Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2016 | Mar. 31, 2016 | Jul. 31, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | OOMA | ||
Entity Registrant Name | Ooma Inc | ||
Entity Central Index Key | 1,327,688 | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 17,174,133 | ||
Entity Public Float | $ 88,377,243 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 27,413 | $ 9,133 |
Short-term investments | 27,991 | |
Accounts receivable, net | 5,609 | 4,394 |
Inventories | 5,011 | 8,081 |
Deferred inventory costs | 2,013 | 2,248 |
Prepaid expenses and other current assets | 1,318 | 945 |
Total current assets | 69,355 | 24,801 |
Property and equipment, net | 4,291 | 2,893 |
Intangible assets, net | 885 | 1,278 |
Goodwill | 1,117 | 1,117 |
Other assets | 888 | 1,188 |
Total assets | 76,536 | 31,277 |
Current liabilities: | ||
Accounts payable | 4,786 | 3,967 |
Accrued expenses | 13,010 | 10,313 |
Short-term capital lease and debt | 632 | 1,562 |
Convertible preferred stock warrant liability | 474 | |
Deferred revenue | 15,036 | 14,348 |
Total current liabilities | 33,464 | 30,664 |
Long-term debt | 10,398 | |
Convertible preferred stock warrant liability - noncurrent | 743 | |
Other long-term liabilities | 182 | 980 |
Total liabilities | $ 33,646 | $ 42,785 |
Commitments and contingencies (Note 14) | ||
Stockholders’ equity (deficit): | ||
Preferred stock | ||
Common stock | $ 2 | |
Additional paid-in capital | 107,679 | $ 5,611 |
Accumulated other comprehensive income | 17 | |
Accumulated deficit | (64,808) | (50,756) |
Total stockholders’ equity (deficit) | 42,890 | (45,145) |
Total liabilities, convertible preferred stock, and stockholders’ equity (deficit) | $ 76,536 | 31,277 |
Convertible Preferred Stock | ||
Stockholders’ equity (deficit): | ||
Preferred stock | $ 33,637 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jan. 31, 2016 | Jan. 31, 2015 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 0 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 13,000,000 |
Common stock, shares issued | 16,916,250 | 2,515,065 |
Common stock, shares outstanding | 16,916,250 | 2,515,065 |
Convertible Preferred Stock | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 0 | 8,708,333 |
Preferred stock, shares issued | 0 | 8,353,748 |
Preferred stock, shares outstanding | 0 | 8,353,748 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Revenue: | |||
Subscription and services | $ 73,064 | $ 53,828 | $ 35,377 |
Product and other | 15,711 | 18,373 | 18,288 |
Total revenue | 88,775 | 72,201 | 53,665 |
Cost of revenue: | |||
Subscription and services | 25,715 | 18,284 | 15,894 |
Product and other | 16,150 | 18,440 | 15,573 |
Total cost of revenue | 41,865 | 36,724 | 31,467 |
Gross profit | 46,910 | 35,477 | 22,198 |
Operating expenses: | |||
Sales and marketing | 28,534 | 22,276 | 13,192 |
Research and development | 18,502 | 12,290 | 7,888 |
General and administrative | 12,561 | 6,650 | 2,573 |
Total operating expenses | 59,597 | 41,216 | 23,653 |
Loss from operations | (12,687) | (5,739) | (1,455) |
Other expense: | |||
Interest expense, net | (881) | (323) | (269) |
Change in fair value of warrants | (442) | (795) | (250) |
Other expense | (42) | (55) | (26) |
Loss before income taxes | (14,052) | (6,912) | (2,000) |
Income tax benefit | 502 | ||
Net loss | $ (14,052) | $ (6,410) | $ (2,000) |
Net loss per share of common stock: | |||
Basic and diluted | $ (1.38) | $ (2.81) | $ (1.18) |
Weighted-average number of shares used in per share amounts: | |||
Basic and diluted | 10,173,095 | 2,284,241 | 1,688,846 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net Loss | $ (14,052) | $ (6,410) | $ (2,000) |
Other comprehensive income, net of tax | |||
Unrealized gain on short-term investment | 17 | ||
Comprehensive loss | $ (14,035) | $ (6,410) | $ (2,000) |
CONSOLIDATED STATEMENTS OF CONV
CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Series Alpha Convertible Preferred Stock | Series Alpha-1 Convertible Preferred Stock | Series Beta Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit |
BALANCE at Jan. 31, 2013 | $ (37,962) | $ 30,536 | $ 3,005 | $ 4,384 | $ (42,346) | |||
BALANCE, Shares at Jan. 31, 2013 | 7,848,198 | 485,143 | 1,482,122 | |||||
Issuance of common stock for stock option exercises | 6 | 6 | ||||||
Issuance of common stock for stock option exercises, Shares | 54,228 | |||||||
Vesting of early exercised stock options and restricted stock | 25 | 25 | ||||||
Vesting of early exercised stock options and restricted stock, Shares | 390,827 | |||||||
Stock-based compensation | 72 | 72 | ||||||
Net Loss | (2,000) | (2,000) | ||||||
BALANCE at Jan. 31, 2014 | (39,859) | $ 30,536 | $ 3,005 | 4,487 | (44,346) | |||
BALANCE, Shares at Jan. 31, 2014 | 7,848,198 | 485,143 | 1,927,177 | |||||
Issuance of common stock for stock option exercises | 19 | 19 | ||||||
Issuance of common stock for stock option exercises, Shares | 135,564 | |||||||
Issuance of stock upon warrant exercise | 11 | $ 96 | 11 | |||||
Issuance of stock upon warrant exercise, Shares | 20,407 | 2,326 | ||||||
Issuance of common stock in conjunction with acquisition | 338 | 338 | ||||||
Issuance of common stock in conjunction with acquisition, Shares | 90,246 | |||||||
Vesting of early exercised stock options and restricted stock | 68 | 68 | ||||||
Vesting of early exercised stock options and restricted stock, Shares | 359,752 | |||||||
Issuance of common stock warrants in conjunction with debt | 262 | 262 | ||||||
Stock-based compensation | 426 | 426 | ||||||
Net Loss | (6,410) | (6,410) | ||||||
BALANCE at Jan. 31, 2015 | $ (45,145) | $ 30,632 | $ 3,005 | 5,611 | (50,756) | |||
BALANCE, Shares at Jan. 31, 2015 | 67,884 | 7,868,605 | 485,143 | 2,515,065 | ||||
Conversion of convertible preferred stock to common stock upon initial public offering | $ 38,637 | $ (30,632) | $ (3,005) | $ (5,000) | $ 1 | 38,636 | ||
Conversion of convertible preferred stock to common stock upon initial public offering, Shares | (7,868,605) | (485,143) | (241,469) | 8,878,857 | ||||
Issuance of stock, value | 56,879 | $ 1 | 56,878 | |||||
Issuance of stock, shares | 5,000,000 | |||||||
Issuance of common stock for stock option exercises | $ 66 | 66 | ||||||
Issuance of common stock for stock option exercises, Shares | 83,229 | 83,157 | ||||||
De-recognition of preferred warrant liability to additional paid-in capital | $ 1,075 | 1,075 | ||||||
Issuance of common stock in conjunction with acquisition | 451 | 451 | ||||||
Issuance of common stock in conjunction with acquisition, Shares | 49,159 | |||||||
Vesting of early exercised stock options and restricted stock | 154 | 154 | ||||||
Vesting of early exercised stock options and restricted stock, Shares | 327,349 | |||||||
Issuance of common stock related to employee stock purchase plan | 111 | 111 | ||||||
