0001467623-21-000012 | 10-K | XBRL Viewer

$ 17.1

$ 15.8

47.0

Research and development

174.1

147.6

368.2

Sales and marketing

General and administrative

33.7

31.4

94.3

^[1],[2]

$ 36.6

$ 66.4

$ 140.6

[1]	During the year ended December 31, 2018, the Company recognized the cumulative unrecognized stock-based compensation of $418.7 million related to the two-tier restricted stock units upon the effectiveness of the Company's registration statement for its initial public offering. See Note 1 "Description of the Business and Summary of Significant Accounting Policies" for further details.
[2]	On March 19, 2020, one of the Company's co-founders resigned as a member of the board and as an officer of the Company, resulting in the reversal of $23.8 million in stock-based compensation expense. Of the total amount reversed, $21.5 million related to expense recognized prior to December 31, 2019. See Note 12 "Stockholders' Equity" for further information.

Consolidated Statements of Comprehensive Loss - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (256.3)	$ (52.7)	$ (484.9)
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustments	4.8	2.9	(4.9)
Change in net unrealized gains (losses) on short-term investments	2.8	1.6	(0.5)
Total other comprehensive income (loss), net of tax	7.6	4.5	(5.4)
Comprehensive loss	$ (248.7)	$ (48.2)	$ (490.3)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Adjustments to reconcile net loss to net cash provided by operating activities:

Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Convertible preferred stock	Class A and Class B common stock	Additional paid-in capital	Accumulated deficit	Accumulated deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated other comprehensive income (loss)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201602Member
Shares outstanding, beginning balance (in shares) at Dec. 31, 2017			147.6	196.8
Shareholders equity, beginning balance at Dec. 31, 2017	$ 102.9		$ 615.3	$ 0.0	$ 533.1	$ (1,049.7)		$ 4.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Release of restricted stock units and awards (in shares)				40.4
Shares withheld related to net share settlement (in shares)				(15.6)
Shares withheld related to net share settlement	(351.8)				(226.9)	(124.9)
Conversion of preferred stock to common stock in connection with initial public offering (in shares)			(147.6)	147.6
Conversion of preferred stock to common stock in connection with initial public offering	0.0		$ (615.3)		615.3
Issuance of common stock in connection with initial public offering and private placement, net of underwriters' discounts and commissions and issuance costs (in shares)				37.0
Issuance of common stock in connection with initial public offering and private placement, net of underwriters' discounts and commissions and issuance costs	739.7				739.7
Exercise of stock options and awards (in shares)				3.4
Exercise of stock options and awards	26.2				26.2
Stock-based compensation	650.1				650.1
Other comprehensive income (loss)	(5.4)							(5.4)
Net loss	(484.9)					(484.9)
Shares outstanding, ending balance (in shares) at Dec. 31, 2018			0.0	409.6
Shareholders equity, ending balance at Dec. 31, 2018	$ 676.8		$ 0.0	$ 0.0	2,337.5	(1,659.5)		(1.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Release of restricted stock units and awards (in shares)				11.2
Shares withheld related to net share settlement (in shares)	(4.1)			(4.1)
Shares withheld related to net share settlement	$ (85.4)				(70.4)	(15.0)
Exercise of stock options and awards (in shares)	0.3			0.3
Exercise of stock options and awards	$ 2.2				2.2
Assumed stock options in connection with acquisition	0.8				0.8
Stock-based compensation	261.2				261.2
Other comprehensive income (loss)	4.5							4.5
Net loss	(52.7)					(52.7)
Shares outstanding, ending balance (in shares) at Dec. 31, 2019			0.0	417.0
Shareholders equity, ending balance at Dec. 31, 2019	$ 808.4	$ 1.0	$ 0.0	$ 0.0	2,531.3	(1,726.2)	$ 1.0	3.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Release of restricted stock units and awards (in shares)				13.1
Shares withheld related to net share settlement (in shares)	(4.7)			(4.7)
Shares withheld related to net share settlement	$ (92.2)				(43.5)	(48.7)
Repurchase of common stock (in shares)				(20.2)
Repurchases of common stock	$ (397.5)				(187.3)	(210.2)
Exercise of stock options and awards (in shares)	0.4			0.5
Exercise of stock options and awards	$ 2.3				2.3
Stock-based compensation	261.5				261.5
Other comprehensive income (loss)	7.6							7.6
Net loss	(256.3)					(256.3)
Shares outstanding, ending balance (in shares) at Dec. 31, 2020			0.0	405.7
Shareholders equity, ending balance at Dec. 31, 2020	$ 333.8		$ 0.0	$ 0.0	$ 2,564.3	$ (2,241.4)		$ 10.9

Consolidated Statements of Cash Flows - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Cash flow from operating activities

Net loss

$ (256.3)

$ (52.7)

$ (484.9)

Depreciation and amortization

159.3

173.5

166.8

Stock-based compensation

261.5

261.2

650.1

^[1]

398.2

0.0

Net gains on equity investments

(17.5)

0.0

Amortization of deferred commissions

24.4

17.5

12.1

Other

(2.6)

(16.6)

(1.9)

Changes in operating assets and liabilities:

Trade and other receivables, net

(5.5)

(7.5)

0.1

Prepaid expenses and other current assets

(39.4)

(18.2)

(47.9)

Other assets

62.0

61.2

(11.2)

Accounts payable

(19.9)

6.4

(1.7)

Accrued and other current liabilities

(9.8)

23.0

40.3

Accrued compensation and benefits

11.7

19.1

25.0

Deferred revenue

55.1

68.7

66.4

Other non-current liabilities

(72.9)

(62.4)

12.2

Tenant improvement allowance reimbursement

22.5

55.3

0.0

Net cash provided by operating activities

570.8

528.5

425.4

Cash flows from investing activities

Capital expenditures

(80.1)

(136.1)

(63.0)

Purchase of intangible assets

(0.2)

(1.7)

(3.0)

Business combinations, net of cash acquired

0.0

(173.9)

0.0

Purchases of short-term investments

(756.1)

(775.4)

(850.4)

Proceeds from maturities of short-term investments

386.7

294.8

71.2

Proceeds from sales of short-term investments

198.8

456.1

212.4

Other

17.3

16.2

(1.0)

Net cash used in investing activities

(233.6)

(320.0)

(633.8)

Cash flows from financing activities

Proceeds from initial public offering and private placement, net of underwriters' discounts and commissions

0.0

746.6

Payments of deferred offering costs

0.0

(4.5)

Shares withheld related to net share settlement

(92.2)

(85.4)

(351.9)

Proceeds from issuance of common stock, net of repurchases

2.3

2.2

26.2

Principal payments on finance lease obligations

(89.5)

(92.9)

(109.1)

Common stock repurchases

(397.5)

0.0

Other

(0.8)

(0.6)

(6.5)

Net cash (used in) provided by financing activities

(577.7)

(176.7)

300.8

Effect of exchange rate changes on cash and cash equivalents

4.1

0.2

(3.1)

Change in cash and cash equivalents

(236.4)

32.0

89.3

Cash and cash equivalents—beginning of period

551.3

519.3

430.0

Cash and cash equivalents—end of period

314.9

551.3

519.3

Supplemental cash flow data:

Interest

9.6

9.8

8.3

Income taxes

5.0

0.6

1.4

Non-cash investing and financing activities:

Property and equipment received and accrued in accounts payable and accrued liabilities

7.8

19.9

7.3

Property and equipment acquired under finance leases

$ 145.8

$ 144.1

$ 98.5

[1]	Includes impairment charges related to certain right-of-use and other lease related assets as a result of our decision to shift to a Virtual First work model. See Note 9 "Leases" for further information.

Description of the Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of the Business and Summary of Significant Accounting Policies

Business

Dropbox, Inc. (the “Company” or “Dropbox”) is one place to keep life organized and keep work moving. Dropbox was incorporated in May 2007 as Evenflow, Inc., a Delaware corporation, and changed its name to Dropbox, Inc. in October 2009. The Company is headquartered in San Francisco, California.

Basis of presentation and consolidation

The accompanying consolidated financial statements have been prepared in accordance with the United States of America generally accepted accounting principles (“GAAP”). The accompanying consolidated financial statements include the accounts of Dropbox and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the Company’s consolidated financial statements and accompanying notes. These estimates are based on information available as of the date of the consolidated financial statements. Management evaluates these estimates and assumptions on a regular basis. Actual results may differ materially from these estimates.

The Company’s most significant estimates and judgments involve the valuation of acquired intangible assets and goodwill from business combinations. In addition, in the fourth quarter of 2020, the Company performed a valuation of right-of-use and other lease related assets due to the decision to shift to a Virtual First work model. See Note 9, "Leases" for further discussion.

Financial information about segments and geographic areas

The Company manages its operations and allocates resources as a single operating segment. Further, the Company manages, monitors, and reports its financials as a single reporting segment. The Company’s chief operating decision-maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. See Note 15, "Geographic Areas" for information regarding the Company's long-lived assets and revenue by geography.

Foreign currency transactions

The assets and liabilities of the Company’s foreign subsidiaries are translated from their respective functional currencies into U.S. dollars at the exchange rates in effect at the balance sheet date. Revenue and expense amounts are translated at the average exchange rate for the period. Foreign currency translation gains and losses are recorded in other comprehensive income (loss).

Gains and losses realized from foreign currency transactions (those transactions denominated in currencies other than the foreign subsidiaries’ functional currency) are included in other income, net. Monetary assets and liabilities are remeasured using foreign currency exchange rates at the end of the period, and non-monetary assets are remeasured based on historical exchange rates. The Company recorded net foreign currency transaction gains of $2.9 million and losses of $0.8 million in the years ended December 31, 2020 and 2019 respectively.

Revenue recognition

The Company derives its revenue from subscription fees from customers for access to its platform. The Company’s policy is to exclude sales and other indirect taxes when measuring the transaction price of its subscription agreements. The Company accounts for revenue contracts with customers through the following steps:

•Identification of the contract, or contracts, with a customer

•Identification of the performance obligations in the contract

•Determination of the transaction price

•Allocation of the transaction price to the performance obligations in the contract

•Recognition of revenue when, or as, the Company satisfies a performance obligation

The Company’s subscription agreements generally have monthly or annual contractual terms and a small percentage have multi-year contractual terms. Revenue is recognized ratably over the related contractual term beginning on the date that the platform is made available to a customer. Access to the platform represents a series of distinct services as the Company continually provides access to, and fulfills its obligation to the end customer over the subscription term. The series of distinct services represents a single performance obligation that is satisfied over time. The Company recognizes revenue ratably because the customer receives and consumes the benefits of the platform throughout the contract period. The Company’s contracts are generally non-cancelable.

The Company bills in advance for monthly contracts and typically bills annually in advance for contracts with terms of one year or longer. The Company also recognizes an immaterial amount of contract assets, or unbilled receivables, primarily relating to consideration for services completed but not billed at the reporting date. Unbilled receivables are classified as receivables when the Company has the right to invoice the customer.

The Company records contract liabilities when cash payments are received or due in advance of performance to deferred revenue. Deferred revenue primarily relates to the advance consideration received from the customer.

The price of subscriptions is generally fixed at contract inception and therefore, the Company’s contracts do not contain a significant amount of variable consideration. As a result, the amount of revenue recognized in the periods presented from performance obligations satisfied (or partially satisfied) in previous periods was not material.

The Company recognized $554.2 million, $481.1 million, $411.6 million of revenue during the years ended December 31, 2020, 2019, and 2018 respectively, that was included in the deferred revenue balances at the beginning of their respective periods.

As of December 31, 2020, future estimated revenue related to performance obligations that were unsatisfied or partially unsatisfied was $673.4 million. The substantial majority of the unsatisfied performance obligations will be satisfied over the next twelve months.

Stock-based compensation

The Company has granted RSUs to its employees and members of the Board of Directors under the 2008 Equity Incentive Plan (“2008 Plan”), the 2017 Equity Incentive Plan (“2017 Plan”), and the 2018 Equity Incentive Plan ("2018 Plan" and together with the 2008 Plan and 2017 Plan, the "Dropbox Equity Incentive Plans"). The Company has granted the following types of RSUs under the Dropbox Equity Incentive Plans:

•One-tier RSUs, which have a service-based vesting condition over a four-year period. These awards typically have a cliff vesting period of one year and continue to vest quarterly thereafter. The Company began granting one-tier RSUs under its 2008 Plan in August 2015, and it continues to grant one-tier RSUs under its 2018 Plan. The Company recognizes compensation expense associated with one-tier RSUs ratably on a straight-line basis over the requisite service period and accounts for forfeitures in the period in which they occur.

•Two-tier RSUs, which had both a service-based vesting condition and a Performance Vesting Condition. The Performance Vesting Condition was satisfied on the effectiveness of the registration statement related to the Company's IPO. Prior to August 2015, the Company granted two-tier RSUs under the 2008 Plan. The last grant date for two-tier RSUs was in May 2015. The Company recognized compensation expense associated with two-tier RSUs using the accelerated attribution method over the requisite service period.

As of December 31, 2020, the Company only had one-tier RSUs outstanding under the Dropbox Equity Incentive Plans.

Since August 2015, the Company has granted one-tier RSUs as the only stock-based payment awards to its employees, with the exception of awards granted to its co-founders and certain executives, and has not granted any stock options to employees since then. The fair values of the common stock underlying the RSUs granted in periods prior to the date of the Company's IPO were determined by the Board of Directors, with input from management and contemporaneous third-party valuations, which were performed at least quarterly. For valuations after the Company's IPO, the Board of Directors determines the fair value of each share of underlying common stock based on the closing price of the Company's Class A common stock as reported on the Nasdaq Global Select Market on the date of the grant.

In connection with the acquisition of JN Projects, Inc. (d/b/a HelloSign) ("HelloSign"), the Company assumed unvested stock options that had been granted under the HelloSign's 2011 Equity Incentive Plan. The fair value of options assumed were based upon the Black-Scholes option-pricing model, see Note 12, "Stockholders' Equity" for further information.

In December 2017, the Board of Directors approved a grant to the Company’s co-founders of restricted stock awards (“RSAs”) with respect to 14.7 million shares of Class A Common Stock in the aggregate (collectively, the “Co-Founder Grants”), of which 10.3 million RSAs were granted to Mr. Houston, the Company’s co-founder and Chief Executive Officer, and 4.4 million RSAs were granted to Mr. Ferdowsi, the Company’s co-founder and former director. These Co-Founder Grants have service-based, market-based, and performance-based vesting conditions. The Company estimated the grant date fair value of the Co-Founder Grants using a model based on multiple stock price paths developed through the use of a Monte Carlo simulation that incorporates into the valuation the possibility that the Stock Price Targets may not be satisfied. Effective March 19, 2020, Mr. Ferdowsi resigned as a member of the Board of Directors and as an officer of the Company. As of the date of Mr. Ferdowsi's resignation, none of the Stock Price Targets had been met, resulting in the forfeiture of his 4.4 million RSAs. See Note 12, "Stockholders' Equity" for further information.

Cost of revenue

Cost of revenue consists primarily of expenses associated with the storage, delivery, and distribution of the Company’s platform for both paying users and free users, also known as Basic users. These costs, which are referred to as infrastructure costs, include depreciation of servers located in co-location facilities that the Company leases and operates, rent and facilities expense for those datacenters, network and bandwidth costs, support and maintenance costs for infrastructure equipment, and payments to third-party datacenter service providers. Cost of revenue also includes costs, such as salaries, bonuses, benefits, travel-related expenses, and stock-based compensation, which are referred to as employee-related costs, for employees whose primary responsibilities relate to supporting the Company’s infrastructure and delivering user support. Other non-employee costs included in cost of revenue include credit card fees related to processing customer transactions and allocated overhead, such as facilities, including rent, utilities, depreciation on leasehold improvements and other equipment shared by all departments, and shared information technology costs. In addition, cost of revenue includes amortization of developed technologies, professional fees related to user support initiatives, and property taxes related to the datacenters.

Advertising and promotional expense

Advertising and promotional expenses are included in sales and marketing expenses within the consolidated statements of operations and are expensed when incurred. Advertising and promotional expenses were $81.4 million, $88.8 million, and $100.9 million in the years ended December 31, 2020, 2019, and 2018, respectively.

Cash and cash equivalents

Cash consists primarily of cash on deposit with banks and includes amounts in transit from payment processors for credit and debit card transactions, which typically settle within five business days. Cash equivalents include highly liquid investments purchased with an original maturity date of 90 days or less from the date of purchase.

The Company monitors its credit risk by considering factors such as historical experience, credit ratings, current economic conditions, and reasonable and supportable forecasts.

Short-term investments

The Company’s short-term investments are primarily comprised of corporate notes and obligations, U.S. Treasury securities, certificates of deposit, asset-backed securities, commercial paper, U.S. agency obligations, foreign government securities, supranational securities, and municipal securities. The Company determines the appropriate classification of its short-term investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company has

classified and accounted for its short-term investments as available-for-sale securities as the Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. As a result, the Company classifies its short-term investments, including securities with stated maturities beyond twelve months, within current assets in the consolidated balance sheets.

The Company's short-term investments are recorded at fair value each reporting period. Unrealized gains and losses on these short-term investments are reported as a separate component of accumulated other comprehensive income (loss) in the consolidated balance sheets until realized. Unrealized gains and losses for any short-term investments that management intends to sell or it is more likely than not that management will be required to sell prior to their anticipated recovery are recorded in other income, net. The Company segments its portfolio based on the underlying risk profiles of the securities and has a zero-loss expectation for U.S. treasury and U.S. government agency securities. The Company regularly reviews the securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as credit ratings, issuer-specific factors, current economic conditions, and reasonable and supportable forecasts. The Company did not record any material credit losses during the year ended December 31, 2020.

Concentrations of credit risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, accounts receivable, and short-term investments. The Company places its cash and cash equivalents, and short-term investments with well-established financial institutions.

Trade accounts receivable are typically unsecured and are derived from revenue earned from customers located around the world. Two distribution partners accounted for 11% and 28% of total trade and other receivables, net as of December 31, 2020. Two distribution partners accounted for 10% and 27% of total trade and other receivables, net as of December 31, 2019. No customer accounted for more than 10% of the Company’s revenue in the periods presented.

Trade and other receivables, net

Trade and other receivables, net consists primarily of trade receivables that are recorded at the invoice amount, net of an allowance for expected credit losses.

The allowance for expected credit losses is based on the Company’s assessment of the collectability of accounts receivable. The Company assesses collectibility by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectibility issues. The Company regularly reviews the adequacy of the allowance for expected credit losses by considering the age of each outstanding invoice, the collection history of each customer, and other relevant factors, including contractual term and current and future economic conditions. The Company's allowance for expected credit losses was $0.5 million and $0.5 million as of December 31, 2020 and 2019, respectively.

