|
50,679
|
|
|
48,759
|
|
||
Depreciation and amortization
|
542
|
|
|
468
|
|
||
Research and development credits and other credits
|
6,325
|
|
|
4,367
|
|
||
Stock-based compensation
|
3,381
|
|
|
1,170
|
|
||
Others
|
33
|
|
|
22
|
|
||
Gross deferred tax assets
|
64,724
|
|
|
58,019
|
|
||
Less valuation allowance
|
(63,673
|
)
|
|
(57,750
|
)
|
||
Total deferred tax assets
|
1,051
|
|
|
269
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
Goodwill
|
(44
|
)
|
|
(51
|
)
|
||
Gross deferred tax liabilities
|
(44
|
)
|
|
(51
|
)
|
||
Net deferred tax assets
|
$
|
1,007
|
|
|
$
|
218
|
|
|
Year Ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
Beginning balance
|
$
|
13,647
|
|
|
$
|
12,603
|
|
Increases/(Decreases) related to tax positions taken during a prior year
|
(78
|
)
|
|
531
|
|
||
Increases related to tax positions taken during the current year
|
655
|
|
|
513
|
|
||
Decreases related to change in US tax rate
|
$
|
(4,251
|
)
|
|
$
|
—
|
|
Ending balance
|
$
|
9,973
|
|
|
$
|
13,647
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Net loss
|
$
|
(79,980
|
)
|
|
$
|
(49,599
|
)
|
|
$
|
(65,439
|
)
|
Deemed dividend to preferred stockholders from the 2016 Tender Offer
|
—
|
|
|
(9,436
|
)
|
|
—
|
|
|||
Net loss attributable to common stockholders
|
$
|
(79,980
|
)
|
|
$
|
(59,035
|
)
|
|
$
|
(65,439
|
)
|
Denominator:
|
|
|
|
|
|
||||||
Weighted-average shares used in computing net loss attributable to common stockholders, basic and diluted
|
106,742,923
|
|
|
21,623,610
|
|
|
18,324,048
|
|
|||
Net loss per share attributable to common stockholders, basic and diluted
|
$
|
(0.75
|
)
|
|
$
|
(2.73
|
)
|
|
$
|
(3.57
|
)
|
|
As of
December 31, |
|||||||
|
2017
|
|
2016
|
|
2015
|
|||
Convertible preferred stock on an as-if converted basis
|
—
|
|
|
86,030,961
|
|
|
90,262,270
|
|
Stock options to purchase common stock
|
19,371,224
|
|
|
21,915,624
|
|
|
19,090,117
|
|
RSUs issued and outstanding
|
3,242,610
|
|
|
—
|
|
|
—
|
|
Common stock reserved for issuance under 2017 ESPP
|
1,150,455
|
|
|
—
|
|
|
—
|
|
Convertible preferred stock warrants
|
—
|
|
|
19,640
|
|
|
19,640
|
|
Total
|
23,764,289
|
|
|
107,966,225
|
|
|
109,372,027
|
|
1.
|
Consolidated Financial Statements: Our Consolidated Financial Statements are incorporated by reference to the section titled “Index to Consolidated Financial Statements” Under Part II, Item 8 of this Annual Report on Form 10-K.
|
2.
|
Financial Statement Schedules: Financial statement schedules not listed have been omitted because they are not applicable or the required information is shown in the Consolidated Financial Statements or Notes thereto.
|
3.
|
Exhibits: The documents listed in the Exhibit Index of this report are incorporated by reference or are filed with Annual Report on Form 10-K.
|
|
|
Incorporated by Reference
|
|||||||||
Exhibit
Number
|
|
Description
|
|
Form
|
|
File No.
|
|
Exhibit
|
|
Filing
Date
|
|
|
Amended and Restated Certificate of Incorporation of the Registrant.
|
|
10-Q
|
|
001-38031
|
|
3.1
|
|
|
5/10/2017
|
|
|
Amended and Restated Bylaws of the Registrant.
|
|
S-1/A
|
|
333-216130
|
|
3.4
|
|
|
3/6/2017
|
|
|
Form of common stock certificate of the Registrant
|
|
S-1/A
|
|
333-216130
|
|
4.1
|
|
|
3/6/2017
|
|
|
Form of Indemnification Agreement between the Registrant and each of its directors and executive officers.
|
|
S-1
|
|
333-216130
|
|
10.1
|
|
|
2/17/2017
|
|
|
MuleSoft, Inc. 2017 Equity Incentive Plan and related form agreements.
|
|
S-1/A
|
|
333-216130
|
|
10.2
|
|
|
3/6/2017
|
|
|
Amended and Restated MuleSoft, Inc. 2017 Employee Stock Purchase Plan and related form agreements.
|
|
|
|
|
|
|
|
|
||
|
MuleSoft, Inc. Executive Incentive Compensation Plan.
|
|
S-1
|
|
333-216130
|
|
10.6
|
|
|
2/17/2017
|
|
|
MuleSoft, Inc. Severance Policy.
|
|
S-1
|
|
333-216130
|
|
10.7
|
|
|
2/17/2017
|
|
|
Offer Letter between the Registrant and Greg Schott, dated as of February 17, 2017.
