0001467623-22-000015 | 10-K | XBRL Viewer

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Consolidated Statements of Stockholders' (Deficit) 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)
Shares outstanding, beginning balance (in shares) at Dec. 31, 2018			0.0	409.6
Shareholders equity, beginning balance at Dec. 31, 2018	$ 676.8	$ 1.0	$ 0.0	$ 0.0	$ 2,337.5	$ (1,659.5)	$ 1.0	$ (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)
Shares withheld related to net share settlement	(85.4)				(70.4)	(15.0)
Exercise of stock options and awards (in shares)				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 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		$ 0.0	$ 0.0	2,531.3	(1,726.2)		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 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Release of restricted stock units and awards (in shares)				14.8
Shares withheld related to net share settlement (in shares)	(4.6)			(4.6)
Shares withheld related to net share settlement	$ (124.8)				(35.2)	(89.6)
Repurchase of common stock (in shares)				(41.1)
Repurchases of common stock	$ (1,058.5)				(314.3)	(744.2)
Exercise of stock options and awards (in shares)	0.7			0.7
Exercise of stock options and awards	$ 6.9				6.9
Assumed stock options in connection with acquisition	1.2				1.2
Purchase of bond hedges in connection with issuance of convertible senior notes	(265.3)				(265.3)
Sale of warrants in connection with issuance of convertible senior notes	202.9				202.9
Tax benefit attributable to bond hedges purchased in connection with issuance of convertible senior notes	0.5				0.5
Stock-based compensation	287.1				287.1
Other comprehensive loss	(13.5)							(13.5)
Net loss	335.8					335.8
Shares outstanding, ending balance (in shares) at Dec. 31, 2021			0.0	375.5
Shareholders equity, ending balance at Dec. 31, 2021	$ (293.9)		$ 0.0	$ 0.0	$ 2,448.1	$ (2,739.4)		$ (2.6)

Debt - Revolving Credit Facility (Details) - Credit and Guarantee Agreement - USD ($)	1 Months Ended
	Feb. 28, 2021	Apr. 30, 2017	Dec. 31, 2021	Feb. 28, 2018
Line of Credit
Line of Credit Facility [Line Items]
Covenant terms, minimum liquidity balance		$ 100,000,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage		0.20%
Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Letter of credit	$ 500,000,000	$ 600,000,000		$ 725,000,000
Debt issuance fees	1,700,000	$ 2,600,000
Debt instrument, term		5 years
Line of credit facility, accordion feature, increase limit	250,000,000
Write off of deferred debt issuance cost	$ 200,000
Aggregate letters of credit outstanding amount			$ 52,200,000
Remaining borrowing capacity			$ 447,800,000
Revolving Credit Facility \| Line of Credit \| Federal Fund Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.375%
Revolving Credit Facility \| Line of Credit \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.375%
Letter of Credit
Line of Credit Facility [Line Items]
Commitment fee percentage		1.375%
Fronting fee		0.125%
Letter of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Letter of credit				$ 187,500,000

Commitments and Contingencies - Narrative (Details) - lawsuit	Oct. 04, 2019	Dec. 31, 2021
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

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 335.8	$ (256.3)	$ (52.7)
Other comprehensive (loss) income, net of tax:
Change in foreign currency translation adjustments	(0.6)	4.8	2.9
Change in net unrealized (losses) gains on short-term investments	(12.9)	2.8	1.6
Total other comprehensive (loss) income, net of tax	(13.5)	7.6	4.5
Comprehensive income (loss)	$ 322.3	$ (248.7)	$ (48.2)

- Definition

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

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+ Details

Stockholders’ (Deficit) Equity - Common and Preferred Stock (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2017 shares	Dec. 31, 2021 investment $ / shares shares	Dec. 31, 2020 $ / shares shares
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.00001	$ 0.00001
Common stock, shares issued (in shares)			322,300,000
Preferred stock, shares authorized (in shares)		240,000,000	240,000,000.0
Restricted Stock
Class of Stock [Line Items]
Shares granted (in shares)		18,000,000.0	24,900,000
Co-Founder Grants \| Restricted Stock
Class of Stock [Line Items]
Shares granted (in shares)	14,700,000
Co-Founder Grants \| Restricted Stock \| Chief Executive Officer
Class of Stock [Line Items]
Shares granted (in shares)	10,300,000
Class A Common Stock
Class of Stock [Line Items]
Votes per share \| investment		1
Common stock, shares authorized (in shares)		2,400,000,000	2,400,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.00001
Common stock, shares issued (in shares)		292,700,000	322,300,000
Common stock, shares outstanding (in shares)		292,700,000	322,300,000
Shares granted (in shares)		8,300,000	10,300,000
Class B Common Stock
Class of Stock [Line Items]
Votes per share \| investment		10
Common stock, shares authorized (in shares)		475,000,000.0	475,000,000.0
Shares converted in conversion (in shares)		700,000	77,800,000
Common stock, shares issued (in shares)		82,800,000	83,500,000
Common stock, shares outstanding (in shares)		82,800,000	83,500,000
Class C Common Stock
Class of Stock [Line Items]
Votes per share \| investment		0
Common stock, shares authorized (in shares)		800,000,000.0	800,000,000.0
Common stock, shares issued (in shares)		0	0
Common stock, shares outstanding (in shares)		0	0

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

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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
Data center 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,
	2021		2020
Data center and other computer equipment	$	634.5	$	652.7
Furniture and fixtures	21.7		19.9
Leasehold improvements	106.7		96.9
Construction in progress	11.7		21.0
Total property and equipment	774.6		790.5
Accumulated depreciation and amortization	(452.6)		(451.8)
Property and equipment, net	$	322.0	$	338.7

Description of the Business and Summary of Significant Accounting Policies - Lease obligations (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Lessee, Lease, Description [Line Items]

$ 398.2

$ 31.3

^[1],[2]

$ 398.2

^[1],[2]

$ 0.0

^[1],[2]

Gain on lease termination

13.6

$ 0.0

Corporate Headquarters Lease

Lessee, Lease, Description [Line Items]

Payment of lease termination fees

$ 32.0

Reduction of lease assets for termination

63.6

Reduction of lease liabilities for termination

109.1

Gain on lease termination

$ 13.6

[1]

Includes impairment charges related to real estate assets as a result of our decision to shift to a Virtual First work model. See Note 9 "Leases" for further information.

[2]

Includes stock-based compensation as follows (in millions):


	Year ended December 31,
	2021		2020		2019
Cost of revenue	$	23.2	$	17.1	$	15.8
Research and development	190.1		174.1		147.6
Sales and marketing	25.0		33.7		31.4
General and administrative(4)	48.8		36.6		66.4

Debt - Schedule of Convertible Notes (Details) $ in Millions	Dec. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Principal balance	$ 1,389.1
Convertible Debt
Line of Credit Facility [Line Items]
Principal balance	1,389.1
Unamortized issuance costs	(18.8)
Carrying value, net	1,370.3
2026 Notes \| Convertible Debt
Line of Credit Facility [Line Items]
Principal balance	695.8
Unamortized issuance costs	(9.1)
Carrying value, net	686.7
2028 Notes \| Convertible Debt
Line of Credit Facility [Line Items]
Principal balance	693.3
Unamortized issuance costs	(9.7)
Carrying value, net	$ 683.6

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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	$ 91.4	$ 74.5	$ 59.8
Gross increases related to prior period tax positions	0.0	1.3	0.1
Gross decreases related to prior period tax positions	(0.3)	0.0	0.0
Gross increases related to current period tax positions	18.5	15.8	14.6
Reductions due to lapse in statute of limitations	(1.5)	(0.2)	0.0
Reductions due to settlements with taxing authorities	(0.8)	0.0	0.0
Balance of gross unrecognized tax benefits at the end of the fiscal year	$ 107.3	$ 91.4	$ 74.5

Stockholders’ (Deficit) Equity - Stock Repurchase Program (Details) - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Feb. 11, 2022	Sep. 30, 2021	Feb. 28, 2021	Feb. 29, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount				$ 600,000,000	$ 1,000,000,000	$ 600,000,000
Stock repurchased and retired during period (in shares)	41.1	20.2
Stock repurchased and retired during period, aggregate purchase price	$ 1,100,000,000	$ 397,500,000
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount			$ 1,200,000,000
Convertible Debt
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased and retired during period (in shares)	8.6
Stock repurchased and retired during period, aggregate purchase price	$ 200,000,000

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

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
Data center 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,
	2021		2020
Data center and other computer equipment	$	634.5	$	652.7
Furniture and fixtures	21.7		19.9
Leasehold improvements	106.7		96.9
Construction in progress	11.7		21.0
Total property and equipment	774.6		790.5
Accumulated depreciation and amortization	(452.6)		(451.8)
Property and equipment, net	$	322.0	$	338.7

Geographic Areas (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Long-lived Assets by Geographic Areas

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


	As of December 31,
	2021		2020
United States	$	316.6	$	334.2
International(1)	5.4		4.5
Total property and equipment, net	$	322.0	$	338.7

(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, 2021 and 2020.

Revenue by Geographic Areas

The following table sets forth revenue by geographic area for the years ended December 31, 2021, 2020, and 2019:


	Year ended December 31,
	2021		2020		2019
United States	$	1,130.0	$	999.3	$	854.1
International(1)	1,027.9		914.6		807.2
Total revenue	$	2,157.9	$	1,913.9	$	1,661.3

(1)No single country outside of the United States accounted for more than 10 percent of total revenue during the years ended December 31, 2021, 2020, and 2019

Goodwill (Details) - USD ($)	12 Months Ended
Goodwill (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 236,900,000
Effect of foreign currency translation	600,000
Goodwill, ending balance	356,600,000	$ 236,900,000
Goodwill impairment	0	$ 0	$ 0
DocSend acquisition
Goodwill [Roll Forward]
Acquisitions	110,200,000
Other acquisition
Goodwill [Roll Forward]
Acquisitions	$ 8,900,000

Leases - Future Subtenant Payments Receivable (Details) $ in Millions	Dec. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 20.8
2023	12.7
2024	11.7
2025	10.7
2026	7.0
Thereafter	13.4
Total future sublease rent payments	76.3
Less sub-tenant incentive	(1.0)
Total future sublease rent payments, net	$ 75.3

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Current:

Federal

$ (0.4)

$ 0.0

$ 0.1

State

(0.7)

(2.7)

(0.6)

Foreign

(2.5)

(6.0)

(7.7)

Deferred:

Federal

2.2

0.0

6.6

State

0.4

0.0

0.6

Foreign

37.5

2.6

0.3

Benefit from (provision for) income taxes

^[1]

$ 36.5

$ (6.1)

$ (0.7)

[1]	Fourth quarter and full-year 2021 GAAP net income was impacted by a $38.1 million one-time income tax benefit from the release of a valuation allowance on our Irish deferred tax assets.

- Definition

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

+ References + Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 11, 2022 the Board of Directors authorized the Company to repurchase up to an additional $1.2 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.

Net Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The numerators and denominators of the basic and diluted EPS computations for our common stock are calculated as follows (in millions, except for per share amounts):


	Year ended December 31,
	2021
	Class A		Class B
Basic net income per share:
Numerator
Net income attributable to common stockholders	$	263.9	$	71.9
Denominator
Weighted-average number of common shares outstanding used in computing basic net income per share	$	304.9	$	83.1
Net income per common share, basic	$	0.87	$	0.87
Diluted net income per share:
Numerator
Net income attributable to common stockholders	$	263.9	$	71.9
Reallocation of net income as a result of conversion of Class B to Class A common stock	$	71.9	$	—
Reallocation of net income to Class B common stock	$	—	$	(1.3)
Net income attributable to common stockholders for diluted EPS	$	335.8	$	70.6
Denominator
Weighted-average number of common shares outstanding used in computing basic net income per share	304.9		83.1
Weighted-average effect of dilutive restricted stock units and awards and employee stock options	7.8		0.1
Conversion of Class B to Class A common stock	83.1		—
Weighted-average number of common shares outstanding used in computing diluted net income per share	395.8		83.2
Net income per common share, diluted	$	0.85	$	0.85

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
	Class A		Class B		Class A		Class B

Numerator:
Net loss attributable to common stockholders	$	(182.5)	$	(73.8)	$	(30.3)	$	(22.4)
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
Net loss per common share, basic and diluted	$	(0.62)	$	(0.62)	$	(0.13)	$	(0.13)

Since the Company was in a loss position for the years ended December 31, 2020 and 2019, 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.

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

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,
	2021	2020	2019
Restricted stock units and awards	2.4	10.5	29.3
Options to purchase shares of common stock	0.1	0.9	1.9
Co-Founder Grants	9.3	11.3	14.7
Convertible Senior Notes	31.9	—	—
Warrants	31.9	—	—
Total	75.6	22.7	45.9

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Other Commitments

Future minimum payments under the Company's non-cancelable leases, finance lease obligations, and other commitments as of December 31, 2021, 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:
2022	127.2	116.2	47.9
2023	93.2	98.8	42.2
2024	58.0	88.6	3.1
2025	20.4	83.2	0.3
2026	0.1	63.6	0.4
Thereafter	—	481.2	17.6
Future minimum payments	298.9	931.6	111.5
Less interest and taxes	(10.8)
Less current portion of the present value of minimum lease payments	(120.4)
Financing lease obligations, net of current portion	167.7

(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 acquisitions of HelloSign and DocSend. 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, 2021 were as follows:


Year ending December 31,	Operating leases(1)		Finance leases
2022	$	113.1	$	127.2
2023	96.8		93.2
2024	86.6		58.0
2025	81.2		20.4
2026	61.5		0.1
Thereafter	461.6		—
Total future minimum lease payments	900.8		298.9
Less imputed interest	(185.5)		(10.8)
Less tenant improvement receivables	(5.0)		—
Total liability	$	710.3	$	288.1

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


	Finance lease commitments	Operating lease commitments(1)	Other commitments(2)
Year ended December 31:
2022	127.2	116.2	47.9
2023	93.2	98.8	42.2
2024	58.0	88.6	3.1
2025	20.4	83.2	0.3
2026	0.1	63.6	0.4
Thereafter	—	481.2	17.6
Future minimum payments	298.9	931.6	111.5
Less interest and taxes	(10.8)
Less current portion of the present value of minimum lease payments	(120.4)
Financing lease obligations, net of current portion	167.7

(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 acquisitions of HelloSign and DocSend. 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, 2021 were as follows:


Year ending December 31,	Operating leases(1)		Finance leases
2022	$	113.1	$	127.2
2023	96.8		93.2
2024	86.6		58.0
2025	81.2		20.4
2026	61.5		0.1
Thereafter	461.6		—
Total future minimum lease payments	900.8		298.9
Less imputed interest	(185.5)		(10.8)
Less tenant improvement receivables	(5.0)		—
Total liability	$	710.3	$	288.1


	Finance lease commitments	Operating lease commitments(1)	Other commitments(2)
Year ended December 31:
2022	127.2	116.2	47.9
2023	93.2	98.8	42.2
2024	58.0	88.6	3.1
2025	20.4	83.2	0.3
2026	0.1	63.6	0.4
Thereafter	—	481.2	17.6
Future minimum payments	298.9	931.6	111.5
Less interest and taxes	(10.8)
Less current portion of the present value of minimum lease payments	(120.4)
Financing lease obligations, net of current portion	167.7

(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 acquisitions of HelloSign and DocSend. See Note 5, "Business Combinations" for further details.