Non-trade receivables

The Company records non-trade receivables to reflect amounts due for activities outside of its subscription agreements, such as non-current notes receivable. Non-trade receivables totaled $2.7 million and $7.4 million, as of December 31, 2020 and 2019, respectively, and are classified within prepaid expenses and other current assets in the accompanying consolidated balance sheets. See "—Lease obligations” for further discussion.

Deferred commissions, net

Deferred commissions, net is stated as gross deferred commissions less accumulated amortization. Sales commissions earned by the Company’s sales force and third-party resellers, as well as related payroll taxes, are considered to be incremental and recoverable costs of obtaining a contract with a customer. These amounts have been capitalized as deferred commissions within prepaid and other current assets and other assets on the consolidated balance sheets. The Company deferred incremental costs of obtaining a contract of $35.0 million and $28.1 million during the years ended December 31, 2020 and 2019, respectively.

Deferred commissions, net included in prepaid and other current assets were $26.7 million and $19.9 million as of December 31, 2020 and 2019, respectively. Deferred commissions, net included in other assets were $47.3 million and $43.5 million as of December 31, 2020 and 2019, respectively.

Deferred commissions are typically amortized over a period of benefit of five years. The period of benefit was estimated by considering factors such as historical customer attrition rates, the useful life of the Company’s technology, and the impact of competition in its industry. Amortized costs were $24.4 million, $17.5 million, and $12.1 million for the years ended December 31, 2020, 2019, and 2018, respectively. Amortized costs are included in sales and marketing expense in the accompanying consolidated statements of operations. There was no impairment loss in relation to the deferred costs for any period presented.

Property and equipment, net

Equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of the related asset, which is generally three to seven years. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the term of the related lease.

The following table presents the estimated useful lives of property and equipment:



Property and equipment						Useful life
Buildings						20 to 30 years
Datacenter and other computer equipment						3 to 5 years
Office equipment and other						3 to 7 years
Leasehold improvements						Lesser of estimated useful life or remaining lease term

Equity investments

As of December 31, 2020, the Company held an equity investment in a privately held entity in which the Company did not have a controlling interest or significant influence. During the year ended December 31, 2020, the Company also held and sold an equity investment in a publicly traded company in which the Company did not have a controlling interest or significant influence. The Company recognized a net gain of $16.8 million related to the sale of the publicly traded equity investment. The investment had a carrying value of $9.8 million as of December 31, 2019, and was previously measured using quoted prices in its active market with changes recorded in other income, net, in the condensed consolidated statement of operations.

Lease obligations

The Company leases office space, datacenters, and equipment under non-cancelable finance and operating leases with various expiration dates through 2036. The Company determines if an arrangement contains a lease at inception.

Operating lease right-of-use assets and lease liabilities are recognized at the present value of the future lease payments at commencement date. The interest rate implicit in the Company’s operating leases is not readily determinable, and therefore an incremental borrowing rate is estimated to determine the present value of future payments. The estimated incremental borrowing rate factors in a hypothetical interest rate on a collateralized basis with similar terms, payments, and economic environments. Operating lease right-of-use assets also include any prepaid lease payments and lease incentives.

Certain of the operating lease agreements contain rent concession, rent escalation, and option to renew provisions. Rent concession and rent escalation provisions are considered in determining the single lease cost to be recorded over the lease term. Single lease cost is recognized on a straight-line basis over the lease term commencing on the date the Company has the right to use the leased property. The lease terms may include options to extend or terminate the lease. The Company generally uses the base, non-cancelable, lease term when recognizing the lease assets and liabilities, unless it is reasonably certain that the option will be exercised.

In addition, certain operating lease agreements contain tenant improvement allowances from its landlords. These allowances are accounted for as lease incentives and decrease the Company's right-of-use asset and reduce single lease cost over the lease term.

As part of the Company's Virtual First strategy, Dropbox will retain a portion of its office space to be used for the Company’s team collaboration use and a portion will be marketed for sublease. As a result, the Company recorded an impairment charge of $215.8 million related to right-of-use assets and $182.4 million related to other lease related property and equipment assets. See Note 4 "Property and Equipment, Net" and Note 9 "Leases" for further information.

The Company leases certain equipment from various third parties, through equipment finance leases. These leases either include a bargain purchase option, a full transfer of ownership at the completion of the lease term, or the terms of the leases are at least 75 percent of the useful lives of the assets and are therefore classified as finance leases. These leases are capitalized in property and equipment, net and the related amortization of assets under finance leases is included in depreciation and amortization expense in the Company’s consolidated statements of operations. Initial asset values and finance lease obligations are based on the present value of future minimum lease payments.

The Company’s finance lease agreements may contain lease and non-lease components. The non-lease components include payments for support on infrastructure equipment obtained via finance leases, which when not significant in relation to the overall agreement, are combined with the lease components and accounted for together as a single lease component

Internal use software

The Company capitalizes certain costs related to developed or modified software solely for its internal use and cloud based applications used to deliver its platform. The Company capitalizes costs during the application development stage once the preliminary project stage is complete, management authorizes and commits to funding the project, and it is probable that the project will be completed and that the software will be used to perform the function intended. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Capitalized internal use software costs were not material to the Company’s consolidated financial statements during the years ended December 31, 2020, 2019, and 2018.

Business combinations

The Company uses best estimates and assumptions, including but not limited to, future expected cash flows, expected asset lives, and discount rates, to assign a fair value to the tangible and intangible assets acquired and liabilities assumed in business combinations as of the acquisition date. These estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of operations.

Long-lived assets, including goodwill and other acquired intangible assets, net

The Company evaluates the recoverability of its property and equipment and finite-lived intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. The evaluation is performed at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review determines that the carrying amount of specific property and equipment or intangible assets is not recoverable, the carrying amount of such assets is reduced to its fair value.

The Company reviews goodwill for impairment at least annually in the fourth quarter, or more frequently if events or changes in circumstances would more likely than not reduce the fair value of its single reporting unit below its carrying value.

The Company has not recorded impairment charges on goodwill or intangible assets for the periods presented in these consolidated financial statements.

The Company recorded an impairment charge of $215.8 million related to right-of-use assets and $182.4 million related to other lease related property and equipment assets in conjunction with its decision to move towards a Virtual First work model. See Note 4 "Property and Equipment, Net" and Note 9 "Leases" for further information.

Acquired property and equipment and finite-lived intangible assets are amortized over their useful lives. The Company evaluates the estimated remaining useful life of these assets when events or changes in circumstances warrant a revision to the remaining period of amortization. If the Company revises the estimated useful life assumption for any asset, the remaining unamortized balance is amortized or depreciated over the revised estimated useful life on a prospective basis.

Income taxes

Deferred income tax balances reflect the effects of temporary differences between the financial reporting and tax bases of the Company’s assets and liabilities using enacted tax rates expected to apply when taxes are actually paid or recovered. In addition, deferred tax assets are recorded for net operating loss and credit carryforwards.

A valuation allowance is provided against deferred tax assets unless it is more likely than not that they will be realized based on all available positive and negative evidence. Such evidence includes, but is not limited to, recent cumulative earnings or losses, expectations of future taxable income by taxing jurisdiction, and the carry-forward periods available for the utilization of deferred tax assets.

The Company uses a two-step approach to recognizing and measuring uncertain income tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit. The second step is to measure the tax benefit as the largest amount, which is more than 50% likely of being realized upon ultimate settlement. The Company recognizes interest and penalties related to unrecognized tax benefits as income tax expense.

Although the Company believes that it has adequately reserved for its uncertain tax positions, it can provide no assurance that the final tax outcome of these matters will not be materially different. The Company evaluates its uncertain tax positions on a regular basis and evaluations are based on a number of factors, including changes in facts and circumstances, changes in tax law, such as the 2017 Tax Cuts and Jobs Act ("2017 Tax Reform Act"), the 2020 Coronavirus Aid, Relief, and Economic Security Act ("2020 CARES Act"), and the California 2020 Budget Act, correspondence with tax authorities during the course of an audit, and effective settlement of audit issues.

To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made and could have a material impact on the Company’s financial condition and results of operations.

Fair value measurement

The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value measurements for assets and liabilities, the Company considers the principal or most advantageous market in which it would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions, and credit risk. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1—Quoted prices in active markets for identical assets or liabilities.

Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, 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—Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.

Recently adopted accounting pronouncements

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). Most prominent among the changes in the standard is the recognition of right-of-use assets (“ROU assets”) and lease liabilities by lessees for certain leases classified as operating leases under current GAAP. The Company made the policy election to not recognize a lease liability or right-of-use asset for short-term operating leases.

The Company adopted the standard as of January 1, 2019, using the modified retrospective approach and has elected to use the optional transition method which allows the Company to apply the guidance of ASC 840, including disclosure requirements, in the comparative periods presented. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification related to agreements entered prior to adoption.

The most significant impact was the recognition of ROU assets and lease liabilities for operating leases. The adoption of the new standard resulted in the recording of operating ROU assets and lease liabilities of approximately $431.7 million and $502.4 million, respectively, as of January 1, 2019.

The accounting for finance leases remained unchanged, except for the accounting for certain non-lease components. Lease and non-lease components will be accounted for as a single lease component if the non-lease component is determined to be insignificant to the total agreement.

The cumulative impact of transition to retained earnings, recorded as of the adoption date, was not material. The standard did not materially impact consolidated net earnings and had no impact on cash flows.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. The Company adopted ASU No. 2016-13 on January 1, 2020 using the modified retrospective approach. The cumulative impact of transition to retained earnings, recorded as of the adoption date, was not material to the Company's consolidated financial statements. The Company did not record any material credit losses during the year ended December 31, 2020.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), which amends disclosure requirements for fair value measurements by requiring new disclosures, modifying existing requirements, and eliminating others. The amendments are the result of a broader disclosure project, which aims to improve the effectiveness of disclosures. The Company adopted ASU No. 2018-13 on January 1, 2020. The adoption of the standard did not have a material impact on the Company's consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in ASU No. 2018-15 amend the definition of a hosting arrangement and requires a customer in a hosting arrangement that is a service contract to capitalize certain costs as if the arrangement were an internal-use software project. The Company adopted ASU No. 2018-15 on January 1, 2020. The adoption of the standard did not have a material impact on the Company's consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes. This ASU simplifies accounting for income taxes by removing the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or gain for other items, the exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, the exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary, and the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. This ASU also includes other requirements related to franchise tax, goodwill as part of a business combination, consolidations, changes in tax laws, and affordable housing projects. The Company adopted ASU No. 2019-12 on January 1, 2020. The adoption of the standard did not have a material impact on the Company's consolidated financial statements.

Cash, Cash Equivalents and Short-Term Investments

12 Months Ended

Dec. 31, 2020

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Short-Term Investments

The amortized cost, unrealized gains and losses and estimated fair value of the Company's cash, cash equivalents and short-term investments as of December 31, 2020 consisted of the following:


	Amortized cost		Unrealized gain		Unrealized loss		Estimated fair value

Cash	$	67.2	$	—	$	—	$	67.2
Cash equivalents
Money market funds	222.6		—		—		222.6
U.S. Treasury securities	10.6		—		—		10.6
Commercial paper	8.0		—		—		8.0
Corporate notes and obligations	5.0		—		—		5.0
Municipal securities	1.5		—		—		1.5
Total cash and cash equivalents	$	314.9	$	—	$	—	314.9
Short-term investments
Corporate notes and obligations	374.3		2.5		(0.1)		376.7
U.S. Treasury securities	215.4		1.0		—		216.4
Asset backed securities	73.5		0.6		—		74.1
Municipal securities	38.7		0.1		—		38.8
U.S. agency obligations	23.0		0.1		—		23.1
Commercial paper	22.5		—		—		22.5
Supranational Securities	18.7		—		—		18.7
Foreign government obligations	18.5		—		—		18.5
Certificates of deposit	17.6		—		—		17.6
Total short-term investments	802.2		4.3		(0.1)		806.4
Total	$	1,117.1	$	4.3	$	(0.1)	$	1,121.3

The amortized cost, unrealized gains and losses and estimated fair value of the Company's cash, cash equivalents and short-term investments as of December 31, 2019 consisted of the following:


	Amortized cost		Unrealized gain		Unrealized loss		Estimated fair value

Cash	$	105.0	$	—	$	—	$	105.0
Cash equivalents
Money market funds	444.3		—		—		444.3
Commercial paper	2.0		—		—		2.0
Total cash and cash equivalents	$	551.3	$	—	$	—	$	551.3
Short-term investments
Corporate notes and obligations	285.5		1.2		(0.1)		286.6
U.S. Treasury securities	171.0		0.3		—		171.3
Asset backed securities	53.8		—		—		53.8
Certificates of deposit	38.2		—		—		38.2
U.S. agency obligations	27.2		—		—		27.2
Commercial paper	24.2		—		—		24.2
Supranational securities	4.0		—		—		4.0
Municipal securities	2.4		—		—		2.4
Total short-term investments	606.3		1.5		(0.1)		607.7
Total	$	1,157.6	$	1.5	$	(0.1)	$	1,159.0

Included in cash and cash equivalents is cash in transit from payment processors for credit and debit card transactions of $9.8 million and $11.5 million as of December 31, 2020 and December 31, 2019, respectively.

All short-term investments were designated as available-for-sale securities as of December 31, 2020.

The following table presents the contractual maturities of the Company’s short-term investments as of December 31, 2020:


	Amortized cost		Estimated fair value

Due within one year	$	215.7	$	216.0
Due between one to three years	378.9		381.9
Due after three years	207.6		208.5
Total	$	802.2	$	806.4

The Company had 60 short-term investments in unrealized loss positions as of December 31, 2020. There were no material unrealized losses from available-for-sale securities and no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive income for the year ended December 31, 2020.

As of December 31, 2020, the Company’s short-term investments portfolio consisted of nine security types, one of which was in an unrealized loss position. The Company’s corporate notes and obligations had unrealized losses of approximately $0.1 million as of December 31, 2020. Unrealized losses on corporate notes and obligations have not been recorded into income because management does not intend to sell nor will be required to sell these securities prior to their anticipated recovery, and for which the decline in fair value is largely due to changes in credit spreads. The credit ratings associated with the corporate notes and obligations are mostly unchanged, are highly rated and the issuers continue to make timely principal and interest payments.

The Company recorded $12.5 million, $22.8 million, and $16.8 million in interest income from its cash, cash equivalents and short-term investments for the years ended December 31, 2020, 2019 and 2018, respectively.

Fair Value Measurements

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company measures its financial instruments at fair value each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis using the input categories discussed in Note 1:


	As of December 31, 2020
	Level 1		Level 2		Level 3		Total

Cash equivalents
Money market funds	$	222.6	$	—	$	—	$	222.6


U.S. Treasury securities	—		10.6		—		10.6
Commercial paper	—		8.0		—		8.0
Corporate notes and obligations	—		5.0		—		5.0
Municipal securities	—		1.5		—		1.5
Total Cash Equivalents	$	222.6	$	25.1	$	—	$	247.7
Short-term investments
Corporate notes and obligations	—		376.7		—		376.7
U.S. Treasury securities	—		216.4		—		216.4
Asset backed securities	—		74.1		—		74.1
Municipal securities	—		38.8		—		38.8
U.S. agency obligations	—		23.1		—		23.1
Commercial paper	—		22.5		—		22.5
Supranational securities	—		18.7		—		18.7
Foreign government obligations	—		18.5		—		18.5
Certificates of deposit	—		17.6		—		17.6
Total short-term investments	—		806.4		—		806.4
Total	$	222.6	$	831.5	$	—	$	1,054.1

As of December 31, 2020, the Company had an investment in a non-marketable equity security in a privately held Company without a readily determinable market value. The investment had a carrying value of $5.6 million and is categorized as Level 3.


	As of December 31, 2019
	Level 1		Level 2		Level 3		Total

Cash equivalents
Money market funds	$	444.3	$	—	$	—	$	444.3


Commercial paper	—		2.0		—		2.0
Total Cash Equivalents	$	444.3	$	2.0	$	—	$	446.3
Short-term investments
Corporate notes and obligations	—		286.6		—		286.6
U.S. Treasury securities	—		171.3		—		171.3
Asset-backed securities	—		53.8		—		53.8
Certificates of deposit	—		38.2		—		38.2
U.S. agency obligations	—		27.2		—		27.2
Commercial paper	—		24.2		—		24.2
Supranational securities	—		4.0		—		4.0
Municipal securities	—		2.4		—		2.4
Total short-term investments	—		607.7		—		607.7
Equity Investments	9.8		—		—		9.8
Total	$	454.1	$	609.7	$	—	$	1,063.8

The Company had no transfers between levels of the fair value hierarchy.

The carrying amounts of certain financial instruments, including cash held in banks, accounts receivable and accounts payable approximate fair value due to their short-term maturities and are excluded from the fair value table above.

Property, Plant and Equipment [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property and Equipment, Net

12 Months Ended

Dec. 31, 2020

Property and Equipment, Net

Property and equipment, net consisted of the following:


	As of December 31,
	2020		2019
Datacenter and other computer equipment	$	652.7	$	749.3
Furniture and fixtures	19.9		35.5
Leasehold improvements	96.9		211.4
Construction in progress	21.0		36.3
Total property and equipment	790.5		1,032.5
Accumulated depreciation and amortization	(451.8)		(587.2)
Property and equipment, net	$	338.7	$	445.3

During the fourth quarter of 2020 the Company retired $104.3 million of fully depreciated datacenter assets that are no longer in use. The Company also wrote down $215.3 million in gross asset costs which was $162.4 million net of depreciation as result of its decision to move towards a Virtual First work model. See Note 9 "Leases" for further information.

The Company leases certain infrastructure from various third parties, through equipment finance leases. Infrastructure assets as of December 31, 2020 and 2019, respectively, included a total of $395.2 million and $321.8 million acquired under finance lease agreements. These leases are capitalized in property and equipment, and the related amortization of assets under finance leases is included in depreciation and amortization expense. The accumulated depreciation of the infrastructure assets under finance leases totaled $156.6 million and $124.6 million as of December 31, 2020 and 2019, respectively.

Construction in progress includes costs primarily related to construction of leasehold improvements for office buildings and datacenters.

Depreciation expense related to property and equipment was $145.1 million and $159.9 million for the years ended December 31, 2020 and 2019 respectively.

Business Combinations

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Business Combinations

On February 8, 2019, the Company acquired all outstanding stock of JN Projects, Inc. (d/b/a HelloSign) ("HelloSign"), which provides an e-signature and document workflow platform. The acquisition of HelloSign expands the Company's content collaboration capabilities to include additional business-critical workflows. The results of HelloSign operations have been included in the Company’s consolidated results of operations since the date of acquisition.

