Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jan. 31, 2014 | Feb. 28, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'INFOBLOX INC | ' |
Entity Central Index Key | '0001223862 | ' |
Current Fiscal Year End Date | '--07-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Jan-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 53,872,968 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jan. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $83,030 | $69,828 |
Short-term investments | 167,923 | 139,508 |
Accounts receivable, net | 33,537 | 38,728 |
Inventory | 5,397 | 4,478 |
Deferred tax assets | 806 | 1,354 |
Prepaid expenses and other current assets | 5,395 | 6,023 |
Total current assets | 296,088 | 259,919 |
Property and equipment, net | 19,077 | 18,370 |
Restricted cash | 3,513 | 3,508 |
Intangible assets, net | 5,330 | 5,494 |
Goodwill | 33,293 | 32,726 |
Other assets | 594 | 443 |
TOTAL ASSETS | 357,895 | 320,460 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable and accrued liabilities | 14,037 | 12,387 |
Accrued compensation | 9,397 | 12,472 |
Deferred revenue, net | 78,547 | 68,479 |
Total current liabilities | 101,981 | 93,338 |
Deferred revenue, net | 32,001 | 29,693 |
Deferred tax liability | 668 | 1,055 |
Other liabilities | 6,446 | 6,821 |
TOTAL LIABILITIES | 141,096 | 130,907 |
Commitments and contingencies (Note 5) | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Convertible preferred stock, $0.0001 par value per share—5,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock, $0.0001 par value per share—100,000 shares authorized; 53,774 shares and 51,670 shares issued and outstanding as of January 31, 2014 and July 31, 2013 | 5 | 5 |
Additional paid-in capital | 336,245 | 302,101 |
Accumulated other comprehensive income (loss) | 34 | -11 |
Accumulated deficit | -119,485 | -112,542 |
TOTAL STOCKHOLDERS' EQUITY | 216,799 | 189,553 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $357,895 | $320,460 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Oct. 31, 2013 | Jul. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Convertible preferred stock, par value | $0.00 | $0.00 |
Convertible preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Convertible preferred stock, shares issued | 0 | 0 |
Convertible preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 52,883,000 | 51,670,000 |
Common stock, shares outstanding | 52,883,000 | 51,670,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 |
Net revenue: | ' | ' | ' | ' |
Products and licenses | $31,565 | $30,807 | $67,527 | $57,905 |
Services | 29,317 | 23,632 | 56,876 | 46,039 |
Total net revenue | 60,882 | 54,439 | 124,403 | 103,944 |
Cost of revenue: | ' | ' | ' | ' |
Products and licenses | 7,086 | 7,100 | 14,973 | 12,940 |
Services | 6,633 | 4,542 | 12,454 | 8,791 |
Total cost of revenue | 13,719 | 11,642 | 27,427 | 21,731 |
Gross profit | 47,163 | 42,797 | 96,976 | 82,213 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 11,844 | 10,593 | 23,444 | 20,807 |
Sales and marketing | 32,854 | 29,108 | 65,985 | 54,739 |
General and administrative | 6,848 | 5,493 | 13,834 | 11,151 |
Total operating expenses | 51,546 | 45,194 | 103,263 | 86,697 |
Loss from operations | -4,383 | -2,397 | -6,287 | -4,484 |
Other expense, net | -103 | -220 | -204 | -326 |
Loss before provision for (benefit from) income taxes | -4,486 | -2,617 | -6,491 | -4,810 |
Provision for (benefit from) income taxes | -92 | 629 | 452 | 826 |
Net loss | ($4,394) | ($3,246) | ($6,943) | ($5,636) |
Net loss per share - basic and diluted | ($0.08) | ($0.07) | ($0.13) | ($0.12) |
Weighted-average shares used in computing net loss per share - basic and diluted | 53,284 | 47,827 | 52,779 | 46,940 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net loss | ($4,394) | ($3,246) | ($6,943) | ($5,636) |
Unrealized holding gain (loss) on short-term investments, net | 23 | 56 | 45 | -4 |
Comprehensive loss | ($4,371) | ($3,190) | ($6,898) | ($5,640) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($6,943) | ($5,636) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Stock-based compensation | 19,465 | 10,540 |
Depreciation and amortization | 4,320 | 2,929 |
Excess tax benefits from employee stock plans | -124 | -218 |
Amortization of investment premium | 282 | 132 |
Other | 37 | 57 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable, net | 5,191 | -4,833 |
Inventory | -919 | -425 |
Prepaid expenses, other current assets and other assets | 640 | -1,604 |
Accounts payable and accrued liabilities | 1,619 | 784 |
Accrued compensation | -3,075 | 1,060 |
Deferred revenue, net | 12,362 | 9,463 |
Other liabilities | -375 | 5,513 |
Net cash provided by operating activities | 32,480 | 17,762 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of short-term investments | -68,813 | -96,125 |
Proceeds from maturities of short-term investments | 40,160 | 720 |
Purchases of property and equipment | -3,725 | -6,736 |
Business acquisition | -1,000 | 0 |
Decrease in restricted cash | 0 | 532 |
Net cash used in investing activities | -33,378 | -101,609 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of common stock under the employee stock plans | 13,976 | 11,795 |
Excess tax benefits from employee stock plans | 124 | 218 |
Payments of remaining unpaid initial public offering costs | 0 | -235 |
Net cash provided by financing activities | 14,100 | 11,778 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 13,202 | -72,069 |
CASH AND CASH EQUIVALENTS—Beginning of period | 69,828 | 156,613 |
CASH AND CASH EQUIVALENTS—End of period | 83,030 | 84,544 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' |
Restricted stock units issued in connection with business acquisition | 573 | 0 |
Purchases of property and equipment not yet paid | 214 | 1,538 |
Cash paid for income taxes, net | 229 | 487 |
Change in liability due to vesting of early exercised stock options | $34 | $192 |
Description_of_the_Business_an
Description of the Business and Summary of Significant Accounting Policies | 6 Months Ended |
Jan. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Description of the Business and Summary of Significant Accounting Policies | ' |
DESCRIPTION OF THE BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Business | |
Infoblox Inc. (together with our subsidiaries, “we,” “us” or “our”) was originally incorporated in the State of Illinois in February 1999 and was reincorporated in the State of Delaware in May 2003. We are headquartered in Santa Clara, California and have subsidiaries and representative offices located throughout the world. We provide a broad family of enterprise and service provider-class solutions to automate management of the critical network infrastructure services needed for secure, scalable and fault-tolerant connections between applications, devices and users. | |
Basis of Presentation | |
The condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated. The accompanying condensed consolidated balance sheet as of January 31, 2014, the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive loss for the three and six months ended January 31, 2014 and 2013 and the condensed consolidated statements of cash flows for the six months ended January 31, 2014 and 2013 are unaudited. The condensed consolidated balance sheet as of July 31, 2013 was derived from the audited consolidated balance sheet as of July 31, 2013. These unaudited condensed consolidated financial statements and accompanying notes should be read together with the audited consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2013. | |
The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, pursuant to the rules and regulations of the Securities Exchange Commission, or SEC. They do not include all of the financial information and footnotes required by GAAP for complete financial statements. We believe the unaudited condensed consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments necessary for the fair presentation of our balance sheet as of January 31, 2014, our results of operations and comprehensive loss for the three and six months ended January 31, 2014 and 2013 and cash flows for the six months ended January 31, 2014 and 2013. All adjustments are of a normal recurring nature. The results for the three and six months ended January 31, 2014 are not necessarily indicative of the results to be expected for any subsequent quarter or for the year ending July 31, 2014. | |
Significant Accounting Policies | |
We describe our significant accounting policies in Note 1 to the consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2013. There have been no significant changes in our accounting policies during the three and six months ended January 31, 2014, as compared to the significant accounting policies described in our Annual Report on Form 10-K for the year ended July 31, 2013. | |
Use of Estimates | |