Issuance of common stock related to employee stock purchase plan, Shares | 15,569 | |||||||
Exercise of common stock warrants to common stock | 31 | 31 | ||||||
Exercise of common stock warrants to common stock, Shares | 30,573 | |||||||
Exercise of preferred stock warrants to common stock | 13 | 13 | ||||||
Exercise of preferred stock warrants to common stock, Shares | 16,521 | |||||||
Stock-based compensation | 4,653 | 4,653 | ||||||
Other comprehensive income | 17 | $ 17 | ||||||
Net Loss | (14,052) | (14,052) | ||||||
BALANCE at Jan. 31, 2016 | $ 42,890 | $ 2 | $ 107,679 | $ 17 | $ (64,808) | |||
BALANCE, Shares at Jan. 31, 2016 | 70,199 | 16,916,250 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Cash flows from operating activities: | |||
Net loss | $ (14,052) | $ (6,410) | $ (2,000) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||
Stock-based compensation expense | 4,653 | 426 | 72 |
Depreciation and amortization | 1,410 | 896 | 787 |
Amortization of intangible assets | 393 | 306 | 151 |
Deferred income taxes | (502) | ||
Non-cash interest expense | 64 | 57 | 65 |
Write-off of non-cash deferred debt issuance costs | 332 | ||
Loss on disposal of equipment | 47 | ||
Change in fair value of acquisition related contingent consideration | (281) | 656 | |
Change in fair value of warrant liability | 442 | 795 | 250 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (1,215) | (2,095) | (597) |
Inventories | 3,070 | (3,206) | (991) |
Deferred inventory costs | 235 | (751) | (156) |
Prepaid expenses and other assets | (470) | 331 | (150) |
Accounts payable and accrued expenses | 4,392 | 1,212 | 2,851 |
Other long term liabilities | (132) | 204 | 19 |
Deferred revenue | 689 | 4,014 | 1,874 |
Net cash (used in) provided by operating activities | (470) | (4,067) | 2,222 |
Cash flows from investing activities: | |||
Purchases of short-term investments | (28,078) | ||
Purchases of property and equipment | (2,884) | (1,186) | (763) |
Business acquisition, net of cash assumed | (672) | ||
Purchases of software license, patents and intangibles | (135) | ||
Net cash used in investing activities | (30,962) | (1,858) | (898) |
Cash flows from financing activities: | |||
Proceeds from initial public offering, net | 57,021 | (142) | |
Repayment of debt and capital leases | (11,620) | (1,508) | (1,365) |
Proceeds from issuance of debt | 9,921 | ||
Payment of acquisition related earn-out | (326) | ||
Proceeds from issuance of common stock related to warrants and employee stock benefit plans | 221 | 423 | 101 |
Payment of preferred warrant liability | (584) | ||
Net cash provided by (used in) financing activities | 49,712 | 8,694 | (1,264) |
Net increase in cash and cash equivalents | 18,280 | 2,769 | 60 |
Cash and cash equivalents at beginning of period | 9,133 | 6,364 | 6,304 |
Cash and cash equivalents at end of period | 27,413 | 9,133 | 6,364 |
Supplemental disclosure of cash flow information | |||
Income taxes paid | 2 | 1 | 1 |
Interest paid | 573 | 173 | 205 |
Non-cash investing and financing activities: | |||
Conversion of preferred stock to common stock | 38,637 | ||
Unpaid offering costs | 351 | ||
De-recognition of warrant liability to additional paid-in capital | 1,075 | ||
Issuance of warrants in connection with long-term debt | 323 | ||
Shares issued as consideration in business acquisition and related earn-out | 451 | 338 | |
Purchase of equipment acquired on capital lease | 1,321 | ||
Unpaid portion of property and equipment purchases | 78 | $ 162 | $ 152 |
Series Beta Preferred Stock | |||
Cash flows from financing activities: | |||
Proceeds from Series Beta preferred stock, net | $ 5,000 |
Description of Business
Description of Business | 12 Months Ended |
Jan. 31, 2016 | |
Accounting Policies [Abstract] | |
Description of Business | 1. DESCRIPTION OF BUSINESS Description of Business — Ooma, Inc. (the “Company”) is a leading provider of innovative communications solutions and other connected services to small business, home, and mobile users. The Company’s unique hybrid Software-as-a-Service (“SaaS”) platform, consisting of its proprietary cloud, on-premises appliances, mobile applications, and end-point devices, provides the connectivity and functionality that enables solutions. The Company was incorporated in Delaware on November 19, 2003 and is headquartered in Palo Alto, California. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation —The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and includes the accounts of the Company and its wholly owned subsidiary. All intercompany transactions and balances have been eliminated in consolidation. Fiscal Year End— The last day of Company’s fiscal year is January 31, fiscal year end January 31, 2016 is referred as fiscal 2016, fiscal year end January 31, 2015 is referred as fiscal 2015 and fiscal year end January 31, 2014 is referred as fiscal 2014. Use of Estimates —The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount 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. Significant estimates include, but are not limited to, those related to revenue recognition, the allowance for returns, stock-based compensation and warrants, valuation of goodwill and intangible assets, inventory valuation, regulatory fees and indirect tax accruals, and accounting for income taxes, including valuation allowances and fair value measurements. Estimates are based on historical experience, where applicable, and other assumptions believed to be reasonable by management. Actual results could differ from those estimates. Reverse Stock Split — Effective July 6, 2015, the Company completed a one-for-two reverse stock split, as approved by its Board of Directors (the “Board”). All shares and warrants and per share and warrant amounts set forth herein give effect to this reverse stock split. Initial Public Offering and Conversion of Preferred Stock In July 2015, the Company completed its initial public offering (the “IPO”). As a result, the following transactions were recorded in the Company’s consolidated financial statements as of January 31, 2016: · The Company issued 5,000,000 shares of its common stock at the initial public offering price of $13.00 per share. The net proceeds from the sale of the shares was $56.9 million after deducting the underwriters’ discounts and commissions of $4.5 million and $3.6 million of offering expenses. · 8,353,748 shares of Series Alpha convertible preferred stock and Series Alpha-1 convertible preferred stock were collectively converted into 8,353,748 shares of common stock on a 1:1 basis. The public offering price of $13.00 per share triggered an automatic conversion of 241,469 shares of Series Beta convertible preferred stock, which automatically converted to 525,109 shares of common