Stock Incentive Plan | 9 Months Ended |
Apr. 30, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plan | (11) Stock Incentive Plan |
2005 Stock Incentive Plan |
In 2005, the Company adopted the 2005 Stock Incentive Plan (the "2005 Plan"), which was amended in April 2014. The 2005 Plan was terminated in connection with the IPO, and accordingly, no shares are available for future issuance under this plan. All shares that were reserved but not issued under the 2005 Plan as of immediately prior to its termination became available for issuance under the 2015 Equity Incentive Plan (the "2015 Plan") upon its adoption. Shares reserved for issuance pursuant to awards under the 2005 Plan that expire or terminate without having been exercised subsequent to the IPO or are forfeited to or repurchased by the Company subsequent to the IPO will become available for issuance under the 2015 Plan, subject to the limits set forth in the 2015 Plan. |
2015 Equity Incentive Plan |
In April 2015, the Board adopted and the Company’s stockholders approved the 2015 Equity Incentive Plan (the "2015 Plan"), which became effective upon the effectiveness of the IPO prospectus. The 2015 Plan provides for the grant of incentive stock options, within the meaning of Section 422 of the Code, to the Company’s employees and any parent and subsidiary corporations’ employees, and for the grant of nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights, performance units and performance shares to the Company’s employees, directors and consultants and its parent and subsidiary corporations’ employees and consultants. |
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As of April 30, 2015, an aggregate of 2,846,146 common shares were reserved and available for issuance under the 2015 Plan. |
2015 Employee Stock Purchase Plan |
The Company’s Board of Directors adopted and the Company’s stockholders approved the 2015 Employee Stock Purchase Plan (the “ESPP”) with the first offering period under the ESPP beginning on April 24, 2015, the day of the effectiveness of the IPO prospectus. As of such date, an aggregate of 775,000 shares of common stock were reserved and are available for issuance under the ESPP. The ESPP allows eligible employees to purchase shares of common stock at a discount through payroll deductions of up to 15% of their eligible compensation, at 85% of the fair market value, as defined in the ESPP, on the first day of the offering period or the last day of the purchase period, whichever is lower, and subject to any plan limitations. The ESPP provides for consecutive six-month offering periods, starting on the first trading day on or after June 15 and December 15 of each year. The first offering period began on the first trading day after the effective date of the registration statement and will end on December 15, 2015. |
Stock-based Compensation Expense |
The total stock-based compensation expense recognized for stock-based awards in the consolidated statements of comprehensive loss was as follows: |
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| | Three Months Ended | | | Nine Months Ended | |
April 30, | April 30, |
| | 2015 | | | 2014 | | | 2015 | | | 2014 | |
| | (in thousands) | |
Cost of subscription and support revenue | | $ | 8 | | | $ | 5 | | | $ | 21 | | | $ | 17 | |
Cost of professional services and other revenue | | | 54 | | | | 42 | | | | 145 | | | | 89 | |
Research and development | | | 306 | | | | 174 | | | | 759 | | | | 309 | |
Sales and marketing | | | 173 | | | | 115 | | | | 492 | | | | 261 | |
General and administrative | | | 281 | | | | 355 | | | | 852 | | | | 785 | |
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Total stock-based compensation expense | | $ | 822 | | | $ | 691 | | | $ | 2,269 | | | $ | 1,461 | |
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The total stock-based compensation expense for stock options awarded to non-employees included above was immaterial for all periods presented. |
Stock Options |
A summary of common stock option activity for the nine months ended April 30, 2015 was as follows: |
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| | Options Outstanding | | | | | |
| | Number of | | | Weighted- | | Weighted- | | Aggregate | | | | | |
Shares | Average | Average | Intrinsic | | | | |
Underlying | Exercise | Remaining | Value (In | | | | |
Outstanding | Price | Contractual | thousands) | | | | |
Options | | Life (Years) | | | | | |
Balances at July 31, 2014 | | | 4,008,725 | | | $2.51 | | 7.65 | | $ | 31,716 | | | | | |
Options granted | | | 1,140,644 | | | 14.61 | | | | | | | | | | |
Options exercised | | | (438,440 | ) | | 2.14 | | | | | | | | | | |
Options cancelled | | | (450,033 | ) | | 1.92 | | | | | | | | | | |
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Balances at April 30, 2015 | | | 4,260,896 | | | $5.65 | | 7.5 | | $ | 38,931 | | | | | |
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Exercisable at April 30, 2015 | | | 1,965,664 | | | $1.73 | | 5.93 | | $ | 25,052 | | | | | |
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Vested and expected to vest at April 30, 2015 | | | 3,723,122 | | | $5.35 | | 7.33 | | $ | 35,141 | | | | | |
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The intrinsic value for options exercised represents the difference between the fair market value based on the valuation of the common stock as determined by the Company’s Board of Directors prior to the IPO, or the closing market price of the Company’s common stock, following the IPO, on the date of exercise and the exercise price of the in the money stock options. |
Series G-1 Convertible Preferred Stock |
Stock-based compensation expense for the three months ended April 30, 2015 and 2014 included $0.1 million and $0.4 million, respectively, and nine months ended April 30, 2015 and 2014 included $0.5 million and $0.5 million, respectively, of amortization expense for Series G-1 convertible preferred stock issued to former employees of InsightsOne. The awards are subject to vesting on a monthly basis over certain vesting periods. As of April 30, 2015, the remaining unamortized expense related to Series G-1 convertible preferred stock was $0.9 million, which will be recognized over a weighted-average remaining period of 1.5 years. |
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Restricted Stock Units |
A summary of RSU activity during the nine months ended April 30, 2015 was as follows: |
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| | RSUs Outstanding | | | | | Aggregate | | | | |
Intrinsic Value | | | | |
| | Number of | | | Weighted- | | | Weighted- | | (In thousands) | | | | |
Shares | Average | Average | | | | | |
| Grant-Date | Remaining | | | | | |
| Fair Value | Contractual | | | | | |
| | Life (Years) | | | | | |
Balances at July 31, 2014 | | | 15,806 | | | | $ 7.38 | | | | | | | | | |
Granted | | | 13,157 | | | | 17.56 | | | | | | | | | |
Released | | | — | | | | — | | | | | | | | | |
Forfeited | | | (2,138 | ) | | | 7.38 | | | | | | | | | |
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Balances at April 30, 2015 | | | 26,825 | | | | $12.99 | | | 5.85 | | $388 | | | | |
RSUs include awards granted in connection with the acquisition of InsightsOne in fiscal 2014. These RSUs are subject to a time-based vesting condition and a performance-based vesting condition, both of which must be satisfied before the RSUs are vested and settled for shares of common stock. The time-based vesting condition is three years and the performance-based vesting condition was satisfied upon the completion of the Company’s initial public offering in April 2015. Upon satisfaction of the performance-based vesting condition, the Company recognized cumulative stock-based compensation expense to the extent of satisfaction of the time-based vesting condition as of such date, which resulted in $37 thousand of stock-based compensation expense during the nine months ended April 30, 2015. The remaining expense will be recognized over the remainder of the time-based vesting condition. As of April 30, 2015, the remaining unamortized expense related to RSUs was $39 thousand which will be recognized over a weighted-average remaining period of 1.6 years. |