The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Those management estimates and assumptions affect revenue recognition, allowances for doubtful accounts and sales returns, valuation of our cash equivalents and available-for-sale investments, valuation of inventory, determination of fair value of stock-based awards, valuation of goodwill and intangible assets acquired, impairment of goodwill and other intangible assets, amortization of intangible assets, contingencies and litigation and accounting for income taxes, including the valuation reserve on deferred tax assets and uncertain tax positions. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors and adjust those estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from these estimates and assumptions, and those differences could be material to the condensed consolidated financial statements. | |
Concentrations of Risk | |
Financial instruments that potentially subject us to concentrations of credit risk consist of cash, cash equivalents, short-term investments, restricted cash and accounts receivable. Our cash, cash equivalents, short-term investments and restricted cash are invested in high-credit quality financial instruments with banks and financial institutions. Such deposits may be in excess of insured limits provided on such deposits. | |
We mitigate credit risk in respect to accounts receivable by performing ongoing credit evaluations of our customers and maintaining a reserve for potential credit losses. In addition, we generally require our customers to prepay for maintenance and support services to mitigate the risk of uncollectible accounts receivable. | |
Significant customers are those which represent more than 10% of our total net revenue or gross accounts receivable balance at each respective balance sheet date. For the three months ended January 31, 2014, Exclusive Networks Ltd., a distributor, accounted for 10.1% of our total net revenue. For the six months ended January 31, 2014, no customer represented more than 10% of our total net revenue. For the three and six months ended January 31, 2013, Exclusive Networks Ltd. accounted for 13.2% and 12.1% of our total net revenue. Exclusive Networks Ltd. accounted for 11.3% and 11.2% of our total gross accounts receivable as of January 31, 2014 and July 31, 2013. We believe it is unlikely that the loss of any of our channel partners would have a long term material adverse effect on our total net revenue as we believe end-users would likely purchase our products from a different channel partner. However, a loss of any one of these channel partners could have a material adverse impact during the transition period. | |
Recently Issued Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-11, Income Taxes (Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). ASU 2013-11 provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. This new standard requires the netting of unrecognized tax benefits (“UTBs”) against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. UTBs will be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the UTBs. We adopted ASU 2013-11 during the three months ended October 31, 2013 and the adoption did not have any impact on our financial position or results of operations. |
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 6 Months Ended | |||||||||||
Jan. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Net Income (Loss) Per Share | ' | |||||||||||
NET INCOME (LOSS) PER SHARE | ||||||||||||
We compute basic net income (loss) per share using the weighted average number of common shares outstanding during the period. We compute diluted net income (loss) per share using the weighted average number of common shares and dilutive potential common shares outstanding during the period. Dilutive potential common shares include shares issuable upon the exercise of stock options and upon the vesting of restricted stock units, or RSUs, and each purchase under our employee stock purchase plan, or ESPP, under the treasury stock method. | ||||||||||||
In loss periods, basic net loss per share and diluted net loss per share are the same since the effect of potential common shares is anti-dilutive and therefore excluded. | ||||||||||||
The following outstanding weighted-average shares of common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive: | ||||||||||||
Three Months Ended January 31, | Six months ended January 31, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
(In thousands) | ||||||||||||
Stock options to purchase common stock | 3,817 | 5,497 | 4,100 | 6,449 | ||||||||
Restricted stock units | 1,859 | 858 | 1,736 | 38 | ||||||||
Employee Stock Purchase Plan | 264 | 93 | 273 | 4 | ||||||||
Cash_Equivalents_ShortTerm_Inv
Cash Equivalents, Short-Term Investments, Restricted Cash and Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Financial Instruments, Owned, at Fair Value [Abstract] | ' | ||||||||||||||||
Cash Equivalents, Short-term Investments, Restricted Cash and Fair Value Measurements | ' | ||||||||||||||||
CASH EQUIVALENTS, SHORT-TERM INVESTMENTS, RESTRICTED CASH AND FAIR VALUE MEASUREMENTS | |||||||||||||||||
Cash Equivalents, Short-term Investments and Restricted Cash | |||||||||||||||||
The following table summarizes our cash equivalents, short-term investments and restricted cash as of January 31, 2014: | |||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | ||||||||||||||
(In thousands) | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 5,406 | $ | — | $ | — | $ | 5,406 | |||||||||
U.S. Treasury securities | 2,500 | — | — | 2,500 | |||||||||||||
Total cash equivalents | 7,906 | — | — | 7,906 | |||||||||||||
Short-term investments: | |||||||||||||||||
U.S. Treasury securities | 120,015 | 36 | (10 | ) | 120,041 | ||||||||||||
U.S. government agency securities | 34,035 | 13 | (8 | ) | 34,040 | ||||||||||||
FDIC-backed certificates of deposit | 13,840 | 9 | (7 | ) | 13,842 | ||||||||||||
Total short-term investments | 167,890 | 58 | (25 | ) | 167,923 | ||||||||||||
Restricted cash: | |||||||||||||||||
U.S. Treasury securities | 3,410 | 1 | — | 3,411 | |||||||||||||
Total cash equivalents, short-term investments and restricted cash | $ | 179,206 | $ | 59 | $ | (25 | ) | $ | 179,240 | ||||||||
The following table presents the contractual maturities of our short-term investments which are classified as available-for-sale securities as of January 31, 2014: | |||||||||||||||||
Amortized Cost | Estimated Fair Value | ||||||||||||||||
(In thousands) | |||||||||||||||||
Due within one year | $ | 86,113 | $ | 86,131 | |||||||||||||
Due after one year through two years | 81,777 | 81,792 | |||||||||||||||
Total | $ | 167,890 | $ | 167,923 | |||||||||||||
We classify our available-for-sale investments as short-term investments in our condensed consolidated balance sheet based on management's intention to have the funds available for use in operations or strategic investments rather than actual maturity dates. | |||||||||||||||||
The following table summarizes our cash equivalents, short-term investments and restricted cash as of July 31, 2013: | |||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | ||||||||||||||
(In thousands) | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 11,133 | $ | — | $ | — | $ | 11,133 | |||||||||
Short-term investments: | |||||||||||||||||
U.S. Treasury securities | 99,754 | 12 | (28 | ) | 99,738 | ||||||||||||
U.S. government agency securities | 29,525 | 13 | (4 | ) | 29,534 | ||||||||||||
FDIC-backed certificates of deposit | 10,240 | 6 | (10 | ) | 10,236 | ||||||||||||
Total short-term investments | 139,519 | 31 | (42 | ) | 139,508 | ||||||||||||
Restricted cash: | |||||||||||||||||
U.S. Treasury securities | 3,407 | — | — | 3,407 | |||||||||||||
Total cash equivalents, short-term investments and restricted cash | $ | 154,059 | $ | 31 | $ | (42 | ) | $ | 154,048 | ||||||||
Fair Value Measurements | |||||||||||||||||
The following table sets forth the fair value of our financial assets by level within the fair value hierarchy: | |||||||||||||||||
Fair Value Measurements at January 31, 2014 Using: | |||||||||||||||||
Quoted Prices in Active Markets For Identical Assets | Significant Other Observable Remaining Inputs | Significant Other Unobservable Remaining Inputs | |||||||||||||||
(Level I) | (Level II) | (Level III) | Total | ||||||||||||||
(In thousands) | |||||||||||||||||
Financial Assets | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 5,406 | $ | — | $ | — | $ | 5,406 | |||||||||
U.S. Treasury securities | 2,500 | — | — | 2,500 | |||||||||||||
$ | 7,906 | $ | — | $ | — | $ | 7,906 | ||||||||||
Short-term investments: | |||||||||||||||||
U.S. Treasury securities | 120,041 | — | — | 120,041 | |||||||||||||
U.S. government agency securities | — | 34,040 | — | 34,040 | |||||||||||||
FDIC-backed certificates of deposit | — | 13,842 | — | 13,842 | |||||||||||||
Total short-term investments | 120,041 | 47,882 | — | 167,923 | |||||||||||||
Restricted cash: | |||||||||||||||||
U.S. Treasury securities | 3,411 | — | — | 3,411 | |||||||||||||
Total financial assets | $ | 131,358 | $ | 47,882 | $ | — | $ | 179,240 | |||||||||
Fair Value Measurements at July 31, 2013 Using: | |||||||||||||||||
Quoted Prices in Active Markets For Identical Assets | Significant Other Observable Remaining Inputs | Significant Other Unobservable Remaining Inputs | |||||||||||||||