The purchase consideration transferred consisted of the following:


	Purchase consideration
Cash paid to common and preferred stockholders and vested option holders	$	175.2
Transaction costs paid by Dropbox on behalf of HelloSign	2.4
Fair value of assumed HelloSign options attributable to pre-combination services (1)	0.8
Purchase price adjustments	(0.5)
Total purchase consideration	$	177.9

(1) The fair value of options assumed were based upon the Black-Scholes option-pricing model.

In addition to the total purchase consideration above, the Company has compensation agreements with key HelloSign personnel consisting of $48.5 million in future cash payments subject to on-going employee service. The related expenses are recognized within research and development expenses over the required service period of three years. The payments began in

the first quarter of 2020, with $28.2 million paid during the year ended December 31, 2020. The remaining balance of $20.3 million will be paid evenly in quarterly installments over the remaining required service period.

The purchase consideration was preliminarily allocated to the tangible and intangible assets and liabilities acquired as of the acquisition date, with the excess recorded to goodwill as shown below.


Assets acquired:
Cash and cash equivalents	$	5.5
Short-term investments	7.8
Acquisition-related intangible assets	44.6
Accounts receivable, prepaid and other assets	5.0
Total assets acquired	$	62.9

Liabilities assumed:
Accounts payable, accrued and other liabilities	$	6.3
Deferred revenue	4.8
Deferred tax liability	6.9
Total liabilities assumed	18.0
Net assets acquired, excluding goodwill	44.9
Total purchase consideration	177.9
Goodwill (2)	$	133.0

(2) The goodwill recognized was primarily attributable to the opportunity to expand the user base of the Company's platform. The goodwill is not deductible for U.S. federal income tax purposes.

The fair value of the separately identifiable finite-lived intangible assets acquired and estimated weighted average useful lives are as follows:


	Estimated fair values		Estimated weighted average useful lives (In years)
Customer relationships	20.5		4.9
Developed technology	19.6		5.0
Trade name	4.5		5.0
Total acquisition-related intangible assets	$	44.6

The fair values of the acquisition-related intangibles were determined using the following methodologies: the multi-period excess earnings method, replacement cost method, and the relief from royalty method, for customer relationships, developed technology, and the trade name, respectively. The valuation model inputs required the application of significant judgment by management. At the time of acquisition, the acquired intangible assets had a total weighted average amortization period of 4.9 years.

One-time acquisition-related diligence costs of $1.0 million were expensed within general and administrative expenses as incurred for the year ended December 31, 2019.

Intangible Assets, Net

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangible assets consisted of the following:


	As of December 31,				Weighted- average remaining useful life (In years)
	2020		2019
Developed technology	$	26.0	$	25.8	3.1
Customer relationships	20.5		20.5		3.4
Patents	12.8		13.0		7.2
Software	9.0		20.0		1.1
Assembled workforce in asset acquisitions	3.0		12.6		—
Licenses	4.6		4.6		0.5
Trademarks and trade names	4.6		5.2		3.1
Other	0.8		3.3		4.7
Total intangibles	81.3		105.0
Accumulated amortization	(47.8)		(57.6)
Intangible assets, net	$	33.5	$	47.4

During 2020 the Company wrote-off $24.2 million in fully amortized non-compete, trademarks, assembled workforce, patents, and capitalized software assets.

Amortization expense was $14.1 million, $13.6 million, and $6.1 million, for the years ended December 31, 2020, 2019, and 2018, respectively.

Expected future amortization expense for intangible assets as of December 31, 2020, is as follows:



2021	$	11.6
2022	8.3
2023	7.6
2024	3.4
2025	0.9
Thereafter	1.7
Total	$	33.5

Goodwill

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. The changes in the carrying amounts of goodwill were as follows:


Balance at December 31, 2019	$	234.5
Effect of foreign currency translation	2.4
Balance at December 31, 2020	$	236.9

The goodwill acquired from HelloSign and our other acquisition is carried in U.S. dollars, while goodwill from previous acquisitions is denominated in other foreign currencies.Goodwill amounts are not amortized, but tested for impairment on an annual basis. There was no impairment of goodwill as of December 31, 2020, 2019, and 2018.

Revolving Credit Facility	12 Months Ended
Revolving Credit Facility	Dec. 31, 2020
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility In April 2017, the Company entered into an amended and restated credit and guaranty agreement which provided for a $600.0 million revolving loan facility (as amended from time to time, the “revolving credit facility”). In conjunction with the revolving credit facility, the Company paid upfront issuance fees of $2.6 million, which are being amortized over the five-year term of the agreement. In February 2018, the Company amended the revolving credit facility to, among other things, permit the Company to make certain investments, enter into an unsecured standby letter of credit facility and increase its standby letter of credit sublimit to $187.5 million. The Company increased its borrowing capacity under the revolving credit facility from $600.0 million to $725.0 million. The Company may from time to time request increases in its borrowing capacity under the revolving credit facility of up to $275.0 million, provided no event of default has occurred or is continuing or would result from such increase. In conjunction with the amendment, the Company paid upfront issuance fees of $0.4 million, which are being amortized over the remaining term of the agreement. Pursuant to the terms of the revolving credit facility, the Company may issue letters of credit under the revolving credit facility, which reduce the total amount available for borrowing. Pursuant to the terms of the revolving credit facility, the Company is required to pay an annual commitment fee that accrues at a rate of 0.20% per annum on the unused portion of the borrowing commitments under the revolving credit facility. In addition, the Company is required to pay a fee in connection with letters of credit issued under the revolving credit facility, which accrues at a rate of 1.5% per annum on the amount of such letters of credit outstanding. There is an additional fronting fee of 0.125% per annum multiplied by the average aggregate daily maximum amount available under all letters of credit. Borrowings under the revolving credit facility bear interest, at the Company’s option, at an annual rate based on LIBOR plus a spread of 1.50% or at an alternative base rate plus a spread of 0.50%. The revolving credit facility contains customary conditions to borrowing, events of default and covenants, including covenants that restrict the Company’s ability to incur indebtedness, grant liens, make distributions to holders of the Company or its subsidiaries’ equity interests, make investments, or engage in transactions with its affiliates. In addition, the revolving credit facility contains financial covenants, including a consolidated leverage ratio covenant and a minimum liquidity balance of $100.0 million, which includes any available borrowing capacity. The Company was in compliance with the covenants of the revolving credit facility as of December 31, 2020 and December 31, 2019, respectively. The Company had an aggregate of $45.4 million of letters of credit outstanding under the revolving credit facility as of December 31, 2020, and the Company’s total available borrowing capacity under the revolving credit facility was $679.6 million as of December 31, 2020. The Company’s letters of credit have final expiration dates through 2032.

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

The Company has operating leases for corporate offices and datacenters, and finance leases for infrastructure equipment, furniture and fixtures, and computer equipment. The Company’s leases have remaining lease terms of 1 year to 15 years, some of which include options to extend the leases for up to 5 years.

The Company also has subleases for several floors of its former corporate offices. The Company classifies its subleases as operating leases. The subleases have remaining lease terms of 1 year to 13 years. Sublease income, which is recorded as a reduction of rental expense, was $7.2 million for the year ended December 31, 2020 and $7.1 million for the year ended December 31, 2019.

The components of lease cost were as follows:


	Year ended December 31,
	2020	2019
Operating lease cost (1)	125.5	103.2
Finance lease cost:
Amortization of assets under finance lease	84.8	80.3
Interest	9.1	9.2
Total finance lease cost	93.9	89.5

(1) Is presented gross of sublease income and includes short-term leases, which are immaterial

Other information related to leases was as follows:


	Year ended December 31, 2020		Year ended December 31, 2019
Supplemental Cash Flow Information:
Cash paid for amounts included in the measurement of lease liabilities:
Payments for operating leases included in cash from operating activities	$	121.5	$	102.8
Payments for finance leases included in cash from operating activities	9.1		9.2
Payments for finance leases included in cash from financing activities	89.5		92.9
Assets obtained in exchange for lease obligations:
Operating leases	109.3		297.0
Finance leases	$	145.8	$	144.1


	As of December 31, 2020		Year ended December 31, 2019

Weighted Average Remaining Lease Term (in years)
Operating leases	10.6		11.3
Finance leases	2.9		3.0

Weighted Average Discount Rate
Operating leases	4.0	%	4.3	%
Finance leases	3.4	%	4.3	%

Future minimum lease payments under non-cancellable leases as of December 31, 2020 were as follows:


Year ending December 31,	Operating leases(1)		Finance leases
2021	$	122.5	$	106.9
2022	117.0		93.3
2023	101.1		59.6
2024	90.5		24.6
2025	85.3		—
Thereafter	564.7		—
Total future minimum lease payments	1,081.1		284.4
Less imputed interest	(223.2)		(13.2)
Less tenant incentive receivables	(9.6)		—
Total obligations	$	848.3	$	271.2

(1) Consists of future non-cancelable minimum rental payments under operating leases for the Company’s corporate offices and datacenters where the Company has possession, excluding rent payments from the Company’s sub-tenants and variable operating expenses.

Future non-cancelable rent payments from the Company's subtenants as of December 31, 2020 were as follows:


Year ending December 31,	Operating leases
2021	$	15.0
2022	19.6
2023	11.0
2024	10.2
2025	10.5
Thereafter	67.5
Total future sublease rent payments	133.8
Less sub-tenant incentive	(10.5)
Total future sublease rent payments, net	$	123.3

In 2017, the Company entered into a lease agreement for office space in San Francisco, California, to serve as its corporate headquarters. The Company took initial possession of the first phase of its corporate headquarters in June 2018, and began to recognize single lease cost and recorded a lease obligation, net of tenant improvement reimbursements associated with the first phase. In April 2019, the Company took possession of the second phase, and began to recognize additional lease costs and recorded an additional lease obligation, net of tenant improvement reimbursements related to the second phase. In December 2019, the Company took possession of the final phase, and began to recognize lease costs and lease obligation, net of tenant improvement reimbursements related to the third phase. The Company's total expected minimum obligations over the entire lease term for all three phases are $836.4 million, which excludes expected tenant improvement reimbursements from the landlord of approximately $75.0 million and variable operating expenses. The Company’s obligations under the lease are supported by a $34.2 million letter of credit, which reduced the borrowing capacity under the revolving credit facility. For the year ended December 31, 2020, the Company collected tenant improvement reimbursements from the landlord totaling $16.4 million.

In the fourth quarter of 2020, the Company announced a new Virtual First work model pursuant to which remote work will become the primary experience for all of its employees. As part of the Virtual First strategy, Dropbox will retain a portion of its office space to be used for the Company’s team collaboration use and a portion will be marketed for sublease. The Company evaluated certain of its right-of-use assets and other lease related assets including leasehold improvements, furniture and fixtures, and computer equipment for impairment under ASC 360.

In connection with analysis, the Company reassessed its real estate asset groups and estimated the fair value of the office space to be subleased using current market conditions. Where the carrying value of the individual asset groups exceeded their fair value, an impairment charge was recognized for the difference.

As a result, the Company recorded total impairment of $398.2 million for right-of-use and other lease related assets. Of the total impairment charge, $215.8 million is related to right-of-use assets and $182.4 million is related to other lease related assets including leasehold improvements, furniture and fixtures, and computer equipment.

The Company utilized an income approach to value the asset groups by developing discounted cash flow models. The significant assumptions used in the discounted cash flow models for each of the asset groups included projected sublease income over the remaining lease terms, expected downtime prior to the commencement of future subleases, expected lease incentives offered to future tenants, and discount rates that reflected the level of risk associated with these future cash flows. These significant assumptions are considered Level 3 inputs in accordance with the fair value hierarchy described in Note 1. Description of the Business and Summary of Significant Accounting Policies.

As of December 31, 2020, the Company had commitments of $112.8 million for operating leases that have not yet commenced, and therefore are not included in the right-of-use asset or operating lease liability. These operating leases will commence in 2021 with lease terms of 5 years to 15 years.

Leases

The components of lease cost were as follows:


	Year ended December 31,
	2020	2019
Operating lease cost (1)	125.5	103.2
Finance lease cost:
Amortization of assets under finance lease	84.8	80.3
Interest	9.1	9.2
Total finance lease cost	93.9	89.5

(1) Is presented gross of sublease income and includes short-term leases, which are immaterial

Other information related to leases was as follows:


	Year ended December 31, 2020		Year ended December 31, 2019
Supplemental Cash Flow Information:
Cash paid for amounts included in the measurement of lease liabilities:
Payments for operating leases included in cash from operating activities	$	121.5	$	102.8
Payments for finance leases included in cash from operating activities	9.1		9.2
Payments for finance leases included in cash from financing activities	89.5		92.9
Assets obtained in exchange for lease obligations:
Operating leases	109.3		297.0
Finance leases	$	145.8	$	144.1


	As of December 31, 2020		Year ended December 31, 2019

Weighted Average Remaining Lease Term (in years)
Operating leases	10.6		11.3
Finance leases	2.9		3.0

Weighted Average Discount Rate
Operating leases	4.0	%	4.3	%
Finance leases	3.4	%	4.3	%

Future minimum lease payments under non-cancellable leases as of December 31, 2020 were as follows:


Year ending December 31,	Operating leases(1)		Finance leases
2021	$	122.5	$	106.9
2022	117.0		93.3
2023	101.1		59.6
2024	90.5		24.6
2025	85.3		—
Thereafter	564.7		—
Total future minimum lease payments	1,081.1		284.4
Less imputed interest	(223.2)		(13.2)
Less tenant incentive receivables	(9.6)		—
Total obligations	$	848.3	$	271.2

Future non-cancelable rent payments from the Company's subtenants as of December 31, 2020 were as follows:


Year ending December 31,	Operating leases
2021	$	15.0
2022	19.6
2023	11.0
2024	10.2
2025	10.5
Thereafter	67.5
Total future sublease rent payments	133.8
Less sub-tenant incentive	(10.5)
Total future sublease rent payments, net	$	123.3

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Other commitments

Other commitments include payments to third-party vendors for services related to the Company's infrastructure, infrastructure warranty contracts, and asset retirement obligations for office modifications.

Future minimum payments under the Company's non-cancelable leases, finance lease obligations, and other commitments as of December 31, 2020, are as follows, and exclude non-cancelable rent payments from the Company's sub-tenants:


	Finance lease commitments	Operating lease commitments(1)	Other commitments(2)
Year ended December 31:
2021	106.9	125.0	52.8
2022	93.3	125.8	39.1
2023	59.6	109.4	36.0
2024	24.6	98.7	—
2025	—	93.5	—
Thereafter	—	642.8	16.6
Future minimum payments	284.4	1,195.2	144.5
Less interest and taxes	(13.2)
Less current portion of the present value of minimum lease payments	(99.6)
Financing lease obligations, net of current portion	171.6

(1)This balance includes short-term lease obligations and operating leases that we have entered into but have not yet commenced.

(2)This balance excludes founder holdbacks related to our acquisition of HelloSign. See Note 5, "Business Combinations" for further details.

Legal matters

From time to time, the Company is a party to a variety of claims, lawsuits, and proceedings which arise in the ordinary course of business, including claims of alleged infringement of intellectual property rights. The matters described in Item 3. ("Legal Proceedings") are examples of the types of claims Dropbox is currently defending. The Company records a liability when it believes that it is probable that a loss will be incurred and the amount of loss or range of loss can be reasonably estimated. In its opinion, resolution of pending matters is not likely to have a material adverse impact on its condensed consolidated results of operations, cash flows, or its financial position. Given the unpredictable nature of legal proceedings, the Company bases its estimate on the information available at the time of the assessment. As additional information becomes available, the Company reassesses the potential liability and may revise the estimate.

The Company is currently involved in four putative class action lawsuits alleging violations of the federal securities laws that were filed on August 30, 2019, September 5, 2019, September 13, 2019, and October 3, 2019, in the Superior Court of the State of California, San Mateo County, against the Company, certain of its officers and directors, underwriters of its IPO, and Sequoia Capital XII, L.P. and certain of its affiliated entities (collectively, the “Dropbox Defendants”). On October 4, 2019, two putative class action lawsuits alleging violations of the federal securities laws were filed against the Dropbox Defendants in the U.S. District Court for the Northern District of California (the "Federal Plaintiffs"). The six lawsuits each made the same or similar allegations of violations of federal securities laws, for allegedly making materially false and misleading statements in, or omitting material information from, the Company's IPO registration statement. The plaintiffs sought unspecified monetary damages and other relief.

On March 2, 2020, the Federal Plaintiffs filed a consolidated class action complaint. On April 16, 2020, the Dropbox Defendants filed a motion to dismiss the federal consolidated class action complaint. On October 21, 2020, the court issued an order granting the Company's motion to dismiss the Federal Plaintiffs’ complaint, setting a deadline of January 6, 2021 for the Federal Plaintiffs to file any amended complaint. The federal court extended this deadline to February 22, 2021 to provide time for the parties to explore resolving the case. On February 11, 2021, the parties attended mediation and reached a settlement in principle for an immaterial amount subject to final documentation and preliminary and final approval by the court.

On May 11, 2020, the Dropbox Defendants filed a motion to dismiss the consolidated state court case based on the exclusive federal forum provisions contained in the Company's amended and restated bylaws. On December 4, 2020, the state court issued an order granting our motion to dismiss the consolidated state court case. On December 15, 2020, the State Plaintiffs filed a notice of appeal of this order. The Company believes the appeal and claims are without merit and intends to vigorously defend against them.

Indemnification

The Company’s arrangements generally include certain provisions for indemnifying customers against liabilities if its products or services infringe a third party’s intellectual property rights. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims.

Accrued and Other Current Liabilities

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:


	As of December 31,
	2020		2019

Non-income taxes payable	$	85.9	$	92.2
Accrued legal and other external fees	23.4		29.2
Other accrued and current liabilities	47.4		40.5
Total accrued and other current liabilities	$	156.7	$	161.9

Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common stock

The Company’s amended and restated certificate of incorporation authorizes the issuance of Class A common stock, Class B common stock, and Class C common stock. Holders of Class A common stock, Class B common stock, and Class C common stock are entitled to dividends on a pro rata basis, when, as, and if declared by the Company’s Board of Directors, subject to the rights of the holders of the Company’s preferred stock. Holders of Class A common stock are entitled to one vote per share, holders of Class B common stock are entitled to 10 votes per share, and holders of Class C common stock are entitled to zero votes per share. Holders of Class B common stock voluntarily converted 77.8 million and 38.9 million shares into an equivalent number shares of Class A common stock during the years ended December 31, 2020 and December 31, 2019 respectively.