stock based on an adjusted conversion price equal to 75% of the $13.00 public offering price, or $9.75, rather than the $21.2028 per share consideration paid, pursuant to the conversion price adjustment provision applicable to such shares in the Company’s then-current amended and restated certificate of incorporation. · The warrant issued in December 2010 to purchase 70,287 shares of Series Alpha convertible preferred stock was cash settled at the IPO price of $13.00 per share after deducting the exercise price of $4.70 per share. The Company paid $0.6 million to the warrant holder on settlement. · Of the warrants to purchase 34,397 shares of Series Alpha convertible preferred stock issued in June 2009, warrants to purchase 2,769 shares of Series Alpha convertible preferred stock were cash exercised at an exercise price of $4.70 per share and resulted in 2,769 shares of common stock; warrants to purchase 21,529 shares of Series Alpha convertible preferred stock were net exercised using the IPO price of $13.00 per share net of the exercise price of $4.70 per share resulting in issuance of 13,752 shares of common stock; and warrants to purchase 10,099 shares of common stock were terminated due to failure to exercise on or before the IPO date per the terms of the warrant agreements. · On the completion of the IPO, the warrants to purchase 21,299 shares of Series Alpha convertible preferred stock issued in May 2009 and warrants to purchase 66,026 shares of Series Alpha convertible preferred stock issued in conjunction with the Company’s debt in April and December 2012 and October 2014 were converted on a 1:1 basis into warrants to purchase shares of common stock. · Of the warrants to purchase 87,828 shares of common stock outstanding prior to the IPO, 6,542 common warrants were cash exercised and converted to 6,542 shares of common stock and 4,100 common warrants were exercised net of the respective exercise price per warrant to 2,612 shares of common stock and 556 common warrants were terminated due to non-exercise on IPO per the terms of the warrant agreement. Revenue Recognition —The Company derives revenue from two sources: (1) subscription and services revenue, which are generated from the sale of subscription plans and other services; and (2) product and other revenue. Products and services are sold directly to end-customers via the Company’s website and through distributors and retailers. The Company recognizes revenue when the following criteria are met: · Persuasive evidence of an arrangement exists. · Delivery has occurred. · Collection of the fees is reasonably assured . · The fee is fixed or determinable. Subscription and Services Revenue The Company generates subscription and services revenue by selling subscriptions for communications solutions, as well as other connected services. Subscription revenue is derived primarily from recurring monthly and annual payments related to service plans such as Ooma Basic, Ooma Office and Premier, international calling plans, and other subscriptions. Subscription revenue is recognized on a straight-line basis over the contractual service term. Subscription and services revenue also includes revenue generated from payments for qualified lead generation, prepaid international calls and directory assistance, which are recognized based on actual usage. The Company also earns revenue from the display of advertisements through the Talkatone mobile application, primarily based on advertisement impressions displayed. The Company recognizes revenue from mobile advertising on a net basis, because it is not the primary obligor to advertisers. Deferred revenue primarily consists of billings or payments received in advance of meeting revenue recognition criteria. The Company’s telephony services are sold as monthly or annual subscriptions, payable in advance. The Company recognizes deferred telephony services revenue on a ratable basis over the term of the contract as the services are provided. For all arrangements, any revenue that has been deferred and is expected to be recognized beyond one year is not significant and is included in long term liabilities in the consolidated balance sheets. Product and Other Revenue The Company generates product revenue from the sale of on-premise appliances and end-point devices, including shipping and handling fees. The Company also generates other revenue from porting fees to enable customers to transfer their existing phone numbers. Product and other revenue for direct end-customers are billed to the customer’s credit card at the time an on-line order is submitted by the customer via the Company’s website and recognized when the product has been shipped to the customer. The Company also generates product revenue from sales through distributors, retailers and resellers (collectively the “channel partners”) which are based on written purchase authorizations. The Company’s distribution agreements with its channel partners typically contain clauses for price protection and rights of return, which result in prices for these transactions not being fixed or determinable and increases the difficulty of estimating returns from the channel partners. Accordingly, the Company records shipments to the channel partners, where the right of return exists, as deferred revenue and defers recognition of revenue on these sales until the title transfers to the end-customer. The Company assesses the ability to collect from its channel partners based on a number of factors, including credit worthiness and payment history of the distributor or retail partner. The Company records revenue net of any sales-related taxes that are billed to its customers. Substantially all of the Company’s arrangements are multiple-element arrangements, which consist of an on-premise appliance and telephony services. The arrangement may also contain a bundled end-point device and a subscription plan for telephony services. Monthly telephony services and end-point devices purchased after the original multi-element arrangement are optional purchases that are accounted for as separate arrangements and are not considered a deliverable in the sale of the on-premise appliance. The Company has determined that each unit of accounting has stand-alone value and accounts for each separately. The Company allocates revenue to each unit of accounting based on an estimated selling price at the inception of the arrangement. The total arrangement consideration is allocated to each separate unit of accounting using the relative selling price of each unit. The Company determines the estimated selling price for each deliverable using vendor-specific objective evidence, or VSOE, of selling price or third-party evidence, or TPE, of selling price, if it exists. If neither VSOE nor TPE of selling