Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Apr. 30, 2015 | Jun. 01, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Apr-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | APIC | |
Entity Registrant Name | Apigee Corp | |
Entity Central Index Key | 1324772 | |
Current Fiscal Year End Date | -24 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 29,359,954 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $105,245 | $51,759 |
Accounts receivable, net of allowance for doubtful accounts of $81 and $204 as of April 30, 2015 and July 31, 2014, respectively | 16,091 | 16,403 |
Prepaid expenses and other current assets | 4,216 | 4,533 |
Total current assets | 125,552 | 72,695 |
Property and equipment, net | 3,385 | 3,474 |
Goodwill | 14,744 | 14,744 |
Intangible assets, net | 3,471 | 4,342 |
Other assets | 620 | 367 |
Total assets | 147,772 | 95,622 |
Current liabilities | ||
Accounts payable | 1,452 | 2,850 |
Accrued expenses and other current liabilities | 9,996 | 7,394 |
Deferred revenue, current portion | 33,160 | 23,356 |
Term debt, current portion | 2,075 | 2,778 |
Total current liabilities | 46,683 | 36,378 |
Non-current liabilities | ||
Deferred revenue, non-current | 5,219 | 4,834 |
Deferred rent, non-current | 1,528 | 1,617 |
Other liabilities, non-current | 773 | 806 |
Term debt, non-current | 2,308 | 2,465 |
Total non-current liabilities | 9,828 | 9,722 |
Total liabilities | 56,511 | 46,100 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity | ||
Convertible preferred stock: $0.001 par value; 200,000,000 and 18,709,821 shares authorized; none and 18,706,247 shares issued and outstanding at April 30, 2015 and July 31, 2014, respectively | 0 | 142 |
Common stock: $0.001 par value; 1,000,000,000 and 30,263,157 shares authorized; 29,302,454 and 3,930,842 shares issued and outstanding at April 30, 2015 and July 31, 2014, respectively | 29 | 30 |
Additional paid-in capital | 274,900 | 195,221 |
Accumulated deficit | -183,668 | -145,871 |
Total stockholders' equity | 91,261 | 49,522 |
Total liabilities and stockholders' equity | $147,772 | $95,622 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $81 | $204 |
Convertible preferred stock, par value | $0.00 | $0.00 |
Convertible preferred stock, shares authorized | 200,000,000 | 18,709,821 |
Convertible preferred stock, shares issued | 0 | 18,706,247 |
Convertible preferred stock, shares outstanding | 0 | 18,706,247 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 1,000,000,000 | 30,263,157 |
Common stock, shares issued | 29,302,454 | 3,930,842 |
Common stock, shares outstanding | 29,302,454 | 3,930,842 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Revenue | ||||
License | $5,697 | $3,739 | $15,219 | $7,305 |
Subscription and support | 7,694 | 5,043 | 21,858 | 14,694 |
Professional services and other | 3,899 | 5,606 | 12,828 | 15,806 |
Total revenue | 17,290 | 14,388 | 49,905 | 37,805 |
Cost of revenue | ||||
License | 129 | 142 | 386 | 230 |
Subscription and support | 2,808 | 2,255 | 8,175 | 9,680 |
Professional services and other | 3,103 | 3,598 | 10,147 | 11,445 |
Total cost of revenue | 6,040 | 5,995 | 18,708 | 21,355 |
Gross profit | 11,250 | 8,393 | 31,197 | 16,450 |
Operating expenses | ||||
Research and development | 7,567 | 6,229 | 21,952 | 15,381 |
Sales and marketing | 11,139 | 11,571 | 36,313 | 34,027 |
General and administrative | 3,299 | 3,357 | 10,003 | 10,124 |
Total operating expenses | 22,005 | 21,157 | 68,268 | 59,532 |
Loss from operations | -10,755 | -12,764 | -37,071 | -43,082 |
Other income (expense), net | -93 | -123 | -383 | -1,880 |
Loss before provision for income taxes | -10,848 | -12,887 | -37,454 | -44,962 |
Provision for income taxes | 140 | 128 | 343 | 265 |
Net loss and comprehensive loss | ($10,988) | ($13,015) | ($37,797) | ($45,227) |
Net loss per share: | ||||
Basic and diluted | ($2.16) | ($3.64) | ($8.66) | ($14.34) |
Weighted-average shares outstanding used in calculating net loss per share, basic and diluted | 5,095 | 3,572 | 4,363 | 3,153 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Cash flows from operating activities | ||
Net loss | ($37,797) | ($45,227) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 1,809 | 1,430 |
Provision for doubtful accounts | 38 | 87 |
Amortization of debt discount | 38 | 17 |
Issuances and changes in fair value of common stock warrants | 0 | 1,584 |
Stock-based compensation expense | 2,269 | 1,461 |
Loss on lease abandonment | 0 | 75 |
Changes in operating assets and liabilities | ||
Accounts receivable | 273 | -7,680 |
Prepaid expenses and other assets | 38 | -1,192 |
Accounts payable | -1,429 | 22 |
Accrued expenses, other liabilities and deferred rent | 1,078 | 3,202 |
Deferred revenue | 10,189 | 3,955 |
Net cash used in operating activities | -23,494 | -42,266 |
Cash flows from investing activities | ||
Purchase of property and equipment | -835 | -2,481 |
Acquisitions, net of cash acquired | 0 | 449 |
Net cash used in investing activities | -835 | -2,032 |
Cash flows from financing activities | ||
Proceeds from issuance of debt, net of issuance costs | 4,000 | 6,500 |
Repayments of debt obligations | -4,858 | -1,361 |
Taxes paid related to net share settlement of equity awards | -387 | 0 |
Proceeds from issuance of convertible preferred stock, net of issuance costs | 0 | 59,829 |
Proceeds from initial public offering, net of offering costs | 78,264 | 0 |
Proceeds from exercise of stock options | 796 | 235 |
Net cash provided by financing activities | 77,815 | 65,203 |
Net increase in cash and cash equivalents | 53,486 | 20,905 |
Cash and cash equivalents | ||
Beginning of period | 51,759 | 44,243 |
End of period | 105,245 | 65,148 |
Supplemental disclosures | ||
Cash paid for interest | 184 | 191 |
Non-cash investing and financing activities | ||
Accrued purchases of property and equipment | 37 | 2 |
Property and equipment acquired through tenant improvement | 139 | 823 |
Deferred offering costs not yet paid | 1,418 | 0 |
Convertible preferred stock [Member] | InsightsOne Systems, Inc. [Member] | ||
Non-cash investing and financing activities | ||
Stock issued in connection with the InsightsOne acquisition | 0 | 17,024 |
Restricted stock units [Member] | InsightsOne Systems, Inc. [Member] | ||
Non-cash investing and financing activities | ||
Stock issued in connection with the InsightsOne acquisition | $0 | $31 |
Description_of_Business_and_Si
Description of Business and Significant Accounting Policies | 9 Months Ended | ||||||||||||
Apr. 30, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Description of Business and Significant Accounting Policies | (1) Description of Business and Significant Accounting Policies | ||||||||||||
Description of Business | |||||||||||||
Apigee Corporation’s (together with its wholly-owned subsidiaries, “Apigee” or the “Company”) mission is to make every business a digital business. The Company provides an innovative software platform that allows businesses to design, deploy, and scale application programming interfaces, or APIs, as a connection layer between their core IT systems and data and the applications with which their customers, partners, employees and other users engage with the business. The foundations of the Company’s platform are Apigee Edge, a robust API-management solution, and Apigee Insights, the Company’s predictive analytics software solution. The Company delivers its platform both in the cloud and on premises. Apigee was incorporated in Delaware on June 3, 2004 and is headquartered in San Jose, California. | |||||||||||||
Initial Public Offering | |||||||||||||
On April 29, 2015 the Company completed its initial public offering ( the “IPO”) in which it sold 5,115,000 shares of common stock to the public at $17.00 per share. The total gross proceeds from the offering were approximately $87.0 million. After deducting underwriting discounts and commissions and offering expenses payable by us, the aggregate net proceeds received totaled approximately $76.8 million, before deducting approximately $1.4 million of unpaid offering costs, which are expected to be paid by the end of the Company’s fourth fiscal quarter. | |||||||||||||
The sale of common stock in the IPO triggered the weighted average anti-dilution provisions of the Company’s amended and restated certificate of incorporation then in effect. At the IPO price of $17.00 per share, the per share conversion rate for the Company’s Series H convertible preferred stock into common stock was approximately 1:1.0365. In connection with the IPO, and giving effect to the anti-dilution adjustment relating to the Company’s Series H convertible preferred stock, all shares of the Company’s convertible preferred stock outstanding automatically converted into 19,818,172 shares of the Company’s common stock. | |||||||||||||
Reverse Stock Split | |||||||||||||
On April 7, 2015, the Company effected a 1-for-7.6 reverse stock split of its common stock and convertible preferred stock, as approved by its Board of Directors (the “Board”) and stockholders. All information in this Quarterly Report on Form 10-Q relating to the number of shares, price per share and per share amounts have been adjusted to give effect to the 1-for-7.6 reverse stock split. | |||||||||||||
Basis of Presentation and Principles of Consolidation | |||||||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission ( the “SEC”) for interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet data as of July 31, 2014 was derived from audited financial statements, but does not include all disclosures required by GAAP. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Securities Act”), with the SEC on April 24, 2015 (“the IPO prospectus”). There have been no changes in the significant accounting policies from those that were disclosed in the audited consolidated financial statements for the fiscal year ended July 31, 2014 included in the IPO prospectus filed with the SEC. | |||||||||||||
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to state fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year 2015. | |||||||||||||