Subsequent Events (Details) - USD ($)	Feb. 11, 2022	Sep. 30, 2021	Feb. 28, 2021	Feb. 29, 2020
Subsequent Event [Line Items]
Stock repurchase program, authorized amount		$ 600,000,000	$ 1,000,000,000	$ 600,000,000
Subsequent Event
Subsequent Event [Line Items]
Stock repurchase program, authorized amount	$ 1,200,000,000

Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Non-income taxes payable	$ 77.4	$ 85.9
Accrued legal and other external fees	24.0	23.4
Other accrued and current liabilities	39.4	47.4
Total accrued and other current liabilities	$ 140.8	$ 156.7

Cash, Cash Equivalents and Short-Term Investments

12 Months Ended

Dec. 31, 2021

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, 2021 consisted of the following:


	Amortized cost		Unrealized gain		Unrealized loss		Estimated fair value

Cash	$	142.7	$	—	$	—	$	142.7
Cash equivalents
Money market funds	390.3		—		—		390.3
Total cash & cash equivalents	$	533.0	$	—	$	—	$	533.0
Short-term investments
Corporate notes and obligations	607.4		0.4		(4.0)		603.8
U.S. Treasury securities	240.4		—		(2.9)		237.5
Asset backed securities	140.7		0.1		(1.2)		139.6
Municipal securities	70.5		—		(0.7)		69.8
Commercial paper	61.7		—		—		61.7
Certificates of deposit	32.1		—		—		32.1
Foreign government obligations	18.4		—		(0.1)		18.3
U.S. agency obligations	14.6		—		(0.2)		14.4
Supranational securities	8.0		—		(0.1)		7.9
Total short-term investments	1,193.8		0.5		(9.2)		1,185.1
Total	$	1,726.8	$	0.5	$	(9.2)	$	1,718.1

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

Included in cash and cash equivalents is cash in transit from payment processors for credit and debit card transactions of $8.3 million and $9.8 million as of December 31, 2021 and December 31, 2020, respectively.

All short-term investments were designated as available-for-sale securities as of December 31, 2021.

The following table presents the contractual maturities of the Company’s short-term investments as of December 31, 2021:


	Amortized cost		Estimated fair value

Due within one year	$	301.3	$	301.4
Due between one to three years	561.6		558.1
Due after three years	330.9		325.6
Total	$	1,193.8	$	1,185.1

The Company had 667 short-term investments in unrealized loss positions as of December 31, 2021. There were no material unrealized losses from short-term investments and no material realized gains or losses from short-term investments that were reclassified out of accumulated other comprehensive (loss) income for the year ended December 31, 2021.

As of December 31, 2021, the Company’s short-term investments portfolio consisted of nine security types, seven of which were in an unrealized loss position. The Company’s short-term investments had unrealized losses of approximately $9.2 million as of December 31, 2021. Unrealized losses on short-term investments 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 $7.5 million, $12.5 million, and $22.8 million in interest income from its cash, cash equivalents and short-term investments for the years ended December 31, 2021, 2020 and 2019, respectively.

Stockholders’ (Deficit) Equity - Fair Value of Stock Option Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%
Employee Stock Option \| DocSend Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	47.00%
Risk-free interest rate, minimum	0.15%
Risk-free interest rate, maximum	1.29%
Dividend yield	0.00%
Employee Stock Option \| Minimum \| DocSend Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	2 years
Employee Stock Option \| Maximum \| DocSend Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 9 months 18 days

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Deferred tax assets, valuation allowance	$ 586.7	$ 586.7	$ 583.7
Deferred tax assets, amount to be recorded to APIC if recognized	57.1	57.1
Income tax benefit, release of deferred tax asset valuation allowance	38.1	38.1
Research credit carryforwards	263.9	263.9	226.3
Unrecognized tax benefits	107.3	107.3	91.4	$ 74.5	$ 59.8
Unrecognized tax benefits that would impact effective tax rate	11.9	11.9
Unrecognized tax benefit that would result in adjustment to deferred tax assets	95.4	95.4
Penalties and interest accrued	3.7	3.7
Penalties and interest expense		0.4	$ 0.7	$ 1.3
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	623.8	623.8
Operating loss carryforwards, subject to expiration	5.1	5.1
Operating loss carryforwards, not subject to expiration	618.7	618.7
Research credit carryforwards	246.1	246.1
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	352.1	352.1
Research credit carryforwards	130.0	130.0
Foreign
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	310.1	310.1
Tax credit carryforward	0.6	0.6
Foreign \| Revenue Commissioners, Ireland
Operating Loss Carryforwards [Line Items]
Income tax benefit, release of deferred tax asset valuation allowance		38.1
Research Tax Credit Carryforward \| Federal
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	61.7	61.7
Research Tax Credit Carryforward \| State
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	33.7	33.7
State Enterprise Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	$ 3.6	$ 3.6

Description of the Business and Summary of Significant Accounting Policies - Deferred Commissions, Net (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Capitalized Contract Cost [Line Items]
Additional contract costs deferred	$ 23,700,000	$ 35,000,000.0
Deferred contract costs, amortization period	5 years
Amortization of deferred commissions	$ 32,300,000	24,400,000	$ 17,500,000
Impairment loss related to deferred costs	$ 0	0	$ 0
Renewal Commissions
Capitalized Contract Cost [Line Items]
Deferred contract costs, amortization period	1 year
Prepaid Expenses and Other Current Assets \| Deferred Commissions
Capitalized Contract Cost [Line Items]
Deferred contract costs	$ 30,800,000	26,700,000
Other Assets \| Deferred Commissions
Capitalized Contract Cost [Line Items]
Deferred contract costs	$ 34,600,000	$ 47,300,000

Stockholders’ (Deficit) Equity - Assumed Stock Options (Details) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options assumed (in shares) \| shares	0.4
Dividend yield	0.00%
DocSend Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options assumed (in shares) \| shares	0.9
Weighted average grant date fair value of stock options assumed (in dollars per share) \| $ / shares	$ 25.28
Fair value of options assumed in business combination \| $	$ 9.3
Post combination, stock-based compensation expense \| $	$ 8.1

Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Millions

12 Months Ended

Mar. 19, 2020

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Income tax benefit, release of deferred tax asset valuation allowance

$ 38.1

Reversal of stock based compensation expense

$ 23.8

Reversal of stock based compensation expense previously recognized

$ 21.5

Cost of revenue

Allocated share-based compensation expense

23.2

17.1

$ 15.8

Research and development

Allocated share-based compensation expense

190.1

174.1

147.6

Sales and marketing

Allocated share-based compensation expense

25.0

33.7

31.4

General and administrative

Allocated share-based compensation expense

^[1]

$ 48.8

$ 36.6

$ 66.4

[1]

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' (Deficit) Equity" for further information.

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Components of Single Lease Cost and Other Information

The components of lease cost were as follows:


	Year ended December 31,
	2021	2020
Operating lease cost (1)	107.8	125.5
Finance lease cost:
Amortization of assets under finance lease	107.1	84.8
Interest	8.8	9.1
Total finance lease cost	115.9	93.9

(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, 2021		Year ended December 31, 2020
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	$	130.3	$	121.5
Payments for finance leases included in cash from operating activities	8.8		9.1
Payments for finance leases included in cash from financing activities	110.4		89.5
Assets obtained in exchange for lease obligations:
Operating leases	67.1		109.3
Finance leases	$	127.3	$	145.8


	As of December 31, 2021		As of December 31, 2020
Weighted Average Remaining Lease Term (in years)
Operating leases	10.2		10.6
Finance leases	2.7		2.9

Weighted Average Discount Rate
Operating leases	4.0	%	4.0	%
Finance leases	2.9	%	3.4	%

Maturities of Operating Lease Liabilities

Future minimum lease payments under non-cancellable leases as of December 31, 2021 were as follows:


Year ending December 31,	Operating leases(1)		Finance leases
2022	$	113.1	$	127.2
2023	96.8		93.2
2024	86.6		58.0
2025	81.2		20.4
2026	61.5		0.1
Thereafter	461.6		—
Total future minimum lease payments	900.8		298.9
Less imputed interest	(185.5)		(10.8)
Less tenant improvement receivables	(5.0)		—
Total liability	$	710.3	$	288.1


	Finance lease commitments	Operating lease commitments(1)	Other commitments(2)
Year ended December 31:
2022	127.2	116.2	47.9
2023	93.2	98.8	42.2
2024	58.0	88.6	3.1
2025	20.4	83.2	0.3
2026	0.1	63.6	0.4
Thereafter	—	481.2	17.6
Future minimum payments	298.9	931.6	111.5
Less interest and taxes	(10.8)
Less current portion of the present value of minimum lease payments	(120.4)
Financing lease obligations, net of current portion	167.7

(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 acquisitions of HelloSign and DocSend. 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, 2021 were as follows:


Year ending December 31,	Operating leases(1)		Finance leases
2022	$	113.1	$	127.2
2023	96.8		93.2
2024	86.6		58.0
2025	81.2		20.4
2026	61.5		0.1
Thereafter	461.6		—
Total future minimum lease payments	900.8		298.9
Less imputed interest	(185.5)		(10.8)
Less tenant improvement receivables	(5.0)		—
Total liability	$	710.3	$	288.1


	Finance lease commitments	Operating lease commitments(1)	Other commitments(2)
Year ended December 31:
2022	127.2	116.2	47.9
2023	93.2	98.8	42.2
2024	58.0	88.6	3.1
2025	20.4	83.2	0.3
2026	0.1	63.6	0.4
Thereafter	—	481.2	17.6
Future minimum payments	298.9	931.6	111.5
Less interest and taxes	(10.8)
Less current portion of the present value of minimum lease payments	(120.4)
Financing lease obligations, net of current portion	167.7

(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 acquisitions of HelloSign and DocSend. 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, 2021 were as follows:


Year ending December 31,	Operating leases
2022	$	20.8
2023	12.7
2024	11.7
2025	10.7
2026	7.0
Thereafter	13.4
Total future sublease rent payments	76.3
Less sub-tenant incentive	(1.0)
Total future sublease rent payments, net	$	75.3

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

12 Months Ended

Dec. 31, 2021

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, 2021 consisted of the following:


	Amortized cost		Unrealized gain		Unrealized loss		Estimated fair value

Cash	$	142.7	$	—	$	—	$	142.7
Cash equivalents
Money market funds	390.3		—		—		390.3
Total cash & cash equivalents	$	533.0	$	—	$	—	$	533.0
Short-term investments
Corporate notes and obligations	607.4		0.4		(4.0)		603.8
U.S. Treasury securities	240.4		—		(2.9)		237.5
Asset backed securities	140.7		0.1		(1.2)		139.6
Municipal securities	70.5		—		(0.7)		69.8
Commercial paper	61.7		—		—		61.7
Certificates of deposit	32.1		—		—		32.1
Foreign government obligations	18.4		—		(0.1)		18.3
U.S. agency obligations	14.6		—		(0.2)		14.4
Supranational securities	8.0		—		(0.1)		7.9
Total short-term investments	1,193.8		0.5		(9.2)		1,185.1
Total	$	1,726.8	$	0.5	$	(9.2)	$	1,718.1

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

Contractual Maturities of Short Term Investments

The following table presents the contractual maturities of the Company’s short-term investments as of December 31, 2021:


	Amortized cost		Estimated fair value

Due within one year	$	301.3	$	301.4
Due between one to three years	561.6		558.1
Due after three years	330.9		325.6
Total	$	1,193.8	$	1,185.1

Geographic Areas

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Geographic Areas

Long-lived assets

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


	As of December 31,
	2021		2020
United States	$	316.6	$	334.2
International(1)	5.4		4.5
Total property and equipment, net	$	322.0	$	338.7

(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, 2021 and 2020.

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, 2021, 2020, and 2019:


	Year ended December 31,
	2021		2020		2019
United States	$	1,130.0	$	999.3	$	854.1
International(1)	1,027.9		914.6		807.2
Total revenue	$	2,157.9	$	1,913.9	$	1,661.3

(1)No single country outside of the United States accounted for more than 10 percent of total revenue during the years ended December 31, 2021, 2020, and 2019

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Stockholders’ (Deficit) Equity - Schedule of Pre-Tax Intrinsic Value of Options Exercised (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Intrinsic value of options exercised	$ 12.3	$ 6.3

Description of the Business and Summary of Significant Accounting Policies - Advertising and promotional expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Advertising and promotional expense	$ 108.6	$ 81.4	$ 88.8

Stockholders’ (Deficit) Equity (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020:


		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, 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(2)	78.5	1.3	$	13.73	5.7	$	11.4	31.9	$	19.79
Additional shares authorized	20.3
Stock options assumed (1)	0.4	0.4	$	2.17
Options exercised and restricted stock units and awards released		(0.7)	9.77					(14.8)	19.35
Options and restricted stock units and awards canceled	10.9	(0.1)	11.84					(10.8)	20.87
Shares withheld related to net share settlement of restricted stock units and awards	4.6								20.71
Options and restricted stock units and awards granted	(18.0)							18.0	26.7
Balance as of December 31, 2021(2)	96.7	0.9	$	12.09	5.4	$	10.0	24.3	$	29.18
Vested at December 31, 2021		0.5	$	17.35	4.2	$	3.6	—	$	—
Unvested at December 31, 2021		0.4	$	3.33		$	6.4	24.3	$	29.18

(1) This amount includes an immaterial amount of unvested RSUs that were assumed as part of the acquisition of DocSend. The RSUs had a weighted-average grant date fair value of $26.86 per share and a total fair value of $0.4 million, all of which will be recognized as post-combination stock-based compensation expense.