price exists for a deliverable, the Company uses the best estimate of selling price, or BESP, of each deliverable in its allocation of arrangement consideration. Revenue allocated to each deliverable, limited to the amount not contingent on future performance, is then recognized when the basic revenue recognition criteria are met for the respective deliverable. The Company determines VSOE of selling price for telephony services and end point devices based on historical standalone sales to customers. In determining VSOE of selling price, the Company requires that a substantial majority of the selling prices for a product or service fall within a reasonably narrow pricing range of the median selling price. The Company does not have VSOE or TPE for its on premise appliance and estimates BESP by considering company-specific factors such as pricing strategies, direct product and other costs, and bundling and discounting practices. The Company records reductions to revenue for estimated sales returns from end-users and customer credits at the time the related revenue is recognized. Sales returns and customer credits are estimated based on historical experience, current trends and expectations regarding future experience. The Company monitors the accuracy of its sales reserve estimates by reviewing actual returns and credits and adjusts them for future expectations to determine the adequacy of current reserve needs. If actual future returns and credits differ from past experience, additional reserves may be required. Cash Equivalents and Short-term investments —The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Short-term investments are classified as available-for-sale for use in current operations, if required, and are reported at fair value, with unrealized gains and losses, net of tax, presented as a separate component of stockholders’ equity (deficit) within accumulated other comprehensive income. All realized gains and losses and unrealized losses resulting from declines in fair value that are other-than-temporary are recorded in other expense, net in the period of occurrence. The Company uses the specific identification method to determine the realized gains and losses on investments. For all investments in marketable securities, the Company assesses whether the impairment is other-than-temporary. If the fair value of a security is less than its amortized cost basis, an impairment is considered other-than-temporary if (i) the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of its entire amortized cost basis, or (ii) the Company does not expect to recover the entire amortized cost of the security. If an impairment is considered other-than-temporary based on condition (i), the entire difference between the amortized cost and the fair value of the security is recognized in earnings. If an impairment is considered other-than-temporary based on condition (ii), the amount representing credit losses, defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis of the security, will be recognized in earnings, and the amount relating to all other factors will be recognized in other comprehensive income. The Company evaluates both qualitative and quantitative factors such as duration and severity of the unrealized losses, credit ratings, default and loss rates of the underlying collateral, structure and credit enhancements to determine if a credit loss may exist. Fair Value of Financial Instruments — The Company records its financial assets and liabilities at fair value. The accounting guidance for fair value provides a framework for measuring fair value, clarifies the definition of fair value, and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company recognizes transfers among Level 1, Level 2 and Level 3 classifications as of the actual date of the events or change in circumstances that caused the transfers. The Company’s financial instruments, including cash equivalents, accounts receivable, accounts payable and accrued liabilities have carrying amounts which approximate fair value due to the short-term maturity of these instruments. Segment Reporting — The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, management has determined that the Company operates in one reportable segment. The Company markets its products and services in the United States and in foreign countries through its direct sales force and indirect distribution channels. Substantially all of the Company’s revenue, based on the customer’s billing address, was derived from customers in the United States for the years ended January 31, 2016, 2015 and 2014. All of the Company’s long-lived assets were attributable to operations in the United States as of January 31, 2016 and 2015. Comprehensive Income —The purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period resulting from transactions from non-owner sources. During the year ended January 31, 2016 the Company’s other comprehensive income includes unrealized gains, net of $17,000 from its available-for-sale securities that individually are not considered other-than-temporarily impaired. In fiscal 2015 and 2014 the Company did not have any components of comprehensive income (loss), as such the net loss for both fiscal 2015 and 2014 reported equaled the comprehensive loss. Net Loss per Share of Common Stock —Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. Prior to the completion of the Company’s initial public offering, the Company applied the two-class method for calculating and presenting earnings per share as Series Alpha, Series Alpha -1 and Series Beta convertible preferred stock was considered participating securities due to the rights of cumulative preferred return. The Company’s participating securities did not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. Because the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. Concentration of Credit Risk —Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, short-term investments and accounts receivables. Substantially all of the Company’s cash and cash equivalents and short-term investments are held by financial institutions that management believes are of high-credit quality. Such investments and deposits may, at times, exceed federally insured-limits. The Company performs credit evaluations of its channel partners’ financial condition and generally does not require collateral for sales made on credit. One customer individually accounted for more than 10% of the Company’s accounts receivable balances at January 31, 2016 and three customers accounted for more than 10% of the Company’s accounts receivable balance at January 31, 2015. The concentration of accounts receivable was as follows: As of January 31, 2016 2015 Customer A 13 % 11 % Customer B * 23 % Customer C * 10 % * represents less than 