The accompanying unaudited condensed consolidated financial statements include the accounts of Apigee Corporation and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period covered by the consolidated financial statements and accompanying notes. In particular, the Company makes estimates with respect to the fair value of multiple elements in revenue recognition, the uncollectible accounts receivables, assets acquired and liabilities assumed in a business combination, valuation of long-lived assets, stock-based compensation, income taxes and other contingencies. Actual results could differ from those estimates and such differences could be material to the financial statements and affect the results of operations reported in future periods. | |||||||||||||
Foreign Currency Transactions | |||||||||||||
The functional currency of the Company’s foreign subsidiaries is the U.S. dollar. Accordingly, monetary balance sheet accounts are remeasured using the current exchange rate in effect at the balance sheet date and non-monetary items are remeasured at the historical exchange rate. Expenses are remeasured at the average exchange rates for the period. The resulting gains and losses are included in other income (expense), net and were not material for the three months or nine months ended April 30, 2015 and 2014. | |||||||||||||
Concentration of Risk and Significant Customers | |||||||||||||
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, and accounts receivable. The Company maintains the majority of its cash and money market accounts at one financial institution that management believes is a high-credit, high-quality financial institution and accordingly, subject to minimal credit risk. Deposits held with these financial institutions may be in excess of the amount of insured limits provided on such deposits, if any. | |||||||||||||
The Company’s accounts receivable are subject to credit risks. The accounts receivable are unsecured and are derived from customers around the world in a variety of industries. | |||||||||||||
The Company’s significant customers who individually exceeded 10% of total revenue or 10% of total accounts receivable as of the dates shown during the period are as follows: | |||||||||||||
Revenue | Accounts Receivable | ||||||||||||
Three Months Ended | Nine Months Ended | As of | As of | ||||||||||
April 30, | April 30, | April 30, | July 31, | ||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||
Customer A | * | 14% | * | 16% | * | * | |||||||
Customer B | * | 15% | * | * | * | * | |||||||
Customer C | * | * | * | * | * | 20% | |||||||
Customer D | * | * | * | * | * | 18% | |||||||
* | Does not exceed 10%. | ||||||||||||
Recently Adopted Accounting Standards | |||||||||||||
Share-Based Payments with Performance Targets: In June 2014, the FASB issued Accounting Standards Update No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (ASU 2014-12). ASU 2014-12 requires that a performance target that affects vesting and could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in ASC 718, Compensation—Stock Compensation, as it relates to such awards. ASU 2014-12 is effective for the Company in its first quarter of fiscal 2017 with early adoption permitted using either of two methods: (1) prospective to all awards granted or modified after the effective date; or (2) retrospective to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter, with the cumulative effect of applying ASU 2014-12 as an adjustment to the opening retained earnings balance as of the beginning of the earliest annual period presented in the financial statements. The Company has elected to early adopt the new standard using the retrospective adoption method. The adoption of this standard did not have a material effect on its financial position. |
Acquisitions
Acquisitions | 9 Months Ended |
Apr. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | (2) Acquisitions |
InsightsOne Systems, Inc. | |
On December 19, 2013, the Company acquired all of the outstanding shares of InsightsOne Systems, Inc. (“InsightsOne”), a provider of on-premises and cloud-based consumer lifecycle predictive analytics. This acquisition is expected to enhance the API platform capabilities to further analyze and find patterns in consumer data across multiple channels. Total purchase price was $17.1 million, which consisted primarily of Company’s Series G and Series G-1 convertible preferred stock issuances. The Company issued 511,538 shares of Series G convertible preferred stock, 681,792 shares of Series G-1 convertible preferred stock, and 16,463 RSUs in exchange for all of the outstanding preferred stock, common stock and unvested stock options outstanding of InsightsOne. The Company recorded $0.7 million of net tangible assets and $4.7 million of identifiable intangible assets, based on their estimated fair values, assumed $3.0 million of liabilities and debt, and recorded $14.7 million of goodwill. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Goodwill and Intangible Assets | (3) Goodwill and Intangible Assets | ||||||||||||||||
There were no material changes in the carrying amount of the Company’s goodwill from our audited consolidated financial statements for the year ended July 31, 2014. | |||||||||||||||||
The following tables provide a summary of the carrying amount and accumulated amortization of the Company’s intangible assets: | |||||||||||||||||
April 30, 2015 | Amortization | Gross | Accumulated | Net Carrying | |||||||||||||
Period | Amount | Amortization | Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Developed technology | 48-60 months | $ | 5,244 | $ | (1,773 | ) | $ | 3,471 | |||||||||
Customer relationships | 12 months | 150 | (150 | ) | — | ||||||||||||
Total | $ | 5,394 | $ | (1,923 | ) | $ | 3,471 | ||||||||||
July 31, 2014 | Amortization | Gross | Accumulated | Net Carrying | |||||||||||||
Period | Amount | Amortization | Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Developed technology | 48-60 months | $ | 5,244 | $ | (960 | ) | $ | 4,284 | |||||||||
Customer relationships | 12 months | 150 | (92 | ) | 58 | ||||||||||||
Backlog | <12 months | 53 | (53 | ) | — | ||||||||||||
Total | $ | 5,447 | $ | (1,105 | ) | $ | 4,342 | ||||||||||
Amortization expense was $0.3 million and $0.3 million for the three months ended April 30, 2015 and 2014, respectively, and $0.9 million and $0.6 million for the nine months ended April 30, 2015 and 2014, respectively. Expected future amortization expense as of April 30, 2015 is as follows: | |||||||||||||||||
Amount | |||||||||||||||||
(in thousands) | |||||||||||||||||
2015 (remaining) | $ | 271 | |||||||||||||||
2016 | 1,035 | ||||||||||||||||
2017 | 908 | ||||||||||||||||
2018 | 908 | ||||||||||||||||
2019 | 349 | ||||||||||||||||
Total | $ | 3,471 | |||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | (4) Fair Value Measurements | ||||||||||||||||
The following table sets forth the fair value of the Company’s financial assets that are measured on a recurring basis: | |||||||||||||||||
As of April 30, 2015 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Financial assets | |||||||||||||||||
Money market funds | $ | 102,567 | $ | — | $ | — | $ | 102,567 | |||||||||
Reported as: | |||||||||||||||||
Cash and cash equivalents | $ | 102,567 | |||||||||||||||
As of July 31, 2014 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Financial assets | |||||||||||||||||
Money market funds | $ | 51,258 | $ | — | $ | — | $ | 51,258 | |||||||||
Reported as: | |||||||||||||||||
Cash and cash equivalents | $ | 51,258 | |||||||||||||||
Balance_Sheet_Components
Balance Sheet Components | 9 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Balance Sheet Components | (5) Balance Sheet Components | ||||||||
Prepaid Expenses and Other Current Assets | |||||||||
Prepaid expenses and other current assets consisted of the following: | |||||||||
April 30, | July 31, | ||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Prepaid expenses | $ | 1,468 | $ | 1,635 | |||||
Prepaid hosting costs | 1,658 | 1,760 | |||||||
Other | 1,090 | 1,138 | |||||||
$ | 4,216 | $ | 4,533 | ||||||
Property and Equipment, Net | |||||||||
Property and equipment are stated at cost, net of accumulated depreciation and amortization. These assets are depreciated and amortized using the straight-line method over the estimated useful lives. Property and equipment, net consisted of the following: | |||||||||
April 30, | July 31, | ||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Computer equipment and software | $ | 2,768 | $ | 2,538 | |||||
Furniture and fixtures | 671 | 662 | |||||||
Leasehold improvements | 2,656 | 2,076 | |||||||
6,095 | 5,276 | ||||||||
Less: accumulated depreciation and amortization | (2,710 | ) | (1,802 | ) | |||||
$ | 3,385 | $ | 3,474 | ||||||
Total depreciation expense for the three months ended April 30, 2015 and 2014 was $0.3 million and $0.3 million, respectively, and for the nine months ended April 30, 2015 and 2014 was $0.9 million and $0.9 million, respectively. | |||||||||
Accrued Liabilities | |||||||||
Accrued expenses and other current liabilities consisted of the following: | |||||||||
April 30, | July 31, | ||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Accrued payroll and benefits | $ | 899 | $ | 1,025 | |||||
Accrued bonus and commission | 2,340 | 2,522 | |||||||
Accrued sales, service and income taxes | 2,540 | 2,140 | |||||||
Other | 4,217 | 1,707 | |||||||
$ | 9,996 | $ | 7,394 | ||||||
Deferred Revenue | |||||||||
Deferred revenue consisted of the following: | |||||||||
April 30, | July 31, | ||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Deferred revenue: | |||||||||
License | $ | 6,861 | $ | 5,476 | |||||
Subscription and support | 27,888 | 19,372 | |||||||
Professional services and other | 3,630 | 3,342 | |||||||
Total deferred revenue | 38,379 | 28,190 | |||||||
Less: current portion of deferred revenue | 33,160 | 23,356 | |||||||
Non-current portion of deferred revenue | $ | 5,219 | $ | 4,834 | |||||
Income_Taxes
Income Taxes | 9 Months Ended |
Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (6) Income Taxes |
For the three months ended April 30, 2015 and 2014, the Company recorded $0.1 million and $0.1 million in income tax expense, respectively, which primarily resulted from taxable income in its foreign jurisdictions. For the nine months ended April 30, 2015 and 2014, the Company recorded $0.3 million and $0.3 million in income tax expense, respectively, which primarily resulted from taxable income withholding taxes in its foreign jurisdictions. | |