As of December 31, 2020, the Company had authorized 2,400.0 million shares of Class A common stock, 475.0 million shares of Class B common stock, and 800.0 million shares of Class C common stock, each at par value of $0.00001. As of December 31, 2020, 322.3 million shares of Class A common stock, 83.5 million shares of Class B common stock, and no shares of Class C common stock were issued and outstanding. As of December 31, 2019, 255.8 million shares of Class A common stock, 161.2 million shares of Class B common stock, and no shares of Class C common stock were issued and outstanding. Class A shares issued and outstanding as of December 31, 2020 exclude restricted stock awards granted to certain executives during the year. Class A shares issued and outstanding as of December 31, 2020 exclude 10.3 million unvested restricted stock awards granted to the Company's co-founder. Class A shares issued and outstanding as of December 31, 2019 and 2018 exclude 14.7 million unvested restricted stock awards granted to the Company's co-founders. See "Co-Founder Grants" section below for further details.

Preferred stock

The Company's Board of Directors has the authority, without further action by the Company's stockholders, to issue up to 240.0 million shares of undesignated preferred stock with rights and preferences, including voting rights, designated from time to time by the Board of Directors.

Stock repurchase program

In February 2020, the Company's Board of Directors approved a stock repurchase program for the repurchase of up to $600 million of the Company’s outstanding shares of Class A common stock. In February 2021 the Board of Directors authorized the Company to repurchase up to an additional $1 billion of the Company's outstanding shares of Class A common stock. Share repurchases will be made from time to time in private transactions or open market purchases, as permitted by securities laws and other legal requirements and will be subject to a review of the circumstances in place at that time, including prevailing market prices. The program does not obligate the Company to repurchase any specific number of shares and may be discontinued at any time.

During the year ended December 31, 2020, the Company repurchased and subsequently retired 20.2 million shares of its Class A common stock for an aggregate amount of $397.5 million.

Equity incentive plans

Under the 2018 Plan, the Company may grant stock-based awards to purchase or directly issue shares of common stock to employees, directors, and consultants. Options are granted at a price per share equal to the fair market value of the Company's common stock at the date of grant. Options granted are exercisable over a maximum term of 10 years from the date of grant and generally vest over a period of four years. RSUs and RSAs are also granted under the 2018 Plan. The 2018 Plan will terminate 10 years after the later of (i) its adoption or (ii) the most recent stockholder-approved increase in the number of shares reserved under the 2018 Plan, unless terminated earlier by the Company's Board of Directors. The 2018 Plan was adopted on March 22, 2018.

In connection with the acquisition of HelloSign, the Company assumed unvested stock options that had been granted under HelloSign's 2011 Equity Incentive Plan.

As of December 31, 2020, there were 33.3 million stock-based awards issued and outstanding and 78.5 million shares available for issuance under the Dropbox Equity Incentive Plans and HelloSign's 2011 Equity Incentive Plan (collectively, the "Plans").

Stock option and restricted stock activity for the Plans was as follows for the years ended December 31, 2020 and 2019:


		Options outstanding					Restricted stock outstanding
	Number of shares available for issuance under the Plans	Number of shares outstanding under the Plans	Weighted- average exercise price per share		Weighted- average remaining contractual term (In years)	Aggregate Intrinsic Value	Number of Plan shares outstanding	Weighted- average grant date fair value per share
Balance at December 31, 2018	57.1	1.3	$	14.68	5.0	9.1	25.0	$	18.68
Additional shares authorized	21.2
Stock options assumed	0.9	0.9	$	6.02
Options exercised and restricted stock units released	—	(0.3)	$	6.82			(11.2)	19.01
Options and restricted stock units canceled	7.1	(0.2)	$	18.89			(6.9)	19.32
Shares withheld related to net share settlement	4.1							18.87
Options and restricted stock units granted	(24.2)	0.3	23.09				23.8	21.34
Balance at December 31, 2019	66.2	2.0	$	12.28	6.5	16.4	30.7	$	20.48
Additional shares authorized	21.7	—	—				—	—
Options exercised and restricted stock units and awards released	—	(0.4)	5.67				(13.1)	19.57
Options and restricted stock units and awards canceled	10.8	(0.3)	17.62				(10.6)	19.92
Shares withheld related to net share settlement	4.7	—	—				—	19.56
Options and restricted stock units and awards granted	(24.9)	—	—				24.9	18.88
Balance as of December 31, 2020(1)	78.5	1.3	$	13.73	5.7	11.35	31.9	$	19.79
Vested at December 31, 2020		1.0	$	16.02	5.2	6.75	—	$	—
Unvested at December 31, 2020		0.3	$	5.86		4.60	31.9	$	19.79

(1) This amount excludes restricted stock awards granted with service and market based vesting conditions.

The following table summarizes information about the pre-tax intrinsic value of options exercised during the years ended December 31, 2020 and 2019:


	Year ended December 31,
	2020		2019
Intrinsic value of options exercised	$	6.3	$	5.3

As of December 31, 2020, unamortized stock-based compensation related to unvested stock options, restricted stock awards (excluding the Co-Founder Grants), and RSUs was $613.9 million. The weighted-average period over which such compensation expense will be recognized if the requisite service is provided is approximately 2.8 years as of December 31, 2020.

Assumed stock options

In connection with the acquisition of HelloSign the Company assumed 0.9 million unvested stock options which were valued using the Black-Scholes option-pricing model. The fair value of stock options assumed were estimated using the following assumptions:


Expected volatility	51.6	%
Expected term (in years)	3.4 - 7.0
Risk-free interest rate	2.42% - 2.51%
Dividend yield	—	%

Expected volatility. The expected volatility is based on the Company's historical volatility. Management believes this is the best estimate of the expected volatility over the expected life of its stock options.

Expected term. The Company determines the expected term based on the average period the stock options are expected to remain outstanding, generally calculated as the midpoint of the stock options’ remaining vesting term and contractual expiration period, as the Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior.

Risk-free interest rate. The risk-free interest rate is based on the U.S. Treasury security in effect at the time the options were assumed for maturities corresponding with the expected term of the option.

Expected dividend yield. The Company has not paid and does not expect to pay dividends. Consequently, the Company uses an expected dividend yield of zero.

The estimated weighted-average grant date fair value for stock options assumed was $21.60 per share and total fair value of $19.4 million, of which, $18.6 million will be recognized as post-combination stock-based compensation expense.

Co-Founder Grants

In December 2017, the Board of Directors approved a grant to the Company’s co-founders of non-Plan RSAs with respect to 14.7 million shares of Class A Common Stock in the aggregate (collectively, the “Co-Founder Grants”), of which 10.3 million RSAs were granted to Mr. Houston, the Company’s co-founder and Chief Executive Officer, and 4.4 million RSAs were granted to Mr. Ferdowsi, the Company’s co-founder and former director. These Co-Founder Grants have service-based, market-based, and performance-based vesting conditions. The Co-Founder Grants are excluded from Class A common stock issued and outstanding until the satisfaction of these vesting conditions. The Co-Founder Grants also provide the holders with certain stockholder rights, such as the right to vote the shares with the other holders of Class A common stock and a right to cumulative declared dividends. However, the Co-Founder Grants are not considered a participating security for purposes of calculating net loss per share attributable to common stockholders in Note 13, "Net Loss Per Share", as the right to the cumulative declared dividends is forfeitable if the service condition is not met.

The Co-Founder Grants are eligible to vest over the ten-year period following the date the Company’s shares of Class A common stock commenced trading on the Nasdaq Global Select Market in connection with the Company’s IPO. The Co-Founder Grants comprise nine tranches that are eligible to vest based on the achievement of stock price goals ranging from $30 to $90 per share, each of which are referred to as a Stock Price Target, measured over a consecutive thirty-day trading period during the Performance Period. The Performance Period began on January 1, 2019.

During the first four years of the Performance Period, no more than 20% of the shares subject to each Co-Founder Grant would be eligible to vest in any calendar year. After the first four years, all shares are eligible to vest based on the achievement of the Stock Price Targets.

In March 2020, one of the Company's co-founders, Mr. Ferdowsi, resigned as a member of the Board of Directors and as an officer of the Company. As he did not provide the requisite service associated with the Co-Founder Grants, the Company reversed all stock-based compensation expense that had been recognized from the grant date through March 19, 2020, which totaled $23.8 million, of which $21.5 million related to expense recognized prior to December 31, 2019, and ceased recognizing further expense related to the award.

The Company recognized stock-based compensation expense related to the Co-Founder Grants of $23.4 and $34.9 million during the years ended December 31, 2020 and December 31, 2019, respectively. The amount of stock-based compensation expense related to the Co-Founder Grants for the year ended December 31, 2020 does not include the reversal of $23.8 million in expense for Mr. Ferdowsi's grant. Unamortized stock-based compensation expense related to the Co-Founder Grants was $35.7 million and $84.2 million for the years ended December 31, 2020 and December 31, 2019, respectively.

Net Loss Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Net Loss Per Share

The Company computes net loss per share using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights, of the Class A common stock and Class B common stock are substantially identical, other than voting rights. Accordingly, the Class A common stock and Class B common stock share equally in the Company’s net income and losses.

The following table sets forth the calculation of basic and diluted net loss per share attributable to common stockholders during the periods presented. The voluntary conversions of Class B common stock into Class A common stock are included in the table below weighted for the respective periods outstanding.


	Year ended December 31,
	2020				2019				2018
	Class A		Class B		Class A		Class B		Class A		Class B

Numerator:
Net loss attributable to common stockholders	$	(182.5)	$	(73.8)	$	(30.3)	$	(22.4)	$	(138.7)	$	(346.2)
Denominator:
Weighted-average number of common shares outstanding used in computing basic and diluted net loss per common share	295.0		119.3		236.8		174.8		102.6		256.0
Net loss per common share, basic and diluted	$	(0.62)	$	(0.62)	$	(0.13)	$	(0.13)	$	(1.35)	$	(1.35)

Since the Company was in a loss position for all periods presented, basic net loss per share attributable to common stockholders is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. The weighted-average impact of potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive was as follows:


	Year ended December 31,
	2020	2019	2018
Restricted stock units and awards	10.5	29.3	35.0
Options to purchase shares of common stock	0.9	1.9	4.0
Co-Founder Grants	11.3	14.7	14.7
Shares subject to repurchase from early-exercised options and unvested restricted stock	—	—	0.1
Total	22.7	45.9	53.8

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

For the years ended December 31, 2020, 2019, and 2018, the Company’s loss from continuing operations before provision for income taxes was as follows:


	Year ended December 31,
	2020		2019		2018
Domestic	$	(57.7)	$	(98.8)	$	(497.1)
Foreign	(192.5)		46.8		17.0
Loss before income taxes	$	(250.2)	$	(52.0)	$	(480.1)

The components of the benefit from (provision for) income taxes in the years ended December 31, 2020, 2019, and 2018, were as follows:


	Year ended December 31,
	2020		2019		2018
Current:
Federal	$	—	$	0.1	$	(0.1)
State	(2.7)		(0.6)		(0.2)
Foreign	(6.0)		(7.7)		(4.6)
Deferred:
Federal	—		6.6		—
State	—		0.6		—
Foreign	2.6		0.3		0.1
Benefit from (provision for) income taxes	$	(6.1)	$	(0.7)	$	(4.8)

A reconciliation of income taxes at the statutory federal income tax rate to the benefit from (provision for) income taxes included in the accompanying consolidated statements of operations is as follows:


	Year ended December 31,
	2020		2019		2018
Tax benefit at federal statutory rate	$	52.5	$	10.9	$	100.8
State taxes, net of federal benefit	1.2		2.4		10.7
Foreign rate differential	(12.2)		(0.9)		1.8
Research and other credits	34.9		30.2		86.5
Non-deductible compensation	(4.1)		(3.4)		—
Meals & entertainment	(0.6)		(2.5)		(2.2)
Permanent differences	(1.2)		(2.1)		(16.2)
Change in valuation allowance	(69.6)		(32.2)		(240.7)
Stock-based compensation	(3.2)		1.8		57.3
Other non-deductible items	(3.8)		(4.9)		(2.8)
Benefit from (provision for) income taxes	$	(6.1)	$	(0.7)	$	(4.8)

The significant components of the Company’s deferred tax assets and liabilities as of December 31, 2020 and 2019 were as follows:


	As of December 31,
	2020		2019
Deferred tax assets:
Net operating loss carryforwards	$	230.3	$	257.2
Research credit carryforwards	226.3		188.6
Stock-based compensation	27.3		29.3
Accruals and reserves	34.0		32.3
Lease liability	208.1		189.8
Other	3.2		1.0
Gross deferred tax assets	729.2		698.2
Valuation allowance	(583.7)		(510.8)
Total deferred tax assets, net of valuation allowance	145.5		187.4
Deferred tax liabilities:
Fixed assets and intangible assets	5.8		13.1
Right-of-use assets	135.4		172.7
Other	0.3		0.3
Total deferred tax liability	141.5		186.1
Net deferred tax assets	$	4.0	$	1.3

For the years ended December 31, 2020 and 2019, based on all available objective evidence, including the existence of cumulative losses, the Company determined that it was unlikely that the U.S., Ireland, and Israel net deferred tax assets were fully realizable as of December 31, 2020 and 2019. Accordingly, the Company established a full valuation allowance against its U.S. and Ireland deferred tax assets and a partial valuation allowance against its Israeli deferred tax assets.

Given the Company’s recent history of foreign earnings, management believes that there is a reasonable possibility that, within the next twelve months, sufficient positive evidence may become available to allow management to reach a conclusion that a significant portion of the valuation allowance recorded against the deferred tax assets held by its Irish subsidiary will be reversed. The reversal would result in an income tax benefit for the quarterly and annual fiscal period in which the Company releases the valuation allowance. However, the exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that the Company actually achieves.

As of December 31, 2020, the Company had $697.7 million of federal, $292.8 million of state, and $430.5 million of foreign net operating loss carryforwards available to reduce future taxable income. Of the federal net operating loss carryforwards, $71.8 million will begin to expire in 2032 and $625.9 million will carryforward indefinitely, while state net operating losses begin to expire in 2029.

As of December 31, 2020, the Company had research credit carryforwards of $207.9 million and $113.8 million for federal and state income tax purposes, respectively, of which $51.9 million and $28.5 million is the unrecognized tax benefit portion related to the research credit carryforwards for federal and state, respectively.

The federal credit carryforward will begin to expire in 2027. The state research credits have no expiration date. The Company also had $2.1 million of state enterprise zone credit carryforwards, which will begin to expire in 2023.

As of December 31, 2020, the Company also had $407.6 million of foreign net operating loss carryforwards available to reduce future taxable income, which will carryforward indefinitely. In addition, the Company had $22.9 million of foreign acquired net operating losses, which will carryforward indefinitely. The Company also had $0.5 million of foreign tax credit carryforwards, which will carryforward indefinitely.

Under Section 382 and 383 of the Internal Revenue Code of 1986, as amended, or the Code, if a corporation undergoes an “ownership change,” the corporation’s ability to use its pre-change net operating loss carryforwards and other pre-change attributes, such as research tax credits, to offset its post-change income may be limited. In general, an “ownership change” will occur if there is a cumulative change in our ownership by “5-percent shareholders” that exceeds 50 percentage points over a rolling three-year period. Similar rules may apply under state tax laws. The Company has determined that it has experienced multiple ownership changes and, as a result, the annual utilization of its net operating loss carryforwards and other pre-change attributes will be subject to limitation. However, the Company does not expect that the annual limitations will significantly impact its ability to utilize its net operating loss or tax credit carryforwards prior to expiration.

As of December 31, 2020, the balance of unrecognized tax benefits was $91.4 million of which $11.0 million, if recognized, would affect the effective tax rate and $80.4 million would result in adjustment to deferred tax assets with corresponding adjustments to the valuation allowance.

A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows:


	Year ended December 31,
	2020		2019		2018
Balance of gross unrecognized tax benefits at the beginning of the fiscal year	$	74.5	$	59.8	$	25.6
Gross increases related to prior period tax positions	1.3		0.1		1.1
Gross increases related to current period tax positions	15.8		14.6		33.1
Reductions due to lapse in statute of limitations	(0.2)		—		—
Reductions due to settlements with taxing authorities	—		—		—
Balance of gross unrecognized tax benefits at the end of the fiscal year	$	91.4	$	74.5	$	59.8

The Company recognizes interest and/or penalties related to income tax matters as a component of income tax expense. As of December 31, 2020, the amount of accrued interest and penalties related to uncertain tax positions was $3.3 million. Interest and penalties recognized for the year ended December 31, 2020, 2019, and 2018 was $0.7 million, $1.3 million, and $0.7 million, respectively.

It is reasonably possible that there could be changes to the amount of uncertain tax positions due to activities of the taxing authorities, settlement of audit issues, reassessment of existing uncertain tax positions, or the expiration of applicable statutes of limitations; however, the Company is not able to estimate the impact of these items at this time.

The Company files income tax returns in the U.S. federal, multiple states, and foreign jurisdictions. All of the Company’s tax years from 2007 remain open for examination by the federal and state authorities, and from 2013 by foreign authorities.

The Company generally does not provide deferred income taxes for the undistributed earnings of its foreign subsidiaries as the Company intends to reinvest such earnings indefinitely. Should circumstances change and it becomes apparent that some or all of the undistributed earnings will no longer be indefinitely reinvested, the Company will accrue for income taxes not previously recognized. As of December 31, 2020, there were no cumulative undistributed earnings in its Irish subsidiary and, as a result, there were no unrecorded deferred tax liabilities. The amount of undistributed earnings in the Company’s other foreign subsidiaries, if any, are immaterial.

On June 7, 2019, a judicial panel of the Ninth Circuit Court of Appeals issued an opinion in Altera Corp. v. Commissioner that would require related parties in an intercompany cost-sharing arrangement to share expenses related to stock-based compensation. On July 22, 2019, the taxpayer requested an en banc rehearing before the full Ninth Circuit Court of Appeals and the request was denied on November 12, 2019. On February 10, 2020, the taxpayer filed a petition for writ of certiorari to the U.S. Supreme Court, which was denied on June 22, 2020. Accordingly, the Company has included stock-based compensation in its cost-sharing agreements and as a result, the Company recognized additional state tax expenses in some jurisdictions which do not have sufficient net operating losses to offset the state income. There was no material impact on the Company's income tax provision for the U.S. and Ireland due to its full valuation allowance.

On June 29, 2020, California Governor Newsom signed Assembly Bill No. 85 as part of the California 2020 Budget Act which temporarily suspends the use of California net operating losses and imposes a cap on the amount of business incentive tax credits companies can utilize against their net income. This guidance does not have a material impact on the Company's provision for income taxes in its consolidated financial statements as of December 31, 2020.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Geographic Areas

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Geographic Areas

Long-lived assets

The following table sets forth long-lived assets by geographic area:


	As of December 31,
	2020		2019
United States	$	334.2	$	431.9
International(1)	4.5		13.4
Total property and equipment, net	$	338.7	$	445.3

(1)No single country other than the United States had a property and equipment balance greater than 10% of total property and equipment, net, as of December 31, 2020 and 2019.