10% during the period Accounts Receivable and Allowance for Returns —The Company’s receivables are recorded when billed. The carrying value of the accounts receivable, net of the allowance for returns represents their estimated net realizable value. The Company determines allowances for returns based on its historical experience. As of January 31, 2016 and January 31, 2015 the Company had allowances recorded on the consolidated balance sheets of $0 and $0.2 million, respectively. Inventories —Inventories, which consist of raw materials and finished goods, are stated at the lower of cost to purchase or the market value of such inventory, and include the cost to purchase manufactured products, allocated labor and overhead. Inventory is valued using the first-in, first-out method for all inventories. The Company writes down the inventory value for estimated excess and obsolete inventory based on management’s assessment of future demand and market conditions, and establishes a new cost basis for the inventory. Deferred Inventory Costs —Deferred inventory cost represents the inventory that has been shipped to a channel partner for which the retailer or distributor has a right of return. The cost of the product sold is recognized contemporaneously with the recognition of revenue, when the end customer has purchased the on-premise appliance or end-point device. Website Development Costs —The Company capitalizes certain costs to develop its websites when preliminary development efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software will be used as intended. Such costs are amortized on a straight-line basis over the estimated useful life of the related assets, which approximates two years. Costs related to preliminary project activities and post-implementation activities are expensed as incurred. The Company capitalized approximately $0.5 million for each of the years ended January 31, 2016 and 2015, respectively. Property and Equipment —Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed over the estimated useful lives of the assets, using the straight-line method, generally three to five years. Leasehold improvements are amortized over the shorter of the lease term or estimated useful lives of the respective assets. Repairs and maintenance costs that do not extend the life or improve the asset are expensed as incurred. Goodwill and Intangible Assets —The Company records the excess of the acquisition purchase price over the fair value of the tangible and identifiable intangible assets acquired as goodwill. Goodwill of $1.1 million was recognized following the acquisition of Talkatone in fiscal 2015. The Company performs an impairment test of its goodwill in the fourth quarter of its fiscal year, or more frequently if indicators of potential impairment arise. The Company has a single reporting unit and consequently evaluates goodwill for impairment based on an evaluation of the fair value of the Company as a whole. No impairment has been recognized related to the goodwill balance as of January 31, 2016. The Company records purchased intangible assets at their respective estimated fair values at the date of acquisition. Purchased intangible assets are being amortized using the straight-line method over their remaining estimated useful lives, which range from one to seven years. Impairment of Long-Lived Assets —Long-lived assets, such as property and equipment, capitalized website development costs, and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. The Company did not record any impairment charges in any of the periods presented. Convertible Preferred Stock —The Company recorded convertible preferred stock at fair value on the dates of issuance, net of issuance costs. The convertible preferred stock was recorded outside of stockholders’ equity (deficit) because the shares contained liquidation features that were not solely within the Company’s control. The Company had elected not to adjust the carrying values of the convertible preferred stock to the liquidation preferences of such shares because it was uncertain whether or when an event would occur that would obligate the Company to pay the liquidation preferences to holders of shares of convertible preferred stock. On the completion of the IPO all shares of the convertible preferred stock were converted to shares of common stock. Convertible Preferred Stock Warrant Liability —The Company has recorded freestanding warrants to purchase convertible preferred stock as derivative financial liabilities as the terms of the warrants are not fixed due to potential adjustments in the exercise price and the number of shares issuable under the warrants. Some of the warrants issued in connecting with debt financing provided for adjustment of the exercise price and the number of shares upon an equity financing at a lower price and also provided for a contingent cash settlement, both of which preclude equity classification of the warrants. The convertible preferred stock warrants were initially recorded at fair value when issued, with gains and losses arising from changes in fair value recognized in other expense in the consolidated statements of operations at each period end while such instruments were outstanding and classified as liabilities. The fair value of the convertible preferred stock warrants issued in connection with debt agreements was recorded as a debt discount that was amortized as non-cash interest expense in the consolidated statement of operations over the expected repayment period of the debt agreement. The Company adjusted the liability for changes in fair value until the completion of the IPO in July 2015. Upon conversion of the underlying preferred stock to common stock, the related warrant liability was remeasured to fair value and the remaining liability was reclassified to additional paid-in capital. The warrant that was subject to contingent cash settlement was settled and the warrant holder was paid $0.6 million. Shipping and Handling Costs —Shipping and handling costs are expensed as incurred and are included in cost of product and other revenue. Research and Development —Research and development costs, including new product development, are charged to operating expenses as incurred in the consolidated statements of operations. Such costs included personnel-related costs, including stock-based compensation, supplies, services, depreciation, and allocated facilities costs. Deferred Offering Costs Deferred offering costs, consisting of legal, accounting and filing fees related to the initial public offering, were capitalized as other assets and offset against initial public offering proceeds upon the completion of the offering. As of January 31, 2015 the Company had capitalized $0.5 million, respectively, of deferred offering costs