(2) 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, 2021 and 2020:


	Year ended December 31,
	2021		2020
Intrinsic value of options exercised	$	12.3	$	6.3

Fair Value of Stock Options Assumptions Used

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


Expected volatility	47	%
Expected term (in years)	2.0 - 6.8
Risk-free interest rate	0.15% - 1.29%
Dividend yield	—	%

Stockholders’ (Deficit) Equity - Co-Founder Grants (Details) shares in Millions, $ in Millions		1 Months Ended		3 Months Ended	12 Months Ended
	Mar. 19, 2020 USD ($) shares	Mar. 31, 2020 shares	Dec. 31, 2017 tranche shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reversal of stock based compensation expense \| $	$ 23.8					$ 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)					18.0	24.9
Vesting period					4 years
Shares forfeited (in shares)					10.8	10.6
Vested at end of period (in shares)					0.0
Co-Founder Grants \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			14.7
Expiration period			10 years
Number of tranches \| tranche			9
Trading period			30 days
Shares forfeited (in shares)		4.4
Stock-based compensation expense \| $					$ 14.6	$ 23.4
Remaining unamortized stock-based compensation \| $				$ 21.1	$ 21.1
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)			10.3
Vested at end of period (in shares)				2.1
Co-Founder Grants \| Director \| 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

Accrued and Other Current Liabilities

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:


	As of December 31,
	2021		2020

Non-income taxes payable	$	77.4	$	85.9
Accrued legal and other external fees	24.0		23.4
Other accrued and current liabilities	39.4		47.4
Total accrued and other current liabilities	$	140.8	$	156.7

Business Combinations - Schedule of Purchase Consideration (Details) - USD ($) $ in Millions	Mar. 22, 2021	Feb. 08, 2019
DocSend Inc.
Business Acquisition [Line Items]
Cash paid to common and preferred stockholders and vested option holders	$ 125.5
Transaction costs paid by Dropbox	5.0
Fair value of assumed HelloSign options attributable to pre-combination services	1.2
Purchase price adjustments	0.1
Total purchase consideration	$ 131.8
HelloSign Inc.
Business Acquisition [Line Items]
Cash paid to common and preferred stockholders and vested option holders		$ 175.2
Transaction costs paid by Dropbox		2.4
Fair value of assumed HelloSign options attributable to pre-combination services		0.8
Purchase price adjustments		(0.5)
Total purchase consideration		$ 177.9

Description of the Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

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”) helps keep life organized and work moving. The Company 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 Company’s most significant estimates and judgments involve the valuation of acquired intangible assets and goodwill from business combinations, as well as the valuation of right-of-use and other lease related assets.

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

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 losses of $1.8 million and gains of $2.9 million in the years ended December 31, 2021 and 2020, 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 $610.5 million, $554.2 million, and $481.1 million of revenue during the years ended December 31, 2021, 2020, and 2019 respectively, that was included in the deferred revenue balances at the beginning of their respective periods.

As of December 31, 2021, future estimated revenue related to performance obligations that were unsatisfied or partially unsatisfied was $733.8 million. The substantial majority of the unsatisfied performance obligations will be satisfied over the next twelve months.

Stock-based compensation

The Company has primarily granted restricted stock units (“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”). Since August 2015, the Company has granted RSUs, which have a service based vesting condition over a four-year period vesting quarterly, 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 under the Dropbox Equity Incentives Plans. The Company recognizes compensation expense associated with RSUs ratably on a straight-line basis over the requisite service period and accounts for forfeitures in the period in which they occur.

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 DocSend, Inc. (“DocSend”), the Company assumed unvested stock options and an immaterial number of unvested RSUs that had been granted under DocSend's 2013 Stock Plan and DocSend's 2015 Stock Option and Grant Plan. The fair value of the DocSend options assumed were based upon the Black-Scholes option-pricing model. See Note 12 "Stockholders' (Deficit) Equity" for further information.

In December 2017, the Board of Directors approved the Company’s Co-Founder Grants, consisting of 14.7 million shares of Class A Common Stock in the aggregate, of which 10.3 million restricted stock awards ("RSAs") were granted to Drew Houston, the Company’s co-founder and Chief Executive Officer, and 4.4 million RSAs were granted to Arash 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 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' (Deficit) Equity" for further information. The first tranche of Mr. Houston's Co-Founder Grant vested in the fourth quarter of 2021. The stock-based compensation expense for Mr. Houston's Co-Founder Grant is recognized utilizing the accelerated attribution method, and therefore no incremental stock-based compensation was recognized.

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. 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 primarily included in sales and marketing expenses within the consolidated statements of operations and are expensed when incurred. Advertising and promotional expenses were $108.6 million, $81.4 million, and $88.8 million in the years ended December 31, 2021, 2020, and 2019, respectively.

Cash and cash equivalents

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 (loss) income 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, 2021.

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 14% and 29% of total trade and other receivables, net as of December 31, 2021. Two distribution partners accounted for 11% and 28% of total trade and other receivables, net as of December 31, 2020. 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 collectability 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 collectability 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 $1.0 million and $0.5 million as of December 31, 2021 and 2020, 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 $4.1 million and $2.7 million, as of December 31, 2021 and 2020, 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 $23.7 million and $35.0 million during the years ended December 31, 2021 and 2020, respectively.

Deferred commissions, net included in prepaid and other current assets were $30.8 million and $26.7 million as of December 31, 2021 and 2020, respectively. Deferred commissions, net included in other assets were $34.6 million and $47.3 million as of December 31, 2021 and 2020, respectively.

Commissions related to new contracts are typically deferred and 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. Commissions related to renewal contracts are typically amortized over one year. Amortized costs were $32.3 million, $24.4 million, and $17.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. Amortized costs are included in sales and marketing expense in the accompanying consolidated statements of operations. There was no material 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
Data center 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 both December 31, 2021 and 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. The equity investment is recorded in other assets. During the year ended December 31, 2020, the Company recognized a net gain of $16.8 million in other income, net related to the sale of a 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, data centers, 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 subleased. During the year ended December 31, 2021, the Company recorded impairment charges of $31.3 million related to its operating leases and related assets and real estate assets acquired as part of the acquisition of DocSend in the first quarter of 2021. During the fourth quarter of 2020, the Company recorded an impairment charge of $398.2 million related to its operating leases and related assets. These impairment charges were recorded as a result of the Company's decision to move towards a Virtual First work model. See Note 9 "Leases" for further information.

In the fourth quarter of 2021, the Company paid $32 million to partially terminate its headquarters head lease. In conjunction with the termination, the Company reduced its assets by $63.6 million and its liabilities by $109.1 million. As a result, the Company is relieved from future obligations related to this space and recognized a $13.6 million gain.

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, 2021, 2020, and 2019.

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. At December 31, 2021, the single reporting unit had a zero or negative carrying value of net assets. Goodwill allocated to the single reporting unit is $356.6 million at December 31, 2021.

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

The Company recorded impairment charges of $31.3 million related to right-of-use assets and other lease related property and equipment assets and $215.8 million related to right-of-use assets and $182.4 million related to other lease related property and equipment assets during the years ended December 31, 2021 and December 31, 2020, respectively, in conjunction with its decision to move towards a Virtual First work model. See 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, 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 issued accounting pronouncements not yet adopted

In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt - Modifications and Extinguishments (Subtopic 470-50), Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after

modification or exchange. The guidance is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. The Company does not expect the adoption of ASU 2021-04 to have a significant impact on its consolidated financial statements.

In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842), which amends ASC 842 so that lessors are no longer required to recognize a selling loss upon commencement of a lease with variable lease payments that, prior to the amendments, would have been classified as a sales-type or direct financing lease. Furthermore, a lessor must classify as an operating lease any lease that would otherwise be classified as a sales-type or direct financing lease and that would result in the recognition of a selling loss at lease commencement, provided that the lease includes variable lease payments that do not depend on an index or rate. The guidance is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. The Company does not expect the adoption of ASU 2021-05 to have a significant impact on its consolidated financial statements.

Recently adopted accounting pronouncements

In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40). This ASU simplifies the accounting for convertible instruments and contracts in an entity’s own equity, as part of its overall simplification initiative to reduce costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of financial statements. Among other changes, the new guidance eliminates the requirement to separate the convertible debt into debt and equity components, unless the conversion feature is required to be bifurcated and accounted for as a derivative or the debt is issued at a substantial premium. As a result, after adopting the guidance, entities will no longer separately present such embedded conversion features in equity, and will instead account for the convertible debt wholly as debt. The ASU also removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. Lastly, entities are required to use the if-converted method for convertible instruments in the diluted earnings per share calculation. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption permitted, but only at the beginning of the fiscal year. This update permits the use of either the modified retrospective or fully retrospective method of transition.

The Company early adopted this guidance as of January 1, 2021 using the modified retrospective approach. The adoption of the guidance did not have an impact on the Company’s financial statement as of the adoption date. As further discussed in Note 8 "Debt", the Company issued certain convertible senior notes and entered into certain contracts in the Company’s own equity during the year ended December 31, 2021, and the accounting for these instruments was based on the guidance in ASU 2020-06. Additionally, the impact on diluted earnings per share of the convertible senior notes was calculated based on the if-converted method, as further described in Note 13 "Net Income (Loss) Per Share" for further information.

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

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of presentation

Basis of 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, as well as the valuation of right-of-use and other lease related assets.

Financial information about segments and geographic areas

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 (loss) income, net of tax.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

•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

Stock-based compensation

Cost of revenue

Advertising and promotional expense

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

Concentrations of credit risk

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.

Non-trade receivables

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
Data center 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

Lease obligations

Internal use software

Business combinations

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

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

Income taxes

Fair value measurement

Level 1—Quoted prices in active markets for identical 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 issued accounting pronouncements not yet adopted and accounting pronouncements

Recently issued accounting pronouncements not yet adopted

Recently adopted accounting pronouncements

Cash, Cash Equivalents and Short-Term Investments - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) investment investmentType	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Cash and Cash Equivalents [Abstract]
Cash in transit for credit and debit card transactions	$ 8.3	$ 9.8
Number of investments in unrealized loss positions \| investment	667
Number of security types \| investmentType	9
Number of security types in loss position \| investmentType	7
Unrealized losses, short term investments	$ 9.2
Investment income	$ 7.5	$ 12.5	$ 22.8

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

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)
	2021		2020
Developed technology	$	45.9	$	26.0	3.7
Customer relationships	28.6		20.5		3.6
Patents	19.5		12.8		5.3
Software	9.0		9.0		1.3
Trademarks and trade names	5.6		4.6		2.7
Licenses	4.6		4.6		—
Assembled workforce in asset acquisitions	3.0		3.0		—
Other	0.8		0.8		3.8
Total intangibles	117.0		81.3
Accumulated amortization	(63.4)		(47.8)
Intangible assets, net	$	53.6	$	33.5

Schedule of Expected Future Amortization Expense

Expected future amortization expense for intangible assets as of December 31, 2021, is as follows:



2022	$	15.4
2023	14.9
2024	10.5
2025	8.0
2026	3.7
Thereafter	1.1
Total	$	53.6

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

Net Income (Loss) Per Share - Schedule of Potentially Dilutive Securities Excluded from Computation (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	75.6	22.7	45.9
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)	2.4	10.5	29.3
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)	0.1	0.9	1.9
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)	9.3	11.3	14.7
Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	31.9	0.0	0.0
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	31.9	0.0	0.0

Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consisted of the following:


	As of December 31,				Weighted- average remaining useful life (In years)
	2021		2020
Developed technology	$	45.9	$	26.0	3.7
Customer relationships	28.6		20.5		3.6
Patents	19.5		12.8		5.3
Software	9.0		9.0		1.3
Trademarks and trade names	5.6		4.6		2.7
Licenses	4.6		4.6		—
Assembled workforce in asset acquisitions	3.0		3.0		—
Other	0.8		0.8		3.8
Total intangibles	117.0		81.3
Accumulated amortization	(63.4)		(47.8)
Intangible assets, net	$	53.6	$	33.5

Amortization expense was $15.6 million, $14.1 million, and $13.6 million, for the years ended December 31, 2021, 2020, and 2019, respectively.

Expected future amortization expense for intangible assets as of December 31, 2021, is as follows:



2022	$	15.4
2023	14.9
2024	10.5
2025	8.0
2026	3.7
Thereafter	1.1
Total	$	53.6

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

The Company has operating leases for corporate offices and data centers, and finance leases for infrastructure and office equipment. The Company’s leases have remaining lease terms of 1 year to 14 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 9 years. Sublease income, which is recorded as a reduction of operating lease cost, was $17.6 million for the year ended December 31, 2021 and $7.2 million for the year ended December 31, 2020.

The components of lease cost were as follows:


	Year ended December 31,
	2021	2020
Operating lease cost (1)	107.8	125.5
Finance lease cost:
Amortization of assets under finance lease	107.1	84.8
Interest	8.8	9.1
Total finance lease cost	115.9	93.9

(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, 2021		Year ended December 31, 2020
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	$	130.3	$	121.5
Payments for finance leases included in cash from operating activities	8.8		9.1
Payments for finance leases included in cash from financing activities	110.4		89.5
Assets obtained in exchange for lease obligations:
Operating leases	67.1		109.3
Finance leases	$	127.3	$	145.8


	As of December 31, 2021		As of December 31, 2020
Weighted Average Remaining Lease Term (in years)
Operating leases	10.2		10.6
Finance leases	2.7		2.9

Weighted Average Discount Rate
Operating leases	4.0	%	4.0	%
Finance leases	2.9	%	3.4	%

Future minimum lease payments under non-cancellable leases as of December 31, 2021 were as follows:


Year ending December 31,	Operating leases(1)		Finance leases
2022	$	113.1	$	127.2
2023	96.8		93.2
2024	86.6		58.0
2025	81.2		20.4
2026	61.5		0.1
Thereafter	461.6		—
Total future minimum lease payments	900.8		298.9
Less imputed interest	(185.5)		(10.8)
Less tenant improvement receivables	(5.0)		—
Total liability	$	710.3	$	288.1

Future non-cancelable rent payments from the Company's subtenants as of December 31, 2021 were as follows:


Year ending December 31,	Operating leases
2022	$	20.8
2023	12.7
2024	11.7
2025	10.7
2026	7.0
Thereafter	13.4
Total future sublease rent payments	76.3
Less sub-tenant incentive	(1.0)
Total future sublease rent payments, net	$	75.3

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 possession of three phases of the space between June 2018 and December 2019, and began to recognize lease costs and lease obligations, net of tenant improvement reimbursements related to the space. At lease commencement, the Company's total expected minimum obligations for all three phases of the lease were $836.4 million, which

exclude 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. The Company does not expect to collect further tenant improvement reimbursements through the remainder of the lease. In the fourth quarter of 2021, the Company executed a partial termination of its headquarters and the related sublease for the space. In conjunction with the termination, the Company reduced its assets by $63.6 million and its liabilities by $109.1 million. The Company also paid a one-time fee to the landlord for $32 million. As a result, the Company recognized a $13.6 million gain. As of December 31, 2021, the Company's remaining minimum obligation for its headquarters was $602.3 million.