Revenue

Revenue by geography is generally based on the address of the customer as defined in the Company’s subscription agreement. The following table sets forth revenue by geographic area for the years ended December 31, 2020, 2019, and 2018:


	Year ended December 31,
	2020		2019		2018
United States	$	999.3	$	854.1	$	706.5
International(1)	914.6		807.2		685.2
Total revenue	$	1,913.9	$	1,661.3	$	1,391.7

(1)No single country outside of the United States accounted for more than 10 percent of total revenue during the years ended December 31, 2020, 2019, and 2018

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 12, 2021 the Board of Directors authorized the Company to repurchase up to an additional $1 billion of the Company’s outstanding shares of Class A common stock under our previously announced stock repurchase program. The Company is authorized to repurchase, from time-to-time, shares of its outstanding common stock through open market purchases or in privately negotiated transactions, in accordance with applicable rules and regulations, at such time and such prices as management may decide. The program does not obligate the Company to repurchase any specific number of shares and may be discontinued at any time.

Description of the Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	The accompanying consolidated financial statements have been prepared in accordance with the United States of America generally accepted accounting principles (“GAAP”). The accompanying consolidated financial statements include the accounts of Dropbox and its wholly owned subsidiaries.
Consolidation	All intercompany balances and transactions have been eliminated in consolidation.
Use of estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the Company’s consolidated financial statements and accompanying notes. These estimates are based on information available as of the date of the consolidated financial statements. Management evaluates these estimates and assumptions on a regular basis. Actual results may differ materially from these estimates.The Company’s most significant estimates and judgments involve the valuation of acquired intangible assets and goodwill from business combinations. In addition, in the fourth quarter of 2020, the Company performed a valuation of right-of-use and other lease related assets due to the decision to shift to a Virtual First work model.
Financial information about segments and geographic areas	The Company manages its operations and allocates resources as a single operating segment. Further, the Company manages, monitors, and reports its financials as a single reporting segment. The Company’s chief operating decision-maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources.
Foreign currency transactions	The assets and liabilities of the Company’s foreign subsidiaries are translated from their respective functional currencies into U.S. dollars at the exchange rates in effect at the balance sheet date. Revenue and expense amounts are translated at the average exchange rate for the period. Foreign currency translation gains and losses are recorded in other comprehensive income (loss).Gains and losses realized from foreign currency transactions (those transactions denominated in currencies other than the foreign subsidiaries’ functional currency) are included in other income, net. Monetary assets and liabilities are remeasured using foreign currency exchange rates at the end of the period, and non-monetary assets are remeasured based on historical exchange rates.
Revenue recognition and deferred commissions, net	The Company derives its revenue from subscription fees from customers for access to its platform. The Company’s policy is to exclude sales and other indirect taxes when measuring the transaction price of its subscription agreements. The Company accounts for revenue contracts with customers through the following steps: •Identification of the contract, or contracts, with a customer •Identification of the performance obligations in the contract •Determination of the transaction price •Allocation of the transaction price to the performance obligations in the contract •Recognition of revenue when, or as, the Company satisfies a performance obligation The Company’s subscription agreements generally have monthly or annual contractual terms and a small percentage have multi-year contractual terms. Revenue is recognized ratably over the related contractual term beginning on the date that the platform is made available to a customer. Access to the platform represents a series of distinct services as the Company continually provides access to, and fulfills its obligation to the end customer over the subscription term. The series of distinct services represents a single performance obligation that is satisfied over time. The Company recognizes revenue ratably because the customer receives and consumes the benefits of the platform throughout the contract period. The Company’s contracts are generally non-cancelable. The Company bills in advance for monthly contracts and typically bills annually in advance for contracts with terms of one year or longer. The Company also recognizes an immaterial amount of contract assets, or unbilled receivables, primarily relating to consideration for services completed but not billed at the reporting date. Unbilled receivables are classified as receivables when the Company has the right to invoice the customer. The Company records contract liabilities when cash payments are received or due in advance of performance to deferred revenue. Deferred revenue primarily relates to the advance consideration received from the customer. The price of subscriptions is generally fixed at contract inception and therefore, the Company’s contracts do not contain a significant amount of variable consideration. As a result, the amount of revenue recognized in the periods presented from performance obligations satisfied (or partially satisfied) in previous periods was not material. Deferred commissions, net is stated as gross deferred commissions less accumulated amortization. Sales commissions earned by the Company’s sales force and third-party resellers, as well as related payroll taxes, are considered to be incremental and recoverable costs of obtaining a contract with a customer. These amounts have been capitalized as deferred commissions within prepaid and other current assets and other assets on the consolidated balance sheets.
Stock-based compensation	The Company has granted RSUs to its employees and members of the Board of Directors under the 2008 Equity Incentive Plan (“2008 Plan”), the 2017 Equity Incentive Plan (“2017 Plan”), and the 2018 Equity Incentive Plan ("2018 Plan" and together with the 2008 Plan and 2017 Plan, the "Dropbox Equity Incentive Plans"). The Company has granted the following types of RSUs under the Dropbox Equity Incentive Plans: •One-tier RSUs, which have a service-based vesting condition over a four-year period. These awards typically have a cliff vesting period of one year and continue to vest quarterly thereafter. The Company began granting one-tier RSUs under its 2008 Plan in August 2015, and it continues to grant one-tier RSUs under its 2018 Plan. The Company recognizes compensation expense associated with one-tier RSUs ratably on a straight-line basis over the requisite service period and accounts for forfeitures in the period in which they occur. •Two-tier RSUs, which had both a service-based vesting condition and a Performance Vesting Condition. The Performance Vesting Condition was satisfied on the effectiveness of the registration statement related to the Company's IPO. Prior to August 2015, the Company granted two-tier RSUs under the 2008 Plan. The last grant date for two-tier RSUs was in May 2015. The Company recognized compensation expense associated with two-tier RSUs using the accelerated attribution method over the requisite service period. As of December 31, 2020, the Company only had one-tier RSUs outstanding under the Dropbox Equity Incentive Plans. Since August 2015, the Company has granted one-tier RSUs as the only stock-based payment awards to its employees, with the exception of awards granted to its co-founders and certain executives, and has not granted any stock options to employees since then. The fair values of the common stock underlying the RSUs granted in periods prior to the date of the Company's IPO were determined by the Board of Directors, with input from management and contemporaneous third-party valuations, which were performed at least quarterly. For valuations after the Company's IPO, the Board of Directors determines the fair value of each share of underlying common stock based on the closing price of the Company's Class A common stock as reported on the Nasdaq Global Select Market on the date of the grant. In connection with the acquisition of JN Projects, Inc. (d/b/a HelloSign) ("HelloSign"), the Company assumed unvested stock options that had been granted under the HelloSign's 2011 Equity Incentive Plan. The fair value of options assumed were based upon the Black-Scholes option-pricing model, see Note 12, "Stockholders' Equity" for further information. In December 2017, the Board of Directors approved a grant to the Company’s co-founders of restricted stock awards (“RSAs”) with respect to 14.7 million shares of Class A Common Stock in the aggregate (collectively, the “Co-Founder Grants”), of which 10.3 million RSAs were granted to Mr. Houston, the Company’s co-founder and Chief Executive Officer, and 4.4 million RSAs were granted to Mr. Ferdowsi, the Company’s co-founder and former director. These Co-Founder Grants have service-based, market-based, and performance-based vesting conditions. The Company estimated the grant date fair value of the Co-Founder Grants using a model based on multiple stock price paths developed through the use of a Monte Carlo simulation that incorporates into the valuation the possibility that the Stock Price Targets may not be satisfied. Effective March 19, 2020, Mr. Ferdowsi resigned as a member of the Board of Directors and as an officer of the Company. As of the date of Mr. Ferdowsi's resignation, none of the Stock Price Targets had been met, resulting in the forfeiture of his 4.4 million RSAs. See Note 12, "Stockholders' Equity" for further information.
Cost of revenue	Cost of revenue consists primarily of expenses associated with the storage, delivery, and distribution of the Company’s platform for both paying users and free users, also known as Basic users. These costs, which are referred to as infrastructure costs, include depreciation of servers located in co-location facilities that the Company leases and operates, rent and facilities expense for those datacenters, network and bandwidth costs, support and maintenance costs for infrastructure equipment, and payments to third-party datacenter service providers. Cost of revenue also includes costs, such as salaries, bonuses, benefits, travel-related expenses, and stock-based compensation, which are referred to as employee-related costs, for employees whose primary responsibilities relate to supporting the Company’s infrastructure and delivering user support. Other non-employee costs included in cost of revenue include credit card fees related to processing customer transactions and allocated overhead, such as facilities, including rent, utilities, depreciation on leasehold improvements and other equipment shared by all departments, and shared information technology costs. In addition, cost of revenue includes amortization of developed technologies, professional fees related to user support initiatives, and property taxes related to the datacenters.
Advertising and promotional expense	Advertising and promotional expenses are included in sales and marketing expenses within the consolidated statements of operations and are expensed when incurred. Advertising and promotional expenses were $81.4 million, $88.8 million, and $100.9 million in the years ended December 31, 2020, 2019, and 2018, respectively.
Cash and cash equivalents	Cash consists primarily of cash on deposit with banks and includes amounts in transit from payment processors for credit and debit card transactions, which typically settle within five business days. Cash equivalents include highly liquid investments purchased with an original maturity date of 90 days or less from the date of purchase.The Company monitors its credit risk by considering factors such as historical experience, credit ratings, current economic conditions, and reasonable and supportable forecasts.
Short-term investments	The Company’s short-term investments are primarily comprised of corporate notes and obligations, U.S. Treasury securities, certificates of deposit, asset-backed securities, commercial paper, U.S. agency obligations, foreign government securities, supranational securities, and municipal securities. The Company determines the appropriate classification of its short-term investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its short-term investments as available-for-sale securities as the Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. As a result, the Company classifies its short-term investments, including securities with stated maturities beyond twelve months, within current assets in the consolidated balance sheets. The Company's short-term investments are recorded at fair value each reporting period. Unrealized gains and losses on these short-term investments are reported as a separate component of accumulated other comprehensive income (loss) in the consolidated balance sheets until realized. Unrealized gains and losses for any short-term investments that management intends to sell or it is more likely than not that management will be required to sell prior to their anticipated recovery are recorded in other income, net. The Company segments its portfolio based on the underlying risk profiles of the securities and has a zero-loss expectation for U.S. treasury and U.S. government agency securities. The Company regularly reviews the securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as credit ratings, issuer-specific factors, current economic conditions, and reasonable and supportable forecasts. The Company did not record any material credit losses during the year ended December 31, 2020.
Concentrations of credit risk	Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, accounts receivable, and short-term investments. The Company places its cash and cash equivalents, and short-term investments with well-established financial institutions. Trade accounts receivable are typically unsecured and are derived from revenue earned from customers located around the world.
Trade and other receivables, net and non-trade receivables	Trade and other receivables, net Trade and other receivables, net consists primarily of trade receivables that are recorded at the invoice amount, net of an allowance for expected credit losses. The allowance for expected credit losses is based on the Company’s assessment of the collectability of accounts receivable. The Company assesses collectibility by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectibility issues. The Company regularly reviews the adequacy of the allowance for expected credit losses by considering the age of each outstanding invoice, the collection history of each customer, and other relevant factors, including contractual term and current and future economic conditions. The Company's allowance for expected credit losses was $0.5 million and $0.5 million as of December 31, 2020 and 2019, respectively. Non-trade receivables The Company records non-trade receivables to reflect amounts due for activities outside of its subscription agreements, such as non-current notes receivable. Non-trade receivables totaled $2.7 million and $7.4 million, as of December 31, 2020 and 2019, respectively, and are classified within prepaid expenses and other current assets in the accompanying consolidated balance sheets. See "—Lease obligations” for further discussion.
Property and equipment, net	Equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of the related asset, which is generally three to seven years. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the term of the related lease.
Equity investments	As of December 31, 2020, the Company held an equity investment in a privately held entity in which the Company did not have a controlling interest or significant influence. During the year ended December 31, 2020, the Company also held and sold an equity investment in a publicly traded company in which the Company did not have a controlling interest or significant influence. The Company recognized a net gain of $16.8 million related to the sale of the publicly traded equity investment. The investment had a carrying value of $9.8 million as of December 31, 2019, and was previously measured using quoted prices in its active market with changes recorded in other income, net, in the condensed consolidated statement of operations.
Lease obligations	The Company leases office space, datacenters, and equipment under non-cancelable finance and operating leases with various expiration dates through 2036. The Company determines if an arrangement contains a lease at inception. Operating lease right-of-use assets and lease liabilities are recognized at the present value of the future lease payments at commencement date. The interest rate implicit in the Company’s operating leases is not readily determinable, and therefore an incremental borrowing rate is estimated to determine the present value of future payments. The estimated incremental borrowing rate factors in a hypothetical interest rate on a collateralized basis with similar terms, payments, and economic environments. Operating lease right-of-use assets also include any prepaid lease payments and lease incentives. Certain of the operating lease agreements contain rent concession, rent escalation, and option to renew provisions. Rent concession and rent escalation provisions are considered in determining the single lease cost to be recorded over the lease term. Single lease cost is recognized on a straight-line basis over the lease term commencing on the date the Company has the right to use the leased property. The lease terms may include options to extend or terminate the lease. The Company generally uses the base, non-cancelable, lease term when recognizing the lease assets and liabilities, unless it is reasonably certain that the option will be exercised. In addition, certain operating lease agreements contain tenant improvement allowances from its landlords. These allowances are accounted for as lease incentives and decrease the Company's right-of-use asset and reduce single lease cost over the lease term. As part of the Company's Virtual First strategy, Dropbox will retain a portion of its office space to be used for the Company’s team collaboration use and a portion will be marketed for sublease. As a result, the Company recorded an impairment charge of $215.8 million related to right-of-use assets and $182.4 million related to other lease related property and equipment assets. See Note 4 "Property and Equipment, Net" and Note 9 "Leases" for further information. The Company leases certain equipment from various third parties, through equipment finance leases. These leases either include a bargain purchase option, a full transfer of ownership at the completion of the lease term, or the terms of the leases are at least 75 percent of the useful lives of the assets and are therefore classified as finance leases. These leases are capitalized in property and equipment, net and the related amortization of assets under finance leases is included in depreciation and amortization expense in the Company’s consolidated statements of operations. Initial asset values and finance lease obligations are based on the present value of future minimum lease payments. The Company’s finance lease agreements may contain lease and non-lease components. The non-lease components include payments for support on infrastructure equipment obtained via finance leases, which when not significant in relation to the overall agreement, are combined with the lease components and accounted for together as a single lease component
Internal use software	The Company capitalizes certain costs related to developed or modified software solely for its internal use and cloud based applications used to deliver its platform. The Company capitalizes costs during the application development stage once the preliminary project stage is complete, management authorizes and commits to funding the project, and it is probable that the project will be completed and that the software will be used to perform the function intended. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Capitalized internal use software costs were not material to the Company’s consolidated financial statements during the years ended December 31, 2020, 2019, and 2018.
Business combinations	The Company uses best estimates and assumptions, including but not limited to, future expected cash flows, expected asset lives, and discount rates, to assign a fair value to the tangible and intangible assets acquired and liabilities assumed in business combinations as of the acquisition date. These estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of operations.
Long-lived assets, including goodwill and other acquired intangible assets, net	The Company evaluates the recoverability of its property and equipment and finite-lived intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. The evaluation is performed at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review determines that the carrying amount of specific property and equipment or intangible assets is not recoverable, the carrying amount of such assets is reduced to its fair value. The Company reviews goodwill for impairment at least annually in the fourth quarter, or more frequently if events or changes in circumstances would more likely than not reduce the fair value of its single reporting unit below its carrying value. The Company has not recorded impairment charges on goodwill or intangible assets for the periods presented in these consolidated financial statements. The Company recorded an impairment charge of $215.8 million related to right-of-use assets and $182.4 million related to other lease related property and equipment assets in conjunction with its decision to move towards a Virtual First work model. See Note 4 "Property and Equipment, Net" and Note 9 "Leases" for further information. Acquired property and equipment and finite-lived intangible assets are amortized over their useful lives. The Company evaluates the estimated remaining useful life of these assets when events or changes in circumstances warrant a revision to the remaining period of amortization. If the Company revises the estimated useful life assumption for any asset, the remaining unamortized balance is amortized or depreciated over the revised estimated useful life on a prospective basis.
Income taxes	Deferred income tax balances reflect the effects of temporary differences between the financial reporting and tax bases of the Company’s assets and liabilities using enacted tax rates expected to apply when taxes are actually paid or recovered. In addition, deferred tax assets are recorded for net operating loss and credit carryforwards. A valuation allowance is provided against deferred tax assets unless it is more likely than not that they will be realized based on all available positive and negative evidence. Such evidence includes, but is not limited to, recent cumulative earnings or losses, expectations of future taxable income by taxing jurisdiction, and the carry-forward periods available for the utilization of deferred tax assets. The Company uses a two-step approach to recognizing and measuring uncertain income tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit. The second step is to measure the tax benefit as the largest amount, which is more than 50% likely of being realized upon ultimate settlement. The Company recognizes interest and penalties related to unrecognized tax benefits as income tax expense. Although the Company believes that it has adequately reserved for its uncertain tax positions, it can provide no assurance that the final tax outcome of these matters will not be materially different. The Company evaluates its uncertain tax positions on a regular basis and evaluations are based on a number of factors, including changes in facts and circumstances, changes in tax law, such as the 2017 Tax Cuts and Jobs Act ("2017 Tax Reform Act"), the 2020 Coronavirus Aid, Relief, and Economic Security Act ("2020 CARES Act"), and the California 2020 Budget Act, correspondence with tax authorities during the course of an audit, and effective settlement of audit issues. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made and could have a material impact on the Company’s financial condition and results of operations.
Fair value measurement	The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value measurements for assets and liabilities, the Company considers the principal or most advantageous market in which it would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions, and credit risk. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, 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—Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.
Recently adopted accounting pronouncements	Recently adopted accounting pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). Most prominent among the changes in the standard is the recognition of right-of-use assets (“ROU assets”) and lease liabilities by lessees for certain leases classified as operating leases under current GAAP. The Company made the policy election to not recognize a lease liability or right-of-use asset for short-term operating leases. The Company adopted the standard as of January 1, 2019, using the modified retrospective approach and has elected to use the optional transition method which allows the Company to apply the guidance of ASC 840, including disclosure requirements, in the comparative periods presented. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification related to agreements entered prior to adoption. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases. The adoption of the new standard resulted in the recording of operating ROU assets and lease liabilities of approximately $431.7 million and $502.4 million, respectively, as of January 1, 2019. The accounting for finance leases remained unchanged, except for the accounting for certain non-lease components. Lease and non-lease components will be accounted for as a single lease component if the non-lease component is determined to be insignificant to the total agreement. The cumulative impact of transition to retained earnings, recorded as of the adoption date, was not material. The standard did not materially impact consolidated net earnings and had no impact on cash flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. The Company adopted ASU No. 2016-13 on January 1, 2020 using the modified retrospective approach. The cumulative impact of transition to retained earnings, recorded as of the adoption date, was not material to the Company's consolidated financial statements. The Company did not record any material credit losses during the year ended December 31, 2020. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), which amends disclosure requirements for fair value measurements by requiring new disclosures, modifying existing requirements, and eliminating others. The amendments are the result of a broader disclosure project, which aims to improve the effectiveness of disclosures. The Company adopted ASU No. 2018-13 on January 1, 2020. The adoption of the standard did not have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in ASU No. 2018-15 amend the definition of a hosting arrangement and requires a customer in a hosting arrangement that is a service contract to capitalize certain costs as if the arrangement were an internal-use software project. The Company adopted ASU No. 2018-15 on January 1, 2020. The adoption of the standard did not have a material impact on the Company's consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes. This ASU simplifies accounting for income taxes by removing the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or gain for other items, the exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, the exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary, and the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. This ASU also includes other requirements related to franchise tax, goodwill as part of a business combination, consolidations, changes in tax laws, and affordable housing projects. The Company adopted ASU No. 2019-12 on January 1, 2020. The adoption of the standard did not have a material impact on the Company's consolidated financial statements.