(Level I) | (Level II) | (Level III) | Total | ||||||||||||||
(In thousands) | |||||||||||||||||
Financial Assets | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 11,133 | $ | — | $ | — | $ | 11,133 | |||||||||
Short-term investments: | |||||||||||||||||
U.S. Treasury securities | 99,738 | — | — | 99,738 | |||||||||||||
U.S. government agency securities | — | 29,534 | — | 29,534 | |||||||||||||
FDIC-backed certificates of deposit | — | 10,236 | — | 10,236 | |||||||||||||
Total short-term investments | 99,738 | 39,770 | — | 139,508 | |||||||||||||
Restricted cash: | |||||||||||||||||
U.S. Treasury securities | 3,407 | — | — | 3,407 | |||||||||||||
Total financial assets | $ | 114,278 | $ | 39,770 | $ | — | $ | 154,048 | |||||||||
We value our Level I assets, consisting of money market funds and U.S. Treasury securities using quoted prices in active markets for identical instruments. Financial assets whose fair values we measure on a recurring basis using Level II inputs consist of U.S. government agency securities and Federal Deposit Insurance Corporation, or FDIC-backed certificates of deposit. We measure the fair values of these assets with the help of a pricing service that either provides quoted market prices in active markets for identical or similar securities or uses observable inputs for their pricing without applying significant adjustments because the inputs used in the valuation model, such as interest rates and volatility, can be corroborated by readily observable market data for substantially the full term of the financial assets. | |||||||||||||||||
There were no transfers between Level I, Level II and Level III fair value hierarchies during the six months ended January 31, 2014. |
Inventory_and_Deferred_Revenue
Inventory and Deferred Revenue | 6 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||
Inventory and Deferred Revenue | ' | ||||||||
INVENTORY AND DEFERRED REVENUE | |||||||||
Inventory | |||||||||
Inventory consists of the following: | |||||||||
January 31, 2014 | July 31, 2013 | ||||||||
(In thousands) | |||||||||
Raw materials | $ | 741 | $ | 412 | |||||
Finished goods | 4,656 | 4,066 | |||||||
Total inventory | $ | 5,397 | $ | 4,478 | |||||
Deferred Revenue, Net | |||||||||
Deferred revenue, net consists of the following: | |||||||||
January 31, 2014 | July 31, 2013 | ||||||||
(In thousands) | |||||||||
Deferred revenue: | |||||||||
Products and licenses | $ | 6,798 | $ | 7,791 | |||||
Services | 105,001 | 91,453 | |||||||
Total deferred revenue | 111,799 | 99,244 | |||||||
Deferred cost of revenue: | |||||||||
Products and licenses | 710 | 871 | |||||||
Services | 541 | 201 | |||||||
Total deferred cost of revenue | 1,251 | 1,072 | |||||||
Total deferred revenue, net | 110,548 | 98,172 | |||||||
Less current portion | 78,547 | 68,479 | |||||||
Non-current portion | $ | 32,001 | $ | 29,693 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jan. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
Purchase Obligations | |
We outsource the production of our hardware products to third-party contract manufacturers and enter into various inventory-related purchase commitments with these contract manufacturers and other suppliers. Our arrangements with contract manufacturers allow them to procure component inventory on our behalf based on a rolling production forecast we provide to them. In addition to any finished goods manufactured for us, we are obligated to purchase component inventory that the contract manufacturers procure in accordance with our forecast, unless a notice of order cancellation is given in advance of applicable lead times. As of January 31, 2014, we had $9.7 million in purchase commitments under these arrangements. | |
Guarantees | |
We have entered into agreements with some of our customers that contain indemnification provisions relating to potential situations where claims could be alleged that our products infringe the intellectual property rights of a third party. We have, at our option and expense, the ability to repair any infringement, replace the product with a non-infringing functionally equivalent product, or refund our customers the unamortized value of the product based on its estimated useful life, typically five years. Other guarantees or indemnification arrangements include guarantees of product and service performance and standby letters of credit for lease facilities and corporate credit cards. We have not recorded a liability related to these indemnification and guarantee provisions, and our guarantees and indemnification arrangements have not had any significant impact on our condensed consolidated financial statements to date. | |
Loss Contingencies and Legal Proceedings | |
We are subject to the possibility of various loss contingencies arising in the ordinary course of business. An estimated loss contingency is accrued when it is probable that an asset has been impaired or a liability has been incurred and the range of loss can be reasonably estimated. However, the actual loss in any such contingency may be materially different from our estimates, which could result in the need to record additional expenses. If the amount of liability is not probable or the amount cannot be reasonably estimated, no accruals have been made. We regularly evaluate current information available to management to determine whether such accruals should be adjusted and whether new accruals are required in the periods presented. | |
From time to time, we are subject to various legal proceedings, claims and litigation arising in the ordinary course of business. We do not believe we are party to any currently pending legal proceedings the outcome of which would have a material adverse effect on our financial position, results of operations or cash flows. There can be no assurance that existing or future legal proceedings arising in the ordinary course of business or otherwise will not have a material adverse effect on our financial position, results of operations or cash flows. | |
On April 16, 2013, Versata Software, Inc., or Versata, filed suit against us in the United States District Court for the District of Delaware in an action captioned Versata Software, Inc. F/K/A Trilogy Software, Inc.; and Versata Development Group, Inc. F/K/A Trilogy Development Group, Inc. v. Infoblox, Inc., Case No 1:13-cv-00678-UNA (D.Del.) (the “Action”). In the Action, Versata alleges that we directly and/or indirectly infringed U.S. Patent Nos. 6,834,282; 6,907,414; 7,363,593 and 7,426,481 by making, using, licensing, selling and offering for sale software products and related services including but not limited to Infoblox IP Address Management. We continue to believe we have meritorious defenses to the claims asserted in these actions and intend to defend vigorously against them. We believe at this time that liabilities associated with these cases, while possible, are not probable, and therefore we have not recorded any accrual for them as of January 31, 2014. Further, any possible range of loss cannot be reasonably estimated at this time. |
Acquisitions
Acquisitions | 6 Months Ended | ||||
Jan. 31, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisitions | ' | ||||
ACQUISITIONS | |||||
On December 20, 2013, we closed the acquisition of substantially all of the assets of Internet Associates LLC, or IA, a small privately held software company that specialized in the automation of IP address management and IPv6. We did not acquire any tangible assets nor did we assume any material liabilities as part of this acquisition. We expect this acquisition will help us build on our core business. | |||||
We accounted for the IA acquisition using the acquisition method of accounting for business combinations. In addition to cash consideration of $1.0 million, we made employment offers to IA’s four former key employees in which they were granted an aggregate of 70,000 of our RSUs. Twenty-five percent of these RSUs, or 17,499, became fully vested upon closing of the transaction, and the remaining 52,501 RSUs will vest thereafter in four equal installments every six months over two years subject to their continued service to us. Aside from the RSU vesting conditions, there were no other incentives or contingent arrangements in connection with this acquisition. We accounted for the 17,499 RSUs as part of the purchase consideration as the vesting of such RSUs did not require any post-combination services. We have accounted for the other 52,501 RSUs as stock-based compensation since the vesting of such RSUs requires post-combination services. Based on the foregoing, the total purchase price of this acquisition consists of the following: | |||||
Amount in Thousands | |||||
Cash consideration | $ | 1,000 | |||
Fair value of fully vested RSUs (1) | 573 | ||||
Total consideration | $ | 1,573 | |||
-1 | This represents the fair value of the 17,499 RSUs that were granted to IA’s former key employees which became fully vested upon closing. We determined the fair value for purchase price consideration purposes based on our closing stock price of $32.73 on December 20, 2014, the effective closing of the transaction. | ||||