In the fourth quarter of 2020, the Company announced a 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 retained 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 this 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 its operating leases and related assets during the year ended December 31, 2020. Of the total impairment charge, $215.8 million was related to right-of-use assets and $182.4 million was related to other lease related assets including leasehold improvements, furniture and fixtures, and computer equipment. During the year ended December 31, 2021, the Company recorded a total impairment of $31.3 million for its operating leases and related assets.

As of December 31, 2021, the Company had commitments of $29.7 million for an operating lease that has not yet commenced, and therefore is not included in the right-of-use asset or operating lease liability. This operating lease will commence in 2022 with a lease term of 14 years.

Leases

The components of lease cost were as follows:


	Year ended December 31,
	2021	2020
Operating lease cost (1)	107.8	125.5
Finance lease cost:
Amortization of assets under finance lease	107.1	84.8
Interest	8.8	9.1
Total finance lease cost	115.9	93.9

(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, 2021		Year ended December 31, 2020
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	$	130.3	$	121.5
Payments for finance leases included in cash from operating activities	8.8		9.1
Payments for finance leases included in cash from financing activities	110.4		89.5
Assets obtained in exchange for lease obligations:
Operating leases	67.1		109.3
Finance leases	$	127.3	$	145.8


	As of December 31, 2021		As of December 31, 2020
Weighted Average Remaining Lease Term (in years)
Operating leases	10.2		10.6
Finance leases	2.7		2.9

Weighted Average Discount Rate
Operating leases	4.0	%	4.0	%
Finance leases	2.9	%	3.4	%

Future minimum lease payments under non-cancellable leases as of December 31, 2021 were as follows:


Year ending December 31,	Operating leases(1)		Finance leases
2022	$	113.1	$	127.2
2023	96.8		93.2
2024	86.6		58.0
2025	81.2		20.4
2026	61.5		0.1
Thereafter	461.6		—
Total future minimum lease payments	900.8		298.9
Less imputed interest	(185.5)		(10.8)
Less tenant improvement receivables	(5.0)		—
Total liability	$	710.3	$	288.1

Future non-cancelable rent payments from the Company's subtenants as of December 31, 2021 were as follows:


Year ending December 31,	Operating leases
2022	$	20.8
2023	12.7
2024	11.7
2025	10.7
2026	7.0
Thereafter	13.4
Total future sublease rent payments	76.3
Less sub-tenant incentive	(1.0)
Total future sublease rent payments, net	$	75.3

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021
	Level 1		Level 2		Level 3		Total

Cash equivalents
Money market funds	$	390.3	$	—	$	—	$	390.3
Total cash equivalents	$	390.3	$	—	$	—	$	390.3
Short-term investments
Corporate notes and obligations	—		603.8		—		603.8
U.S. Treasury securities	—		237.5		—		237.5
Asset backed securities	—		139.6		—		139.6
Municipal securities	—		69.8		—		69.8
Commercial paper	—		61.7		—		61.7
Certificates of deposit	—		32.1		—		32.1
Foreign government obligations	—		18.3		—		18.3
U.S. agency obligations	—		14.4		—		14.4
Supranational securities	—		7.9		—		7.9
Total short-term investments	—		1,185.1		—		1,185.1
Total	$	390.3	$	1,185.1	$	—	$	1,575.4


	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

Property and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following:


	As of December 31,
	2021		2020
Data center and other computer equipment	$	634.5	$	652.7
Furniture and fixtures	21.7		19.9
Leasehold improvements	106.7		96.9
Construction in progress	11.7		21.0
Total property and equipment	774.6		790.5
Accumulated depreciation and amortization	(452.6)		(451.8)
Property and equipment, net	$	322.0	$	338.7

During the fourth quarter of 2021, the Company retired $65.0 million of fully depreciated data center assets that are no longer in use.

The Company leases certain infrastructure, computer equipment, and furniture from various third parties, through equipment finance leases. Infrastructure assets as of December 31, 2021 and 2020, respectively, included a total of $469.4 million and $395.2 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 equipment under finance leases totaled $237.6 million and $156.6 million as of December 31, 2021 and 2020, respectively.

Depreciation expense related to property and equipment was $135.7 million and $145.1 million for the years ended December 31, 2021 and 2020 respectively.

Business Combinations

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Business Combinations

2021 Business Combination

On March 22, 2021, the Company acquired all outstanding stock of DocSend, a secure document sharing and analytics company. The Company believes the combination of Dropbox, HelloSign, and DocSend will help customers across industries manage end-to-end document workflows—from content collaboration to sharing and e-signature—giving them more control over their business results. The results of DocSend's operations have been included in the Company’s consolidated results of operations since the date of acquisition and were immaterial for the periods presented.

The purchase consideration transferred consisted of the following:


	Purchase consideration
Cash paid to common and preferred stockholders and vested option holders	$	125.5
Transaction costs paid by Dropbox on behalf of DocSend	5.0
Fair value of assumed DocSend options attributable to pre-combination services(1)	1.2
Purchase price adjustments	0.1
Total purchase consideration	$	131.8

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

In addition to the total purchase consideration above, the Company has compensation agreements with key DocSend personnel consisting of $30.7 million in future cash payments subject to ongoing employee service. The related expense will be recognized within sales and marketing and research and development expenses over the required service period of three years.

The related payments will be paid out evenly on an annual basis in the first and second year, and in quarterly installments in the third year. Payments will begin in the first quarter of 2022 if the requisite service is provided.

The purchase consideration was allocated to the tangible and intangible assets and liabilities acquired as of the acquisition date, with the excess recorded to goodwill as shown below. The fair value of assets and liabilities acquired may change as additional information is received during the measurement period. The measurement period will end no later than one-year from the acquisition date.


Assets acquired:
Cash and cash equivalents	$	5.1
Acquisition-related intangible assets	20.6
Accounts receivable, prepaid and other assets	6.1
Total assets acquired	$	31.8

Liabilities assumed:
Accounts payable, accrued and other liabilities	$	6.4
Deferred revenue	1.9
Deferred tax liability	1.9
Total liabilities assumed	10.2
Net assets acquired, excluding goodwill	21.6
Total purchase consideration	131.8
Goodwill (2)	$	110.2

(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)
Developed technology	11.5		5.0
Customer relationships	8.1		5.0
Trade name	1.0		5.0
Total acquisition-related intangible assets	$	20.6

The fair values of the acquisition-related intangible assets were determined using the following methodologies: the multi-period excess earnings method for customer relationships, and the relief from royalty method for developed technology, and the trade name, respectively. The valuation model inputs required the application of significant judgment by management. The acquired intangible assets have a total weighted average amortization period of 5.0 years.

One-time acquisition-related diligence costs of $1.2 million were expensed within general and administrative expenses as incurred during the three months ended March 31, 2021.

2019 Business Combination

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 employee holdback agreements with key HelloSign personnel consisting of $48.5 million in cash payments subject to ongoing 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 $16.2 million paid during the year ended December 31, 2021. The remaining balance of $4.1 will be paid evenly in quarterly installments over the remaining required service period.

The purchase consideration was 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.

Leases - Other Lease Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Payments for operating leases included in cash from operating activities	$ 130.3	$ 121.5
Payments for finance leases included in cash from operating activities	8.8	9.1
Payments for finance leases included in cash from financing activities	110.4	89.5	$ 92.9
Operating leases	67.1	109.3
Finance leases	$ 127.3	$ 145.8
Weighted average remaining lease term (in years) - operating leases	10 years 2 months 12 days	10 years 7 months 6 days
Weighted average remaining lease term (in years) - finance leases	2 years 8 months 12 days	2 years 10 months 24 days
Weighted average discount rate - operating leases	4.00%	4.00%
Weighted average discount rate - finance leases	2.90%	3.40%

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 533.0	$ 314.9
Short-term investments	1,185.1	806.4
Trade and other receivables, net	49.6	43.4
Prepaid expenses and other current assets	82.1	62.8
Total current assets	1,849.8	1,227.5
Property and equipment, net	322.0	338.7
Operating lease right-of-use asset	413.9	470.5
Intangible assets, net	53.6	33.5
Goodwill	356.6	236.9
Other assets	95.4	80.1
Total assets	3,091.3	2,387.2
Current liabilities:
Accounts payable	25.7	18.7
Accrued and other current liabilities	140.8	156.7
Accrued compensation and benefits	139.1	113.6
Operating lease liability	78.3	88.7
Finance lease obligation	120.4	99.6
Deferred revenue	671.5	610.5
Total current liabilities	1,175.8	1,087.8
Operating lease liability, non-current	632.0	759.6
Finance lease liability, non-current	167.7	171.6
Convertible senior notes, net, non-current	1,370.3	0.0
Other non-current liabilities	39.4	34.4
Total liabilities	3,385.2	2,053.4
Commitments and contingencies (Note 10)
Stockholders’ (deficit) equity:
Preferred stock value	0.0	0.0
Common Stock	0.0	0.0
Additional paid-in capital	2,448.1	2,564.3
Accumulated deficit	(2,739.4)	(2,241.4)
Accumulated other comprehensive (loss) income	(2.6)	10.9
Total stockholders’ (deficit) equity	(293.9)	333.8
Total liabilities and stockholders’ (deficit) equity	3,091.3	2,387.2
Convertible Preferred Stock
Stockholders’ (deficit) equity:
Preferred stock value	$ 0.0	$ 0.0

Leases - Schedule of Future Minimum Payments (Details) $ in Millions	Dec. 31, 2021 USD ($)
Operating leases
2022	$ 113.1
2023	96.8
2024	86.6
2025	81.2
2026	61.5
Thereafter	461.6
Total future minimum lease payments	900.8
Less imputed interest	(185.5)
Less tenant improvement receivables	(5.0)
Total liability	710.3
Finance leases
2022	127.2
2023	93.2
2024	58.0
2025	20.4
2026	0.1
Thereafter	0.0
Total future minimum lease payments	298.9
Less imputed interest	(10.8)
Less tenant improvement receivables	0.0
Total liability	$ 288.1

Cash, Cash Equivalents and Short-Term Investments - Schedule of Cash, Cash Equivalents and Short-Term Investments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	$ 533.0	$ 314.9
Cash and cash equivalents, estimated fair value	533.0	314.9
Short-term investments, amortized cost	1,193.8	802.2
Short-term investments, unrealized gain	0.5	4.3
Short-term investments, unrealized loss	(9.2)	(0.1)
Short-term investments, estimated fair value	1,185.1	806.4
Total cash, cash equivalents, and short term investments, before unrealized gain (loss) on investments	1,726.8	1,117.1
Total cash, cash equivalents, and short term investments	1,718.1	1,121.3
Corporate notes and obligations
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	607.4	374.3
Short-term investments, unrealized gain	0.4	2.5
Short-term investments, unrealized loss	(4.0)	(0.1)
Short-term investments, estimated fair value	603.8	376.7
U.S. Treasury securities
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	240.4	215.4
Short-term investments, unrealized gain	0.0	1.0
Short-term investments, unrealized loss	(2.9)	0.0
Short-term investments, estimated fair value	237.5	216.4
Asset backed securities
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	140.7	73.5
Short-term investments, unrealized gain	0.1	0.6
Short-term investments, unrealized loss	(1.2)	0.0
Short-term investments, estimated fair value	139.6	74.1
Municipal securities
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	70.5	38.7
Short-term investments, unrealized gain	0.0	0.1
Short-term investments, unrealized loss	(0.7)	0.0
Short-term investments, estimated fair value	69.8	38.8
Commercial paper
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	61.7	22.5
Short-term investments, unrealized gain	0.0	0.0
Short-term investments, unrealized loss	0.0	0.0
Short-term investments, estimated fair value	61.7	22.5
Certificates of deposit
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	32.1	17.6
Short-term investments, unrealized gain	0.0	0.0
Short-term investments, unrealized loss	0.0	0.0
Short-term investments, estimated fair value	32.1	17.6
Foreign government obligations
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	18.4	18.5
Short-term investments, unrealized gain	0.0	0.0
Short-term investments, unrealized loss	(0.1)	0.0
Short-term investments, estimated fair value	18.3	18.5
U.S. agency obligations
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	14.6	23.0
Short-term investments, unrealized gain	0.0	0.1
Short-term investments, unrealized loss	(0.2)	0.0
Short-term investments, estimated fair value	14.4	23.1
Supranational securities
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	8.0	18.7
Short-term investments, unrealized gain	0.0	0.0
Short-term investments, unrealized loss	(0.1)	0.0
Short-term investments, estimated fair value	7.9	18.7
Cash
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	142.7	67.2
Cash and cash equivalents, estimated fair value	142.7	67.2
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	390.3	222.6
Cash and cash equivalents, estimated fair value	$ 390.3	222.6
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
Cash and cash equivalents, estimated fair value		8.0
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 - Contractual Maturities of Short Term Investments (Details) $ in Millions	Dec. 31, 2021 USD ($)
Amortized cost
Due within one year	$ 301.3
Due between one to three years	561.6
Due after three years	330.9
Total	1,193.8
Estimated fair value
Due within one year	301.4
Due between one to three years	558.1
Due after three years	325.6
Total	$ 1,185.1

Business Combinations - Narrative (Details) - USD ($) $ in Millions			3 Months Ended	12 Months Ended
	Mar. 22, 2021	Feb. 08, 2019	Mar. 31, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Purchase consideration, agreements with key personnel				$ 4.1
DocSend Inc.
Business Acquisition [Line Items]
Purchase consideration, agreements with key personnel	$ 30.7
Required service period	3 years
Acquired finite-lived intangible assets weighted average amortization period	5 years
Acquisition-related diligence costs			$ 1.2
HelloSign Inc.
Business Acquisition [Line Items]
Purchase consideration, agreements with key personnel		$ 48.5
Required service period		3 years
Acquired finite-lived intangible assets weighted average amortization period		4 years 10 months 24 days
Personnel agreement, expense recognized				$ 16.2

Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 15.6	$ 14.1	$ 13.6
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2022	15.4
2023	14.9
2024	10.5
2025	8.0
2026	3.7
Thereafter	1.1
Total	$ 53.6

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	240,000,000	240,000,000.0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares issued (in shares)		322,300,000
Convertible Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	0	0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.00001
Common stock, shares authorized (in shares)	2,400,000,000	2,400,000,000
Common stock, shares issued (in shares)	292,700,000	322,300,000
Common stock, shares outstanding (in shares)	292,700,000	322,300,000
Class B Common Stock
Common stock, shares authorized (in shares)	475,000,000.0	475,000,000.0
Common stock, shares issued (in shares)	82,800,000	83,500,000
Common stock, shares outstanding (in shares)	82,800,000	83,500,000
Class C Common Stock
Common stock, shares authorized (in shares)	800,000,000.0	800,000,000.0
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0

Leases - Narrative (Details) - USD ($)

3 Months Ended

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Lessee, Lease, Description [Line Items]

Lease, renewal term

5 years

Sublease income

$ 17,600,000

$ 7,200,000

Minimum obligations

$ 836,400,000

836,400,000

Gain on lease termination

13,600,000

$ 0

$ 398,200,000

31,300,000

^[1],[2]

398,200,000

^[1],[2]

$ 0

^[1],[2]

Operating lease right-of-use asset, impairment

215,800,000

Lease related PP&E asset impairments

$ 182,400,000

Operating leases, not yet commenced, value

$ 29,700,000

Operating leases, not yet commenced, term of contract

14 years

Minimum

Lessee, Lease, Description [Line Items]

Lease, remaining lease term

1 year

Operating sublease, term

1 year

Maximum

Lessee, Lease, Description [Line Items]

Lease, remaining lease term

14 years

Operating sublease, term

9 years

Corporate Headquarters Lease

Lessee, Lease, Description [Line Items]

Minimum obligations

$ 602,300,000

Tenant improvements

75,000,000.0

Reduction of lease assets for termination

63,600,000

Reduction of lease liabilities for termination

109,100,000

Lessee, operating lease, tenant one time fee to lessor

32,000,000

Gain on lease termination

13,600,000

Corporate Headquarters Lease | Line of Credit | Letter of Credit

Lessee, Lease, Description [Line Items]

Letter of credit

$ 34,200,000

[1]

Includes impairment charges related to real estate assets as a result of our decision to shift to a Virtual First work model. See Note 9 "Leases" for further information.