in other assets on the consolidated balance sheets. Advertising —The Company expenses all advertising costs as incurred, except for the cost of producing television advertising, which is expensed on the first date of airing. Advertising costs included in sales and marketing expenses were $13.9 million, $14.8 million and $8.9 million for the years ended January 31, 2016, 2015 and 2014, respectively. Advertising costs incurred by channel partners are recorded as reduction of revenue or expense as incurred. These costs totaled $0.5 million, $0.8 million and $0.6 million for the years ended January 31, 2016, 2015 and 2014, respectively. Stock-Based Compensation —Stock-based compensation expense is recognized under ASC 718, Compensation—Stock Compensation . ASC 718 requires companies to recognize the cost of employee services received in exchange for awards of equity instruments based upon the fair value of those awards on the grant date. The Company’s stock-based awards include stock options, restricted stock units (RSU) and purchase rights under the employee stock purchase plan (ESPP). Stock-based compensation expense for all stock-based awards granted to employees is measured at the grant date based on the fair value of the equity award and is recognized as expense, less expected forfeitures, over the requisite service period, which is generally the vesting period. The forfeiture rate is based on an analysis of actual historic forfeitures. The fair value of options granted is estimated on the date of grant using the Black-Scholes option-pricing model. The fair value of each RSU granted is determined using the fair value of the Company’s common stock on the date of grant. Stock-based compensation expense for options granted to non-employees is calculated using the Black-Scholes option-pricing model and is recognized in the consolidated statements of operations over the service period. Compensation expense for non-employees stock options subject to vesting is remeasured as of each reporting date until the stock options are vested, and any change in value, if any, is recognized in the consolidated statement of operations during the period the related services are performed. The Company recognizes stock-based compensation expense on the straight-line method for its equity awards. Determining the fair value of stock-based awards at the grant date requires judgment, including estimating the expected volatility, expected term, risk-free interest rate, and expected dividends. Income Taxes —The Company accounts for income taxes in accordance with ASC 740, Income Taxes , under which deferred tax liabilities and assets are recognized for the expected future tax consequences of temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities and net operating loss and tax credit carryforwards. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. A tax position is recognized when it is more likely than not that the tax position will be sustained upon examination, including resolution of any related appeals or litigation processes. A tax position that meets the more likely than not recognition threshold is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority. Recent Accounting Pronouncements In March 2016, the Financial Accounting Standard Board (“FASB”) issued accounting standards update (“ASU”) 2016-09, Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU 2016-02, Leases In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes In July 2015, the FASB issued ASU No. 2015-11 (ASC 330) , Simplifying the Measurement of Inventory In August 2014, the FASB issued ASU No. 2014-15 (ASC 205) , Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers which affects any entity that either enters into contracts with customers to transfer goods and services or enters into contracts for the transfer of nonfinancial assets. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under the currently effective guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In July 2015, the FASB approved a one-year deferral of the effective date of the standard with the issuance of by ASU 2015-14, Revenue from Contracts with Customers (ASC 606) Deferral of Effective Date . As a result, ASU 2014-09 will become effective for the Company in the first quarter of fiscal 2019 and can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. Early adoption is permitted but not before the original effective date of annual periods beginning after December 15, 2016. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Jan. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 3. FAIR VALUE MEASUREMENT The Company’s financial assets and liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy are as follows (in thousands): As of January 31, 2016 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 3,462 $ — $ — $ 3,462 Commercial paper — 3,499 — 3,499 Total cash equivalents $ 3,462 $ 3,499 $ — $ 6,961 Cash 20,452 Total Cash and cash equivalents $ 27,413 Short-term investments: Corporate debt securities $ — $ 7,845 $ — $ 7,845 Commercial paper — 4,986 — 4,986 U.S. agency securities — 7,666 — 7,666 U.S. government securities 7,494 — — 7,494 Total short-term investments $ 7,494 $ 20,497 $ — $ 27,991 Liabilities: Acquisition-related contingent consideration $ — $ — $ 288 $ 288 Total liabilities $ — $ — $ 288 $ 288 Balance as of January 31, 2015 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 9,018 $ — $ — $ 9,018 Total cash equivalents $ 9,018 $ — $ — $ 9,018 Cash 115 Total Cash and cash equivalents $ 9,133 Liabilities: Acquisition-related contingent consideration $ — $ — $ 1,695 $ 1,695 Convertible preferred stock warrant liability — — 1,217 1,217 Total liabilities $ — $ — $ 2,912 $ 2,912 There were no transfers into or out of the Level 3 category during the years ended January 31, 2016 and 2015. Preferred Stock Warrant Liabilities —The estimated fair values of outstanding preferred stock warrant liabilities were measured using Monte-Carlo simulation and Black-Scholes valuation models. These valuation models involved using such inputs as the estimated fair value of the underlying stock at the measurement date, risk-free interest rates, expected dividends on stock and expected volatility of the price of the underlying stock. Due to the nature of these inputs, the valuation of the warrants was considered a Level 3 measurement. Acquisition-related Contingent Consideration —The Company estimated the fair value of the acquisition-related contingent consideration using a probability-weighted discounted cash flow model. Key assumptions include the level and timing of expected future revenue and expenses of the acquired business, and discount rates consistent with the level of risk and economy in general. If the income projections increase or decrease, the fair