Description of the Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Estimated Useful Lives of Property and Equipment

The following table presents the estimated useful lives of property and equipment:



Property and equipment						Useful life
Buildings						20 to 30 years
Datacenter and other computer equipment						3 to 5 years
Office equipment and other						3 to 7 years
Leasehold improvements						Lesser of estimated useful life or remaining lease term

Property and equipment, net consisted of the following:


	As of December 31,
	2020		2019
Datacenter and other computer equipment	$	652.7	$	749.3
Furniture and fixtures	19.9		35.5
Leasehold improvements	96.9		211.4
Construction in progress	21.0		36.3
Total property and equipment	790.5		1,032.5
Accumulated depreciation and amortization	(451.8)		(587.2)
Property and equipment, net	$	338.7	$	445.3

Cash, Cash Equivalents and Short-Term Investments (Tables)

12 Months Ended

Dec. 31, 2020

Cash and Cash Equivalents [Abstract]

Schedule of Cash, Cash Equivalents and Short-Term Investments

The amortized cost, unrealized gains and losses and estimated fair value of the Company's cash, cash equivalents and short-term investments as of December 31, 2020 consisted of the following:


	Amortized cost		Unrealized gain		Unrealized loss		Estimated fair value

Cash	$	67.2	$	—	$	—	$	67.2
Cash equivalents
Money market funds	222.6		—		—		222.6
U.S. Treasury securities	10.6		—		—		10.6
Commercial paper	8.0		—		—		8.0
Corporate notes and obligations	5.0		—		—		5.0
Municipal securities	1.5		—		—		1.5
Total cash and cash equivalents	$	314.9	$	—	$	—	314.9
Short-term investments
Corporate notes and obligations	374.3		2.5		(0.1)		376.7
U.S. Treasury securities	215.4		1.0		—		216.4
Asset backed securities	73.5		0.6		—		74.1
Municipal securities	38.7		0.1		—		38.8
U.S. agency obligations	23.0		0.1		—		23.1
Commercial paper	22.5		—		—		22.5
Supranational Securities	18.7		—		—		18.7
Foreign government obligations	18.5		—		—		18.5
Certificates of deposit	17.6		—		—		17.6
Total short-term investments	802.2		4.3		(0.1)		806.4
Total	$	1,117.1	$	4.3	$	(0.1)	$	1,121.3

The amortized cost, unrealized gains and losses and estimated fair value of the Company's cash, cash equivalents and short-term investments as of December 31, 2019 consisted of the following:


	Amortized cost		Unrealized gain		Unrealized loss		Estimated fair value

Cash	$	105.0	$	—	$	—	$	105.0
Cash equivalents
Money market funds	444.3		—		—		444.3
Commercial paper	2.0		—		—		2.0
Total cash and cash equivalents	$	551.3	$	—	$	—	$	551.3
Short-term investments
Corporate notes and obligations	285.5		1.2		(0.1)		286.6
U.S. Treasury securities	171.0		0.3		—		171.3
Asset backed securities	53.8		—		—		53.8
Certificates of deposit	38.2		—		—		38.2
U.S. agency obligations	27.2		—		—		27.2
Commercial paper	24.2		—		—		24.2
Supranational securities	4.0		—		—		4.0
Municipal securities	2.4		—		—		2.4
Total short-term investments	606.3		1.5		(0.1)		607.7
Total	$	1,157.6	$	1.5	$	(0.1)	$	1,159.0

Contractual Maturities of Short Term Investments

The following table presents the contractual maturities of the Company’s short-term investments as of December 31, 2020:


	Amortized cost		Estimated fair value

Due within one year	$	215.7	$	216.0
Due between one to three years	378.9		381.9
Due after three years	207.6		208.5
Total	$	802.2	$	806.4

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis

The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis using the input categories discussed in Note 1:


	As of December 31, 2020
	Level 1		Level 2		Level 3		Total

Cash equivalents
Money market funds	$	222.6	$	—	$	—	$	222.6


U.S. Treasury securities	—		10.6		—		10.6
Commercial paper	—		8.0		—		8.0
Corporate notes and obligations	—		5.0		—		5.0
Municipal securities	—		1.5		—		1.5
Total Cash Equivalents	$	222.6	$	25.1	$	—	$	247.7
Short-term investments
Corporate notes and obligations	—		376.7		—		376.7
U.S. Treasury securities	—		216.4		—		216.4
Asset backed securities	—		74.1		—		74.1
Municipal securities	—		38.8		—		38.8
U.S. agency obligations	—		23.1		—		23.1
Commercial paper	—		22.5		—		22.5
Supranational securities	—		18.7		—		18.7
Foreign government obligations	—		18.5		—		18.5
Certificates of deposit	—		17.6		—		17.6
Total short-term investments	—		806.4		—		806.4
Total	$	222.6	$	831.5	$	—	$	1,054.1


	As of December 31, 2019
	Level 1		Level 2		Level 3		Total

Cash equivalents
Money market funds	$	444.3	$	—	$	—	$	444.3


Commercial paper	—		2.0		—		2.0
Total Cash Equivalents	$	444.3	$	2.0	$	—	$	446.3
Short-term investments
Corporate notes and obligations	—		286.6		—		286.6
U.S. Treasury securities	—		171.3		—		171.3
Asset-backed securities	—		53.8		—		53.8
Certificates of deposit	—		38.2		—		38.2
U.S. agency obligations	—		27.2		—		27.2
Commercial paper	—		24.2		—		24.2
Supranational securities	—		4.0		—		4.0
Municipal securities	—		2.4		—		2.4
Total short-term investments	—		607.7		—		607.7
Equity Investments	9.8		—		—		9.8
Total	$	454.1	$	609.7	$	—	$	1,063.8

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

The following table presents the estimated useful lives of property and equipment:



Property and equipment						Useful life
Buildings						20 to 30 years
Datacenter and other computer equipment						3 to 5 years
Office equipment and other						3 to 7 years
Leasehold improvements						Lesser of estimated useful life or remaining lease term

Property and equipment, net consisted of the following:


	As of December 31,
	2020		2019
Datacenter and other computer equipment	$	652.7	$	749.3
Furniture and fixtures	19.9		35.5
Leasehold improvements	96.9		211.4
Construction in progress	21.0		36.3
Total property and equipment	790.5		1,032.5
Accumulated depreciation and amortization	(451.8)		(587.2)
Property and equipment, net	$	338.7	$	445.3

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Schedule of Purchase Consideration Transferred

The purchase consideration transferred consisted of the following:


	Purchase consideration
Cash paid to common and preferred stockholders and vested option holders	$	175.2
Transaction costs paid by Dropbox on behalf of HelloSign	2.4
Fair value of assumed HelloSign options attributable to pre-combination services (1)	0.8
Purchase price adjustments	(0.5)
Total purchase consideration	$	177.9

(1) The fair value of options assumed were based upon the Black-Scholes option-pricing model.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The purchase consideration was preliminarily allocated to the tangible and intangible assets and liabilities acquired as of the acquisition date, with the excess recorded to goodwill as shown below.


Assets acquired:
Cash and cash equivalents	$	5.5
Short-term investments	7.8
Acquisition-related intangible assets	44.6
Accounts receivable, prepaid and other assets	5.0
Total assets acquired	$	62.9

Liabilities assumed:
Accounts payable, accrued and other liabilities	$	6.3
Deferred revenue	4.8
Deferred tax liability	6.9
Total liabilities assumed	18.0
Net assets acquired, excluding goodwill	44.9
Total purchase consideration	177.9
Goodwill (2)	$	133.0

(2) The goodwill recognized was primarily attributable to the opportunity to expand the user base of the Company's platform. The goodwill is not deductible for U.S. federal income tax purposes.

Schedule of Identifiable Finite-lived Intangible Assets Acquired and Estimated Weighted Average Useful Lives

The fair value of the separately identifiable finite-lived intangible assets acquired and estimated weighted average useful lives are as follows:


	Estimated fair values		Estimated weighted average useful lives (In years)
Customer relationships	20.5		4.9
Developed technology	19.6		5.0
Trade name	4.5		5.0
Total acquisition-related intangible assets	$	44.6

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consisted of the following:


	As of December 31,				Weighted- average remaining useful life (In years)
	2020		2019
Developed technology	$	26.0	$	25.8	3.1
Customer relationships	20.5		20.5		3.4
Patents	12.8		13.0		7.2
Software	9.0		20.0		1.1
Assembled workforce in asset acquisitions	3.0		12.6		—
Licenses	4.6		4.6		0.5
Trademarks and trade names	4.6		5.2		3.1
Other	0.8		3.3		4.7
Total intangibles	81.3		105.0
Accumulated amortization	(47.8)		(57.6)
Intangible assets, net	$	33.5	$	47.4

Schedule of Expected Future Amortization Expense

Expected future amortization expense for intangible assets as of December 31, 2020, is as follows:



2021	$	11.6
2022	8.3
2023	7.6
2024	3.4
2025	0.9
Thereafter	1.7
Total	$	33.5

Goodwill (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amounts of Goodwill

The changes in the carrying amounts of goodwill were as follows:


Balance at December 31, 2019	$	234.5
Effect of foreign currency translation	2.4
Balance at December 31, 2020	$	236.9

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Components of Single Lease Cost and Other Information

The components of lease cost were as follows:


	Year ended December 31,
	2020	2019
Operating lease cost (1)	125.5	103.2
Finance lease cost:
Amortization of assets under finance lease	84.8	80.3
Interest	9.1	9.2
Total finance lease cost	93.9	89.5

(1) Is presented gross of sublease income and includes short-term leases, which are immaterial

Other information related to leases was as follows:


	Year ended December 31, 2020		Year ended December 31, 2019
Supplemental Cash Flow Information:
Cash paid for amounts included in the measurement of lease liabilities:
Payments for operating leases included in cash from operating activities	$	121.5	$	102.8
Payments for finance leases included in cash from operating activities	9.1		9.2
Payments for finance leases included in cash from financing activities	89.5		92.9
Assets obtained in exchange for lease obligations:
Operating leases	109.3		297.0
Finance leases	$	145.8	$	144.1


	As of December 31, 2020		Year ended December 31, 2019

Weighted Average Remaining Lease Term (in years)
Operating leases	10.6		11.3
Finance leases	2.9		3.0

Weighted Average Discount Rate
Operating leases	4.0	%	4.3	%
Finance leases	3.4	%	4.3	%

Maturities of Operating Lease Liabilities

Future minimum lease payments under non-cancellable leases as of December 31, 2020 were as follows:


Year ending December 31,	Operating leases(1)		Finance leases
2021	$	122.5	$	106.9
2022	117.0		93.3
2023	101.1		59.6
2024	90.5		24.6
2025	85.3		—
Thereafter	564.7		—
Total future minimum lease payments	1,081.1		284.4
Less imputed interest	(223.2)		(13.2)
Less tenant incentive receivables	(9.6)		—
Total obligations	$	848.3	$	271.2


	Finance lease commitments	Operating lease commitments(1)	Other commitments(2)
Year ended December 31:
2021	106.9	125.0	52.8
2022	93.3	125.8	39.1
2023	59.6	109.4	36.0
2024	24.6	98.7	—
2025	—	93.5	—
Thereafter	—	642.8	16.6
Future minimum payments	284.4	1,195.2	144.5
Less interest and taxes	(13.2)
Less current portion of the present value of minimum lease payments	(99.6)
Financing lease obligations, net of current portion	171.6

(1)This balance includes short-term lease obligations and operating leases that we have entered into but have not yet commenced.

(2)This balance excludes founder holdbacks related to our acquisition of HelloSign. See Note 5, "Business Combinations" for further details.

Maturities of Finance Lease Liabilities

Future minimum lease payments under non-cancellable leases as of December 31, 2020 were as follows:


Year ending December 31,	Operating leases(1)		Finance leases
2021	$	122.5	$	106.9
2022	117.0		93.3
2023	101.1		59.6
2024	90.5		24.6
2025	85.3		—
Thereafter	564.7		—
Total future minimum lease payments	1,081.1		284.4
Less imputed interest	(223.2)		(13.2)
Less tenant incentive receivables	(9.6)		—
Total obligations	$	848.3	$	271.2


	Finance lease commitments	Operating lease commitments(1)	Other commitments(2)
Year ended December 31:
2021	106.9	125.0	52.8
2022	93.3	125.8	39.1
2023	59.6	109.4	36.0
2024	24.6	98.7	—
2025	—	93.5	—
Thereafter	—	642.8	16.6
Future minimum payments	284.4	1,195.2	144.5
Less interest and taxes	(13.2)
Less current portion of the present value of minimum lease payments	(99.6)
Financing lease obligations, net of current portion	171.6

(1)This balance includes short-term lease obligations and operating leases that we have entered into but have not yet commenced.

(2)This balance excludes founder holdbacks related to our acquisition of HelloSign. See Note 5, "Business Combinations" for further details.

Payment to be Received on Operating Leases to Subtenants

Future non-cancelable rent payments from the Company's subtenants as of December 31, 2020 were as follows:


Year ending December 31,	Operating leases
2021	$	15.0
2022	19.6
2023	11.0
2024	10.2
2025	10.5
Thereafter	67.5
Total future sublease rent payments	133.8
Less sub-tenant incentive	(10.5)
Total future sublease rent payments, net	$	123.3

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Other Commitments


	Finance lease commitments	Operating lease commitments(1)	Other commitments(2)
Year ended December 31:
2021	106.9	125.0	52.8
2022	93.3	125.8	39.1
2023	59.6	109.4	36.0
2024	24.6	98.7	—
2025	—	93.5	—
Thereafter	—	642.8	16.6
Future minimum payments	284.4	1,195.2	144.5
Less interest and taxes	(13.2)
Less current portion of the present value of minimum lease payments	(99.6)
Financing lease obligations, net of current portion	171.6

(1)This balance includes short-term lease obligations and operating leases that we have entered into but have not yet commenced.

(2)This balance excludes founder holdbacks related to our acquisition of HelloSign. See Note 5, "Business Combinations" for further details.

Maturities of Finance Lease Liabilities

Future minimum lease payments under non-cancellable leases as of December 31, 2020 were as follows:


Year ending December 31,	Operating leases(1)		Finance leases
2021	$	122.5	$	106.9
2022	117.0		93.3
2023	101.1		59.6
2024	90.5		24.6
2025	85.3		—
Thereafter	564.7		—
Total future minimum lease payments	1,081.1		284.4
Less imputed interest	(223.2)		(13.2)
Less tenant incentive receivables	(9.6)		—
Total obligations	$	848.3	$	271.2


	Finance lease commitments	Operating lease commitments(1)	Other commitments(2)
Year ended December 31:
2021	106.9	125.0	52.8
2022	93.3	125.8	39.1
2023	59.6	109.4	36.0
2024	24.6	98.7	—
2025	—	93.5	—
Thereafter	—	642.8	16.6
Future minimum payments	284.4	1,195.2	144.5
Less interest and taxes	(13.2)
Less current portion of the present value of minimum lease payments	(99.6)
Financing lease obligations, net of current portion	171.6

(1)This balance includes short-term lease obligations and operating leases that we have entered into but have not yet commenced.

(2)This balance excludes founder holdbacks related to our acquisition of HelloSign. See Note 5, "Business Combinations" for further details.

Maturities of Operating Lease Liabilities

Future minimum lease payments under non-cancellable leases as of December 31, 2020 were as follows:


Year ending December 31,	Operating leases(1)		Finance leases
2021	$	122.5	$	106.9
2022	117.0		93.3
2023	101.1		59.6
2024	90.5		24.6
2025	85.3		—
Thereafter	564.7		—
Total future minimum lease payments	1,081.1		284.4
Less imputed interest	(223.2)		(13.2)
Less tenant incentive receivables	(9.6)		—
Total obligations	$	848.3	$	271.2


	Finance lease commitments	Operating lease commitments(1)	Other commitments(2)
Year ended December 31:
2021	106.9	125.0	52.8
2022	93.3	125.8	39.1
2023	59.6	109.4	36.0
2024	24.6	98.7	—
2025	—	93.5	—
Thereafter	—	642.8	16.6
Future minimum payments	284.4	1,195.2	144.5
Less interest and taxes	(13.2)
Less current portion of the present value of minimum lease payments	(99.6)
Financing lease obligations, net of current portion	171.6

(1)This balance includes short-term lease obligations and operating leases that we have entered into but have not yet commenced.

(2)This balance excludes founder holdbacks related to our acquisition of HelloSign. See Note 5, "Business Combinations" for further details.