Of the total purchase price of $1.6 million, $1.0 million was allocated to the core/developed technology and $0.6 million was allocated to goodwill. The goodwill recognized in this transaction is deductible for tax purposes and is derived from expected benefits from cost synergies and former IA personnel who joined us after the acquisition. | |||||
We are amortizing the developed technology on a straight-line basis over an estimated useful life of 7 years. Amortization expense for this intangible asset was insignificant for the three and six months ended January 31, 2014. | |||||
The acquisition-related transaction costs which were included in general and administrative expenses during the three and six months ended January 31, 2014 in the condensed consolidated statement of operations were insignificant. | |||||
The historical financial results of IA were insignificant in relation to our condensed consolidated results of operations. As such, we have not provided additional historical pro forma acquisition information. |
Stockholders_Equity_and_Employ
Stockholders’ Equity and Employee Benefit Plans | 6 Months Ended | |||||||||||||||
Jan. 31, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Stockholders' Equity and Employee Benefit Plans | ' | |||||||||||||||
STOCKHOLDERS' EQUITY AND EMPLOYEE BENEFIT PLANS | ||||||||||||||||
Stock-based Compensation | ||||||||||||||||
The following table summarizes stock-based compensation expense for stock option grants, ESPP, purchase rights and restricted stock units recorded in our condensed consolidated statements of operations: | ||||||||||||||||
Three Months Ended January 31, | Six months ended January 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Cost of revenue | $ | 960 | $ | 376 | $ | 1,664 | $ | 804 | ||||||||
Research and development | 1,911 | 1,184 | 3,583 | 2,396 | ||||||||||||
Sales and marketing | 5,876 | 3,203 | 11,068 | 5,687 | ||||||||||||
General and administrative | 1,677 | 855 | 3,150 | 1,653 | ||||||||||||
$ | 10,424 | $ | 5,618 | $ | 19,465 | $ | 10,540 | |||||||||
The following table summarizes stock-based compensation expense by award type: | ||||||||||||||||
Three Months Ended January 31, | Six months ended January 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
RSUs | $ | 6,106 | $ | 1,281 | $ | 10,877 | $ | 1,875 | ||||||||
Stock options | 3,377 | 2,718 | 6,445 | 4,859 | ||||||||||||
ESPP | 941 | 1,619 | 2,143 | 3,806 | ||||||||||||
$ | 10,424 | $ | 5,618 | $ | 19,465 | $ | 10,540 | |||||||||
The following table summarizes the unrecognized stock-based compensation balance, net of estimated forfeitures, by type of awards as of January 31, 2014: | ||||||||||||||||
As of January 31, 2014 | Weighted-Average Amortization Period | |||||||||||||||
(In thousands) | (In years) | |||||||||||||||
RSUs | $ | 63,263 | 3.06 | |||||||||||||
Stock options | 19,360 | 2.15 | ||||||||||||||
ESPP | 2,593 | 0.89 | ||||||||||||||
Total unrecognized stock-based compensation balance | $ | 85,216 | 2.79 | |||||||||||||
Determination of Fair Value | ||||||||||||||||
The fair value of stock option grants was estimated at the date of grant using the following assumptions: | ||||||||||||||||
Three Months Ended January 31, | Six months ended January 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Stock Options: | ||||||||||||||||
Expected term (in years) | 6.08 | 6.08 | 6.08 | 6.08 | ||||||||||||
Risk-free interest rate | 1.87 | % | 0.88 | % | 1.84 | % | 0.88 | % | ||||||||
Expected volatility | 54 | % | 54 | % | 54 | % | 54 | % | ||||||||
Dividend rate | — | % | — | % | — | % | — | % | ||||||||
Weighted average fair value per share | $ | 15.9 | $ | 8.8 | $ | 19.81 | $ | 8.91 | ||||||||
Employee Stock Purchase Plan: | ||||||||||||||||
Expected term (in years) | 0.50-2.00 | 0.50 - 2.00 | 0.50-2.00 | 0.50 - 2.00 | ||||||||||||
Risk-free interest rate | 0.09% - 0.38% | 0.12% - 0.26% | 0.09% - 0.38% | 0.12% - 0.26% | ||||||||||||
Expected volatility | 55% - 67% | 53% - 58% | 55% - 67% | 53% - 58% | ||||||||||||
Dividend rate | — | % | — | % | — | % | — | % | ||||||||
Weighted average fair value per share | $ | 12.87 | $ | 7.07 | $ | 12.87 | $ | 7.07 | ||||||||
Under our ESPP, employees purchased approximately 0.2 million shares at an average price per share of $15.26 and 0.3 million shares at an average price per share of $13.60 for the three and six months ended January 31, 2014 and 2013. | ||||||||||||||||
Stock Option Activity | ||||||||||||||||
A summary of the stock option activity under our stock plans during the six months ended January 31, 2014 is presented below: | ||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate Intrinsic Value | |||||||||||||
Shares | Average | Average | ||||||||||||||
Underlying | Exercise Price | Remaining | ||||||||||||||
Outstanding | Contractual | |||||||||||||||
Options | Term | |||||||||||||||
(In thousands) | (In years) | (In thousands) | ||||||||||||||
Outstanding as of July 31, 2013 | 6,663 | $ | 9.35 | 7.47 | $ | 155,580 | ||||||||||
Granted | 372 | $ | 37.93 | |||||||||||||
Exercised | (1,560 | ) | $ | 6.57 | ||||||||||||
Canceled due to forfeitures | (78 | ) | $ | 15.16 | ||||||||||||
Outstanding as of January 31, 2014 | 5,397 | $ | 12.04 | 7.28 | $ | 126,035 | ||||||||||
Vested and expected to vest as of January 31, 2014 | 5,174 | $ | 11.7 | 7.23 | $ | 122,390 | ||||||||||
Vested and exercisable as of January 31, 2014 | 2,621 | $ | 7.46 | 6.34 | $ | 72,411 | ||||||||||
Restricted Stock Unit Activity | ||||||||||||||||
A summary of the restricted stock unit activity during the six months ended January 31, 2014 is presented below: | ||||||||||||||||
Number of Units | Weighted-Average Grant Date Fair Value Per Share | |||||||||||||||
(In thousands) | ||||||||||||||||
Outstanding as of July 31, 2013 | 1,986 | $ | 21.15 | |||||||||||||
Granted | 1,337 | $ | 40.6 | |||||||||||||
Vested | (298 | ) | $ | 21.05 | ||||||||||||
Cancellations due to forfeitures | (87 | ) | $ | 28.6 | ||||||||||||
Outstanding as of January 31, 2014 | 2,938 | $ | 30.04 | |||||||||||||
Income_Taxes
Income Taxes | 6 Months Ended |
Jan. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
The income tax benefit for the three months ended January 31, 2014 was $0.1 million, which consisted of a favorable adjustment to the federal income tax recorded in the first quarter of fiscal 2014, partially offset by state and foreign income taxes. The provision for income taxes for the three months ended January 31, 2013 was $0.6 million, which consisted primarily of state and foreign income taxes. The decrease in the provision for income taxes for the three months ended January 31, 2014 compared to the same period in the prior year was principally attributable to our ability to utilize federal net operating loss carry forwards and lower state income tax as a result of lower projected fiscal 2014 taxable income. | |
The provisions for income taxes for the six months ended January 31, 2014 and 2013 were $0.5 million and $0.8 million, which consisted of state and foreign income taxes. The decrease in the provision for income taxes for the six months ended January 31, 2014 compared to the same period in the prior year was principally attributable to lower state income tax. | |
For the three and six months ended January 31, 2014 and 2013, our provisions for income taxes differed from the statutory amount primarily due to U.S. and foreign taxes currently payable, and we realized no benefit for current year losses due to maintaining a full valuation allowance against the U.S. net deferred tax assets. | |
The realization of tax benefits of deferred tax assets is dependent upon future levels of taxable income, of an appropriate character, in the periods the items are expected to be deductible or taxable. Based on the available objective evidence, management does not believe it is more likely than not that the domestic net deferred tax assets will be realizable. Accordingly, we have provided a full valuation allowance against our domestic net deferred tax assets as of January 31, 2014 and July 31, 2013. We intend to maintain the valuation allowance until sufficient positive evidence exists to support a reversal of, or decrease in, the valuation allowance. During the three and six months ended January 31, 2014, there have been no material changes to the total amount of unrecognized tax benefits. |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||
Jan. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||
We operate in one single segment. The following table represents net revenue based on the customer’s location, as determined by the customer’s shipping address: | ||||||||||||||||
Three Months Ended January 31, | Six months ended January 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Americas | $ | 40,343 | $ | 34,400 | $ | 83,646 | $ | 67,043 | ||||||||
Europe, Middle East and Africa ("EMEA") | 13,822 | 14,831 | 27,800 | 26,534 | ||||||||||||
Asia Pacific ("APAC") | 6,717 | 5,208 | 12,957 | 10,367 | ||||||||||||