The Company evaluates the need for a valuation allowance against its deferred tax assets on a regular basis. In evaluating its ability to recover its deferred tax assets, the Company considers all available positive and negative evidence, including operating results, history of losses, and forecasts of future taxable income in various U.S. and foreign jurisdictions. Management has determined that the U.S. net deferred tax assets do not meet the threshold for recognition under the more likely than not standard and accordingly, have been fully offset by a valuation allowance. A valuation allowance has not been recorded on certain foreign deferred net tax assets because they are more likely than not to be recognized. | |
Uncertain Income Tax Positions | |
The Company accounts for uncertainty in income taxes by determining whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the consolidated financial statements. | |
The Company files U.S. federal, states and foreign income tax returns. In the normal course of business, the Company is subject to examination by taxing authorities. The Company is currently being audited by the India taxing authorities related to transfer pricing. Management has recorded a long-term tax liability for uncertain tax positions, including accrued interest and penalties. The Company believes that it is reasonably possible that its unrecognized tax benefits will change by approximately $0.2 million to $0.3 million in the next 12 months. Because of the Company’s history of tax losses in the United States and California, all years remain open to tax audit. |
Longterm_Debt
Long-term Debt | 9 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-term Debt | (7) Long-term Debt | ||||||||
In May 2012, the Company entered into a Loan and Security Agreement with Silicon Valley Bank (“SVB”), which was amended and restated in November 2014 (“Loan Agreement”). The loan agreement provides the Company with the ability to borrow up to $25.0 million through a $12.5 million revolving line of credit subject to an accounts receivable borrowing base, which refinanced and replaced the existing revolving line in its entirety and $12.5 million term loan. The Company can draw upon the revolving line of credit through October 31, 2017, and the revolving loans bear interest at a rate equal to prime plus 1.5% per annum (4.75% at April 30, 2015). Outstanding revolving loans are limited to the lesser of $12.5 million or 80% of the balance of certain eligible customer accounts receivable. The term loan is available in two tranches. The first tranche, Tranche A, in an aggregate principal amount of $4.0 million, refinanced and replaced the existing term loan and existing growth capital loan in their entirety. The principal amount of Tranche A is payable in equal monthly installments over a 30-month period with the last payment due no later than May 31, 2017. The second tranche, Tranche B, in an aggregate principal amount of up to $8.5 million, is available to borrow through May 31, 2016. Tranche B has interest only payments during such draw period and thereafter the principal is payable in equal monthly installments over a 24-month period. The term loan bears interest at a rate equal to prime plus 0.75% per annum (4.0% at April 30, 2015). An end-of-term payment of $156,250 will become due upon the final payment of Tranche A, or Tranche B, if applicable. The Company is permitted to prepay all term loans without premium or penalty. An existing equipment term loan provided under the Loan Agreement is fully funded and not available for further draws under the amendment. The Company will continue to repay the outstanding principal of this equipment term loan in monthly installments, plus interest at a rate equal to prime plus 2.0% per annum (5.25% at April 30, 2015 and 5.25% at July 31, 2014), with the last payment due in June 2017. | |||||||||
The Loan Agreement contains customary affirmative covenants and certain financial and negative covenants, including restrictions on disposing of assets, entering into change of control transactions, mergers or acquisitions, incurring additional indebtedness, granting liens on the Company’s assets and paying dividends. The Company is required to maintain a minimum liquidity ratio and minimum revenue on a rolling two quarter basis that is not less than 80% of its projected revenues for each period. The Company has pledged substantially all of its assets, other than its intellectual property, as collateral under the loan and security agreement. As of April 30, 2015 and July 31, 2014, the Company was in compliance with all loan covenants. | |||||||||
The Loan Agreement contains customary events of default that include, among others, payment defaults, covenant defaults, bankruptcy defaults, cross-defaults to certain other obligations, judgment defaults and inaccuracy of representations and warranties. Upon the occurrence of an event of default, SVB may elect to declare all amounts outstanding under the Loan and Security Agreement to be immediately due and payable and terminate all commitments to extend further credit. If we are unable to repay all amounts outstanding, SVB can proceed against the collateral granted to them to secure such indebtedness. In addition, the occurrence of an event of default will increase the applicable rate of interest by three percentage points for the applicable unpaid loan(s). | |||||||||
The Company’s outstanding loan balances as of April 30, 2015 and July 31, 2014 are summarized as follows: | |||||||||
April 30, | July 31, | ||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Silicon Valley Bank term loan | $ | 3,333 | $ | 2,204 | |||||
Silicon Valley Bank growth capital loan | — | 1,611 | |||||||
Silicon Valley Bank equipment loan | 1,083 | 1,459 | |||||||
Total principal amount | 4,416 | 5,274 | |||||||
Less: Unamortized discount | (33 | ) | (31 | ) | |||||
Total debt | 4,383 | 5,243 | |||||||
Less: current portion | (2,075 | ) | (2,778 | ) | |||||
Non-current debt, excluding current portion | $ | 2,308 | $ | 2,465 | |||||
The future principal maturities of debt as of April 30, 2015 are as follows: | |||||||||
(in thousands) | |||||||||
2015 (remaining) | $ | 524 | |||||||
2016 | 2,100 | ||||||||
2017 | 1,792 | ||||||||
Total | $ | 4,416 | |||||||
In connection with the Loan Agreement, the Company issued SVB warrants (“SVB warrants”) to purchase 3,495, 26,315 and 39,473 shares of common stock during the nine months ended April 30, 2015 and the years ended July 31, 2013 and 2012, respectively. Warrants to purchase 41,446 shares have an exercise price of $0.69 per share and expire in May 2022. Warrants to purchase 24,342 shares have an exercise price of $3.65 per share and expire in May 2022. Warrants to purchase 3,495 shares have an exercise price of $13.68 and expire in November 2024. Upon funding of Tranche B, the Company will issue warrants to purchase 10,485 shares of common stock with an exercise price of $13.68 per share and expiration in November 2024. The fair value of the SVB warrants was determined using the Black-Scholes option valuation model. As of April 30, 2015 and July 31, 2014, 69,283 and 65,788 of these warrants to purchase shares of common stock remained outstanding and exercisable. | |||||||||
On May 13, 2015, 65,788 warrant shares were net exercised on a cashless basis resulting in issuance of 57,082 common shares. As of May 13, 2015, 3,495 warrants remained outstanding and exercisable. | |||||||||
The following assumptions were used to estimate the fair value of the SVB warrants issued during the nine months ended April 30, 2015: | |||||||||
Expected volatility | 42 | % | |||||||
Risk-free interest rate | 2.3 | % | |||||||
Dividend yield | 0 | % | |||||||
Expected term (in years) | 10 |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||
Apr. 30, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | (8) Commitments and Contingencies | ||||
Leases | |||||
The Company leases office space in San Jose, California; London, England; and Bangalore, India under non-cancelable operating leases with various expiration dates through 2019. Rent expense was $0.6 million and $0.7 million for the three months ended April 30, 2015 and 2014, and $1.8 million and $1.9 million for the nine months ended April 30, 2015 and 2014. | |||||
Future minimum lease payments under non-cancelable operating leases as of April 30, 2015 are as follows: | |||||
(in thousands) | |||||
2015 (remaining) | $ | 567 | |||
2016 | 2,231 | ||||
2017 | 2,152 | ||||
2018 | 2,874 | ||||
2019 | 1,656 | ||||
Future minimum operating lease payments | 9,480 | ||||
Less: minimum payments to be received from non-cancelable sublease | (305 | ) | |||
Total future minimum operating lease payments, net | $ | 9,175 | |||
Letters of Credit | |||||
As of April 30, 2015 and July 31, 2014, the Company had a total of $0.5 million and $0.5 million, respectively in letters of credit outstanding related to its leased office space in San Jose, California. The letters of credit are collateralized by substantially all of the Company’s assets, excluding its intellectual property. These letters of credit renew annually and mature at various dates through June 30, 2019. | |||||
Legal Matters and Contingencies | |||||
The Company makes a provision for a liability relating to legal matters and loss contingencies when it is both probable that a liability has been or will be incurred and the amount of the loss can be reasonably estimated. | |||||
From time to time, the Company may become a party to litigation and subject to claims incident to the ordinary course of business, including intellectual property claims, labor and employment claims, and threatened claims, breach of contract claims, tax, and other matters. | |||||
The Company is not currently aware of any litigation matters or loss contingencies that would be expected to have a material adverse effect on its business, consolidated financial position, results of operations, comprehensive loss or cash flows. | |||||
Indemnification Arrangements | |||||