[2]

Includes stock-based compensation as follows (in millions):


	Year ended December 31,
	2021		2020		2019
Cost of revenue	$	23.2	$	17.1	$	15.8
Research and development	190.1		174.1		147.6
Sales and marketing	25.0		33.7		31.4
General and administrative(4)	48.8		36.6		66.4

Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Income Statement [Abstract]

Revenue

$ 2,157.9

$ 1,913.9

$ 1,661.3

Cost of revenue

^[1]

444.2

414.6

411.0

Gross profit

1,713.7

1,499.3

1,250.3

Operating expenses

Research and development

^[1]

755.9

727.5

662.1

Sales and marketing

^[1]

427.5

422.8

423.3

General and administrative

^[1]

224.6

227.8

245.4

^[1],[2]

31.3

398.2

0.0

Total operating expenses

^[1]

1,439.3

1,776.3

1,330.8

Income (loss) from operations

274.4

(277.0)

(80.5)

Interest (expense) income, net

(5.2)

1.7

12.5

Other income, net

30.1

25.1

16.0

Income (loss) before income taxes

299.3

(250.2)

(52.0)

Benefit from (provision for) income taxes

^[3]

36.5

(6.1)

(0.7)

Net income (loss)

$ 335.8

$ (256.3)

$ (52.7)

Net income (loss) per share, basic (in dollars per share)

$ 0.87

$ (0.62)

$ (0.13)

Net income (loss) per share, diluted (in dollars per share)

$ 0.85

$ (0.62)

$ (0.13)

Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic (in shares)

388.0

414.3

411.6

Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted (in shares)

395.8

414.3

411.6

[1]

Includes stock-based compensation as follows (in millions):


	Year ended December 31,
	2021		2020		2019
Cost of revenue	$	23.2	$	17.1	$	15.8
Research and development	190.1		174.1		147.6
Sales and marketing	25.0		33.7		31.4
General and administrative(4)	48.8		36.6		66.4

[2]

Includes impairment charges related to real estate assets as a result of our decision to shift to a Virtual First work model. See Note 9 "Leases" for further information.

[3]

Fourth quarter and full-year 2021 GAAP net income was impacted by a $38.1 million one-time income tax benefit from the release of a valuation allowance on our Irish deferred tax assets.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

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.


	Finance lease commitments	Operating lease commitments(1)	Other commitments(2)
Year ended December 31:
2022	127.2	116.2	47.9
2023	93.2	98.8	42.2
2024	58.0	88.6	3.1
2025	20.4	83.2	0.3
2026	0.1	63.6	0.4
Thereafter	—	481.2	17.6
Future minimum payments	298.9	931.6	111.5
Less interest and taxes	(10.8)
Less current portion of the present value of minimum lease payments	(120.4)
Financing lease obligations, net of current portion	167.7

(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 acquisitions of HelloSign and DocSend. 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 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 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 make 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 seek 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 July 22, 2021, the Court held a preliminary settlement approval hearing. On August 3, 2021, the Court entered an order preliminarily approving the settlement and providing for notice to the class. The Court held a hearing for final approval of the settlement on December 2, 2021. On December 8, 2021, the Court entered an order approving the settlement and dismissing the case. Accordingly, the federal securities litigation is now resolved.

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 the Company's motion to dismiss the consolidated state court case. On December 15, 2020, the State Plaintiffs filed a notice of appeal of this order, and on December 8, 2021, the State Plaintiffs filed their opening brief. Dropbox filed its responding appellate brief on February 4, 2022. 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.

Description of the Business and Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenue, performance obligation, description of timing	one year or longer
Revenue recognized	$ 610.5	$ 554.2	$ 481.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Remaining performance obligation	$ 733.8
Remaining performance obligation, expected timing of satisfaction	12 months

Stockholders’ (Deficit) Equity

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Stockholders’ (Deficit) 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.

As of December 31, 2021, 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. Holders of Class B common stock voluntarily converted 0.7 million and 77.8 million shares into an equivalent number shares of Class A common stock during the years ended December 31, 2021 and December 31, 2020 respectively. As of December 31, 2021, 292.7 million shares of Class A common stock, 82.8 million shares of Class B common stock, and no shares of Class C common stock were issued and outstanding. 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. Class A shares issued and outstanding as of December 31, 2021 and 2020 exclude restricted stock awards granted to certain executives during the year. Class A shares issued and outstanding as of December 31, 2021 exclude 8.3 million unvested restricted stock awards granted to the Company's co-founder. 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-founders. See "Co-Founder Grants" section below for further details.

Preferred stock

The Company's Board of Directors will have 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. The Company completed the February 2020 stock repurchase program of up to $600 million during the nine months ended September 30, 2021. In February 2022, the Board of Directors authorized the Company to repurchase up to an additional $1.2 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, 2021, the Company repurchased and subsequently retired 41.1 million shares of its Class A common stock for an aggregate amount of $1.1 billion. This includes $200.0 million in repurchases of 8.6 million shares of our Class A common stock in conjunction with the issuance of the Notes, which was outside of our stock repurchase program. During the year ended December 31, 2020, the Company repurchased and subsequently retired 20.2 million 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 DocSend, the Company assumed unvested stock options and an immaterial number of unvested RSUs that had been granted under DocSend's 2013 Stock Plan and DocSend's 2015 Stock Option Grant.

As of December 31, 2021, there were 25.3 million stock-based awards issued and outstanding and 96.7 million shares available for issuance under the Dropbox Equity Incentive Plans, HelloSign's 2011 Equity Incentive Plan, DocSend's 2013 Stock Plan and DocSend's 2015 Stock Option Grant (collectively, the "Plans").

Stock option and restricted stock activity for the Plans was as follows for the years ended December 31, 2021 and 2020:


		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, 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(2)	78.5	1.3	$	13.73	5.7	$	11.4	31.9	$	19.79
Additional shares authorized	20.3
Stock options assumed (1)	0.4	0.4	$	2.17
Options exercised and restricted stock units and awards released		(0.7)	9.77					(14.8)	19.35
Options and restricted stock units and awards canceled	10.9	(0.1)	11.84					(10.8)	20.87
Shares withheld related to net share settlement of restricted stock units and awards	4.6								20.71
Options and restricted stock units and awards granted	(18.0)							18.0	26.7
Balance as of December 31, 2021(2)	96.7	0.9	$	12.09	5.4	$	10.0	24.3	$	29.18
Vested at December 31, 2021		0.5	$	17.35	4.2	$	3.6	—	$	—
Unvested at December 31, 2021		0.4	$	3.33		$	6.4	24.3	$	29.18

(2) 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, 2021 and 2020:


	Year ended December 31,
	2021		2020
Intrinsic value of options exercised	$	12.3	$	6.3

As of December 31, 2021, unamortized stock-based compensation related to unvested stock options, restricted stock awards (excluding the Co-Founder Grants), and RSUs was $603.1 million. The weighted-average period over which such compensation expense will be recognized if the requisite service is provided is approximately 2.7 years as of December 31, 2021.

Assumed stock options

In connection with the acquisition of DocSend 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	47	%
Expected term (in years)	2.0 - 6.8
Risk-free interest rate	0.15% - 1.29%
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.

In connection with the acquisition of DocSend, the estimated weighted-average grant date fair value for stock options assumed was $25.28 per share and a total fair value of $9.3 million, of which, $8.1 million will be recognized as post-combination stock-based compensation expense.

Co-Founder Grants

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, 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 of the date of Mr. Ferdowsi’s resignation, none of the Stock Price Targets had been met, resulting in the forfeiture of all of his 4.4 million RSAs. 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 first tranche of Mr. Houston's Co-Founder Grant, or 2.1 million shares of Class A common stock, vested in the fourth quarter of 2021. The stock-based compensation expense for Mr. Houston's Co-Founder Grant is recognized utilizing the accelerated attribution method, and therefore no incremental stock-based compensation was recognized. From time to time, directors, officers, and employees of the Company enter into 10b5-1 plans. Mr. Houston adopted a 10b5-1 plan in June 2021, pursuant to which a portion of the shares issued upon achievement of the performance targets under his Co-Founder Award (the "vested shares") were sold to satisfy income taxes related to the vesting of the Co-Founder Award and, as the Company’s share price was below the share price established in Mr. Houston's 10b5-1 plan, the remainder of the vested shares were not sold. If the Company’s share price reaches or exceeds the share price established in Mr. Houston's 10b5-1 plan prior to the date on which the term of such 10b5-1 plan expires, the remainder of the vested shares will be sold.

The Company recognized stock-based compensation expense related to the Co-Founder Grants of $14.6 million and $23.4 million during the years ended December 31, 2021 and December 31, 2020, 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 $21.1 million for the year ended December 31, 2021.

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Convertible Debt

The following is a summary of the Company’s convertible senior notes as of December 31, 2021.


	2026 Notes		2028 Notes		Total
Principal balance	$	695.8	$	693.3	$	1,389.1
Unamortized issuance costs	(9.1)		(9.7)		(18.8)
Carrying value, net	686.7		683.6		1,370.3

Schedule of Maturities of Long-term Debt

Maturities on the Company's long-term convertible debt are as follows:


	Convertible Debt
2022	$	—
2023	—
2024	—
2025	—
2026	695.8
Thereafter	693.3
Total	1,389.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

For the years ended December 31, 2021, 2020, and 2019, the Company’s income (loss) from continuing operations before provision for income taxes was as follows:


	Year ended December 31,
	2021		2020		2019
Domestic	$	185.3	$	(57.7)	$	(98.8)
Foreign	114.0		(192.5)		46.8
Income (loss) before income taxes	$	299.3	$	(250.2)	$	(52.0)

Schedule of Components of Income Tax Expense (Benefit)

The components of the benefit from (provision for) income taxes in the years ended December 31, 2021, 2020, and 2019, were as follows:


	Year ended December 31,
	2021		2020		2019
Current:
Federal	$	(0.4)	$	—	$	0.1
State	(0.7)		(2.7)		(0.6)
Foreign	(2.5)		(6.0)		(7.7)
Deferred:
Federal	2.2		—		6.6
State	0.4		—		0.6
Foreign	37.5		2.6		0.3
Benefit from (provision for) income taxes	$	36.5	$	(6.1)	$	(0.7)

Schedule of Effective Income Tax Rate Reconciliation

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,
	2021		2020		2019
Tax (provision) benefit at federal statutory rate	$	(62.8)	$	52.5	$	10.9
State taxes, net of federal benefit	(5.5)		1.2		2.4
Foreign rate differential	0.9		(12.2)		(0.9)
Research and other credits	38.1		34.9		30.2
Non-deductible compensation	(6.2)		(4.1)		(3.4)
Meals & entertainment	(0.1)		(0.6)		(2.5)
Permanent differences	(0.7)		(1.2)		(2.1)
Change in valuation allowance	51.4		(69.6)		(32.2)
Stock-based compensation	23.5		(3.2)		1.8
Other non-deductible items	(2.1)		(3.8)		(4.9)
Benefit from (provision for) income taxes	$	36.5	$	(6.1)	$	(0.7)

Schedule of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021 and 2020 were as follows:


	As of December 31,
	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	202.6	$	230.3
Research credit carryforwards	263.9		226.3
Stock-based compensation	25.2		27.3
Accruals and reserves	41.6		34.0
Lease liability	168.4		208.1
Convertible senior notes	57.3		—
Other	—		3.2
Gross deferred tax assets	759.0		729.2
Valuation allowance	(586.7)		(583.7)
Total deferred tax assets, net of valuation allowance	172.3		145.5
Deferred tax liabilities:
Fixed assets and intangible assets	20.6		5.8
Right-of-use assets	110.2		135.4
Other	0.3		0.3
Total deferred tax liability	131.1		141.5
Net deferred tax assets	$	41.2	$	4.0

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,
	2021		2020		2019
Balance of gross unrecognized tax benefits at the beginning of the fiscal year	$	91.4	$	74.5	$	59.8
Gross increases related to prior period tax positions	—		1.3		0.1
Gross decreases related to prior period tax positions	(0.3)		—		—
Gross increases related to current period tax positions	18.5		15.8		14.6
Reductions due to lapse in statute of limitations	(1.5)		(0.2)		—
Reductions due to settlements with taxing authorities	(0.8)		—		—
Balance of gross unrecognized tax benefits at the end of the fiscal year	$	107.3	$	91.4	$	74.5