Total net revenue | $ | 60,882 | $ | 54,439 | $ | 124,403 | $ | 103,944 | ||||||||
Included within the Americas total in the above table is revenue from sales in the U.S. of $38.1 million and $32.3 million for the three months ended January 31, 2014 and 2013 and $78.5 million and $63.3 million for the six months ended January 31, 2014 and 2013. Aside from the U.S., no other country comprised more than 10% of our net revenue for the three months ended January 31, 2014 and 2013. | ||||||||||||||||
Our property and equipment, net by location is summarized as follows: | ||||||||||||||||
January 31, | July 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(In thousands) | ||||||||||||||||
Americas | $ | 18,636 | $ | 17,997 | ||||||||||||
APAC | 232 | 224 | ||||||||||||||
EMEA | 209 | 149 | ||||||||||||||
Total property and equipment, net | $ | 19,077 | $ | 18,370 | ||||||||||||
Included within the Americas total in the above table is property and equipment, net in the U.S. of $18.6 million and $18.0 million as of January 31, 2014 and July 31, 2013. |
Description_of_the_Business_an1
Description of the Business and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jan. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated. The accompanying condensed consolidated balance sheet as of January 31, 2014, the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive loss for the three and six months ended January 31, 2014 and 2013 and the condensed consolidated statements of cash flows for the six months ended January 31, 2014 and 2013 are unaudited. The condensed consolidated balance sheet as of July 31, 2013 was derived from the audited consolidated balance sheet as of July 31, 2013. These unaudited condensed consolidated financial statements and accompanying notes should be read together with the audited consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2013. | |
The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, pursuant to the rules and regulations of the Securities Exchange Commission, or SEC. They do not include all of the financial information and footnotes required by GAAP for complete financial statements. We believe the unaudited condensed consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments necessary for the fair presentation of our balance sheet as of January 31, 2014, our results of operations and comprehensive loss for the three and six months ended January 31, 2014 and 2013 and cash flows for the six months ended January 31, 2014 and 2013. All adjustments are of a normal recurring nature. The results for the three and six months ended January 31, 2014 are not necessarily indicative of the results to be expected for any subsequent quarter or for the year ending July 31, 2014. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Those management estimates and assumptions affect revenue recognition, allowances for doubtful accounts and sales returns, valuation of our cash equivalents and available-for-sale investments, valuation of inventory, determination of fair value of stock-based awards, valuation of goodwill and intangible assets acquired, impairment of goodwill and other intangible assets, amortization of intangible assets, contingencies and litigation and accounting for income taxes, including the valuation reserve on deferred tax assets and uncertain tax positions. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors and adjust those estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from these estimates and assumptions, and those differences could be material to the condensed consolidated financial statements. | |
Concentrations of Risk | ' |
Concentrations of Risk | |
Financial instruments that potentially subject us to concentrations of credit risk consist of cash, cash equivalents, short-term investments, restricted cash and accounts receivable. Our cash, cash equivalents, short-term investments and restricted cash are invested in high-credit quality financial instruments with banks and financial institutions. Such deposits may be in excess of insured limits provided on such deposits. | |
We mitigate credit risk in respect to accounts receivable by performing ongoing credit evaluations of our customers and maintaining a reserve for potential credit losses. In addition, we generally require our customers to prepay for maintenance and support services to mitigate the risk of uncollectible accounts receivable. | |
Significant customers are those which represent more than 10% of our total net revenue or gross accounts receivable balance at each respective balance sheet date. For the three months ended January 31, 2014, Exclusive Networks Ltd., a distributor, accounted for 10.1% of our total net revenue. For the six months ended January 31, 2014, no customer represented more than 10% of our total net revenue. For the three and six months ended January 31, 2013, Exclusive Networks Ltd. accounted for 13.2% and 12.1% of our total net revenue. Exclusive Networks Ltd. accounted for 11.3% and 11.2% of our total gross accounts receivable as of January 31, 2014 and July 31, 2013. We believe it is unlikely that the loss of any of our channel partners would have a long term material adverse effect on our total net revenue as we believe end-users would likely purchase our products from a different channel partner. However, a loss of any one of these channel partners could have a material adverse impact during the transition period. | |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-11, Income Taxes (Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). ASU 2013-11 provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. This new standard requires the netting of unrecognized tax benefits (“UTBs”) against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. UTBs will be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the UTBs. We adopted ASU 2013-11 during the three months ended October 31, 2013 and the adoption did not have any impact on our financial position or results of operations. |
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 6 Months Ended | |||||||||||
Jan. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | |||||||||||
The following outstanding weighted-average shares of common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive: | ||||||||||||
Three Months Ended January 31, | Six months ended January 31, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
(In thousands) | ||||||||||||
Stock options to purchase common stock | 3,817 | 5,497 | 4,100 | 6,449 | ||||||||
Restricted stock units | 1,859 | 858 | 1,736 | 38 | ||||||||
Employee Stock Purchase Plan | 264 | 93 | 273 | 4 | ||||||||
Cash_Equivalents_ShortTerm_Inv1
Cash Equivalents, Short-Term Investments, Restricted Cash and Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Financial Instruments, Owned, at Fair Value [Abstract] | ' | ||||||||||||||||
Schedule Cash Equivalents, Short-term Investments and Restricted Cash | ' | ||||||||||||||||
The following table summarizes our cash equivalents, short-term investments and restricted cash as of July 31, 2013: | |||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | ||||||||||||||
(In thousands) | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 11,133 | $ | — | $ | — | $ | 11,133 | |||||||||
Short-term investments: | |||||||||||||||||
U.S. Treasury securities | 99,754 | 12 | (28 | ) | 99,738 | ||||||||||||
U.S. government agency securities | 29,525 | 13 | (4 | ) | 29,534 | ||||||||||||
FDIC-backed certificates of deposit | 10,240 | 6 | (10 | ) | 10,236 | ||||||||||||
Total short-term investments | 139,519 | 31 | (42 | ) | 139,508 | ||||||||||||
Restricted cash: | |||||||||||||||||
U.S. Treasury securities | 3,407 | — | — | 3,407 | |||||||||||||
Total cash equivalents, short-term investments and restricted cash | $ | 154,059 | $ | 31 | $ | (42 | ) | $ | 154,048 | ||||||||
The following table summarizes our cash equivalents, short-term investments and restricted cash as of January 31, 2014: | |||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | ||||||||||||||
(In thousands) | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 5,406 | $ | — | $ | — | $ | 5,406 | |||||||||
U.S. Treasury securities | 2,500 | — | — | 2,500 | |||||||||||||
Total cash equivalents | 7,906 | — | — | 7,906 | |||||||||||||
Short-term investments: | |||||||||||||||||
U.S. Treasury securities | 120,015 | 36 | (10 | ) | 120,041 | ||||||||||||
U.S. government agency securities | 34,035 | 13 | (8 | ) | 34,040 | ||||||||||||
FDIC-backed certificates of deposit | 13,840 | 9 | (7 | ) | 13,842 | ||||||||||||
Total short-term investments | 167,890 | 58 | (25 | ) | 167,923 | ||||||||||||
Restricted cash: | |||||||||||||||||
U.S. Treasury securities | 3,410 | 1 | — | 3,411 | |||||||||||||
Total cash equivalents, short-term investments and restricted cash | $ | 179,206 | $ | 59 | $ | (25 | ) | $ | 179,240 | ||||||||
Investments Classified by Contractual Maturity Date | ' | ||||||||||||||||
The following table presents the contractual maturities of our short-term investments which are classified as available-for-sale securities as of January 31, 2014: | |||||||||||||||||