In the ordinary course of business, the Company enters into contractual arrangements under which it agrees to provide indemnification of varying scope and terms to customers, business partners and other parties with respect to certain matters, including, losses arising out of the breach of such agreements, intellectual property infringement claims made by third parties, and other liabilities with respect to the Company’s products and services and its business. In these circumstances, payment may be conditional on the other party making a claim pursuant to the procedures specified in the particular contract. | |||||
The Company includes service level commitments to its cloud customers warranting certain levels of uptime reliability and performance and permitting those customers to receive credits in the event that it fails to meet those levels. To date, the Company has not incurred any material costs as a result of these commitments and the Company expects the time between any potential claims and issuance of the credits to be short. As a result, the Company has not accrued any liabilities related to these commitments in the Company’s consolidated financial statements. | |||||
In addition, the Company has indemnification agreements with its directors and certain of its executive officers that require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. |
Segment_Information_and_Inform
Segment Information and Information About Geographic Areas | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Information and Information About Geographic Areas | (9) Segment Information and Information About Geographic Areas | ||||||||||||||||
Revenue by geography is based on the shipping address of the customer. The following tables present the Company’s revenue by geographic region for the periods presented: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
April 30, | April 30, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in thousands) | |||||||||||||||||
United States | $ | 10,099 | $ | 11,089 | $ | 30,207 | $ | 26,733 | |||||||||
United Kingdom | 2,599 | 980 | 6,481 | 2,622 | |||||||||||||
Rest of the world | 4,592 | 2,319 | 13,217 | 8,450 | |||||||||||||
$ | 17,290 | $ | 14,388 | $ | 49,905 | $ | 37,805 | ||||||||||
No individual country other than the United States and the United Kingdom accounted for more than 10% of total revenue during any of the periods presented. | |||||||||||||||||
Long-lived assets by geographic area were as follows: | |||||||||||||||||
April 30, | July 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in thousands) | |||||||||||||||||
United States | $ | 20,696 | $ | 22,117 | |||||||||||||
Rest of the world | 904 | 443 | |||||||||||||||
$ | 21,600 | $ | 22,560 | ||||||||||||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended |
Apr. 30, 2015 | |
Federal Home Loan Banks [Abstract] | |
Stockholders' Equity | (10) Stockholders’ Equity |
Common Stock | |
Upon completion of the IPO, the Company’s certificate of incorporation was amended and restated to increase the amount of common stock authorized for issuance from 30,263,157 to 1,000,000,000 shares of $0.001 par value of common stock. | |
Convertible Preferred Stock | |
Upon completion of the IPO, all shares of the Company’s issued and outstanding convertible preferred stock were automatically converted into 19,818,172 shares of common stock and the Company’s certificate of incorporation was amended and restated to authorize the Company to issue 200,000,000 shares of preferred stock with a par value of $0.001 per share. |
Stock_Incentive_Plan
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. | |||||||||||||||||
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: | |||||||||||||||||
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 | |||||||||||||
Total stock-based compensation expense | $ | 822 | $ | 691 | $ | 2,269 | $ | 1,461 | |||||||||
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: | |||||||||||||||||
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 | ||||||||||||||
Balances at April 30, 2015 | 4,260,896 | $5.65 | 7.5 | $ | 38,931 | ||||||||||||
Exercisable at April 30, 2015 | 1,965,664 | $1.73 | 5.93 | $ | 25,052 | ||||||||||||
Vested and expected to vest at April 30, 2015 | 3,723,122 | $5.35 | 7.33 | $ | 35,141 | ||||||||||||
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. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
A summary of RSU activity during the nine months ended April 30, 2015 was as follows: | |||||||||||||||||
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 | ||||||||||||||
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. |
Net_Loss_Per_Share
Net Loss Per Share | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Net Loss Per Share | (12) Net Loss Per Share | ||||||||||||||||
The Company computes net loss per share of common stock in conformity with the two-class method required for participating securities. The Company considers all series of the convertible preferred stock to be participating securities as the holders of the preferred stock are entitled to receive a non-cumulative dividend on a pari passu basis in the event that a dividend is paid on the common stock. The holders of the convertible preferred stock do not have a contractual obligation to share in the Company’s losses. As such, the Company’s net losses for the three and nine months ended April 30, 2015 and 2014 were not allocated to these participating securities. | |||||||||||||||||
Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential shares of common stock, including common stock issuable upon conversion of the convertible preferred stock, outstanding stock-based awards, and outstanding warrants, to the extent dilutive. Basic and diluted net loss per share was the same for each period presented as the inclusion of all potential common stock outstanding would have been anti-dilutive. | |||||||||||||||||
The following table presents the calculation of basic and diluted net loss per share for the periods presented: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
April 30, | April 30, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Numerator: | |||||||||||||||||
Net loss | $ | (10,988 | ) | $ | (13,015 | ) | $ | (37,797 | ) | $ | (45,227 | ) | |||||
Denominator: | |||||||||||||||||
Weighted-average shares used to compute net loss per share, basic and diluted | 5,095 | 3,572 | 4,363 | 3,153 | |||||||||||||
Net loss per share, basic and diluted | $ | (2.16 | ) | $ | (3.64 | ) | $ | (8.66 | ) | $ | (14.34 | ) | |||||
Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: | |||||||||||||||||
As of | |||||||||||||||||
April 30, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Over-allotment option offered to the underwriters | 767 | — | |||||||||||||||
Shares subject to outstanding common stock options | 4,261 | 4,251 | |||||||||||||||
Convertible preferred stock (on an as if converted basis) | — | 18,704 | |||||||||||||||
Restricted stock units | 27 | 16 | |||||||||||||||
Shares subject to common stock warrants | 69 | 66 | |||||||||||||||
Total | 5,124 | 23,037 | |||||||||||||||
Employee_Benefit_Plan
Employee Benefit Plan | 9 Months Ended |
Apr. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plan | (13) Employee Benefit Plan |
In July 2005, the Company adopted a defined-contribution retirement plan (the "401(k) Plan"), which qualifies under Section 401(k) of the Internal Revenue Code of 1986, as amended. This 401(k) Plan covers essentially all employees. Eligible employees may make voluntary contributions to the 401(k) Plan up to the statutory annual limitations, and the Company is allowed to make discretionary contributions. The Company has made no discretionary contributions during the nine months ended April 30, 2015. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Apr. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (14) Related Party Transactions |
A member of the Company’s board of directors was a key employee of a publicly-traded company that is a customer of the Company. For the three months ended April 30, 2015 and for the nine months ended April 30, 2015, $0.1 million, and $2.2 million of revenue, respectively, was recorded from sales to this customer. There was no revenue recorded from sales to this customer for the three or nine months ended April 30, 2014. The Company recorded deferred revenue from sales to this customer of $0.8 million and $2.9 million as of April 30, 2015 and July 31, 2014, respectively, and had $2.9 million of accounts receivable due from this customer as of July 31, 2014. There was no accounts receivable due from this customer as of April 30, 2015. Additionally, one of the Company’s officers is a member of the board of directors of a publicly-traded company that is a customer of the Company. Revenues recorded from sales to this customer were not material for any period presented. The Company recorded deferred revenue from sales to this customer of $0.7 million and had $0.5 million accounts receivable due from this customer as of April 30, 2015. There was no deferred revenue or accounts receivable recorded for this customer as of July 31, 2014. | |
Another member of the Company’s board of directors had a beneficial ownership interest in InsightsOne prior to its acquisition by Apigee in December 2013. See Note 2 for further details on the InsightsOne acquisition. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Apr. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | (15) Subsequent Events |
On May 13, 2015, SVB exercised its warrants to purchase 65,788 shares of the Company’s common stock resulting in issuance of 57,082 shares of the Company’s common stock on a net-exercise basis. |
Description_of_Business_and_Si1
Description of Business and Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||||||
Apr. 30, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Initial Public Offering | Initial Public Offering | ||||||||||||
On April 29, 2015 the Company completed its initial public offering ( the “IPO”) in which it sold 5,115,000 shares of common stock to the public at $17.00 per share. The total gross proceeds from the offering were approximately $87.0 million. After deducting underwriting discounts and commissions and offering expenses payable by us, the aggregate net proceeds received totaled approximately $76.8 million, before deducting approximately $1.4 million of unpaid offering costs, which are expected to be paid by the end of the Company’s fourth fiscal quarter. | |||||||||||||