value of the contingent consideration would increase or decrease accordingly, in amounts that will vary based on the timing of the projected income; and the discount rate used to calculate the present value of the expected income. This fair value measure was based on significant inputs not observed in the market and thus represented a Level 3 instrument. The change in fair value of acquisition-related contingent consideration is included in general and administrative expenses in the consolidated statements of income, and the contingent consideration is included in accrued liabilities on the consolidated balance sheets. The Company remeasured the contingent consideration for fiscal 2016 and recorded a $0.3 million reduction in the previously recorded expense. As of January 31, 2016, the Level 3 liabilities consisted of acquisition-related contingent consideration. Convertible Stock Warrant Liability Acquisition-Related Contingent Consideration Balance at January 31, 2015 $ 1,217 $ 1,695 Payout of consideration — (675 ) Issuance of shares — (451 ) Changes in fair value 442 (281 ) Payment of preferred warrant liability upon IPO (584 ) — De-recognition of preferred warrant liability to additional paid-in capital (1,075 ) — Balance at January 31, 2016 $ — $ 288 Level 3 instruments consisted of the Company’s preferred stock warrant liability. Prior to the Company’s IPO, outstanding warrants to purchase shares of the Company’s convertible preferred stock were classified as other liabilities. At every reporting date the warrants were remeasured and the change in the fair value was recorded as a component of other (expense) income, in the consolidated statement of operations and liabilities on the consolidated balance sheet. Upon the closing of the Company’s IPO, a warrant to purchase 70,287 shares of Series Alpha convertible preferred stock was remeasured at the initial offering price of $13.00 per share less the exercise price of $4.70 per share. The total warrant liability of $0.6 million related to this warrant was cash settled. The aggregate fair value of the other warrants was de-recognized and reclassified from liabilities to additional paid-in capital, a component of stockholders’ equity (deficit), and the Company ceased recording any further changes. The carrying value of the Company’s accounts receivable, inventory and other current assets and current liabilities approximates fair value due to short maturities. |
Short-term Investments
Short-term Investments | 12 Months Ended |
Jan. 31, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Short-term Investments | 4. SHORT-TERM INVESTMENTS Short-term investments consisted of the following (in thousands): As of January 31, 2016 Amortized Cost Unrealized Losses Unrealized Gains Fair Value Corporate debt securities $ 7,851 $ (6 ) $ — $ 7,845 Commercial paper 4,985 1 4,986 U.S. agency securities 7,661 5 7,666 U.S. government securities 7,477 17 7,494 Total short-term investments $ 27,974 $ (6 ) $ 23 $ 27,991 The Company did not have any gross realized gains and gross realized losses for the years ended January 31, 2016, 2015 and 2014. The cost basis and fair value of the short-term investments by contractual maturity consist of the following (in thousands): As of January 31, 2016 Amortized Value Fair Value One year or less $ 19,143 $ 19,145 Over one year and less than two years 8,831 8,846 Total $ 27,974 $ 27,991 Prior to fiscal 2016 the company held all its cash in cash and money market funds. Investments in an unrealized loss position consisted of the following (in thousands): As of January 31, 2016 Fair Value Unrealized Losses Corporate debt securities $ 7,845 $ (6 ) The Company reviews the individual securities in its portfolio to determine whether a decline in a security’s fair value below the amortized cost basis is other-than-temporary. The Company determined that as of January 31, 2016 and 2015 there were no investments in its portfolio that were other-than-temporarily impaired. The Company does not intend to sell any of these investments, and it is not more likely than not that the Company would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Jan. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 5. GOODWILL AND INTANGIBLE ASSETS The Company recognized $1.5 million in intangibles and $1.1 million in goodwill following the acquisition of Talkatone, Inc. in fiscal 2015. There was no change to goodwill subsequent to the acquisition. The carrying values of intangible assets other than goodwill are as follows (in thousands): As of January 31, 2016 As of January 31, 2015 Estimated Life (in years) Gross Value Accumulated Amortization Net Carrying Amount Gross Value Accumulated Amortization Net Carrying Amount Developed technology 5 $ 815 $ (285 ) $ 530 $ 815 $ (123 ) $ 692 User relationships 3.5 458 (229 ) 229 458 (98 ) 360 Trade name 5 103 (36 ) 67 103 (16 ) 87 Non-compete agreement 2 118 (104 ) 14 118 (44 ) 74 Patents and licenses 3.8-7 714 (669 ) 45 714 (649 ) 65 Total $ 2,208 $ (1,323 ) $ 885 $ 2,208 $ (930 ) $ 1,278 At January 31, 2016 the estimated amortization expense related to the intangible assets is as follows (in thousands): Years Ending January 31, 2017 $ 349 2018 291 2019 190 2020 52 2021 and thereafter 3 Total $ 885 |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Jan. 31, 2016 | |
Balance Sheet Components [Abstract] | |
Balance Sheet Components | 6. BALANCE SHEET COMPONENTS Inventories consist of the following (in thousands): As of January 31, 2016 2015 Finished goods $ 4,633 $ 5,719 Raw material 378 2,362 Total inventory $ 5,011 $ 8,081 Deferred revenue, consists of the following (in thousands): As of January 31, 2016 2015 Deferred revenue: Subscription and services $ 11,954 $ 9,860 Product and other 3,118 4,523 Total deferred revenue 15,072 14,383 Less: current portion of deferred revenue 15,036 14,348 Deferred revenue, noncurrent portion included in other long-term liabilities $ 36 $ 35 Property and equipment, net consists of the following (in thousands): As of January 31, Estimated Life (in years) 2016 2015 Software and computer equipment 3-4 $ 6,615 $ 4,963 Website development costs 2 1,675 1,216 Machinery and equipment 3 1,207 644 Office furniture and fixtures 5 57 52 Leasehold improvements shorter of estimated life of asset or remaining lease term 372 251 Total property and equipment $ 9,926 $ 7,126 Less: accumulated depreciation and amortization (5,635 ) (4,233 ) Property and equipment, net $ 4,291 $ 2,893 Depreciation and amortization of property and equipment totaled $1.4 million, $0.9 million and $0.8 million for the years ended January 31, 2016, 2015 and 2014, respectively. Computer equipment under a capital lease agreement at January 31, 2016 and January 31, 2015 was $1.5 million and $1.5 million, respectively, and the related accumulated depreciation was $0.5 million and $0.2 million, respectively. Accrued expenses consist of the following (in thousands): As of January 31, 2016 2015 Accrued regulatory fees and taxes $ 5,216 $ 4,762 Accrued payroll and related expenses 3,559 2,022 Acquisition-related contingent consideration-current portion 288 1,027 Other accrued expenses 3,947 2,502 Total accrued expenses $ 13,010 $ 10,313 |