Amortized Cost | Estimated Fair Value | ||||||||||||||||
(In thousands) | |||||||||||||||||
Due within one year | $ | 86,113 | $ | 86,131 | |||||||||||||
Due after one year through two years | 81,777 | 81,792 | |||||||||||||||
Total | $ | 167,890 | $ | 167,923 | |||||||||||||
Schedule of Fair Value of Assets and Liabilities by Level | ' | ||||||||||||||||
The following table sets forth the fair value of our financial assets by level within the fair value hierarchy: | |||||||||||||||||
Fair Value Measurements at January 31, 2014 Using: | |||||||||||||||||
Quoted Prices in Active Markets For Identical Assets | Significant Other Observable Remaining Inputs | Significant Other Unobservable Remaining Inputs | |||||||||||||||
(Level I) | (Level II) | (Level III) | Total | ||||||||||||||
(In thousands) | |||||||||||||||||
Financial Assets | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 5,406 | $ | — | $ | — | $ | 5,406 | |||||||||
U.S. Treasury securities | 2,500 | — | — | 2,500 | |||||||||||||
$ | 7,906 | $ | — | $ | — | $ | 7,906 | ||||||||||
Short-term investments: | |||||||||||||||||
U.S. Treasury securities | 120,041 | — | — | 120,041 | |||||||||||||
U.S. government agency securities | — | 34,040 | — | 34,040 | |||||||||||||
FDIC-backed certificates of deposit | — | 13,842 | — | 13,842 | |||||||||||||
Total short-term investments | 120,041 | 47,882 | — | 167,923 | |||||||||||||
Restricted cash: | |||||||||||||||||
U.S. Treasury securities | 3,411 | — | — | 3,411 | |||||||||||||
Total financial assets | $ | 131,358 | $ | 47,882 | $ | — | $ | 179,240 | |||||||||
Fair Value Measurements at July 31, 2013 Using: | |||||||||||||||||
Quoted Prices in Active Markets For Identical Assets | Significant Other Observable Remaining Inputs | Significant Other Unobservable Remaining Inputs | |||||||||||||||
(Level I) | (Level II) | (Level III) | Total | ||||||||||||||
(In thousands) | |||||||||||||||||
Financial Assets | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 11,133 | $ | — | $ | — | $ | 11,133 | |||||||||
Short-term investments: | |||||||||||||||||
U.S. Treasury securities | 99,738 | — | — | 99,738 | |||||||||||||
U.S. government agency securities | — | 29,534 | — | 29,534 | |||||||||||||
FDIC-backed certificates of deposit | — | 10,236 | — | 10,236 | |||||||||||||
Total short-term investments | 99,738 | 39,770 | — | 139,508 | |||||||||||||
Restricted cash: | |||||||||||||||||
U.S. Treasury securities | 3,407 | — | — | 3,407 | |||||||||||||
Total financial assets | $ | 114,278 | $ | 39,770 | $ | — | $ | 154,048 | |||||||||
Inventory_and_Deferred_Revenue1
Inventory and Deferred Revenue (Tables) | 6 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||
Schedule of Inventory | ' | ||||||||
Inventory consists of the following: | |||||||||
January 31, 2014 | July 31, 2013 | ||||||||
(In thousands) | |||||||||
Raw materials | $ | 741 | $ | 412 | |||||
Finished goods | 4,656 | 4,066 | |||||||
Total inventory | $ | 5,397 | $ | 4,478 | |||||
Schedule of Deferred Revenue, Net | ' | ||||||||
Deferred revenue, net consists of the following: | |||||||||
January 31, 2014 | July 31, 2013 | ||||||||
(In thousands) | |||||||||
Deferred revenue: | |||||||||
Products and licenses | $ | 6,798 | $ | 7,791 | |||||
Services | 105,001 | 91,453 | |||||||
Total deferred revenue | 111,799 | 99,244 | |||||||
Deferred cost of revenue: | |||||||||
Products and licenses | 710 | 871 | |||||||
Services | 541 | 201 | |||||||
Total deferred cost of revenue | 1,251 | 1,072 | |||||||
Total deferred revenue, net | 110,548 | 98,172 | |||||||
Less current portion | 78,547 | 68,479 | |||||||
Non-current portion | $ | 32,001 | $ | 29,693 | |||||
Acquisitions_Tables
Acquisitions (Tables) | 6 Months Ended | ||||
Jan. 31, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Schedule of Business Acquisitions | ' | ||||
Based on the foregoing, the total purchase price of this acquisition consists of the following: | |||||
Amount in Thousands | |||||
Cash consideration | $ | 1,000 | |||
Fair value of fully vested RSUs (1) | 573 | ||||
Total consideration | $ | 1,573 | |||
Stockholders_Equity_and_Employ1
Stockholders’ Equity and Employee Benefit Plans (Tables) | 6 Months Ended | |||||||||||||||
Jan. 31, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Schedule of Stock-based Compensation by Statement of Operations | ' | |||||||||||||||
The following table summarizes stock-based compensation expense for stock option grants, ESPP, purchase rights and restricted stock units recorded in our condensed consolidated statements of operations: | ||||||||||||||||
Three Months Ended January 31, | Six months ended January 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Cost of revenue | $ | 960 | $ | 376 | $ | 1,664 | $ | 804 | ||||||||
Research and development | 1,911 | 1,184 | 3,583 | 2,396 | ||||||||||||
Sales and marketing | 5,876 | 3,203 | 11,068 | 5,687 | ||||||||||||
General and administrative | 1,677 | 855 | 3,150 | 1,653 | ||||||||||||
$ | 10,424 | $ | 5,618 | $ | 19,465 | $ | 10,540 | |||||||||
The following table summarizes stock-based compensation expense by award type: | ||||||||||||||||
Three Months Ended January 31, | Six months ended January 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
RSUs | $ | 6,106 | $ | 1,281 | $ | 10,877 | $ | 1,875 | ||||||||
Stock options | 3,377 | 2,718 | 6,445 | 4,859 | ||||||||||||
ESPP | 941 | 1,619 | 2,143 | 3,806 | ||||||||||||
$ | 10,424 | $ | 5,618 | $ | 19,465 | $ | 10,540 | |||||||||
Schedule of Unrecognized Stock-Based Compensation Balance | ' | |||||||||||||||
The following table summarizes the unrecognized stock-based compensation balance, net of estimated forfeitures, by type of awards as of January 31, 2014: | ||||||||||||||||
As of January 31, 2014 | Weighted-Average Amortization Period | |||||||||||||||
(In thousands) | (In years) | |||||||||||||||
RSUs | $ | 63,263 | 3.06 | |||||||||||||
Stock options | 19,360 | 2.15 | ||||||||||||||
ESPP | 2,593 | 0.89 | ||||||||||||||
Total unrecognized stock-based compensation balance | $ | 85,216 | 2.79 | |||||||||||||
Schedule of Determination of Fair Value | ' | |||||||||||||||
The fair value of stock option grants was estimated at the date of grant using the following assumptions: | ||||||||||||||||
Three Months Ended January 31, | Six months ended January 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Stock Options: | ||||||||||||||||
Expected term (in years) | 6.08 | 6.08 | 6.08 | 6.08 | ||||||||||||
Risk-free interest rate | 1.87 | % | 0.88 | % | 1.84 | % | 0.88 | % | ||||||||
Expected volatility | 54 | % | 54 | % | 54 | % | 54 | % | ||||||||
Dividend rate | — | % | — | % | — | % | — | % | ||||||||
Weighted average fair value per share | $ | 15.9 | $ | 8.8 | $ | 19.81 | $ | 8.91 | ||||||||
Employee Stock Purchase Plan: | ||||||||||||||||
Expected term (in years) | 0.50-2.00 | 0.50 - 2.00 | 0.50-2.00 | 0.50 - 2.00 | ||||||||||||
Risk-free interest rate | 0.09% - 0.38% | 0.12% - 0.26% | 0.09% - 0.38% | 0.12% - 0.26% | ||||||||||||
Expected volatility | 55% - 67% | 53% - 58% | 55% - 67% | 53% - 58% | ||||||||||||
Dividend rate | — | % | — | % | — | % | — | % | ||||||||
Weighted average fair value per share | $ | 12.87 | $ | 7.07 | $ | 12.87 | $ | 7.07 | ||||||||
Schedule of Stock-Based Compensation Activity | ' | |||||||||||||||
A summary of the stock option activity under our stock plans during the six months ended January 31, 2014 is presented below: | ||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate Intrinsic Value | |||||||||||||
Shares | Average | Average | ||||||||||||||
Underlying | Exercise Price | Remaining | ||||||||||||||
Outstanding | Contractual | |||||||||||||||
Options | Term | |||||||||||||||
(In thousands) | (In years) | (In thousands) | ||||||||||||||
Outstanding as of July 31, 2013 | 6,663 | $ | 9.35 | 7.47 | $ | 155,580 | ||||||||||
Granted | 372 | $ | 37.93 | |||||||||||||
Exercised | (1,560 | ) | $ | 6.57 | ||||||||||||
Canceled due to forfeitures | (78 | ) | $ | 15.16 | ||||||||||||
Outstanding as of January 31, 2014 | 5,397 | $ | 12.04 | 7.28 | $ | 126,035 | ||||||||||
Vested and expected to vest as of January 31, 2014 | 5,174 | $ | 11.7 | 7.23 | $ | 122,390 | ||||||||||
Vested and exercisable as of January 31, 2014 | 2,621 | $ | 7.46 | 6.34 | $ | 72,411 | ||||||||||
Schedule of Restricted Stock Units Award Activity | ' | |||||||||||||||
A summary of the restricted stock unit activity during the six months ended January 31, 2014 is presented below: | ||||||||||||||||
Number of Units | Weighted-Average Grant Date Fair Value Per Share | |||||||||||||||
(In thousands) | ||||||||||||||||
Outstanding as of July 31, 2013 | 1,986 | $ | 21.15 | |||||||||||||
Granted | 1,337 | $ | 40.6 | |||||||||||||
Vested | (298 | ) | $ | 21.05 | ||||||||||||
Cancellations due to forfeitures | (87 | ) | $ | 28.6 | ||||||||||||
Outstanding as of January 31, 2014 | 2,938 | $ | 30.04 | |||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||
Jan. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Revenue from External Customers by Geographic Areas | ' | |||||||||||||||