The sale of common stock in the IPO triggered the weighted average anti-dilution provisions of the Company’s amended and restated certificate of incorporation then in effect. At the IPO price of $17.00 per share, the per share conversion rate for the Company’s Series H convertible preferred stock into common stock was approximately 1:1.0365. In connection with the IPO, and giving effect to the anti-dilution adjustment relating to the Company’s Series H convertible preferred stock, all shares of the Company’s convertible preferred stock outstanding automatically converted into 19,818,172 shares of the Company’s common stock. | |||||||||||||
Reverse Stock Split | Reverse Stock Split | ||||||||||||
On April 7, 2015, the Company effected a 1-for-7.6 reverse stock split of its common stock and convertible preferred stock, as approved by its Board of Directors (the “Board”) and stockholders. All information in this Quarterly Report on Form 10-Q relating to the number of shares, price per share and per share amounts have been adjusted to give effect to the 1-for-7.6 reverse stock split. | |||||||||||||
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation | ||||||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission ( the “SEC”) for interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet data as of July 31, 2014 was derived from audited financial statements, but does not include all disclosures required by GAAP. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Securities Act”), with the SEC on April 24, 2015 (“the IPO prospectus”). There have been no changes in the significant accounting policies from those that were disclosed in the audited consolidated financial statements for the fiscal year ended July 31, 2014 included in the IPO prospectus filed with the SEC. | |||||||||||||
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to state fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year 2015. | |||||||||||||
The accompanying unaudited condensed consolidated financial statements include the accounts of Apigee Corporation and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. | |||||||||||||
Use of Estimates | Use of Estimates | ||||||||||||
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period covered by the consolidated financial statements and accompanying notes. In particular, the Company makes estimates with respect to the fair value of multiple elements in revenue recognition, the uncollectible accounts receivables, assets acquired and liabilities assumed in a business combination, valuation of long-lived assets, stock-based compensation, income taxes and other contingencies. Actual results could differ from those estimates and such differences could be material to the financial statements and affect the results of operations reported in future periods. | |||||||||||||
Foreign Currency Transactions | Foreign Currency Transactions | ||||||||||||
The functional currency of the Company’s foreign subsidiaries is the U.S. dollar. Accordingly, monetary balance sheet accounts are remeasured using the current exchange rate in effect at the balance sheet date and non-monetary items are remeasured at the historical exchange rate. Expenses are remeasured at the average exchange rates for the period. The resulting gains and losses are included in other income (expense), net and were not material for the three months or nine months ended April 30, 2015 and 2014. | |||||||||||||
Concentration of Risk and Significant Customers | Concentration of Risk and Significant Customers | ||||||||||||
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, and accounts receivable. The Company maintains the majority of its cash and money market accounts at one financial institution that management believes is a high-credit, high-quality financial institution and accordingly, subject to minimal credit risk. Deposits held with these financial institutions may be in excess of the amount of insured limits provided on such deposits, if any. | |||||||||||||
The Company’s accounts receivable are subject to credit risks. The accounts receivable are unsecured and are derived from customers around the world in a variety of industries. | |||||||||||||
The Company’s significant customers who individually exceeded 10% of total revenue or 10% of total accounts receivable as of the dates shown during the period are as follows: | |||||||||||||
Revenue | Accounts Receivable | ||||||||||||
Three Months Ended | Nine Months Ended | As of | As of | ||||||||||
April 30, | April 30, | April 30, | July 31, | ||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||
Customer A | * | 14% | * | 16% | * | * | |||||||
Customer B | * | 15% | * | * | * | * | |||||||
Customer C | * | * | * | * | * | 20% | |||||||
Customer D | * | * | * | * | * | 18% | |||||||
* | Does not exceed 10%. | ||||||||||||
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards | ||||||||||||
Share-Based Payments with Performance Targets: In June 2014, the FASB issued Accounting Standards Update No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (ASU 2014-12). ASU 2014-12 requires that a performance target that affects vesting and could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in ASC 718, Compensation—Stock Compensation, as it relates to such awards. ASU 2014-12 is effective for the Company in its first quarter of fiscal 2017 with early adoption permitted using either of two methods: (1) prospective to all awards granted or modified after the effective date; or (2) retrospective to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter, with the cumulative effect of applying ASU 2014-12 as an adjustment to the opening retained earnings balance as of the beginning of the earliest annual period presented in the financial statements. The Company has elected to early adopt the new standard using the retrospective adoption method. The adoption of this standard did not have a material effect on its financial position. |
Description_of_Business_and_Si2
Description of Business and Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||
Apr. 30, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Summary of Significant Customers Individually Exceeded 10% of Total Revenue or Total Accounts Receivable | The Company’s significant customers who individually exceeded 10% of total revenue or 10% of total accounts receivable as of the dates shown during the period are as follows: | ||||||||||||
Revenue | Accounts Receivable | ||||||||||||
Three Months Ended | Nine Months Ended | As of | As of | ||||||||||
April 30, | April 30, | April 30, | July 31, | ||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||
Customer A | * | 14% | * | 16% | * | * | |||||||
Customer B | * | 15% | * | * | * | * | |||||||
Customer C | * | * | * | * | * | 20% | |||||||
Customer D | * | * | * | * | * | 18% | |||||||
* | Does not exceed 10%. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Summary of Carrying Amount and Accumulated Amortization of Intangible Assets | The following tables provide a summary of the carrying amount and accumulated amortization of the Company’s intangible assets: | ||||||||||||||||
April 30, 2015 | Amortization | Gross | Accumulated | Net Carrying | |||||||||||||
Period | Amount | Amortization | Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Developed technology | 48-60 months | $ | 5,244 | $ | (1,773 | ) | $ | 3,471 | |||||||||
Customer relationships | 12 months | 150 | (150 | ) | — | ||||||||||||
Total | $ | 5,394 | $ | (1,923 | ) | $ | 3,471 | ||||||||||
July 31, 2014 | Amortization | Gross | Accumulated | Net Carrying | |||||||||||||
Period | Amount | Amortization | Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Developed technology | 48-60 months | $ | 5,244 | $ | (960 | ) | $ | 4,284 | |||||||||
Customer relationships | 12 months | 150 | (92 | ) | 58 | ||||||||||||
Backlog | <12 months | 53 | (53 | ) | — | ||||||||||||
Total | $ | 5,447 | $ | (1,105 | ) | $ | 4,342 | ||||||||||
Summary of Expected Future Amortization Expense | Expected future amortization expense as of April 30, 2015 is as follows: | ||||||||||||||||
Amount | |||||||||||||||||
(in thousands) | |||||||||||||||||
2015 (remaining) | $ | 271 | |||||||||||||||
2016 | 1,035 | ||||||||||||||||
2017 | 908 | ||||||||||||||||
2018 | 908 | ||||||||||||||||
2019 | 349 | ||||||||||||||||
Total | $ | 3,471 | |||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value of Financial Assets Measured on Recurring Basis | The following table sets forth the fair value of the Company’s financial assets that are measured on a recurring basis: | ||||||||||||||||
As of April 30, 2015 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Financial assets | |||||||||||||||||
Money market funds | $ | 102,567 | $ | — | $ | — | $ | 102,567 | |||||||||
Reported as: | |||||||||||||||||
Cash and cash equivalents | $ | 102,567 | |||||||||||||||
As of July 31, 2014 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Financial assets | |||||||||||||||||
Money market funds | $ | 51,258 | $ | — | $ | — | $ | 51,258 | |||||||||
Reported as: | |||||||||||||||||
Cash and cash equivalents | $ | 51,258 | |||||||||||||||
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 9 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Summary of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following: | ||||||||
April 30, | July 31, | ||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Prepaid expenses | $ | 1,468 | $ | 1,635 | |||||
Prepaid hosting costs | 1,658 | 1,760 | |||||||
Other | 1,090 | 1,138 | |||||||
$ | 4,216 | $ | 4,533 | ||||||
Summary of Property and Equipment, Net | Property and equipment, net consisted of the following: | ||||||||
April 30, | July 31, | ||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Computer equipment and software | $ | 2,768 | $ | 2,538 | |||||
Furniture and fixtures | 671 | 662 | |||||||
Leasehold improvements | 2,656 | 2,076 | |||||||
6,095 | 5,276 | ||||||||
Less: accumulated depreciation and amortization | (2,710 | ) | (1,802 | ) | |||||
$ | 3,385 | $ | 3,474 | ||||||
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: | ||||||||
April 30, | July 31, | ||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Accrued payroll and benefits | $ | 899 | $ | 1,025 | |||||
Accrued bonus and commission | 2,340 | 2,522 | |||||||
Accrued sales, service and income taxes | 2,540 | 2,140 | |||||||
Other | 4,217 | 1,707 | |||||||
$ | 9,996 | $ | 7,394 | ||||||