Accrued and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Schedule of Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:


	As of December 31,
	2020		2019

Non-income taxes payable	$	85.9	$	92.2
Accrued legal and other external fees	23.4		29.2
Other accrued and current liabilities	47.4		40.5
Total accrued and other current liabilities	$	156.7	$	161.9

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Schedule of Stock Option and Restricted Stock Activity

Stock option and restricted stock activity for the Plans was as follows for the years ended December 31, 2020 and 2019:


		Options outstanding					Restricted stock outstanding
	Number of shares available for issuance under the Plans	Number of shares outstanding under the Plans	Weighted- average exercise price per share		Weighted- average remaining contractual term (In years)	Aggregate Intrinsic Value	Number of Plan shares outstanding	Weighted- average grant date fair value per share
Balance at December 31, 2018	57.1	1.3	$	14.68	5.0	9.1	25.0	$	18.68
Additional shares authorized	21.2
Stock options assumed	0.9	0.9	$	6.02
Options exercised and restricted stock units released	—	(0.3)	$	6.82			(11.2)	19.01
Options and restricted stock units canceled	7.1	(0.2)	$	18.89			(6.9)	19.32
Shares withheld related to net share settlement	4.1							18.87
Options and restricted stock units granted	(24.2)	0.3	23.09				23.8	21.34
Balance at December 31, 2019	66.2	2.0	$	12.28	6.5	16.4	30.7	$	20.48
Additional shares authorized	21.7	—	—				—	—
Options exercised and restricted stock units and awards released	—	(0.4)	5.67				(13.1)	19.57
Options and restricted stock units and awards canceled	10.8	(0.3)	17.62				(10.6)	19.92
Shares withheld related to net share settlement	4.7	—	—				—	19.56
Options and restricted stock units and awards granted	(24.9)	—	—				24.9	18.88
Balance as of December 31, 2020(1)	78.5	1.3	$	13.73	5.7	11.35	31.9	$	19.79
Vested at December 31, 2020		1.0	$	16.02	5.2	6.75	—	$	—
Unvested at December 31, 2020		0.3	$	5.86		4.60	31.9	$	19.79

(1) This amount excludes restricted stock awards granted with service and market based vesting conditions.

Schedule of Pre-Tax Intrinsic Value of Options Exercised

The following table summarizes information about the pre-tax intrinsic value of options exercised during the years ended December 31, 2020 and 2019:


	Year ended December 31,
	2020		2019
Intrinsic value of options exercised	$	6.3	$	5.3

Fair Value of Stock Options Assumptions Used

The fair value of stock options assumed were estimated using the following assumptions:


Expected volatility	51.6	%
Expected term (in years)	3.4 - 7.0
Risk-free interest rate	2.42% - 2.51%
Dividend yield	—	%

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The voluntary conversions of Class B common stock into Class A common stock are included in the table below weighted for the respective periods outstanding.


	Year ended December 31,
	2020				2019				2018
	Class A		Class B		Class A		Class B		Class A		Class B

Numerator:
Net loss attributable to common stockholders	$	(182.5)	$	(73.8)	$	(30.3)	$	(22.4)	$	(138.7)	$	(346.2)
Denominator:
Weighted-average number of common shares outstanding used in computing basic and diluted net loss per common share	295.0		119.3		236.8		174.8		102.6		256.0
Net loss per common share, basic and diluted	$	(0.62)	$	(0.62)	$	(0.13)	$	(0.13)	$	(1.35)	$	(1.35)

Schedule of Potentially Dilutive Securities Excluded from Computation of Earnings Per Share


	Year ended December 31,
	2020	2019	2018
Restricted stock units and awards	10.5	29.3	35.0
Options to purchase shares of common stock	0.9	1.9	4.0
Co-Founder Grants	11.3	14.7	14.7
Shares subject to repurchase from early-exercised options and unvested restricted stock	—	—	0.1
Total	22.7	45.9	53.8

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

For the years ended December 31, 2020, 2019, and 2018, the Company’s loss from continuing operations before provision for income taxes was as follows:


	Year ended December 31,
	2020		2019		2018
Domestic	$	(57.7)	$	(98.8)	$	(497.1)
Foreign	(192.5)		46.8		17.0
Loss before income taxes	$	(250.2)	$	(52.0)	$	(480.1)

Schedule of Components of Income Tax Expense (Benefit)

The components of the benefit from (provision for) income taxes in the years ended December 31, 2020, 2019, and 2018, were as follows:


	Year ended December 31,
	2020		2019		2018
Current:
Federal	$	—	$	0.1	$	(0.1)
State	(2.7)		(0.6)		(0.2)
Foreign	(6.0)		(7.7)		(4.6)
Deferred:
Federal	—		6.6		—
State	—		0.6		—
Foreign	2.6		0.3		0.1
Benefit from (provision for) income taxes	$	(6.1)	$	(0.7)	$	(4.8)

Schedule of Effective Income Tax Rate Reconciliation


	Year ended December 31,
	2020		2019		2018
Tax benefit at federal statutory rate	$	52.5	$	10.9	$	100.8
State taxes, net of federal benefit	1.2		2.4		10.7
Foreign rate differential	(12.2)		(0.9)		1.8
Research and other credits	34.9		30.2		86.5
Non-deductible compensation	(4.1)		(3.4)		—
Meals & entertainment	(0.6)		(2.5)		(2.2)
Permanent differences	(1.2)		(2.1)		(16.2)
Change in valuation allowance	(69.6)		(32.2)		(240.7)
Stock-based compensation	(3.2)		1.8		57.3
Other non-deductible items	(3.8)		(4.9)		(2.8)
Benefit from (provision for) income taxes	$	(6.1)	$	(0.7)	$	(4.8)

Schedule of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred tax assets and liabilities as of December 31, 2020 and 2019 were as follows:


	As of December 31,
	2020		2019
Deferred tax assets:
Net operating loss carryforwards	$	230.3	$	257.2
Research credit carryforwards	226.3		188.6
Stock-based compensation	27.3		29.3
Accruals and reserves	34.0		32.3
Lease liability	208.1		189.8
Other	3.2		1.0
Gross deferred tax assets	729.2		698.2
Valuation allowance	(583.7)		(510.8)
Total deferred tax assets, net of valuation allowance	145.5		187.4
Deferred tax liabilities:
Fixed assets and intangible assets	5.8		13.1
Right-of-use assets	135.4		172.7
Other	0.3		0.3
Total deferred tax liability	141.5		186.1
Net deferred tax assets	$	4.0	$	1.3

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows:


	Year ended December 31,
	2020		2019		2018
Balance of gross unrecognized tax benefits at the beginning of the fiscal year	$	74.5	$	59.8	$	25.6
Gross increases related to prior period tax positions	1.3		0.1		1.1
Gross increases related to current period tax positions	15.8		14.6		33.1
Reductions due to lapse in statute of limitations	(0.2)		—		—
Reductions due to settlements with taxing authorities	—		—		—
Balance of gross unrecognized tax benefits at the end of the fiscal year	$	91.4	$	74.5	$	59.8

Geographic Areas (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Long-lived Assets by Geographic Areas

The following table sets forth long-lived assets by geographic area:


	As of December 31,
	2020		2019
United States	$	334.2	$	431.9
International(1)	4.5		13.4
Total property and equipment, net	$	338.7	$	445.3

(1)No single country other than the United States had a property and equipment balance greater than 10% of total property and equipment, net, as of December 31, 2020 and 2019.

Revenue by Geographic Areas

The following table sets forth revenue by geographic area for the years ended December 31, 2020, 2019, and 2018:


	Year ended December 31,
	2020		2019		2018
United States	$	999.3	$	854.1	$	706.5
International(1)	914.6		807.2		685.2
Total revenue	$	1,913.9	$	1,661.3	$	1,391.7

(1)No single country outside of the United States accounted for more than 10 percent of total revenue during the years ended December 31, 2020, 2019, and 2018

Description of the Business and Summary of Significant Accounting Policies - Foreign Currency Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net foreign currency transaction gains (losses)	$ 2.9	$ (0.8)

Description of the Business and Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenue, performance obligation, description of timing	one year or longer
Revenue recognized	$ 554.2	$ 481.1	$ 411.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Remaining performance obligation	$ 673.4
Remaining performance obligation, expected timing of satisfaction	12 months

Description of the Business and Summary of Significant Accounting Policies - Stock-based Compensation (Details) - shares shares in Millions		1 Months Ended	12 Months Ended
	Mar. 19, 2020	Dec. 31, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
One-Tier RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			24.9	23.8
Shares forfeited (in shares)			10.6	6.9
Tranche One \| One-Tier RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Co-Founder Grants \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		14.7		14.7	14.7
Co-Founder Grants \| Tranche One \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Chief Executive Officer \| Co-Founder Grants \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		10.3	10.3
Director \| Co-Founder Grants \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		4.4
Shares forfeited (in shares)	4.4

Description of the Business and Summary of Significant Accounting Policies - Advertising and promotional expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Advertising and promotional expense	$ 81.4	$ 88.8	$ 100.9

Description of the Business and Summary of Significant Accounting Policies - Concentrations of Credit Risk (Details) - Customer Concentration Risk - Trade and Other Receivables	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%	10.00%
Customer B
Concentration Risk [Line Items]
Concentration risk, percentage	28.00%	27.00%

Description of the Business and Summary of Significant Accounting Policies - Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Allowance for doubtful accounts	$ 0.5	$ 0.5
Non-trade receivables	$ 2.7	$ 7.4

Description of the Business and Summary of Significant Accounting Policies - Deferred Commissions, Net (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Capitalized Contract Cost [Line Items]
Additional contract costs deferred	$ 35,000,000.0	$ 28,100,000
Deferred contract costs, amortization period	5 years
Amortization of deferred contract costs	$ 24,400,000	17,500,000	$ 12,100,000
Impairment loss related to deferred costs	0	0	$ 0
Prepaid Expenses and Other Current Assets \| Deferred Commissions
Capitalized Contract Cost [Line Items]
Deferred contract costs	26,700,000	19,900,000
Other Assets \| Deferred Commissions
Capitalized Contract Cost [Line Items]
Deferred contract costs	$ 47,300,000	$ 43,500,000

Description of the Business and Summary of Significant Accounting Policies - Property and Equipment, Net (Details)	12 Months Ended
	Dec. 31, 2020
Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Minimum \| Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	20 years
Minimum \| Datacenter and other computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Minimum \| Office equipment and other
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	7 years
Maximum \| Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	30 years
Maximum \| Datacenter and other computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Maximum \| Office equipment and other
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	7 years

Description of the Business and Summary of Significant Accounting Policies - Equity investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net gains on publicly traded investments	$ 16.8
Equity investments		$ 9.8

Description of the Business and Summary of Significant Accounting Policies - Lease obligations (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating lease right-of-use asset, impairment		$ 215.8
Lease related PP&E asset impairments	$ 162.4	$ 182.4

Description of the Business and Summary of Significant Accounting Policies - Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use asset	$ 470.5	$ 657.9
Total obligations	$ 848.3
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use asset			$ 431.7
Total obligations			$ 502.4

Cash, Cash Equivalents and Short-Term Investments - Schedule of Cash, Cash Equivalents and Short-Term Investments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	$ 314.9	$ 551.3
Cash and cash equivalents, estimated fair value	314.9	551.3
Short-term investments, amortized cost	802.2	606.3
Short-term investments, unrealized gain	4.3	1.5
Short-term investments, unrealized loss	(0.1)	(0.1)
Short-term investments, estimated fair value	806.4	607.7
Total cash, cash equivalents, and short term investments, before unrealized gain (loss) on investments	1,117.1	1,157.6
Total cash, cash equivalents, and short term investments	1,121.3	1,159.0
Corporate notes and obligations
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	374.3	285.5
Short-term investments, unrealized gain	2.5	1.2
Short-term investments, unrealized loss	(0.1)	(0.1)
Short-term investments, estimated fair value	376.7	286.6
U.S. Treasury securities
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	215.4	171.0
Short-term investments, unrealized gain	1.0	0.3
Short-term investments, unrealized loss	0.0	0.0
Short-term investments, estimated fair value	216.4	171.3
Asset backed securities
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	73.5	53.8
Short-term investments, unrealized gain	0.6	0.0
Short-term investments, unrealized loss	0.0	0.0
Short-term investments, estimated fair value	74.1	53.8
Municipal securities
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	38.7	2.4
Short-term investments, unrealized gain	0.1	0.0
Short-term investments, unrealized loss	0.0	0.0
Short-term investments, estimated fair value	38.8	2.4
U.S. agency obligations
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	23.0	27.2
Short-term investments, unrealized gain	0.1	0.0
Short-term investments, unrealized loss	0.0	0.0
Short-term investments, estimated fair value	23.1	27.2
Commercial paper
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	22.5	24.2
Short-term investments, unrealized gain	0.0	0.0
Short-term investments, unrealized loss	0.0	0.0
Short-term investments, estimated fair value	22.5	24.2
Supranational Securities
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	18.7	4.0
Short-term investments, unrealized gain	0.0	0.0
Short-term investments, unrealized loss	0.0	0.0
Short-term investments, estimated fair value	18.7	4.0
Foreign government obligations
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	18.5
Short-term investments, unrealized gain	0.0
Short-term investments, unrealized loss	0.0
Short-term investments, estimated fair value	18.5
Certificates of deposit
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	17.6	38.2
Short-term investments, unrealized gain	0.0	0.0
Short-term investments, unrealized loss	0.0	0.0
Short-term investments, estimated fair value	17.6	38.2
Cash
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	67.2	105.0
Cash and cash equivalents, estimated fair value	67.2	105.0
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	222.6	444.3
Cash and cash equivalents, estimated fair value	222.6	444.3
U.S. Treasury securities
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	10.6
Cash and cash equivalents, estimated fair value	10.6
Commercial paper
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	8.0	2.0
Cash and cash equivalents, estimated fair value	8.0	$ 2.0
Corporate notes and obligations
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	5.0
Cash and cash equivalents, estimated fair value	5.0
Municipal securities
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	1.5
Cash and cash equivalents, estimated fair value	$ 1.5

Cash, Cash Equivalents and Short-Term Investments - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) investment investmentType	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Cash and Cash Equivalents [Abstract]
Cash in transit for credit and debit card transactions	$ 9.8	$ 11.5
Number of investments in unrealized loss positions \| investment	60
Number of security types \| investmentType	9
Number of security types in loss position \| investmentType	1
Securities in an unrealized loss position for less than twelve months, fair value	$ (0.1)
Investment income	$ 12.5	$ 22.8	$ 16.8

Cash, Cash Equivalents and Short-Term Investments - Contractual Maturities of Short Term Investments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Amortized cost
Due within one year	$ 215.7
Due between one to three years	378.9
Due after three years	207.6
Total	$ 802.2
Estimated fair value
Due within one year		$ 216.0
Due between one to three years		381.9
Due after three years		208.5
Total		$ 806.4

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 790.5	$ 1,032.5
Accumulated depreciation and amortization	(451.8)	(587.2)
Property and equipment, net	338.7	445.3
Datacenter and other computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	652.7	749.3
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	19.9	35.5
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	96.9	211.4
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 21.0	$ 36.3

Property and Equipment, Net - Narrative (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Property, Plant and Equipment [Line Items]

^[1]

$ 398.2

$ 0.0

Lease related PP&E asset impairments

$ 162.4

182.4

Assets under equipment finance lease, gross

395.2

321.8

Assets under equipment finance lease, accumulated depreciation

156.6

124.6

Depreciation

145.1

$ 159.9

Assets Impaired due to Virtual Work Model

Property, Plant and Equipment [Line Items]

$ 215.3

Datacenter and other computer equipment

Property, Plant and Equipment [Line Items]

Fully depreciated assets, retired

$ 104.3

[1]	Includes impairment charges related to certain right-of-use and other lease related assets as a result of our decision to shift to a Virtual First work model. See Note 9 "Leases" for further information.

Business Combinations - Schedule of Purchase Consideration (Details) - HelloSign Inc. $ in Millions	Feb. 08, 2019 USD ($)
Business Acquisition [Line Items]
Fair value of assumed HelloSign options attributable to pre-combination services	$ 0.8
Purchase price adjustments	(0.5)
Total purchase consideration	177.9
Preferred Stockholders and Vested Option Holders
Business Acquisition [Line Items]
Cash and transaction costs paid	175.2
HelloSign
Business Acquisition [Line Items]
Cash and transaction costs paid	$ 2.4

Business Combinations - Narrative (Details) - HelloSign Inc. - USD ($) $ in Millions		12 Months Ended
	Feb. 08, 2019	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Purchase consideration, agreements with key personnel	$ 48.5	$ 20.3
Required service period	3 years
Personnel agreement, expense recognized		$ 28.2
Acquired finite-lived intangible assets weighted average amortization period	4 years 10 months 24 days
Acquisition-related diligence costs			$ 1.0

Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Feb. 08, 2019
Liabilities assumed:
Estimated goodwill	$ 236.9	$ 234.5
HelloSign Inc.
Assets acquired:
Cash and cash equivalents			$ 5.5
Short-term investments			7.8
Acquisition-related intangible assets			44.6
Accounts receivable, prepaid and other assets			5.0
Total assets acquired			62.9
Liabilities assumed:
Accounts payable, accrued and other liabilities			6.3
Deferred revenue			4.8
Deferred tax liability			6.9
Total liabilities assumed			18.0
Net assets acquired, excluding goodwill			44.9
Total purchase consideration			177.9
Estimated goodwill			$ 133.0

Business Combinations - Schedule of Identifiable Finite-lived Intangible Assets Acquired and Estimated Weighted Average Useful Lives (Details) - HelloSign Inc. $ in Millions	Feb. 08, 2019 USD ($)
Business Acquisition [Line Items]
Estimated fair values	$ 44.6
Estimated weighted average useful lives (In years)	4 years 10 months 24 days
Customer relationships
Business Acquisition [Line Items]
Estimated fair values	$ 20.5
Estimated weighted average useful lives (In years)	4 years 10 months 24 days
Developed technology
Business Acquisition [Line Items]
Estimated fair values	$ 19.6
Estimated weighted average useful lives (In years)	5 years
Trade name
Business Acquisition [Line Items]
Estimated fair values	$ 4.5
Estimated weighted average useful lives (In years)	5 years

Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 81.3	$ 105.0
Accumulated amortization	(47.8)	(57.6)
Intangible assets, net	33.5	47.4
Intangible assets, retired	24.2
Developed technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 26.0	25.8
Developed technology \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted- average remaining useful life (In years)	3 years 1 month 6 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 20.5	20.5
Customer relationships \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted- average remaining useful life (In years)	3 years 4 months 24 days
Patents
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 12.8	13.0
Patents \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted- average remaining useful life (In years)	7 years 2 months 12 days
Software
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 9.0	20.0
Software \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted- average remaining useful life (In years)	1 year 1 month 6 days
Assembled workforce in asset acquisitions
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 3.0	12.6
Licenses
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 4.6	4.6
Licenses \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted- average remaining useful life (In years)	6 months
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 4.6	5.2
Trademarks and trade names \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted- average remaining useful life (In years)	3 years 1 month 6 days
Other
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 0.8	$ 3.3
Other \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted- average remaining useful life (In years)	4 years 8 months 12 days

Intangible Assets, Net - Schedule of Future Amortization Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 14.1	$ 13.6	$ 6.1
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2021	11.6
2022	8.3
2023	7.6
2024	3.4
2025	0.9
Thereafter	1.7
Total	$ 33.5

Goodwill (Details) - USD ($)	3 Months Ended		12 Months Ended
Goodwill (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2018
Goodwill [Roll Forward]
Balance at December 31, 2019	$ 234,500,000		$ 234,500,000
Effect of foreign currency translation			2,400,000
Balance at December 31, 2020			$ 236,900,000
Goodwill impairment	$ 0	$ 0		$ 0

Revolving Credit Facility (Details) - Credit and Guarantee Agreement - USD ($)	1 Months Ended
	Apr. 30, 2017	Dec. 31, 2020	Feb. 28, 2018
Revolving Credit Facility
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage	0.20%
Letter of Credit
Line of Credit Facility [Line Items]
Commitment fee percentage	1.50%
Fronting fee	0.125%
Line of Credit
Line of Credit Facility [Line Items]
Covenant terms, minimum liquidity balance	$ 100,000,000.0
Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Letter of credit	600,000,000.0		$ 725,000,000.0
Debt issuance fees	$ 2,600,000		400,000
Debt instrument, term	5 years
Line of credit facility, accordion feature, increase limit			275,000,000.0
Aggregate letters of credit outstanding amount		$ 45,400,000
Remaining borrowing capacity		$ 679,600,000
Line of Credit \| Revolving Credit Facility \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Line of Credit \| Revolving Credit Facility \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Line of Credit \| Letter of Credit
Line of Credit Facility [Line Items]
Letter of credit			$ 187,500,000

Leases - Narrative (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Tenant improvement allowance reimbursement

Lease, renewal term

5 years

Sublease income

$ (7.2)

$ (7.1)

Minimum obligations

$ 836.4

836.4

Tenant improvements

75.0

22.5

55.3

$ 0.0

Asset impairment charges

^[1]

398.2

$ 0.0

Operating lease right-of-use asset, impairment

215.8

Lease related PP&E asset impairments

$ 162.4

182.4

Operating leases, not yet commenced, value

$ 112.8

Minimum

Lease, remaining lease term

1 year

Operating sublease, term

1 year

Operating leases, not yet commenced, term of contract

5 years

Maximum

Lease, remaining lease term

15 years

Operating sublease, term

13 years

Operating leases, not yet commenced, term of contract

15 years

Corporate Headquarters Lease

Tenant improvement allowance reimbursement

$ 16.4

Corporate Headquarters Lease | Line of Credit | Letter of Credit

Letter of credit

$ 34.2

[1]	Includes impairment charges related to certain right-of-use and other lease related assets as a result of our decision to shift to a Virtual First work model. See Note 9 "Leases" for further information.