We operate in one single segment. The following table represents net revenue based on the customer’s location, as determined by the customer’s shipping address: | ||||||||||||||||
Three Months Ended January 31, | Six months ended January 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Americas | $ | 40,343 | $ | 34,400 | $ | 83,646 | $ | 67,043 | ||||||||
Europe, Middle East and Africa ("EMEA") | 13,822 | 14,831 | 27,800 | 26,534 | ||||||||||||
Asia Pacific ("APAC") | 6,717 | 5,208 | 12,957 | 10,367 | ||||||||||||
Total net revenue | $ | 60,882 | $ | 54,439 | $ | 124,403 | $ | 103,944 | ||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | ' | |||||||||||||||
Our property and equipment, net by location is summarized as follows: | ||||||||||||||||
January 31, | July 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(In thousands) | ||||||||||||||||
Americas | $ | 18,636 | $ | 17,997 | ||||||||||||
APAC | 232 | 224 | ||||||||||||||
EMEA | 209 | 149 | ||||||||||||||
Total property and equipment, net | $ | 19,077 | $ | 18,370 | ||||||||||||
Description_of_the_Business_an2
Description of the Business and Summary of Significant Accounting Policies (Details) (Exclusive Networks [Member]) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2014 | Jul. 31, 2013 | |
Revenue [Member] | Revenue [Member] | Revenue [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | |
Organization [Line Items] | ' | ' | ' | ' | ' |
Concentration risk percentage | 10.10% | 13.20% | 12.10% | 11.30% | 11.20% |
Net_Income_Loss_Per_Share_Deta
Net Income (Loss) Per Share (Details) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 |
Stock Option [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 3,817 | 5,497 | 4,100 | 6,449 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 1,859 | 858 | 1,736 | 38 |
Employee Stock Purchase Plan [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 264 | 93 | 273 | 4 |
Cash_Equivalents_ShortTerm_Inv2
Cash Equivalents, Short-Term Investments, Restricted Cash and Fair Value Measurements (Available-for-sale Securities) (Details) (USD $) | Jan. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash equivalents [Abstract] | ' | ' |
Cash equivalents, Amortized Cost | $7,906 | ' |
Cash equivalents, Unrealized Gains | 0 | ' |
Cash equivalents, Unrealized Losses | 0 | ' |
Cash equivalents, Estimated Fair Value | 7,906 | ' |
Short-term investments [Abstract] | ' | ' |
Short-term investments, Amortized Cost | 167,890 | 139,519 |
Available-for-sale Securities, Gross Unrealized Gain | 58 | 31 |
Available-for-sale Securities, Gross Unrealized Loss | -25 | -42 |
Short-term investments, Estimated Fair Value | 167,923 | 139,508 |
Restricted Cash [Abstract] | ' | ' |
Total cash equivalents and short-term investments, Amortized Cost | 179,206 | 154,059 |
Total cash equivalents and short-term investments, Unrealized Gains | 59 | 31 |
Total cash equivalents and short-term investments, Unrealized Losses | -25 | -42 |
Total cash equivalents and short-term investments, Estimated Fair Value | 179,240 | 154,048 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract] | ' | ' |
Amortized cost, Due within one year | 86,113 | ' |
Amortized cost, Due between one to two years | 81,777 | ' |
Amortized cost, Total | 167,890 | ' |
Available-for-sale Securities, Debt Maturities, Estimated Fair Value [Abstract] | ' | ' |
Estimated Fair Value, Due within one year | 86,131 | ' |
Estimated Fair Value, Due between one to two years | 81,792 | ' |
Estimated Fair Value, Total | 167,923 | ' |
US Treasury Securities [Member] | ' | ' |
Cash equivalents [Abstract] | ' | ' |
Cash equivalents, Amortized Cost | 2,500 | ' |
Cash equivalents, Unrealized Gains | 0 | ' |
Cash equivalents, Unrealized Losses | 0 | ' |
Cash equivalents, Estimated Fair Value | 2,500 | ' |
Short-term investments [Abstract] | ' | ' |
Short-term investments, Amortized Cost | 120,015 | 99,754 |
Available-for-sale Securities, Gross Unrealized Gain | 36 | 12 |
Available-for-sale Securities, Gross Unrealized Loss | -10 | -28 |
Short-term investments, Estimated Fair Value | 120,041 | 99,738 |
Restricted Cash [Abstract] | ' | ' |
Restricted cash, Amortized Costs Basis | 3,410 | 3,407 |
Restricted cash, Gross Unrealized Gains | 1 | 0 |
Restricted cash, Gross Unrealized Losses | 0 | 0 |
Restricted cash, Fair Value Disclosure | 3,411 | 3,407 |
US Government Agencies Securities [Member] | ' | ' |
Short-term investments [Abstract] | ' | ' |
Short-term investments, Amortized Cost | 34,035 | 29,525 |
Available-for-sale Securities, Gross Unrealized Gain | 13 | 13 |
Available-for-sale Securities, Gross Unrealized Loss | -8 | -4 |
Short-term investments, Estimated Fair Value | 34,040 | 29,534 |
FDIC-backed certificates of deposit [Member] | ' | ' |
Short-term investments [Abstract] | ' | ' |
Short-term investments, Amortized Cost | 13,840 | 10,240 |
Available-for-sale Securities, Gross Unrealized Gain | 9 | 6 |
Available-for-sale Securities, Gross Unrealized Loss | -7 | -10 |
Short-term investments, Estimated Fair Value | 13,842 | 10,236 |
Money Market Funds [Member] | ' | ' |
Cash equivalents [Abstract] | ' | ' |
Cash equivalents, Amortized Cost | 5,406 | 11,133 |
Cash equivalents, Unrealized Gains | 0 | 0 |
Cash equivalents, Unrealized Losses | 0 | 0 |
Cash equivalents, Estimated Fair Value | $5,406 | $11,133 |
Cash_Equivalents_ShortTerm_Inv3
Cash Equivalents, Short-Term Investments, Restricted Cash and Fair Value Measurements (Schedule of the Fair Value of Assets and Liabilities by Level) (Details) (USD $) | Jan. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | $167,923 | $139,508 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents | 7,906 | ' |
Short-term investments | 120,041 | 99,738 |
Total financial assets | 131,358 | 114,278 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents | 0 | ' |
Short-term investments | 47,882 | 39,770 |
Total financial assets | 47,882 | 39,770 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents | 0 | ' |
Short-term investments | 0 | 0 |
Total financial assets | 0 | 0 |
Total [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents | 7,906 | ' |
Short-term investments | 167,923 | 139,508 |
Total financial assets | 179,240 | 154,048 |
US Treasury Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 120,041 | 99,738 |
Restricted cash | 3,411 | 3,407 |
US Treasury Securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents | 2,500 | ' |
Short-term investments | 120,041 | 99,738 |
Restricted cash | 3,411 | 3,407 |
US Treasury Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents | 0 | ' |
Short-term investments | 0 | 0 |
US Treasury Securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents | 0 | ' |
Short-term investments | 0 | 0 |
US Treasury Securities [Member] | Total [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents | 2,500 | ' |
Short-term investments | 120,041 | 99,738 |
Restricted cash | 3,411 | 3,407 |
US Government Agencies Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 34,040 | 29,534 |
US Government Agencies Securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 0 | 0 |
US Government Agencies Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 34,040 | 29,534 |
US Government Agencies Securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 0 | 0 |
US Government Agencies Securities [Member] | Total [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 34,040 | 29,534 |
FDIC-backed certificates of deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 13,842 | 10,236 |
FDIC-backed certificates of deposit [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 0 | 0 |
FDIC-backed certificates of deposit [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 13,842 | 10,236 |
FDIC-backed certificates of deposit [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 0 | 0 |
FDIC-backed certificates of deposit [Member] | Total [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 13,842 | 10,236 |
Money Market Funds [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents | 5,406 | 11,133 |
Money Market Funds [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents | 0 | 0 |
Money Market Funds [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents | 0 | 0 |
Money Market Funds [Member] | Total [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents | $5,406 | $11,133 |
Inventory_and_Deferred_Revenue2
Inventory and Deferred Revenue (Schedule of Inventory) (Details) (USD $) | Jan. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Raw materials | $741 | $412 |
Finished goods | 4,656 | 4,066 |
Total Inventory | $5,397 | $4,478 |
Inventory_and_Deferred_Revenue3
Inventory and Deferred Revenue (Schedule of Deferred Revenue) (Details) (USD $) | Jan. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenue | $111,799 | $99,244 |
Deferred cost of revenue | 1,251 | 1,072 |
Total deferred revenue, net | 110,548 | 98,172 |
Less current portion | 78,547 | 68,479 |
Total deferred income taxes and other tax liabilities | 32,001 | 29,693 |
Products and Licenses [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenue | 6,798 | 7,791 |
Deferred cost of revenue | 710 | 871 |