Summary of Deferred Revenue | Deferred revenue consisted of the following: | ||||||||
April 30, | July 31, | ||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Deferred revenue: | |||||||||
License | $ | 6,861 | $ | 5,476 | |||||
Subscription and support | 27,888 | 19,372 | |||||||
Professional services and other | 3,630 | 3,342 | |||||||
Total deferred revenue | 38,379 | 28,190 | |||||||
Less: current portion of deferred revenue | 33,160 | 23,356 | |||||||
Non-current portion of deferred revenue | $ | 5,219 | $ | 4,834 | |||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 9 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Summary of Outstanding Loan Balances | The Company’s outstanding loan balances as of April 30, 2015 and July 31, 2014 are summarized as follows: | ||||||||
April 30, | July 31, | ||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Silicon Valley Bank term loan | $ | 3,333 | $ | 2,204 | |||||
Silicon Valley Bank growth capital loan | — | 1,611 | |||||||
Silicon Valley Bank equipment loan | 1,083 | 1,459 | |||||||
Total principal amount | 4,416 | 5,274 | |||||||
Less: Unamortized discount | (33 | ) | (31 | ) | |||||
Total debt | 4,383 | 5,243 | |||||||
Less: current portion | (2,075 | ) | (2,778 | ) | |||||
Non-current debt, excluding current portion | $ | 2,308 | $ | 2,465 | |||||
Summary of Future Principal Maturities of Debt | The future principal maturities of debt as of April 30, 2015 are as follows: | ||||||||
(in thousands) | |||||||||
2015 (remaining) | $ | 524 | |||||||
2016 | 2,100 | ||||||||
2017 | 1,792 | ||||||||
Total | $ | 4,416 | |||||||
Summary of Assumptions used to Estimate Fair Value of SVB Warrants | The following assumptions were used to estimate the fair value of the SVB warrants issued during the nine months ended April 30, 2015: | ||||||||
Expected volatility | 42 | % | |||||||
Risk-free interest rate | 2.3 | % | |||||||
Dividend yield | 0 | % | |||||||
Expected term (in years) | 10 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||
Apr. 30, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Summary of Future Minimum Lease Payments Under Non-cancelable Operating Leases | Future minimum lease payments under non-cancelable operating leases as of April 30, 2015 are as follows: | ||||
(in thousands) | |||||
2015 (remaining) | $ | 567 | |||
2016 | 2,231 | ||||
2017 | 2,152 | ||||
2018 | 2,874 | ||||
2019 | 1,656 | ||||
Future minimum operating lease payments | 9,480 | ||||
Less: minimum payments to be received from non-cancelable sublease | (305 | ) | |||
Total future minimum operating lease payments, net | $ | 9,175 | |||
Segment_Information_and_Inform1
Segment Information and Information About Geographic Areas (Tables) | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Summary of Revenue by Geographic Region | The following tables present the Company’s revenue by geographic region for the periods presented: | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
April 30, | April 30, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in thousands) | |||||||||||||||||
United States | $ | 10,099 | $ | 11,089 | $ | 30,207 | $ | 26,733 | |||||||||
United Kingdom | 2,599 | 980 | 6,481 | 2,622 | |||||||||||||
Rest of the world | 4,592 | 2,319 | 13,217 | 8,450 | |||||||||||||
$ | 17,290 | $ | 14,388 | $ | 49,905 | $ | 37,805 | ||||||||||
Summary of Long-lived Assets by Geographic Area | Long-lived assets by geographic area were as follows: | ||||||||||||||||
April 30, | July 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in thousands) | |||||||||||||||||
United States | $ | 20,696 | $ | 22,117 | |||||||||||||
Rest of the world | 904 | 443 | |||||||||||||||
$ | 21,600 | $ | 22,560 | ||||||||||||||
Stock_Incentive_Plan_Tables
Stock Incentive Plan (Tables) | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Summary of 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: | ||||||||||||||||
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 | |||||||||||||
Total stock-based compensation expense | $ | 822 | $ | 691 | $ | 2,269 | $ | 1,461 | |||||||||
Summary of Common Stock Option Activity | A summary of common stock option activity for the nine months ended April 30, 2015 was as follows: | ||||||||||||||||
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 | ||||||||||||||
Balances at April 30, 2015 | 4,260,896 | $5.65 | 7.5 | $ | 38,931 | ||||||||||||
Exercisable at April 30, 2015 | 1,965,664 | $1.73 | 5.93 | $ | 25,052 | ||||||||||||
Vested and expected to vest at April 30, 2015 | 3,723,122 | $5.35 | 7.33 | $ | 35,141 | ||||||||||||
Summary of RSU Activity | A summary of RSU activity during the nine months ended April 30, 2015 was as follows: | ||||||||||||||||
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 | ||||||||||||||
Balances at April 30, 2015 | 26,825 | $12.99 | 5.85 | $388 | |||||||||||||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Schedule of Calculation of Basic and Diluted Net Loss Per Share | The following table presents the calculation of basic and diluted net loss per share for the periods presented: | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
April 30, | April 30, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Numerator: | |||||||||||||||||
Net loss | $ | (10,988 | ) | $ | (13,015 | ) | $ | (37,797 | ) | $ | (45,227 | ) | |||||
Denominator: | |||||||||||||||||
Weighted-average shares used to compute net loss per share, basic and diluted | 5,095 | 3,572 | 4,363 | 3,153 | |||||||||||||
Net loss per share, basic and diluted | $ | (2.16 | ) | $ | (3.64 | ) | $ | (8.66 | ) | $ | (14.34 | ) | |||||
Schedule of Potentially Dilutive Securities Not Included in Diluted Per Share Calculations | Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: | ||||||||||||||||
As of | |||||||||||||||||
April 30, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Over-allotment option offered to the underwriters | 767 | — | |||||||||||||||
Shares subject to outstanding common stock options | 4,261 | 4,251 | |||||||||||||||
Convertible preferred stock (on an as if converted basis) | — | 18,704 | |||||||||||||||
Restricted stock units | 27 | 16 | |||||||||||||||
Shares subject to common stock warrants | 69 | 66 | |||||||||||||||
Total | 5,124 | 23,037 | |||||||||||||||
Description_of_Business_and_Si3
Description of Business and Significant Accounting Policies - Additional Information (Detail) (USD $) | 9 Months Ended | 0 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 29, 2015 | Apr. 07, 2015 | |
Class of Stock [Line Items] | ||||
Proceeds from initial public offering, net of offering costs | $78,264,000 | $0 | ||
Deferred offering costs not yet paid | 1,418,000 | 0 | ||
IPO [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock issued, share | 5,115,000 | |||
Issuance of common stock price per share | $17 | |||
Gross proceeds from sale of common stock | 87,000,000 | |||
Proceeds from initial public offering, net of offering costs | 76,800,000 | |||
Deferred offering costs not yet paid | $1,400,000 | |||
Convertible preferred stock converted into shares of common stock | 19,818,172 | |||
Reverse stock split conversion ratio | 0.131578947 | |||
Reverse stock split, description | 1-for-7.6 | |||
Series H Convertible Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Per share conversion rate for convertible preferred stock into common stock | 1.0365 |
Description_of_Business_and_Si4
Description of Business and Significant Accounting Policies - Summary of Significant Customers Individually Exceeded 10% of Total Revenue or Total Accounts Receivable (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Apr. 30, 2014 | Apr. 30, 2014 | Jul. 31, 2014 | |
Customer Concentration Risk [Member] | Revenue [Member] | Customer A [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 14.00% | 16.00% | |
Customer Concentration Risk [Member] | Revenue [Member] | Customer B [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 15.00% | ||
Credit Concentration Risk [Member] | Accounts Receivable [Member] | Customer C [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 20.00% | ||
Credit Concentration Risk [Member] | Accounts Receivable [Member] | Customer D [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 18.00% |
Description_of_Business_and_Si5
Description of Business and Significant Accounting Policies - Summary of Significant Customers Individually Exceeded 10% of Total Revenue or Total Accounts Receivable (Parenthetical) (Detail) (Maximum [Member]) | 9 Months Ended |
Apr. 30, 2015 | |
Revenue [Member] | Customer Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Concentration risk percentage | 10.00% |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Concentration risk percentage | 10.00% |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 0 Months Ended | ||
Dec. 19, 2013 | Apr. 30, 2015 | Jul. 31, 2014 | |
Business Acquisition [Line Items] | |||
Goodwill | $14,744,000 | $14,744,000 | |
InsightsOne Systems, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Total purchase price | 17,100,000 | ||
Net tangible assets | 700,000 | ||
Identifiable intangible assets | 4,700,000 | ||
Liabilities and debt assumed | 3,000,000 | ||
Goodwill | $14,744,000 | ||
InsightsOne Systems, Inc. [Member] | Restricted stock units [Member] | |||
Business Acquisition [Line Items] | |||
Shares issued by company | 16,463 | ||
InsightsOne Systems, Inc. [Member] | Series G convertible preferred stock [Member] | |||
Business Acquisition [Line Items] | |||
Shares issued by company | 511,538 | ||
InsightsOne Systems, Inc. [Member] | Series G-1 convertible preferred stock [Member] | |||
Business Acquisition [Line Items] | |||
Shares issued by company | 681,792 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Summary of Carrying Amount and Accumulated Amortization of Intangible Assets (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Apr. 30, 2015 | Jul. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 5,394 | 5,447 |
Accumulated Amortization | -1,923 | -1,105 |
Net Carrying Value | 3,471 | 4,342 |
Developed technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 5,244 | 5,244 |
Accumulated Amortization | -1,773 | -960 |
Net Carrying Value | 3,471 | 4,284 |
Developed technology [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 48 months | 48 months |