Debt - Convertible Note Hedges and Warrants (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Proceeds from sale of warrants in connection with issuance of convertible senior notes	$ 202.9	$ 0.0	$ 0.0
2026 Notes
Line of Credit Facility [Line Items]
Convertible debt, conversion rate (in dollars per share)	$ 38.25
Convertible debt, effective conversion rate (in dollars per share)	46.36
2028 Notes
Line of Credit Facility [Line Items]
Convertible debt, conversion rate (in dollars per share)	35.35
Convertible debt, effective conversion rate (in dollars per share)	$ 46.36
2026 Warrants
Line of Credit Facility [Line Items]
Number of shares covered by warrant (in shares)	18.1
Warrant price (in dollars per share)	$ 46.36
2028 Warrants
Line of Credit Facility [Line Items]
Number of shares covered by warrant (in shares)	20.1
Warrant price (in dollars per share)	$ 46.36
2026 Notes Hedge
Line of Credit Facility [Line Items]
Convertible note hedge, number of shares covered by hedge (in shares)	18.2
Convertible note hedge, strike price (in dollars per share)	$ 38.25
2028 Notes Hedge
Line of Credit Facility [Line Items]
Convertible note hedge, number of shares covered by hedge (in shares)	19.6
Convertible note hedge, strike price (in dollars per share)	$ 35.35
Convertible Note Hedge
Line of Credit Facility [Line Items]
Cost of note hedge transaction	$ 265.3

Commitments and Contingencies - Future Minimum Payments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Finance lease commitments
2022	$ 127.2
2023	93.2
2024	58.0
2025	20.4
2026	0.1
Thereafter	0.0
Total future minimum lease payments	298.9
Less interest and taxes	(10.8)
Less current portion of the present value of minimum lease payments	(120.4)	$ (99.6)
Finance lease liability, non-current	167.7	$ 171.6
Operating lease commitments
2022	116.2
2023	98.8
2024	88.6
2025	83.2
2026	63.6
Thereafter	481.2
Future minimum payments	931.6
Other Commitments
2022	47.9
2023	42.2
2024	3.1
2025	0.3
2026	0.4
Thereafter	17.6
Future minimum payments	$ 111.5

Description of the Business and Summary of Significant Accounting Policies - Stock-based Compensation (Details) - Restricted Stock - shares shares in Millions		1 Months Ended		12 Months Ended
	Mar. 19, 2020	Mar. 31, 2020	Dec. 31, 2017	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				4 years
Shares granted (in shares)				18.0	24.9
Shares forfeited (in shares)				10.8	10.6
Co-Founder Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			14.7
Shares forfeited (in shares)		4.4
Chief Executive Officer \| Co-Founder Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			10.3
Director \| Co-Founder Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			4.4
Shares forfeited (in shares)	4.4

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease, cost	$ 107.8	$ 125.5
Finance lease cost:
Amortization of assets under finance lease	107.1	84.8
Interest	8.8	9.1
Total finance lease cost	$ 115.9	$ 93.9

Description of the Business and Summary of Significant Accounting Policies - Property and Equipment, Net (Details)	12 Months Ended
	Dec. 31, 2021
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 \| Data center 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 \| Data center 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

Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

The Company computes net income (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.

Basic net income per share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of the Class A and Class B common stock outstanding.

Diluted net income per share is computed by dividing net income attributable to common stockholders by the weighted-average number of diluted common shares outstanding. The computation of the diluted net income per share of Class A common stock assumes the conversion of our Class B common stock to Class A common stock, while the diluted net income per share of Class B common stock does not assume the conversion of those shares to Class A common stock. The dilutive effect of potentially dilutive common shares is reflected in diluted earnings per share by application of the if-converted method for the 2026 Notes and the 2028 Notes, and by application of the treasury stock method for the Company's other potentially dilutive securities.

The numerators and denominators of the basic and diluted EPS computations for our common stock are calculated as follows (in millions, except for per share amounts):


	Year ended December 31,
	2021
	Class A		Class B
Basic net income per share:
Numerator
Net income attributable to common stockholders	$	263.9	$	71.9
Denominator
Weighted-average number of common shares outstanding used in computing basic net income per share	$	304.9	$	83.1
Net income per common share, basic	$	0.87	$	0.87
Diluted net income per share:
Numerator
Net income attributable to common stockholders	$	263.9	$	71.9
Reallocation of net income as a result of conversion of Class B to Class A common stock	$	71.9	$	—
Reallocation of net income to Class B common stock	$	—	$	(1.3)
Net income attributable to common stockholders for diluted EPS	$	335.8	$	70.6
Denominator
Weighted-average number of common shares outstanding used in computing basic net income per share	304.9		83.1
Weighted-average effect of dilutive restricted stock units and awards and employee stock options	7.8		0.1
Conversion of Class B to Class A common stock	83.1		—
Weighted-average number of common shares outstanding used in computing diluted net income per share	395.8		83.2
Net income per common share, diluted	$	0.85	$	0.85


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

Numerator:
Net loss attributable to common stockholders	$	(182.5)	$	(73.8)	$	(30.3)	$	(22.4)
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
Net loss per common share, basic and diluted	$	(0.62)	$	(0.62)	$	(0.13)	$	(0.13)

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,
	2021	2020	2019
Restricted stock units and awards	2.4	10.5	29.3
Options to purchase shares of common stock	0.1	0.9	1.9
Co-Founder Grants	9.3	11.3	14.7
Convertible Senior Notes	31.9	—	—
Warrants	31.9	—	—
Total	75.6	22.7	45.9

Fair Value Measurements - Narrative (Details) $ in Millions	Dec. 31, 2021 USD ($)
2026 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible debt, fair value disclosures	$ 680.8
2026 Notes \| Convertible Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, face amount	$ 695.8
Debt instrument, interest rate, stated percentage	0.00%
2028 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible debt, fair value disclosures	$ 686.4
2028 Notes \| Convertible Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, face amount	$ 693.3
Debt instrument, interest rate, stated percentage	0.00%

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

For the years ended December 31, 2021, 2020, and 2019, the Company’s income (loss) from continuing operations before provision for income taxes was as follows:


	Year ended December 31,
	2021		2020		2019
Domestic	$	185.3	$	(57.7)	$	(98.8)
Foreign	114.0		(192.5)		46.8
Income (loss) before income taxes	$	299.3	$	(250.2)	$	(52.0)

The components of the benefit from (provision for) income taxes in the years ended December 31, 2021, 2020, and 2019, were as follows:


	Year ended December 31,
	2021		2020		2019
Current:
Federal	$	(0.4)	$	—	$	0.1
State	(0.7)		(2.7)		(0.6)
Foreign	(2.5)		(6.0)		(7.7)
Deferred:
Federal	2.2		—		6.6
State	0.4		—		0.6
Foreign	37.5		2.6		0.3
Benefit from (provision for) income taxes	$	36.5	$	(6.1)	$	(0.7)


	Year ended December 31,
	2021		2020		2019
Tax (provision) benefit at federal statutory rate	$	(62.8)	$	52.5	$	10.9
State taxes, net of federal benefit	(5.5)		1.2		2.4
Foreign rate differential	0.9		(12.2)		(0.9)
Research and other credits	38.1		34.9		30.2
Non-deductible compensation	(6.2)		(4.1)		(3.4)
Meals & entertainment	(0.1)		(0.6)		(2.5)
Permanent differences	(0.7)		(1.2)		(2.1)
Change in valuation allowance	51.4		(69.6)		(32.2)
Stock-based compensation	23.5		(3.2)		1.8
Other non-deductible items	(2.1)		(3.8)		(4.9)
Benefit from (provision for) income taxes	$	36.5	$	(6.1)	$	(0.7)

The significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021 and 2020 were as follows:


	As of December 31,
	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	202.6	$	230.3
Research credit carryforwards	263.9		226.3
Stock-based compensation	25.2		27.3
Accruals and reserves	41.6		34.0
Lease liability	168.4		208.1
Convertible senior notes	57.3		—
Other	—		3.2
Gross deferred tax assets	759.0		729.2
Valuation allowance	(586.7)		(583.7)
Total deferred tax assets, net of valuation allowance	172.3		145.5
Deferred tax liabilities:
Fixed assets and intangible assets	20.6		5.8
Right-of-use assets	110.2		135.4
Other	0.3		0.3
Total deferred tax liability	131.1		141.5
Net deferred tax assets	$	41.2	$	4.0

For the years ended December 31, 2021 and 2020, based on all available objective evidence, including the existence of cumulative losses, the Company determined that it was unlikely that the U.S. and Israel net deferred tax assets were fully realizable as of December 31, 2021 and 2020. Accordingly, the Company established a full valuation allowance against its U.S. deferred tax assets and a partial valuation allowance against its Israeli deferred tax assets totaling $586.7 million, if recognized, $57.1 million of the U.S. valuation allowance would be recorded to additional paid in capital.

The Company recognized an income tax benefit of $38.1 million due to the release of the valuation allowance on the Irish deferred tax assets for the year ended December 31, 2021. These Irish deferred tax assets were created primarily as a result of net operating loss carryforwards from the Company's historical Irish subsidiary business operations. Management applied

judgment in assessing the positive and negative evidence available in the determination of the amount of deferred tax assets that were more-likely-than-not to be realized in the future.

Given the Company’s recent history of U.S. 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 the U.S. 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, 2021, the Company had $623.8 million of federal, $352.1 million of state, and $310.1 million of foreign net operating loss carryforwards available to reduce future taxable income. Of the federal net operating loss carryforwards, $5.1 million will begin to expire in 2032 and $618.7 million will carryforward indefinitely, while state net operating losses begin to expire in 2029. The foreign net operating loss carryforwards will carryforward indefinitely.

As of December 31, 2021, the Company had research credit carryforwards of $246.1 million and $130.0 million for federal and state income tax purposes, respectively, of which $61.7 million and $33.7 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 2031. The state research credits have no expiration date.

As of December 31, 2021, the Company had $0.6 million of foreign tax credit carryforwards, which will carryforward indefinitely. The Company also had $3.6 million of state enterprise zone credit carryforwards, which will begin to expire in 2023.

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, 2021, the balance of unrecognized tax benefits was $107.3 million of which $11.9 million, if recognized, would affect the effective tax rate and $95.4 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,
	2021		2020		2019
Balance of gross unrecognized tax benefits at the beginning of the fiscal year	$	91.4	$	74.5	$	59.8
Gross increases related to prior period tax positions	—		1.3		0.1
Gross decreases related to prior period tax positions	(0.3)		—		—
Gross increases related to current period tax positions	18.5		15.8		14.6
Reductions due to lapse in statute of limitations	(1.5)		(0.2)		—
Reductions due to settlements with taxing authorities	(0.8)		—		—
Balance of gross unrecognized tax benefits at the end of the fiscal year	$	107.3	$	91.4	$	74.5

The Company recognizes interest and/or penalties related to income tax matters as a component of income tax expense. As of December 31, 2021, the amount of accrued interest and penalties related to uncertain tax positions was $3.7 million. Interest and penalties recognized for the year ended December 31, 2021, 2020, and 2019 was $0.4 million, $0.7 million, and $1.3 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 2014 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, 2021, 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.

- Definition

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

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, 2021	Dec. 31, 2020
Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%	11.00%
Customer B
Concentration Risk [Line Items]
Concentration risk, percentage	29.00%	28.00%

Goodwill

12 Months Ended

Dec. 31, 2021

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, 2020	$	236.9
DocSend acquisition	110.2
Other acquisition	8.9
Effect of foreign currency translation	0.6
Balance at December 31, 2021	$	356.6

Goodwill amounts are not amortized, but tested for impairment on an annual basis. There was no impairment of goodwill as of December 31, 2021, 2020, and 2019.

Description of the Business and Summary of Significant Accounting Policies - Foreign Currency Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net foreign currency transaction gains (losses)	$ (1.8)	$ 2.9

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [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	$	125.5
Transaction costs paid by Dropbox on behalf of DocSend	5.0
Fair value of assumed DocSend options attributable to pre-combination services(1)	1.2
Purchase price adjustments	0.1
Total purchase consideration	$	131.8

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

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

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


Assets acquired:
Cash and cash equivalents	$	5.1
Acquisition-related intangible assets	20.6
Accounts receivable, prepaid and other assets	6.1
Total assets acquired	$	31.8

Liabilities assumed:
Accounts payable, accrued and other liabilities	$	6.4
Deferred revenue	1.9
Deferred tax liability	1.9
Total liabilities assumed	10.2
Net assets acquired, excluding goodwill	21.6
Total purchase consideration	131.8
Goodwill (2)	$	110.2

(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 purchase consideration was 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)
Developed technology	11.5		5.0
Customer relationships	8.1		5.0
Trade name	1.0		5.0
Total acquisition-related intangible assets	$	20.6

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

Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2021	Mar. 22, 2021	Dec. 31, 2020	Feb. 08, 2019
Liabilities assumed:
Goodwill	$ 356.6		$ 236.9
DocSend Inc.
Assets acquired:
Cash and cash equivalents		$ 5.1
Acquisition-related intangible assets		20.6
Accounts receivable, prepaid and other assets		6.1
Total assets acquired		31.8
Liabilities assumed:
Accounts payable, accrued and other liabilities		6.4
Deferred revenue		1.9
Deferred tax liability		1.9
Total liabilities assumed		10.2
Net assets acquired, excluding goodwill		21.6
Total purchase consideration		131.8
Goodwill		$ 110.2
HelloSign Inc.
Assets acquired:
Cash and cash equivalents				$ 5.5
Acquisition-related intangible assets				44.6
Accounts receivable, prepaid and other assets				5.0
Short-term investments				7.8
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				$ 133.0

Accrued and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Schedule of Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:


	As of December 31,
	2021		2020

Non-income taxes payable	$	77.4	$	85.9
Accrued legal and other external fees	24.0		23.4
Other accrued and current liabilities	39.4		47.4
Total accrued and other current liabilities	$	140.8	$	156.7

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 117.0	$ 81.3
Accumulated amortization	(63.4)	(47.8)
Intangible assets, net	53.6	33.5
Developed technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 45.9	26.0
Developed technology \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted- average remaining useful life (In years)	3 years 8 months 12 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 28.6	20.5
Customer relationships \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted- average remaining useful life (In years)	3 years 7 months 6 days
Patents
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 19.5	12.8
Patents \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted- average remaining useful life (In years)	5 years 3 months 18 days
Software
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 9.0	9.0
Software \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted- average remaining useful life (In years)	1 year 3 months 18 days
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 5.6	4.6
Trademarks and trade names \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted- average remaining useful life (In years)	2 years 8 months 12 days
Licenses
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 4.6	4.6
Assembled workforce in asset acquisitions
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	3.0	3.0
Other
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 0.8	$ 0.8
Other \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted- average remaining useful life (In years)	3 years 9 months 18 days

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

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, 2021
	Level 1		Level 2		Level 3		Total

Cash equivalents
Money market funds	$	390.3	$	—	$	—	$	390.3
Total cash equivalents	$	390.3	$	—	$	—	$	390.3
Short-term investments
Corporate notes and obligations	—		603.8		—		603.8
U.S. Treasury securities	—		237.5		—		237.5
Asset backed securities	—		139.6		—		139.6
Municipal securities	—		69.8		—		69.8
Commercial paper	—		61.7		—		61.7
Certificates of deposit	—		32.1		—		32.1
Foreign government obligations	—		18.3		—		18.3
U.S. agency obligations	—		14.4		—		14.4
Supranational securities	—		7.9		—		7.9
Total short-term investments	—		1,185.1		—		1,185.1
Total	$	390.3	$	1,185.1	$	—	$	1,575.4

As of December 31, 2021, the Company has an investment in a non-marketable equity security in a privately held Company without a readily determinable market value. The investments had a carrying value of $5.6 million and is categorized as Level 3.