Services [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenue | 105,001 | 91,453 |
Deferred cost of revenue | $541 | $201 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2014 |
Guarantor Obligations [Line Items] | ' |
Open purchase orders | $9.70 |
Indemnification Agreement [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Term of guarantee | '5 years |
Acquisitions_Details
Acquisitions (Details) (USD $) | 6 Months Ended | 0 Months Ended | ||||
Jan. 31, 2014 | Jan. 31, 2013 | Dec. 20, 2013 | Dec. 20, 2013 | Dec. 20, 2013 | ||
IA [Member] | IA [Member] | IA [Member] | ||||
offer | Developed Technology Rights [Member] | Restricted Stock Units (RSUs) [Member] | ||||
installment | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | |
Number of employment offers | ' | ' | 4 | ' | ' | |
Shares granted | ' | ' | ' | ' | 70,000 | |
Vesting percentage | ' | ' | ' | ' | 25.00% | |
Remaining RSUs | ' | ' | ' | ' | 52,501 | |
Cash consideration | ' | ' | $1,000,000 | ' | ' | |
Fair value of fully vested RSUs | 573,000 | 0 | 573,000 | [1] | ' | ' |
Number of installments | ' | ' | ' | ' | 4 | |
Vesting term | ' | ' | ' | ' | '2 years | |
Share price | ' | ' | $32.73 | ' | ' | |
RSUs granted | ' | ' | ' | ' | 17,499 | |
Total consideration | ' | ' | 1,573,000 | ' | ' | |
Finite-lived intangibles | ' | ' | ' | 1,000,000 | ' | |
Goodwill | ' | ' | $600,000 | ' | ' | |
Useful life | ' | ' | ' | '7 years | ' | |
[1] | This represents the fair value of the 17,499 RSUs that were granted to IA’s former key employees which became fully vested upon closing. We determined the fair value for purchase price consideration purposes based on our closing stock price of $32.73 on December 20, 2014, the effective closing of the transaction. |
Stockholders_Equity_and_Employ2
Stockholders’ Equity and Employee Benefit Plans (Stock-based Compensation) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | $10,424 | $5,618 | $19,465 | $10,540 |
Total unrecognized stock-based compensation balance | 85,216 | ' | 85,216 | ' |
Total unrecognized stock-based compensation balance, Weighted-average amortization | ' | ' | '2 years 9 months 14 days | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 6,106 | 1,281 | 10,877 | 1,875 |
Total unrecognized stock-based compensation balance | 63,263 | ' | 63,263 | ' |
Total unrecognized stock-based compensation balance, Weighted-average amortization | ' | ' | '3 years 0 months 21 days | ' |
Stock Option [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 3,377 | 2,718 | 6,445 | 4,859 |
Total unrecognized stock-based compensation balance | 19,360 | ' | 19,360 | ' |
Total unrecognized stock-based compensation balance, Weighted-average amortization | ' | ' | '2 years 1 month 24 days | ' |
Employee Stock Purchase Plan [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 941 | 1,619 | 2,143 | 3,806 |
Total unrecognized stock-based compensation balance | 2,593 | ' | 2,593 | ' |
Total unrecognized stock-based compensation balance, Weighted-average amortization | ' | ' | '10 months 20 days | ' |
Cost of Revenue [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 960 | 376 | 1,664 | 804 |
Research and Development [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 1,911 | 1,184 | 3,583 | 2,396 |
Selling and Marketing [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 5,876 | 3,203 | 11,068 | 5,687 |
General and Administrative Expense [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | $1,677 | $855 | $3,150 | $1,653 |
Stockholders_Equity_and_Employ3
Stockholders’ Equity and Employee Benefit Plans (Determination of Fair Value) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2014 | Jan. 31, 2013 | Oct. 31, 2012 | Jan. 31, 2014 | Jan. 31, 2013 | |
Stock Option [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Expected term (in years) | '6 years 0 months 29 days | '6 years 0 months 29 days | ' | '6 years 0 months 29 days | '6 years 0 months 29 days |
Risk-free interest rate | 1.87% | 0.88% | ' | 1.84% | 0.88% |
Expected volatility | 54.00% | 54.00% | ' | 54.00% | 54.00% |
Dividend rate | 0.00% | 0.00% | ' | 0.00% | 0.00% |
Weighted average fair value per share, stock options (in dollars per share) | $15.90 | $8.80 | ' | $19.81 | $8.91 |
Employee Stock Purchase Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Dividend rate | 0.00% | 0.00% | 0.00% | 0.00% | ' |
Weighted average fair value per share, stock options (in dollars per share) | $12.87 | $7.07 | $7.07 | $12.87 | ' |
Shares employees purchased | 200,000 | 300,000 | ' | 200,000 | 300,000 |
Average price per share | $15.26 | $13.60 | ' | $15.26 | $13.60 |
Minimum [Member] | Employee Stock Purchase Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Expected term (in years) | '6 months | '6 months | ' | '6 months | '6 months |
Risk-free interest rate | 0.09% | 0.12% | ' | 0.09% | 0.12% |
Expected volatility | 55.00% | 53.00% | ' | 55.00% | 53.00% |
Maximum [Member] | Employee Stock Purchase Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Expected term (in years) | '2 years | '2 years | ' | '2 years | '2 years |
Risk-free interest rate | 0.40% | 0.26% | ' | 0.38% | 0.26% |
Expected volatility | 67.00% | 58.00% | ' | 67.00% | 58.00% |
Stockholders_Equity_and_Employ4
Stockholders’ Equity and Employee Benefit Plans (Stock Option Activities) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2014 | Jul. 31, 2013 |
Number of Shares Underlying Outstanding Options [Roll Forward] | ' | ' |
Number of Shares Underlying Outstanding Options, Beginning Balance | 6,663,000 | ' |
Number of Shares Underlying Outstanding Options, Granted | 372,000 | ' |
Number of Shares Underlying Outstanding Options, Exercised | -1,560,000 | ' |
Number of Shares Underlying Outstanding Options, Forfeitures and Expirations | -78,000 | ' |
Number of Shares Underlying Outstanding Options, Ending Balance | 5,397,000 | 6,663,000 |
Number of Shares Underlying Outstanding Options, Vested and Expected to Vest | 5,174,000 | ' |
Number of Shares Underlying Outstanding Options, Exercisable | 2,621,000 | ' |
Weighted Average Exercise Price [Roll Forward] | ' | ' |
Weighted Average Exercise Price, Beginning Balance | $9.35 | ' |
Weighted Average Exercise Price, Granted | $37.93 | ' |
Weighted Average Exercise Price, Exercised | $6.57 | ' |
Weighted Average Exercise Price, Forfeitures and Expirations | $15.16 | ' |
Weighted Average Exercise Price, Ending Balance | $12.04 | $9.35 |
Weighted-Average Exercise Price, Vested and Expected to Vest | $11.70 | ' |
Weighted-Average Exercise Price, Exercisable | $7.46 | ' |
Weighted Average Remaining Contractual Term [Abstract] | ' | ' |
Weighted Average Remaining Contractual Term | '7 years 3 months 10 days | '7 years 5 months 19 days |
Weighted-Average Remaining Contractual Term, Vested and Expected to Vest | '7 years 2 months 23 days | ' |
Weighted-Average Remaining Contractual Term, Exercisable | '6 years 4 months 2 days | ' |
Aggregate Intrinsic Value [Abstract] | ' | ' |
Aggregate Intrinsic Value, Outstanding | $126,035 | $155,580 |
Aggregate Intrinsic Value, Vested and Expected to Vest | 122,390 | ' |
Aggregate Intrinsic Value, Exercisable | $72,411 | ' |
Stockholders_Equity_and_Employ5
Stockholders’ Equity and Employee Benefit Plans (Restricted Stock Units Activities) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 6 Months Ended |
Jan. 31, 2014 | |
Restricted Stock Units (RSUs) [Member] | ' |
Number of Units [Roll Forward] | ' |
Number of Units, Oustanding | 1,986,000 |
Number of Units, Granted | 1,337,000 |
Number of Units, Vested | -298,000 |
Number of Units, Cancellations due to forfeitures | -87,000 |
Number of Units, Oustanding | 2,938,000 |
Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Weighted Average Grant Date Fair Value, Outstanding | $21.15 |
Weighted Average Grant Date Fair Value, Granted | $40.60 |
Weighted Average Grant Date Fair Value, Vested | $21.05 |
Weighted Average Grant Date Fair Value, Cancellations due to forfeitures | $28.60 |
Weighted Average Grant Date Fair Value, Outstanding | $30.04 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Provision for income taxes | ($92) | $629 | $452 | $826 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 | Jul. 31, 2013 |
segment | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 1 | ' | ' |
Net revenue | $60,882 | $54,439 | $124,403 | $103,944 | ' |
Property and equipment, net | 19,077 | ' | 19,077 | ' | 18,370 |
Americas [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Net revenue | 40,343 | 34,400 | 83,646 | 67,043 | ' |
Property and equipment, net | 18,636 | ' | 18,636 | ' | 17,997 |
EMEA [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Net revenue | 13,822 | 14,831 | 27,800 | 26,534 | ' |
Property and equipment, net | 209 | ' | 209 | ' | 149 |
Asia Pacific [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Net revenue | 6,717 | 5,208 | 12,957 | 10,367 | ' |
Property and equipment, net | 232 | ' | 232 | ' | 224 |
United States [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Net revenue | 38,100 | 32,300 | 78,500 | 63,300 | ' |
Property and equipment, net | $18,600 | ' | $18,600 | ' | $18,000 |