Developed technology [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 60 months | 60 months |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 12 months | 12 months |
Gross Amount | 150 | 150 |
Accumulated Amortization | -150 | -92 |
Net Carrying Value | 58 | |
Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 53 | |
Accumulated Amortization | -53 | |
Backlog [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 12 months |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $0.30 | $0.30 | $0.90 | $0.60 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Summary of Expected Future Amortization Expense (Detail) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2015 (remaining) | $271 | |
2016 | 1,035 | |
2017 | 908 | |
2018 | 908 | |
2019 | 349 | |
Net Carrying Value | $3,471 | $4,342 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value of Financial Assets Measured on Recurring Basis (Detail) (Fair value measurements recurring [Member], USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financial assets | ||
Cash and cash equivalents | $102,567 | $51,258 |
Money market funds [Member] | ||
Financial assets | ||
Financial assets fair value | 102,567 | 51,258 |
Level I [Member] | Money market funds [Member] | ||
Financial assets | ||
Financial assets fair value | $102,567 | $51,258 |
Balance_Sheet_Components_Summa
Balance Sheet Components - Summary of Prepaid Expenses and Other Current Assets (Detail) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid expenses | $1,468 | $1,635 |
Prepaid hosting costs | 1,658 | 1,760 |
Other | 1,090 | 1,138 |
Prepaid expenses and other current assets | $4,216 | $4,533 |
Balance_Sheet_Components_Summa1
Balance Sheet Components - Summary of Property and Equipment, Net (Detail) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $6,095 | $5,276 |
Less: accumulated depreciation and amortization | -2,710 | -1,802 |
Property and equipment, net | 3,385 | 3,474 |
Computer equipment and software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 2,768 | 2,538 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 671 | 662 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $2,656 | $2,076 |
Balance_Sheet_Components_Addit
Balance Sheet Components - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $0.30 | $0.30 | $0.90 | $0.90 |
Balance_Sheet_Components_Summa2
Balance Sheet Components - Summary of Accrued Expenses and Other Current Liabilities (Detail) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Accrued payroll and benefits | $899 | $1,025 |
Accrued bonus and commission | 2,340 | 2,522 |
Accrued sales, service and income taxes | 2,540 | 2,140 |
Other | 4,217 | 1,707 |
Accrued expenses and other current liabilities, net | $9,996 | $7,394 |
Balance_Sheet_Components_Summa3
Balance Sheet Components - Summary of Deferred Revenue (Detail) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
Deferred revenue: | ||
Total deferred revenue | $38,379,000 | $28,190,000 |
Less: current portion of deferred revenue | 33,160,000 | 23,356,000 |
Non-current portion of deferred revenue | 5,219,000 | 4,834,000 |
License [Member] | ||
Deferred revenue: | ||
Total deferred revenue | 6,861,000 | 5,476,000 |
Subscription and support [Member] | ||
Deferred revenue: | ||
Total deferred revenue | 27,888,000 | 19,372,000 |
Professional services and other [Member] | ||
Deferred revenue: | ||
Total deferred revenue | $3,630,000 | $3,342,000 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | |
Income Tax Contingency [Line Items] | ||||
Provision for income taxes | $140,000 | $128,000 | $343,000 | $265,000 |
Minimum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Decrease in unrecognized tax benefits for the next 12 months | 200,000 | 200,000 | ||
Maximum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Decrease in unrecognized tax benefits for the next 12 months | $300,000 | $300,000 |
Longterm_Debt_Additional_Infor
Long-term Debt - Additional Information 1 (Detail) (Silicon Valley Bank [Member], Revolving Line of Credit [Member], USD $) | 9 Months Ended | 1 Months Ended | |
Apr. 30, 2015 | Nov. 30, 2014 | Jul. 31, 2014 | |
Tranches | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $25,000,000 | ||
Line of credit, projected revenue percentage, minimum | 80.00% | ||
Line of credit, covenant terms | The Loan Agreement contains customary affirmative covenants and certain financial and negative covenants, including restrictions on disposing of assets, entering into change of control transactions, mergers or acquisitions, incurring additional indebtedness, granting liens on the Companybs assets and paying dividends. The Company is required to maintain a minimum liquidity ratio and minimum revenue on a rolling two quarter basis that is not less than 80% of its projected revenues for each period. | ||
Increase in interest rate due to an event of default | 3.00% | ||
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 12,500,000 | ||
Number of tranches | 2 | ||
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 12,500,000 | ||
Line of credit facility, expiration date | 31-Oct-17 | ||
Line of credit facility, interest rate percentage | 4.75% | ||
Percentage of credit facility limited to eligible accounts receivable | 80.00% | ||
Line of Credit [Member] | Prime Rate [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, spread interest percentage | 1.50% | ||
Tranche One [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 4,000,000 | ||
Line of credit facility, expiration date | 31-May-17 | ||
Line of credit, payment terms | The principal amount of Tranche A is payable in equal monthly installments over a 30-month period with the last payment due no later than May 31, 2017. | ||
Principal amount payable in equal monthly installment | 30 months | ||
End-of-term payment | 156,250 | ||
Tranche Two [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 8,500,000 | ||
Line of credit facility, expiration date | 31-May-16 | ||
Line of credit facility, interest rate percentage | 4.00% | ||
Line of credit, payment terms | The principal is payable in equal monthly installments over a 24-month period. | ||
Principal amount payable in equal monthly installment | 24 months | ||
End-of-term payment | $156,250 | ||
Tranche Two [Member] | Term Loan [Member] | Prime Rate [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, spread interest percentage | 0.75% | ||
Silicon Valley Bank equipment loan [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, interest rate percentage | 5.25% | 5.25% | |
Line of credit, last payment date | 2017-06 | ||
Silicon Valley Bank equipment loan [Member] | Term Loan [Member] | Prime Rate [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, spread interest percentage | 2.00% |
Longterm_Debt_Summary_of_Outst
Long-term Debt - Summary of Outstanding Loan Balances (Detail) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total principal amount | $4,416 | $5,274 |
Less: Unamortized discount | -33 | -31 |
Total debt | 4,383 | 5,243 |
Total Debt, by current and noncurrent | ||
Less: current portion | -2,075 | -2,778 |
Non-current debt, excluding current portion | 2,308 | 2,465 |
Total debt | 4,383 | 5,243 |
Silicon Valley Bank [Member] | Term Loan [Member] | Silicon Valley Bank term loan [Member] | ||
Debt Instrument [Line Items] | ||
Total principal amount | 3,333 | 2,204 |
Silicon Valley Bank [Member] | Term Loan [Member] | Silicon Valley Bank growth capital loan [Member] | ||
Debt Instrument [Line Items] | ||
Total principal amount | 1,611 | |
Silicon Valley Bank [Member] | Term Loan [Member] | Silicon Valley Bank equipment loan [Member] | ||
Debt Instrument [Line Items] | ||
Total principal amount | $1,083 | $1,459 |
Longterm_Debt_Summary_of_Futur
Long-term Debt - Summary of Future Principal Maturities of Debt (Detail) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2015 (remaining) | $524 | |
2016 | 2,100 | |
2017 | 1,792 | |
Total principal amount | $4,416 | $5,274 |
Longterm_Debt_Additional_Infor1
Long-term Debt - Additional Information 2 (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |||
Apr. 30, 2015 | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2014 | 13-May-15 | |
Class of Warrant or Right [Line Items] | |||||
Warrants issued to purchase common stock | 3,495 | 26,315 | 39,473 | ||
Warrants to purchase shares of common stock outstanding and exercisable | 69,283 | 65,788 | |||
Subsequent Event [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants to purchase shares of common stock outstanding and exercisable | 3,495 | ||||
Number of common shares issued for warrants exercised | 57,082 | ||||
Warrants to purchase shares of common stock exercised | 65,788 | ||||
Warrant One [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants to purchase shares | 41,446 | ||||
Warrants to purchase shares, exercise price | 0.69 | ||||
Warrants expiration period | 2022-05 | ||||
Warrant Two [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants to purchase shares | 24,342 | ||||
Warrants to purchase shares, exercise price | 3.65 | ||||
Warrants expiration period | 2022-05 | ||||
Warrant Three [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants to purchase shares | 3,495 | ||||
Warrants to purchase shares, exercise price | 13.68 | ||||
Warrants expiration period | 2024-11 | ||||
Dependent on Funding of Tranche B [Member] | Scenario, Plan [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants to purchase shares | 10,485 | ||||
Warrants to purchase shares, exercise price | 13.68 | ||||
Warrants expiration period | 2024-11 |
Longterm_Debt_Summary_of_Assum
Long-term Debt - Summary of Assumptions used to Estimate Fair Value of SVB Warrants (Detail) (Common stock warrants [Member]) | 9 Months Ended |
Apr. 30, 2015 | |
Common stock warrants [Member] | |
Debt Instrument [Line Items] | |
Expected volatility | 42.00% |
Risk-free interest rate | 2.30% |
Dividend yield | 0.00% |
Expected term (in years) | 10 years |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Jul. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | |||||
Rent expense | $0.60 | $0.70 | $1.80 | $1.90 | |
Outstanding letters of credit | $0.50 | $0.50 | $0.50 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Summary of Future Minimum Lease Payments Under Non-cancelable Operating Leases (Detail) (USD $) | Apr. 30, 2015 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 (remaining) | $567 |