	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

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.

The Company has $695.8 million in aggregate principal amount of 0% convertible senior notes due in 2026 (the "2026 Notes"), and $693.3 million in aggregate principal amount of 0% convertible senior notes due in 2028 (the "2028 Notes" and together with the 2026 Notes, the "Notes"), outstanding as of December 31, 2021. Refer to Note 8 "Debt" for further details on the 2026 Notes and 2028 Notes.

The estimated fair value of the 2026 Notes and the 2028 Notes, based on a market approach as of December 31, 2021 was approximately $680.8 million and $686.4 million, respectively. The Notes were categorized as Level 2 instruments as the estimated fair value was determined based on the estimated or actual bids and offers of the Notes in an over-the-counter market on the last business day of the period.

- Definition

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

Debt - Long Term Debt Maturities (Details) $ in Millions	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
2022	$ 0.0
2023	0.0
2024	0.0
2025	0.0
2026	695.8
Thereafter	693.3
Total	$ 1,389.1

Goodwill (Tables)

12 Months Ended

Dec. 31, 2021

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, 2020	$	236.9
DocSend acquisition	110.2
Other acquisition	8.9
Effect of foreign currency translation	0.6
Balance at December 31, 2021	$	356.6

Description of the Business and Summary of Significant Accounting Policies - Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Allowance for doubtful accounts	$ 1.0	$ 0.5
Non-trade receivables	$ 4.1	$ 2.7

Net Income (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, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Net income (loss)	$ 335.8	$ (256.3)	$ (52.7)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic (in shares)	388.0	414.3	411.6
Net income (loss) per share, basic (in dollars per share)	$ 0.87	$ (0.62)	$ (0.13)
Weighted-average number of common shares outstanding used in computing diluted net income per share (in shares)	395.8	414.3	411.6
Net income (loss) per share, diluted (in dollars per share)	$ 0.85	$ (0.62)	$ (0.13)
Class A
Class of Stock [Line Items]
Net income (loss)	$ 263.9	$ (182.5)	$ (30.3)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic (in shares)	304.9	295.0	236.8
Net income (loss) per share, basic (in dollars per share)	$ 0.87	$ (0.62)	$ (0.13)
Reallocation of net income as a result of conversion of Class B to Class A common stock	$ 71.9
Reallocation of net income to Class B common stock	0.0
Net income attributable to common stockholders for diluted EPS	$ 335.8
Weighted-average effect of dilutive restricted stock units and awards and employee stock options (in shares)	7.8
Conversion of Class B to Class A common stock (in shares)	83.1
Weighted-average number of common shares outstanding used in computing diluted net income per share (in shares)	395.8	295.0	236.8
Net income (loss) per share, diluted (in dollars per share)	$ 0.85	$ (0.62)	$ (0.13)
Class B
Class of Stock [Line Items]
Net income (loss)	$ 71.9	$ (73.8)	$ (22.4)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic (in shares)	83.1	119.3	174.8
Net income (loss) per share, basic (in dollars per share)	$ 0.87	$ (0.62)	$ (0.13)
Reallocation of net income as a result of conversion of Class B to Class A common stock	$ 0.0
Reallocation of net income to Class B common stock	(1.3)
Net income attributable to common stockholders for diluted EPS	$ 70.6
Weighted-average effect of dilutive restricted stock units and awards and employee stock options (in shares)	0.1
Conversion of Class B to Class A common stock (in shares)	0.0
Weighted-average number of common shares outstanding used in computing diluted net income per share (in shares)	83.2	119.3	174.8
Net income (loss) per share, diluted (in dollars per share)	$ 0.85	$ (0.62)	$ (0.13)

Description of the Business and Summary of Significant Accounting Policies - Long-lived assets, including goodwill and other acquired intangible assets, net (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2020

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

^[1],[2]

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Goodwill

$ 236.9

$ 356.6

$ 236.9

$ 398.2

$ 31.3

^[1],[2]

398.2

^[1],[2]

$ 0.0

Operating lease right-of-use asset, impairment

215.8

Lease related PP&E asset impairments

$ 182.4

[1]

Includes impairment charges related to real estate assets as a result of our decision to shift to a Virtual First work model. See Note 9 "Leases" for further information.

[2]

Includes stock-based compensation as follows (in millions):


	Year ended December 31,
	2021		2020		2019
Cost of revenue	$	23.2	$	17.1	$	15.8
Research and development	190.1		174.1		147.6
Sales and marketing	25.0		33.7		31.4
General and administrative(4)	48.8		36.6		66.4

Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Tax (provision) benefit at federal statutory rate

$ (62.8)

$ 52.5

$ 10.9

State taxes, net of federal benefit

(5.5)

1.2

2.4

Foreign rate differential

0.9

(12.2)

(0.9)

Research and other credits

38.1

34.9

30.2

Non-deductible compensation

(6.2)

(4.1)

(3.4)

Meals & entertainment

(0.1)

(0.6)

(2.5)

Permanent differences

(0.7)

(1.2)

(2.1)

Change in valuation allowance

51.4

(69.6)

(32.2)

Stock-based compensation

23.5

(3.2)

1.8

Other non-deductible items

(2.1)

(3.8)

(4.9)

Benefit from (provision for) income taxes

^[1]

$ 36.5

$ (6.1)

$ (0.7)

[1]	Fourth quarter and full-year 2021 GAAP net income was impacted by a $38.1 million one-time income tax benefit from the release of a valuation allowance on our Irish deferred tax assets.

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 774.6	$ 790.5
Accumulated depreciation and amortization	(452.6)	(451.8)
Property and equipment, net	322.0	338.7
Data center and other computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	634.5	652.7
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	21.7	19.9
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	106.7	96.9
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 11.7	$ 21.0

Income Taxes - Components of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 202.6	$ 230.3
Research credit carryforwards	263.9	226.3
Stock-based compensation	25.2	27.3
Accruals and reserves	41.6	34.0
Lease liability	168.4	208.1
Convertible senior notes	57.3	0.0
Other	0.0	3.2
Gross deferred tax assets	759.0	729.2
Valuation allowance	(586.7)	(583.7)
Total deferred tax assets, net of valuation allowance	172.3	145.5
Deferred tax liabilities:
Fixed assets and intangible assets	20.6	5.8
Right-of-use assets	110.2	135.4
Other	0.3	0.3
Total deferred tax liability	131.1	141.5
Net deferred tax assets	$ 41.2	$ 4.0

Stockholders’ (Deficit) Equity - Schedule of Stock Option and Restricted Stock Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of shares available for issuance under the Plans
Beginning balance (in shares)	78.5	66.2
Additional shares authorized (in shares)	20.3	21.7
Stock options assumed (in shares)	0.4
Options exercised (in shares)
Options canceled (in shares)	10.9	10.8
Shares withheld related to net share settlement (in shares)	4.6	4.7
Options granted (in shares)	(18.0)	(24.9)
Ending balance (in shares)	96.7	78.5	66.2
Number of shares outstanding under the Plans
Beginning balance (in shares)	1.3	2.0
Stock options assumed (in shares)	0.4
Options exercised (in shares)	(0.7)	(0.4)
Options canceled (in shares)	(0.1)	(0.3)
Ending balance (in shares)	0.9	1.3	2.0
Vested at end of period (in shares)	0.5
Unvested at end of period (in shares)	0.4
Weighted- average exercise price per share
Beginning balance (in dollars per share)	$ 13.73	$ 12.28
Stock options assumed (in dollars per share)	2.17
Options exercised (in dollars per share)	9.77	5.67
Options canceled (in dollars per share)	11.84	17.62
Ending balance (in dollars per share)	12.09	$ 13.73	$ 12.28
Vested at end of period (in dollars per share)	17.35
Unvested at end of period (in dollars per share)	$ 3.33
Options outstanding, Weighted- average remaining contractual term (In years)
Weighted-average contractual term	5 years 4 months 24 days	5 years 8 months 12 days	6 years 6 months
Weighted-average contractual term, Vested at end of period	4 years 2 months 12 days
Options outstanding, aggregate intrinsic value	$ 10.0	$ 11.4	$ 16.4
Vested during period, aggregate intrinsic value	3.6
Unvested during period, aggregate intrinsic value	$ 6.4
DocSend Inc.
Number of shares outstanding under the Plans
Stock options assumed (in shares)	0.9
Restricted Stock
Restricted Stock Outstanding, Number of Plan shares outstanding
Beginning balance (in shares)	31.9	30.7
Stock options assumed (in shares)
RSUs released (in shares)	(14.8)	(13.1)
RSUs canceled (in shares)	(10.8)	(10.6)
Restricted stock granted (in shares)	18.0	24.9
Ending balance (in shares)	24.3	31.9	30.7
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)	$ 19.79	$ 20.48
Stock options assumed (in dollars per share)
RSUs released (in dollars per share)	19.35	19.57
RSUs canceled (in dollars per share)	20.87	19.92
Shares repurchased for tax withholdings on release of restricted stock (in dollars per share)	20.71	19.56
Restricted stock granted (in dollars per share)	26.7	18.88
Ending balance (in dollars per share)	29.18	$ 19.79	$ 20.48
Vested at end of period (in dollars per share)	0
Restricted Stock \| DocSend Inc.
Restricted Stock Outstanding, Weighted- average grant date fair value per share
Stock options assumed (in dollars per share)	$ 26.86
Fair value of awards assumed in acquisition	$ 0.4

Business Combinations - Schedule of Assets Acquired (Details) - USD ($) $ in Millions	Mar. 22, 2021	Feb. 08, 2019
DocSend Inc.
Business Acquisition [Line Items]
Estimated fair values	$ 20.6
Estimated weighted average useful lives (In years)	5 years
HelloSign Inc.
Business Acquisition [Line Items]
Estimated fair values		$ 44.6
Estimated weighted average useful lives (In years)		4 years 10 months 24 days
Developed technology \| DocSend Inc.
Business Acquisition [Line Items]
Estimated fair values	$ 11.5
Estimated weighted average useful lives (In years)	5 years
Developed technology \| HelloSign Inc.
Business Acquisition [Line Items]
Estimated fair values		$ 19.6
Estimated weighted average useful lives (In years)		5 years
Customer relationships \| DocSend Inc.
Business Acquisition [Line Items]
Estimated fair values	$ 8.1
Estimated weighted average useful lives (In years)	5 years
Customer relationships \| HelloSign Inc.
Business Acquisition [Line Items]
Estimated fair values		$ 20.5
Estimated weighted average useful lives (In years)		4 years 10 months 24 days
Trade name \| DocSend Inc.
Business Acquisition [Line Items]
Estimated fair values	$ 1.0
Estimated weighted average useful lives (In years)	5 years
Trade name \| HelloSign Inc.
Business Acquisition [Line Items]
Estimated fair values		$ 4.5
Estimated weighted average useful lives (In years)		5 years

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Assets under equipment finance lease, gross	$ 469.4	$ 469.4	$ 395.2
Assets under equipment finance lease, accumulated depreciation	237.6	237.6	156.6
Depreciation		$ 135.7	$ 145.1
Data center and other computer equipment
Property, Plant and Equipment [Line Items]
Fully depreciated assets, retired	$ 65.0

Geographic Areas (Details) - USD ($) $ in Millions	12 Months Ended
Geographic Areas (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Property and equipment, net	$ 322.0	$ 338.7
Revenue	2,157.9	1,913.9	$ 1,661.3
United States
Segment Reporting Information [Line Items]
Property and equipment, net	316.6	334.2
Revenue	1,130.0	999.3	854.1
International
Segment Reporting Information [Line Items]
Property and equipment, net	5.4	4.5
Revenue	$ 1,027.9	$ 914.6	$ 807.2

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (SAB Topic 11.L)
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+ Details

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

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Cash flows from operating activities

Net income (loss)

$ 335.8

$ (256.3)

$ (52.7)

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

Depreciation and amortization

151.4

159.3

173.5

Stock-based compensation

287.1

261.5

261.2

^[1],[2]

31.3

398.2

0.0

Amortization of debt issuance costs

3.8

0.6

Net gains on equity investments

0.0

(17.5)

0.0

Amortization of deferred commissions

32.3

24.4

17.5

Net gains on lease termination

(13.6)

0.0

Other

(4.4)

(2.6)

(16.6)

Changes in operating assets and liabilities:

Trade and other receivables, net

(6.2)

(5.5)

(7.5)

Prepaid expenses and other current assets

(58.4)

(39.4)

(18.2)

Other assets

50.5

61.4

60.6

Accounts payable

7.6

(19.9)

6.4

Accrued and other current liabilities

(34.6)

(9.8)

23.0

Accrued compensation and benefits

23.5

11.7

19.1

Deferred revenue

59.8

55.1

68.7

Other non-current liabilities

(109.2)

(72.9)

(62.4)

Tenant improvement allowance reimbursement

5.1

22.5

55.3

Cash paid for lease termination

(32.0)

0.0

Net cash provided by operating activities

729.8

570.8

528.5

Cash flows from investing activities

Capital expenditures

(22.1)

(80.1)

(136.1)

Purchase of intangible assets

(6.8)

(0.2)

(1.7)

Business combinations, net of cash acquired

(140.0)

0.0

(173.9)

Purchases of short-term investments

(1,138.4)

(756.1)

(775.4)

Proceeds from maturities of short-term investments

448.7

386.7

294.8

Proceeds from sales of short-term investments

293.6

198.8

456.1

Other

40.2

17.3

16.2

Net cash used in investing activities

(524.8)

(233.6)

(320.0)

Cash flows from financing activities

Proceeds from issuance of convertible senior notes

1,389.1

0.0

Purchases of convertible note hedge in connection with issuance of convertible senior notes

(265.3)

0.0

Proceeds from sale of warrants in connection with issuance of convertible senior notes

202.9

0.0

Payments of debt issuance costs

(23.7)

0.0

Payments for taxes related to net share settlement of restricted stock units and awards

(124.8)

(92.2)

(85.4)

Proceeds from issuance of common stock, net of taxes withheld

6.9

2.3

2.2

Principal payments on finance lease obligations

(110.4)

(89.5)

(92.9)

Common stock repurchases

(1,058.5)

(397.5)

0.0

Other

0.0

(0.8)

(0.6)

Net cash provided by (used in) financing activities

16.2

(577.7)

(176.7)

Effect of exchange rate changes on cash and cash equivalents

(3.1)

4.1

0.2

Change in cash and cash equivalents

218.1

(236.4)

32.0

Cash and cash equivalents—beginning of period

314.9

551.3

519.3

Cash and cash equivalents—end of period

533.0

314.9

551.3

Supplemental cash flow data:

Interest

8.5

9.6

9.8

Income taxes

4.2

5.0

0.6

Non-cash investing and financing activities:

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

5.6

7.8

19.9

Property and equipment acquired under finance leases

$ 127.3

$ 145.8

$ 144.1

[1]

Includes impairment charges related to real estate assets as a result of our decision to shift to a Virtual First work model. See Note 9 "Leases" for further information.