|
|
S-1
|
|
333-216130
|
|
10.8
|
|
|
2/17/2017
|
|
|
Offer Letter between the Registrant and Mark Dao, dated as of February 17, 2017.
|
|
S-1
|
|
333-216130
|
|
10.9
|
|
|
2/17/2017
|
|
|
Offer Letter between the Registrant and Rob Horton, dated as of February 17, 2017.
|
|
S-1
|
|
333-216130
|
|
10.10
|
|
|
2/17/2017
|
|
|
Offer Letter between the Registrant and Matt Langdon, dated as of February 17, 2017.
|
|
S-1
|
|
333-216130
|
|
10.11
|
|
|
2/17/2017
|
|
|
Offer Letter between the Registrant and Simon Parmett, dated as of February 17, 2017.
|
|
S-1
|
|
333-216130
|
|
10.12
|
|
|
2/17/2017
|
|
|
Sixth Amended and Restated Investors’ Rights Agreement among the Registrant and certain holders of its capital stock, dated as of May 13, 2015.
|
|
S-1
|
|
333-216130
|
|
10.16
|
|
|
2/17/2017
|
|
Lease between G&G Partners, L.P. and the Registrant, dated as of March 13, 2012, as amended.
|
|
S-1
|
|
333-216130
|
|
10.18
|
|
|
2/17/2017
|
|
|
Lease Agreement between Landmark Investors S.R.L and MuleSoft Argentina S.R.L., dated as of August 1, 2016, as amended.
|
|
S-1
|
|
333-216130
|
|
10.19
|
|
|
2/17/2017
|
|
|
MuleSoft, Inc. Outside Director Compensation Policy.
|
|
S-1/A
|
|
333-216130
|
|
10.20
|
|
|
3/6/2017
|
|
|
List of significant subsidiaries of the Registrant
|
|
|
|
|
|
|
|
|
||
|
Consent of KPMG LLP, Independent Registered Public Accounting Firm
|
|
|
|
|
|
|
|
|
||
|
Power of Attorney (incorporated by reference from the signature page of this Annual Report on Form 10-K)
|
|
|
|
|
|
|
|
|
||
|
Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
|
||
|
Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
|
||
|
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
|
||
|
Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
|
||
101.INS
|
|
XBRL Instance Document
|
|
|
|
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
|
|
|
*
|
Furnished herewith. The certifications attached as Exhibit 32.1 and Exhibit 32.2 that accompany this Annual Report on Form 10-K are deemed furnished and not filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of MuleSoft, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Annual Report on Form 10-K, irrespective of any general incorporation language contained in such filing.
|
MULESOFT, INC.
|
|
By:
|
/s/ Greg Schott
|
|
Greg Schott
|
|
Chairman and Chief Executive Officer
|
Signature
|
|
Title
|
|
Date
|
|
|
|
||
/s/ Greg Schott
|
|
Chairman and Chief Executive Officer
|
|
February 22, 2018
|
Greg Schott
|
|
(Principal Executive Officer)
|
|
|
|
|
|
||
/s/ Matt Langdon
|
|
Chief Financial Officer
|
|
February 22, 2018
|
Matt Langdon
|
|
(Principal Accounting and Financial Officer)
|
|
|
|
|
|
||
/s/ Mark Burton
|
|
Director
|
|
February 22, 2018
|
Mark Burton
|
|
|
|
|
|
|
|
||
/s/ Michael Capellas
|
|
Director
|
|
February 22, 2018
|
Michael Capellas
|
|
|
|
|
|
|
|
||
/s/ Steven Collins
|
|
Director
|
|
February 22, 2018
|
Steven Collins
|
|
|
|
|
|
|
|
/s/ Gary Little
|
|
Director
|
|
February 22, 2018
|
Gary Little
|
|
|
|
|
|
|
|
||
/s/ Ravi Mhatre
|
|
Director
|
|
February 22, 2018
|
Ravi Mhatre
|
|
|
|
|
|
|
|
|
|
/s/ Marcus Ryu
|
|
Director
|
|
February 22, 2018
|
Marcus Ryu
|
|
|
|
|
|
|
|
|
|
/s/ Yvonne Wassenaar
|
|
Director
|
|
February 22, 2018
|
Yvonne Wassenaar
|
|
|
|
|
|
|
|
|
|
/s/ Ann Winblad
|
|
Director
|
|
February 22, 2018
|
Ann Winblad
|
|
|
|
|
19.
|
Adjustments, Dissolution, Liquidation, Merger or Change in Control
.
|
|
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Name of Subsidiary
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Jurisdiction of Incorporation or Organization
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MuleSoft Singapore HoldCo Pte. Ltd.
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Singapore
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Date: February 22, 2018
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By:
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/s/ Greg Schott
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Greg Schott
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Chief Executive Officer
(Principal Executive Officer)
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Date: February 22, 2018
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By:
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/s/ Matt Langdon
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Matt Langdon
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Chief Financial Officer
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(Principal Financial Officer)
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Date: February 22, 2018
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By:
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/s/ Greg Schott
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Greg Schott
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Chief Executive Officer
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(Principal Executive Officer)
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Date: February 22, 2018
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By:
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/s/ Matt Langdon
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Matt Langdon
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Chief Financial Officer
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(Principal Financial Officer)
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