2016 | 2,231 |
2017 | 2,152 |
2018 | 2,874 |
2019 | 1,656 |
Future minimum operating lease payments | 9,480 |
Less: minimum payments to be received from non-cancelable sublease | -305 |
Total future minimum operating lease payments, net | $9,175 |
Segment_Information_and_Inform2
Segment Information and Information About Geographic Areas - Summary of Revenue by Geographic Region (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $17,290 | $14,388 | $49,905 | $37,805 |
United States [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 10,099 | 11,089 | 30,207 | 26,733 |
United Kingdom [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 2,599 | 980 | 6,481 | 2,622 |
Rest of the World [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $4,592 | $2,319 | $13,217 | $8,450 |
Segment_Information_and_Inform3
Segment Information and Information About Geographic Areas - Additional Information (Detail) (Minimum [Member], Revenue [Member], Geographic Concentration Risk [Member]) | 3 Months Ended | 9 Months Ended |
Apr. 30, 2015 | Apr. 30, 2015 | |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration risk percentage to total revenue | 10.00% | 10.00% |
United Kingdom [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration risk percentage to total revenue | 10.00% | 10.00% |
Segment_Information_and_Inform4
Segment Information and Information About Geographic Areas - Summary of Long-lived Assets by Geographic Area (Detail) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $21,600 | $22,560 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 20,696 | 22,117 |
Rest of the World [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $904 | $443 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | Apr. 30, 2015 | Apr. 29, 2015 | Jul. 31, 2014 |
Class of Stock [Line Items] | |||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | 30,263,157 |
Common stock, par value | $0.00 | $0.00 | $0.00 |
Convertible preferred stock, shares authorized | 200,000,000 | 200,000,000 | 18,709,821 |
Convertible preferred stock, par value | $0.00 | $0.00 | $0.00 |
IPO [Member] | |||
Class of Stock [Line Items] | |||
Convertible preferred stock converted into shares of common stock | 19,818,172 |
Stock_Incentive_Plan_Additiona
Stock Incentive Plan - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 24, 2015 | |
Restricted stock units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Remaining unamortized expense | $39,000 | $39,000 | |||
Weighted-average period of recognition | 1 year 7 months 6 days | ||||
Vesting period | 3 years | ||||
Stock-based compensation expense | 37,000 | ||||
Series G-1 convertible preferred stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Amortization included in stock-based compensation expense | 500,000 | 100,000 | 400,000 | 500,000 | |
Remaining unamortized expense | $900,000 | $900,000 | |||
Weighted-average period of recognition | 1 year 6 months | ||||
2005 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common shares reserved for future issuance | 0 | 0 | |||
Common shares available for issuance | 0 | 0 | |||
2015 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common shares reserved for future issuance | 2,846,146 | 2,846,146 | |||
Common shares available for issuance | 2,846,146 | 2,846,146 | |||
2015 Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares reserved and authorized for issuance | 775,000 | ||||
Common stock purchase, maximum deduction as a percentage of eligible compensation | 15.00% | 15.00% | |||
Common stock purchase, percentage of purchase price | 85.00% | ||||
ESPP offering periods | 6 months |
Stock_Incentive_Plan_Summary_o
Stock Incentive Plan - Summary of Stock-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $822 | $691 | $2,269 | $1,461 |
Cost of subscription and support revenue [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 8 | 5 | 21 | 17 |
Cost of professional services and other revenue [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 54 | 42 | 145 | 89 |
Research and development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 306 | 174 | 759 | 309 |
Sales and marketing [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 173 | 115 | 492 | 261 |
General and administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $281 | $355 | $852 | $785 |
Stock_Incentive_Plan_Summary_o1
Stock Incentive Plan - Summary of Common Stock Option Activity (Detail) (Employee Stock Option [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Apr. 30, 2015 | Jul. 31, 2014 |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares Underlying Outstanding Options, Beginning balance | 4,008,725 | |
Number of Shares Underlying Outstanding Options, Options granted | 1,140,644 | |
Number of Shares Underlying Outstanding Options, Options exercised | -438,440 | |
Number of Shares Underlying Outstanding Options, Options cancelled | -450,033 | |
Number of Shares Underlying Outstanding Options, Ending balance | 4,260,896 | 4,008,725 |
Number of Shares Underlying Outstanding Options, Exercisable at April 30, 2015 | 1,965,664 | |
Number of Shares Underlying Outstanding Options, Vested and expected to vest April 30, 2015 | 3,723,122 | |
Options Outstanding, Weighted-Average Exercise Price, Beginning balance | $2.51 | |
Options Outstanding, Weighted-Average Exercise Price, Options granted | $14.61 | |
Options Outstanding, Weighted-Average Exercise Price, Options exercised | $2.14 | |
Options Outstanding, Weighted-Average Exercise Price, Options cancelled | $1.92 | |
Options Outstanding, Weighted-Average Exercise Price, Ending balance | $5.65 | $2.51 |
Options Outstanding, Weighted-Average Exercise Price, Exercisable at April 30, 2015 | $1.73 | |
Options Outstanding, Weighted-Average Exercise Price, Vested and expected to vest at April 30, 2015 | $5.35 | |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 7 years 6 months | 7 years 7 months 24 days |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years), Exercisable at April 30, 2015 | 5 years 11 months 5 days | |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years), Vested and expected to vest at April 30, 2015 | 7 years 3 months 29 days | |
Options Outstanding, Aggregate Intrinsic Value, Beginning Balance | $31,716 | |
Options Outstanding, Aggregate Intrinsic Value, Ending Balance | 38,931 | 31,716 |
Options Outstanding, Aggregate Intrinsic Value, Exercisable at April 30, 2015 | 25,052 | |
Options Outstanding, Aggregate Intrinsic Value, Vested and expected to vest at April 30, 2015 | $35,141 |
Stock_Incentive_Plan_Summary_o2
Stock Incentive Plan - Summary of RSU activity (Detail) (Restricted stock units [Member], USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Apr. 30, 2015 |
Restricted stock units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSUs Outstanding, Number of Shares, Beginning balance | 15,806 |
RSUs Outstanding, Number of Shares, Granted | 13,157 |
RSUs Outstanding, Number of Shares, Released | 0 |
RSUs Outstanding, Number of Shares, Forfeited | -2,138 |
RSUs Outstanding, Number of Shares, Ending balance | 26,825 |
RSUs Outstanding, Weighted-Average Grant-Date Fair Value, Beginning balance | $7.38 |
RSUs Outstanding, Weighted-Average Grant-Date Fair Value, Granted | $17.56 |
RSUs Outstanding, Weighted-Average Grant-Date Fair Value, Released | $0 |
RSUs Outstanding, Weighted-Average Grant-Date Fair Value, Forfeited | $7.38 |
RSUs Outstanding, Weighted-Average Grant-Date Fair Value, Ending balance | $12.99 |
RSUs Outstanding, Weighted-Average Remaining Contractual Life (Years) | 5 years 10 months 6 days |
RSUs Outstanding, Aggregate Intrinsic Value, Balances at April 30, 2015 | $388 |
Net_Loss_Per_Share_Schedule_of
Net Loss Per Share - Schedule of Calculation of Basic and Diluted Net Loss Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Numerator: | ||||
Net loss | ($10,988) | ($13,015) | ($37,797) | ($45,227) |
Denominator: | ||||
Weighted-average shares used to compute net loss per share, basic and diluted | 5,095 | 3,572 | 4,363 | 3,153 |
Net loss per share, basic and diluted | ($2.16) | ($3.64) | ($8.66) | ($14.34) |
Net_Loss_Per_Share_Schedule_of1
Net Loss Per Share - Schedule of Potentially Dilutive Securities Not Included in Diluted Per Share Calculations (Detail) | 9 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive securities (in shares) | 5,124 | 23,037 |
Restricted stock units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive securities (in shares) | 27 | 16 |
Convertible preferred stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive securities (in shares) | 18,704 | |
Common stock option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive securities (in shares) | 4,261 | 4,251 |
Common stock warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive securities (in shares) | 69 | 66 |
Over-allotment option offered to the underwriters [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive securities (in shares) | 767 |
Employee_Benefit_Plan_Addition
Employee Benefit Plan - Additional Information (Detail) (USD $) | 9 Months Ended |
Apr. 30, 2015 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |
Company's contribution to defined-contribution retirement plan ("401(k) Plan") | $0 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Jul. 31, 2014 | |
Related Party Transaction [Line Items] | |||||
Deferred revenue from sales to customer | $38,379,000 | $38,379,000 | $28,190,000 | ||
Member of Board of Directors [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue recorded from sales to customer | 100,000 | 0 | 2,200,000 | 0 | |
Deferred revenue from sales to customer | 800,000 | 800,000 | 2,900,000 | ||
Accounts receivable due from customer | 0 | 0 | 2,900,000 | ||
Officer [Member] | |||||
Related Party Transaction [Line Items] | |||||
Deferred revenue from sales to customer | 700,000 | 700,000 | 0 | ||
Accounts receivable due from customer | $500,000 | $500,000 | $0 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member]) | 13-May-15 |
Subsequent Event [Line Items] | |
Warrants to purchase shares of common stock exercised | 65,788 |
Number of common shares issued for warrants exercised | 57,082 |
Silicon Valley Bank [Member] | |
Subsequent Event [Line Items] | |
Warrants to purchase shares of common stock exercised | 65,788 |
Number of common shares issued for warrants exercised | 57,082 |