[2]

Includes stock-based compensation as follows (in millions):


	Year ended December 31,
	2021		2020		2019
Cost of revenue	$	23.2	$	17.1	$	15.8
Research and development	190.1		174.1		147.6
Sales and marketing	25.0		33.7		31.4
General and administrative(4)	48.8		36.6		66.4

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-02 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Convertible Senior Notes (Details) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) day $ / shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Line of Credit Facility [Line Items]
Proceeds from issuance of convertible senior notes	$ 1,400.0		$ 1,389.1	$ 0.0	$ 0.0
2026 Notes
Line of Credit Facility [Line Items]
Debt instrument, convertible, conversion ratio			0.0261458
Convertible debt, conversion rate (in dollars per share) \| $ / shares	$ 38.25		$ 38.25
Interest expense			$ 1.9
2026 Notes \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, convertible, conversion ratio			0.0431406
2028 Notes
Line of Credit Facility [Line Items]
Debt instrument, convertible, conversion ratio			0.0282889
Convertible debt, conversion rate (in dollars per share) \| $ / shares	$ 35.35		$ 35.35
Interest expense			$ 1.3
2028 Notes \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, convertible, conversion ratio			0.0431406
Convertible Debt \| 2026 Notes
Line of Credit Facility [Line Items]
Proceeds from issuance of convertible senior notes		$ 695.8
Debt issuance costs	$ 11.0		$ 11.0
Debt instrument, term			5 years
Effective interest rate	0.32%		0.32%
Convertible Debt \| 2028 Notes
Line of Credit Facility [Line Items]
Proceeds from issuance of convertible senior notes		$ 693.3
Debt issuance costs	$ 11.0		$ 11.0
Debt instrument, term			7 years
Effective interest rate	0.22%		0.22%
Debt Conversion, Scenario One
Line of Credit Facility [Line Items]
Convertible debt, threshold trading days \| day			20
Convertible debt, threshold consecutive trading days \| day			30
Convertible debt, threshold percentage of stock price trigger			130.00%
Debt Conversion, Scenario Two
Line of Credit Facility [Line Items]
Convertible debt, threshold trading days \| day			5
Convertible debt, threshold consecutive trading days \| day			5
Convertible debt, threshold percentage of stock price trigger			98.00%
Debt Conversion, Scenario Three
Line of Credit Facility [Line Items]
Convertible debt, threshold trading days \| day			20
Convertible debt, threshold consecutive trading days \| day			30
Convertible debt, threshold percentage of stock price trigger			130.00%
Debt Conversion, Scenario Three \| Convertible Debt
Line of Credit Facility [Line Items]
Convertible debt, redemption percentage			100.00%
Debt Conversion, Scenario Four \| Convertible Debt
Line of Credit Facility [Line Items]
Convertible debt, redemption percentage			100.00%

Income Taxes - Schedule of Loss from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Domestic	$ 185.3	$ (57.7)	$ (98.8)
Foreign	114.0	(192.5)	46.8
Income (loss) before income taxes	$ 299.3	$ (250.2)	$ (52.0)

- Definition

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.

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+ Details

Stockholders’ (Deficit) Equity - Equity Incentive Plans (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued and outstanding (in shares)	0.9	1.3	2.0
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Remaining unamortized stock-based compensation	$ 603.1
Award requisite period	2 years 8 months 12 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
Dropbox Hello Sign And Doc Send Equity Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued and outstanding (in shares)	25.3
Shares available for grant (in shares)	96.7

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

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. In February 2021, the Company amended the revolving credit facility to decrease its borrowing capacity under the revolving credit facility from $725.0 million to $500.0 million and extended the term of the agreement through March 2026. The Company may from time to time request increases in its borrowing capacity under the revolving credit facility of up to $250.0 million, provided no event of default has occurred or is continuing or would result from such increase. In conjunction with the February 2021 amendment, the Company paid upfront issuance fees of $1.7 million, which are being amortized over the remaining term of the agreement, and wrote-off $0.2 million in unamortized deferred debt issuance costs.

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 1.375% 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 SOFR plus a spread of 1.375% or at an alternative base rate plus a spread of 0.375%.

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 incurrence 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, 2021 and 2020, respectively.

The Company had an aggregate of $52.2 million of letters of credit outstanding under the revolving credit facility as of December 31, 2021, and the Company’s total available borrowing capacity under the revolving credit facility was $447.8 million as of December 31, 2021. The Company’s letters of credit have final expiration dates through 2036.

Convertible senior notes

During the first quarter of 2021, the Company issued $695.8 million aggregate principal amount of the 2026 Notes. Additionally, during the first quarter of 2021, the Company issued $693.3 million aggregate principal amount of the 2028 Notes. The Notes were issued in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The net proceeds from the sale of the Notes were approximately $1.4 billion after deducting offering and issuance costs related to the Notes.

The Notes of each series do not bear regular interest. The Notes of each series may bear special interest as the remedy relating to the Company’s failure to comply with certain of its reporting obligations. The Company has complied with this reporting obligations from the issuance date through December 31, 2021. The 2026 Notes will mature on March 1, 2026, and the 2028 Notes will mature on March 1, 2028, in each case, unless earlier converted, redeemed or repurchased.

The initial conversion rate for the 2026 Notes is 26.1458 shares of the Company’s Class A common stock per $1,000 principal amount of such Note, which is equivalent to an initial conversion price of approximately $38.25 per share. The initial conversion rate for the 2028 Notes is 28.2889 shares of Class A common stock per $1,000 principal amount of such Notes, which is equivalent to an initial conversion price of approximately $35.35 per share. The conversion rate for each series of Notes will be subject to adjustment upon the occurrence of certain specified events but will not be adjusted for accrued and unpaid special interest. In addition, upon the occurrence of a make-whole fundamental change (as defined in the relevant indentures governing the Notes) or a notice of redemption, the Company will, in certain circumstances, increase the conversion rate of the relevant series of Notes by a number of additional shares for a holder that elects to convert all or a portion of its Notes of such series in connection with such make-whole fundamental change or who elects to convert such Notes that are subject to such notice of redemption. The conversion rate for the 2026 Notes and the 2028 Notes shall not exceed 43.1406 shares per $1,000 principal amount of such Notes, subject to certain customary anti-dilution adjustments (as defined in the relevant indentures governing the Notes). There have been no changes to the initial conversion price of the Notes since issuance as of December 31, 2021.

Upon conversion, the principal portion of the Notes of the applicable series being converted will be settled in cash, and any amount in excess of the principal portion of such Notes will be settled in cash or shares of the Company’s Class A common stock or any combination thereof at the Company’s option. The if-converted value of the 2026 Notes and the 2028 Notes was below the principal value of the respective Notes as of December 31, 2021. In addition, during the year ended December 31, 2021, the conditions allowing holders of the Notes to convert were not met. As a result, the Notes are not convertible during the year ended December 31, 2021.

Prior to the close of business on the business day immediately preceding December 1, 2025, in the case of the 2026 Notes, and prior to the close of business on the business day immediately preceding December 1, 2027, in the case of the 2028 Notes, the Notes of the applicable series will be convertible only under the following circumstances: (1) during any calendar quarter commencing after June 30, 2021 (and only during such calendar quarter), if the last reported sale price of the Class A common stock for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on

the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price for the relevant series of Notes on each applicable trading day; (2) during the five business day period after any five consecutive trading day period in which, for each trading day of that period, the trading price per $1,000 principal amount of 2026 Notes or 2028 Notes, as applicable, for such trading day was less than 98% of the product of the last reported sale price of the Class A common stock and the conversion rate for such series of Notes on each such trading day; (3) if the Company calls any or all of the Notes for redemption, such Notes of the applicable series called for redemption may be converted at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate transactions.

On or after December 1, 2025, in the case of the 2026 Notes, and on or after December 1, 2027, in the case of the 2028 Notes, until the close of business on the second scheduled trading day immediately preceding the relevant maturity date, holders of the relevant series of Notes may convert all or a portion of their Notes of such series regardless of the foregoing conditions.

The Company may redeem for cash all or any part of the Notes, at its option, on or after March 6, 2024, in the case of the 2026 Notes, and on or after March 6, 2025, in the case of the 2028 Notes, if the last reported sale price of its Class A common stock has been at least 130% of the conversion price for the relevant series of Notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the series of Notes to be redeemed, plus any accrued and unpaid special interest to, but excluding, the redemption date. No sinking fund is provided for the Notes.

Upon the occurrence of a fundamental change (as defined in the relevant indentures governing the Notes) prior to the relevant maturity date, holders of the relevant series of Notes may require the Company to repurchase all or a portion of the Notes of such series for cash at a price equal to 100% of the principal amount of the series of Notes to be repurchased, plus any accrued and unpaid special interest to, but excluding, the fundamental change repurchase date. Additionally, and upon events of default (as defined in the relevant indentures governing the Notes), the maturity of the Notes may be accelerated.

The Notes are the Company’s general unsecured obligations and will rank senior in right of payment to any existing and future indebtedness that is contractually subordinated to the Notes; rank equal in right of payment with the Company’s existing and future senior unsecured indebtedness that is not so subordinated; effectively rank junior in right of payment to any of the Company’s existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness; and be structurally subordinated to all indebtedness and other liabilities (including trade payables) of subsidiaries of the Company.

In accounting for the Notes, issuance costs of $11.0 million and $11.0 million for the 2026 Notes and the 2028 Notes were deducted from the carrying value of the Notes in the consolidated balance sheet. Issuance costs will be recognized as interest expense over the five-year term and seven-year term for the 2026 Notes and the 2028 Notes, respectively.

The following is a summary of the Company’s convertible senior notes as of December 31, 2021.


	2026 Notes		2028 Notes		Total
Principal balance	$	695.8	$	693.3	$	1,389.1
Unamortized issuance costs	(9.1)		(9.7)		(18.8)
Carrying value, net	686.7		683.6		1,370.3

During the year ended December 31, 2021, the Company recognized $1.9 million and $1.3 million in interest expense for the 2026 Notes and the 2028 Notes, respectively, with such interest expense solely consisting of amortization of issuance costs. The effective interest rate for the 2026 Notes and the 2028 Notes was 0.32% and 0.22%, respectively, as of December 31, 2021.

Maturities on the Company's long-term convertible debt are as follows:


	Convertible Debt
2022	$	—
2023	—
2024	—
2025	—
2026	695.8
Thereafter	693.3
Total	1,389.1

Convertible Note Hedges and Warrants

Concurrent with the offering of the Notes, the Company entered into convertible note hedge transactions with certain counterparties whereby the Company had the option to purchase a total of approximately 18.2 million shares for note hedges expiring in March 2026 (the “2026 Note Hedges”) and 19.6 million shares for note hedges expiring in March 2028 (the “2028 Note Hedges”, together with the 2026 Note Hedges, the “Note Hedges”), respectively, of its common stock at a price of approximately $38.25 and $35.35 per share, respectively. The aggregate cost of the convertible note hedge transactions was $265.3 million.

The Note Hedges, or a portion thereof, are exercisable upon conversion of the Notes and the satisfaction of certain conditions set forth in the Note Hedges. Additionally, the Note Hedges may be terminated and early settled upon the occurrence of certain events, including certain merger events, events of default, and upon a fundamental change (as defined in the relevant indentures for the Notes). The Note Hedges are settleable in cash, shares or a combination of cash and shares, at the option of the Company, and the settlement alternative will be the same as the settlement alternative of the conversion spread for the respective Notes.

The convertible note hedge transactions are expected generally to reduce the potential dilution to the Class A common stock upon conversion of the relevant series of Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of such converted Notes, as the case may be, in the event that the market price per share of the Class A common stock, as measured under the terms of the convertible note hedge transactions, is greater than the applicable strike price of those convertible note hedge transactions. As of December 31, 2021, the Company’s stock price was below the exercise price of the respective Note Hedges.

In addition, the Company sold warrants to certain counterparties whereby the holders of the warrants had the option to purchase a total of approximately 18.1 million shares underlying warrants expiring in 2026 (the “2026 Warrants”) and 20.1 million shares underlying warrants expiring in 2028 (the “2028 Warrants”, together with the 2026 Warrants, the “Warrants”), respectively, of the Company’s Class A common stock at an initial strike price of $46.36 and $46.36 per share, respectively. The Company received aggregate cash proceeds of $202.9 million from the sale of these Warrants.

If the market price per share of the Company’s Class A common stock, as measured under the terms of the Warrants, exceeds the strike price of the Warrants, the Warrants could have a dilutive effect, unless the Company elects, subject to certain conditions, to settle the Warrants in cash. The Warrants are only exercisable on the applicable expiration dates in accordance with the terms of the Warrants. Subject to the other terms of the Warrants, the first expiration date applicable to the 2026 Warrants and to the 2028 Warrants is June 1, 2026, and June 1, 2028, respectively, and the final expiration date applicable to the 2026 Warrants and 2028 Warrants is August 10, 2026 and August 10, 2028, respectively. As of December 31, 2021, the Company’s Class common stock price was below the exercise price of the Warrants.

Taken together, the purchase of the Note Hedges and the sale of the Warrants are intended to reduce potential dilution from the conversion of the 2026 Notes and the 2028 Notes, and to effectively increase the overall conversion price from $38.25 per share to $46.36 per share and from $35.35 per share to $46.36 for the 2026 Notes and the 2028 Notes, respectively.

The Note Hedges and the Warrants are equity-classified instruments as a result of being indexed to the Company’s Class A common stock and meeting certain equity classification criteria, and the instruments will not be remeasured in subsequent

periods as long as the instruments continue to meet these accounting criteria. The premium paid for the Note Hedges has been included as a net reduction to additional paid-in capital within stockholders’ (deficit) equity, and the premium received for the Warrants has been included as a net increase to additional paid-in capital within stockholders' (deficit) equity.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details