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease, cost	$ 125.5	$ 103.2
Finance lease cost:
Amortization of assets under finance lease	84.8	80.3
Interest	9.1	9.2
Total finance lease cost	$ 93.9	$ 89.5

Leases - Other Lease Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Payments for operating leases included in cash from operating activities	$ 121.5	$ 102.8
Payments for finance leases included in cash from operating activities	9.1	9.2
Payments for finance leases included in cash from financing activities	89.5	92.9	$ 109.1
Operating leases	109.3	297.0
Finance leases	$ 145.8	$ 144.1
Weighted average remaining lease term (in years) - operating leases	10 years 7 months 6 days	11 years 3 months 18 days
Weighted average remaining lease term (in years) - finance leases	2 years 10 months 24 days	3 years
Weighted average discount rate - operating leases	4.00%	4.30%
Weighted average discount rate - finance leases	3.40%	4.30%

Leases - Schedule of Future Minimum Payments (Details) $ in Millions	Dec. 31, 2020 USD ($)
Operating leases
2021	$ 122.5
2022	117.0
2023	101.1
2024	90.5
2025	85.3
Thereafter	564.7
Total future minimum lease payments	1,081.1
Less imputed interest	(223.2)
Less tenant incentive receivables	(9.6)
Total obligations	848.3
Finance leases
2021	106.9
2022	93.3
2023	59.6
2024	24.6
2025	0.0
Thereafter	0.0
Total future minimum lease payments	284.4
Less imputed interest	(13.2)
Less tenant incentive receivables	0.0
Total obligations	$ 271.2

Leases - Future Subtenant Payments Receivable (Details) $ in Millions	Dec. 31, 2020 USD ($)
Leases [Abstract]
2021	$ 15.0
2022	19.6
2023	11.0
2024	10.2
2025	10.5
Thereafter	67.5
Total future sublease rent payments	133.8
Less sub-tenant incentive	(10.5)
Total future sublease rent payments, net	$ 123.3

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Finance lease commitments
2021	$ 106.9
2022	93.3
2023	59.6
2024	24.6
2025	0.0
Thereafter	0.0
Total future minimum lease payments	284.4
Less interest and taxes	(13.2)
Less current portion of the present value of minimum lease payments	(99.6)	$ (76.7)
Finance lease liability, non-current	171.6	$ 138.2
Operating lease commitments
2021	125.0
2022	125.8
2023	109.4
2024	98.7
2025	93.5
Thereafter	642.8
Future minimum payments	1,195.2
Other Commitments
2021	52.8
2022	39.1
2023	36.0
2024	0.0
2025	0.0
Thereafter	16.6
Future minimum payments	$ 144.5

Commitments and Contingencies - Narrative (Details) - lawsuits	Oct. 04, 2019	Dec. 31, 2020
Loss Contingencies [Line Items]
Number of pending claims		6
Class Action Lawsuits Filed in the State of California, San Mateo County
Loss Contingencies [Line Items]
Number of pending claims		4
Class Action Lawsuits Filed in the U.S. District Court
Loss Contingencies [Line Items]
Number of claims filed	2

Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Non-income taxes payable	$ 85.9	$ 92.2
Accrued legal and other external fees	23.4	29.2
Other accrued and current liabilities	47.4	40.5
Total accrued and other current liabilities	$ 156.7	$ 161.9

Stockholders' Equity - Common and Preferred Stock (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2017 shares	Dec. 31, 2020 vote $ / shares shares	Dec. 31, 2019 $ / shares shares	Dec. 31, 2018 shares	Feb. 12, 2021 USD ($)	Feb. 29, 2020 USD ($)
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)		240,000,000.0	240,000,000.0
Restricted Stock
Class of Stock [Line Items]
Shares granted (in shares)		24,900,000	23,800,000
Co-Founder Grants \| Restricted Stock
Class of Stock [Line Items]
Shares granted (in shares)	14,700,000		14,700,000	14,700,000
Co-Founder Grants \| Restricted Stock \| Chief Executive Officer
Class of Stock [Line Items]
Shares granted (in shares)	10,300,000	10,300,000
Class A Common Stock
Class of Stock [Line Items]
Votes per share \| vote		1
Common stock, shares authorized (in shares)		2,400,000,000.0	2,400,000,000.0
Common stock, par value (in dollars per share) \| $ / shares		$ 0.00001
Common stock, shares issued (in shares)		322,300,000	255,800,000
Common stock, shares outstanding (in shares)		322,300,000	255,800,000
Stock repurchase program, authorized amount \| $						$ 600,000,000
Class A Common Stock \| Subsequent Event
Class of Stock [Line Items]
Stock repurchase program, authorized amount \| $					$ 1,000,000,000
Class B Common Stock
Class of Stock [Line Items]
Votes per share \| vote		10
Shares converted in conversion (in shares)		77,800,000	38,900,000
Common stock, shares authorized (in shares)		475,000,000.0	475,000,000.0
Common stock, par value (in dollars per share) \| $ / shares		$ 0.00001
Common stock, shares issued (in shares)		83,500,000	161,200,000
Common stock, shares outstanding (in shares)		83,500,000	161,200,000
Class C Common Stock
Class of Stock [Line Items]
Votes per share \| vote		0
Common stock, shares authorized (in shares)		800,000,000.0	800,000,000.0
Common stock, par value (in dollars per share) \| $ / shares		$ 0.00001
Common stock, shares issued (in shares)		0	0
Common stock, shares outstanding (in shares)		0	0

Stockholders' Equity - Stock Repurchase Program (Details) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) shares
Stockholders' Equity Note [Abstract]
Stock repurchased and retired during period (in shares) \| shares	20.2
Stock repurchased and retired during period, aggregate purchase price \| $	$ 397.5

Stockholders' Equity - Equity Incentive Plans (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued and outstanding	1.3	2.0	1.3
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Remaining unamortized stock-based compensation	$ 613.9
Unamortized stock-based compensation, requisite service period	2 years 9 months 18 days
2018 Plan \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Vesting period	4 years
2008 Equity Incentive Plan, 2017 Equity Incentive Plan, and 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued and outstanding	33.3
Shares available for grant	78.5

Stockholders' Equity - Schedule of Stock Option and Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of shares available for issuance under the Plans
Beginning balance (in shares)	66.2	57.1
Additional shares authorized (in shares)	21.7	21.2
Stock options assumed (in shares)		0.9
Options canceled (in shares)	10.8	7.1
Shares withheld related to net share settlement (in shares)	4.7	4.1
Options granted (in shares)	(24.9)	(24.2)
Ending balance (in shares)	78.5	66.2	57.1
Options outstanding, Number of shares outstanding under the Plans
Beginning balance (in shares)	2.0	1.3
Stock options assumed (in shares)		0.9
Options exercised (in shares)	(0.4)	(0.3)
Options canceled (in shares)	(0.3)	(0.2)
Options granted (in shares)		0.3
Ending balance (in shares)	1.3	2.0	1.3
Vested at December 31, 2020 (in shares)	1.0
Unvested at December 31, 2020 (in shares)	0.3
Options outstanding, Weighted- average exercise price per share
Beginning balance (in dollars per share)	$ 12.28	$ 14.68
Stock options assumed (in dollars per share)		6.02
Options exercised (in dollars per share)	5.67	6.82
Options canceled (in dollars per share)	17.62	18.89
Options granted (in dollars per share)		23.09
Ending balance (in dollars per share)	13.73	$ 12.28	$ 14.68
Vested at December 31, 2020 (in dollars per share)	16.02
Unvested at December 31, 2020 (in dollars per share)	$ 5.86
Options outstanding, Weighted- average remaining contractual term (In years)
Weighted-average contractual term	5 years 8 months 12 days	6 years 6 months	5 years
Weighted-average contractual term, Vested at December 31, 2020	5 years 2 months 12 days
Options outstanding, aggregate intrinsic value	$ 11,350	$ 16,400	$ 9,100
Vested during period, aggregate intrinsic value	6,750
Unvested during period, aggregate intrinsic value	$ 4,600
Restricted Stock
Restricted Stock Outstanding, Number of Plan shares outstanding
Beginning balance (in shares)	30.7	25.0
RSUs released (in shares)	(13.1)	(11.2)
RSUs canceled (in shares)	(10.6)	(6.9)
Restricted stock granted (in shares)	24.9	23.8
Ending balance (in shares)	31.9	30.7	25.0
Vested at end of period (in shares)	0.0
Restricted Stock Outstanding, Weighted- average grant date fair value per share
Beginning balance (in dollars per share)	$ 20.48	$ 18.68
RSUs released (in dollars per share)	19.57	19.01
RSUs canceled (in dollars per share)	19.92	19.32
Shares repurchased for tax withholdings on release of restricted stock (in dollars per share)	19.56	18.87
Restricted stock granted (in dollars per share)	18.88	21.34
Ending balance (in dollars per share)	19.79	$ 20.48	$ 18.68
Vested at end of period (in dollars per share)	$ 0

Stockholders' Equity - Schedule of Pre-Tax Intrinsic Value of Options Exercised (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Intrinsic value of options exercised	$ 6.3	$ 5.3

Stockholders' Equity - Assumed Stock Options (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		12 Months Ended
	Feb. 08, 2019	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options assumed (in shares)			0.9
Dividend yield		0.00%
Weighted average grant date fair value of stock options assumed (in dollars per share)		$ 21.60
Fair value of options assumed in business combination		$ 19.4
Post combination, stock-based compensation expense		$ 18.6
HelloSign Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options assumed (in shares)	0.9

Stockholders' Equity - Fair Value of Stock Option Assumptions Used (Details)		12 Months Ended
	Feb. 08, 2019	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield		0.00%
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	51.60%
Risk-free interest rate, minimum	2.42%
Risk-free interest rate, maximum	2.51%
Dividend yield	0.00%
Employee Stock Option \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	3 years 4 months 24 days
Employee Stock Option \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	7 years

Stockholders' Equity - Co-Founder Grants (Details) $ / shares in Units, shares in Millions, $ in Millions		1 Months Ended	12 Months Ended
	Mar. 19, 2020 USD ($)	Dec. 31, 2017 tranche $ / shares shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reversal of stock based compensation expense \| $	$ 23.8
Reversal of stock based compensation previously recognized \| $	$ 21.5
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) \| shares			24.9	23.8
Co-Founder Grants \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) \| shares		14.7		14.7	14.7
Expiration period		10 years
Number of tranches \| tranche		9
Stock-based compensation expense \| $			$ 23.4	$ 34.9
Remaining unamortized stock-based compensation \| $			$ 35.7	$ 84.2
Co-Founder Grants \| Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights, price per share (in dollars per share) \| $ / shares		$ 30
Co-Founder Grants \| Restricted Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights, price per share (in dollars per share) \| $ / shares		$ 90
Co-Founder Grants \| Restricted Stock \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Co-Founder Grants \| Restricted Stock \| Tranche One \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage vested maximum		20.00%
Co-Founder Grants \| Chief Executive Officer \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) \| shares		10.3	10.3
Co-Founder Grants \| Director \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) \| shares		4.4

Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Net loss attributable to common stockholders	$ (256.3)	$ (52.7)	$ (484.9)
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders (in shares)	414.3	411.6	358.6
Net loss per common share, basic and diluted (in dollars per share)	$ (0.62)	$ (0.13)	$ (1.35)
Class A
Class of Stock [Line Items]
Net loss attributable to common stockholders	$ (182.5)	$ (30.3)	$ (138.7)
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders (in shares)	295.0	236.8	102.6
Net loss per common share, basic and diluted (in dollars per share)	$ (0.62)	$ (0.13)	$ (1.35)
Class B
Class of Stock [Line Items]
Net loss attributable to common stockholders	$ (73.8)	$ (22.4)	$ (346.2)
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders (in shares)	119.3	174.8	256.0
Net loss per common share, basic and diluted (in dollars per share)	$ (0.62)	$ (0.13)	$ (1.35)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Net Loss Per Share - Schedule of Potentially Dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	22.7	45.9	53.8
Restricted stock units and awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	10.5	29.3	35.0
Options to purchase shares of common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.9	1.9	4.0
Co-Founder Grants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	11.3	14.7	14.7
Shares subject to repurchase from early-exercised options and unvested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.0	0.0	0.1

Income Taxes - Schedule of Loss from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Domestic	$ (57.7)	$ (98.8)	$ (497.1)
Foreign	(192.5)	46.8	17.0
Loss before income taxes	$ (250.2)	$ (52.0)	$ (480.1)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
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Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ 0.0	$ 0.1	$ (0.1)
State	(2.7)	(0.6)	(0.2)
Foreign	(6.0)	(7.7)	(4.6)
Deferred:
Federal	0.0	6.6	0.0
State	0.0	0.6	0.0
Foreign	2.6	0.3	0.1
Benefit from (provision for) income taxes	$ (6.1)	$ (0.7)	$ (4.8)

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Tax benefit at federal statutory rate	$ 52.5	$ 10.9	$ 100.8
State taxes, net of federal benefit	1.2	2.4	10.7
Foreign rate differential	(12.2)	(0.9)	1.8
Research and other credits	34.9	30.2	86.5
Non-deductible compensation	(4.1)	(3.4)	0.0
Meals & entertainment	(0.6)	(2.5)	(2.2)
Permanent differences	(1.2)	(2.1)	(16.2)
Change in valuation allowance	(69.6)	(32.2)	(240.7)
Stock-based compensation	(3.2)	1.8	57.3
Other non-deductible items	(3.8)	(4.9)	(2.8)
Benefit from (provision for) income taxes	$ (6.1)	$ (0.7)	$ (4.8)

Income Taxes - Components of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Net operating loss carryforwards	$ 230.3	$ 257.2
Research credit carryforwards	226.3	188.6
Stock-based compensation	27.3	29.3
Accruals and reserves	34.0	32.3
Lease liability	208.1	189.8
Other	3.2	1.0
Gross deferred tax assets	729.2	698.2
Valuation allowance	(583.7)	(510.8)
Total deferred tax assets, net of valuation allowance	145.5	187.4
Deferred tax liabilities:
Fixed assets and intangible assets	5.8	13.1
Right-of-use assets	135.4	172.7
Other	0.3	0.3
Total deferred tax liability	141.5	186.1
Net deferred tax assets	$ 4.0	$ 1.3

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Research credit carryforwards	$ 226.3	$ 188.6
Unrecognized tax benefits	91.4	74.5	$ 59.8	$ 25.6
Unrecognized tax benefits that would impact effective tax rate	11.0
Unrecognized tax benefit that would result in adjustment to deferred tax assets	80.4
Penalties and interest accrued	3.3
Penalties and interest expense	0.7	$ 1.3	$ 0.7
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	697.7
Operating loss carryforwards, subject to expiration	71.8
Operating loss carryforwards, not subject to expiration	625.9
Research credit carryforwards	207.9
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	292.8
Research credit carryforwards	113.8
Foreign
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	430.5
Tax credit carryforward	0.5
Operating loss carryforwards, not subject to expiration, available to reduce future taxable income	407.6
Deferred tax assets, acquired operating loss carryforwards, not subject to expiration	22.9
Research Tax Credit Carryforward \| Federal
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	51.9
Research Tax Credit Carryforward \| State
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	28.5
State Enterprise Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	$ 2.1

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance of gross unrecognized tax benefits at the beginning of the fiscal year	$ 74.5	$ 59.8	$ 25.6
Gross increases related to prior period tax positions	1.3	0.1	1.1
Gross increases related to current period tax positions	15.8	14.6	33.1
Reductions due to lapse in statute of limitations	(0.2)	0.0	0.0
Reductions due to settlements with taxing authorities	0.0	0.0	0.0
Balance of gross unrecognized tax benefits at the end of the fiscal year	$ 91.4	$ 74.5	$ 59.8

Geographic Areas (Details) - USD ($) $ in Millions	12 Months Ended
Geographic Areas (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Property and equipment, net	$ 338.7	$ 445.3
Revenue	1,913.9	1,661.3	$ 1,391.7
United States
Segment Reporting Information [Line Items]
Property and equipment, net	334.2	431.9
Revenue	999.3	854.1	706.5
International
Segment Reporting Information [Line Items]
Property and equipment, net	4.5	13.4
Revenue	$ 914.6	$ 807.2	$ 685.2

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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