Debt
Debt | 12 Months Ended |
Jan. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | 7. DEBT In April 2012, (amended in October 2012), the Company entered into a secured debt agreement (“Term Debt”) in the amount of $4.0 million. The debt had a maturity date in September 2015 and a fixed interest rate of 5.75%. The Company made monthly interest-only payments through September 2012, and monthly payments of principal and interest thereafter. In July 2015, the Company paid off the remaining balance of $0.3 million using a portion of the IPO proceeds. In December 2012, the Company entered into an amended secured debt agreement, adding a revolving line of credit in the amount of $6.0 million (“the Revolver”). The interest rate on the Revolver is 2.75% above the prime rate (3.5% at January 31, 2016). The Revolver includes a financial covenant that the Company is required to have a certain number of subscribers each quarter. The Revolver was originally due to mature in December 2014. In July 2014, the Company entered into an amended agreement to extend the maturity date until July 2016. In October 2014, the Company borrowed $5.0 million under the Revolver. The outstanding debt of $5.0 million was repaid in July 2015 using a portion of the IPO proceeds. In January 2015, the Company entered into an amended line of credit under a loan and security agreement with its current lender which increased the amount available under the Revolver to $12.0 million and added a new line of credit of up to $10.0 million. The Company’s credit agreements with its lender contain customary negative covenants that limit the ability to, among other things, incur additional indebtedness, grant liens, make investments, repurchase stock, pay dividends, transfer assets and merge or consolidate. In January 2015, the Company drew down $5.0 million of this new line of credit. The interest rate on advances under the line of credit is 11%, and interest is payable monthly. The original maturity date of the line of credit was January 2018. The Company repaid this outstanding debt of $5.0 million in July 2015 using a portion of the IPO proceeds. In connection with the agreement, the Company issued warrants to purchase 76,630 shares of the Company’s common stock with an exercise price of $6.04 per share that are exercisable until January 2025. As of January 31, 2016, these warrants remained outstanding. The Company has certain non-financial covenants in connection with the borrowings. As of January 31, 2016 the As of January 31, 2016 the amount available under the Revolver agreement was $12.0 million. Total interest expense recognized was $0.9 million, $0.3 million and $0.3 million in each year ended January 31, 2016, 2015 and 2014, respectively. Total amortization of debt issuance costs recognized was $0.1 million for each of the fiscal years ended January 31, 2016, 2015 and 2014, respectively. Total interest expense during fiscal year ended January 31, 2016 included $0.3 million related to the write-off of non-cash deferred issuance costs due to the repayment of all of the outstanding debt in July 2015. As of January 31, 2016, $0.6 million of the outstanding debt on the consolidated balance sheet related to equipment acquired under capital lease. The aggregate debt outstanding at each balance sheet date was as follows (in thousands): Term Debt Capital Lease Obligations Total Debt as of January 31, 2016 $ — $ 632 $ 632 Less: unamortized discounts and issuance costs — — — Net carrying value of debt — 632 632 Less: short-term debt and capital lease obligations — 632 632 Long-term debt and capital lease obligations $ — $ — $ — Debt as of January 31, 2015 $ 11,058 $ 1,298 $ 12,356 Less: unamortized discounts and issuance costs (396 ) — (396 ) Net carrying value of debt 10,662 1,298 11,960 Less: short-term debt and capital lease obligations 896 666 1,562 Long-term debt and capital lease obligations $ 9,766 $ 632 $ 10,398 The outstanding future principal payments for capital leases as of January 31, 2016 are payable within the next 12 months. |
Convertible Preferred Stock War
Convertible Preferred Stock Warrant Liability | 12 Months Ended |
Jan. 31, 2016 | |
Equity [Abstract] | |
Convertible Preferred Stock Warrant Liability | 8. CONVERTIBLE PREFERRED STOCK WARRANT LIABILITY At each balance sheet date, the Company had the following warrants to purchase convertible preferred stock outstanding: Fair value Fair value Warrants of Warrants Warrants of Warrants outstanding Liabilities as of outstanding Liabilities as of as of January 31, 2015 as of January 31, 2016 January (in thousands) January (in thousands) December 2010 warrant 70,287 $ 474 — $ — April 2012, December 2012 and October 2014 warrants 66,026 374 — — May and June 2009 warrants 55,696 369 — — Total 192,009 $ 1,217 — $ — In December 2010, the Company issued a warrant to purchase 70,287 shares of Series Alpha convertible preferred stock at an exercise price of $4.70 per share. On completion of the IPO, the Company remeasured the warrant at the IPO price of $13.00 per share, after deducting the exercise price the fair value of the warrant was determined to be $0.6 million. The warrant was cash settled and the Company paid $0.6 million to the warrant holder upon the IPO. The warrant was initially measured at its fair value and recorded as a derivative liability. On each reporting date the change in fair value of the warrant was determined based on a Monte-Carlo valuation model or IPO pricing on payout. The Company recorded a remeasurement loss of $0.1 million and $0.3 million during fiscal year ended January 31, 2016 and 2015, respectively. In April 2012, December 2012 and October 2014, the Company issued warrants to purchase an aggregate of 66,026 shares of Series Alpha convertible preferred stock with an exercise price of $4.70 per share in connection with a debt agreement with a lender. The warrants had expiration dates ranging from April 2022 to December 2022. The Company recorded the warrants as a derivative liability and a debt discount on issuance date. The warrants were initially measured at fair value and remeasured at every reporting period date using Monte-Carlo valuation model. The Company recorded a remeasurement loss of $0.3 million and $0.2 million during fiscal year ended January 31, 2016 and 2015, respectively. Upon completion of the IPO in July 2015, the total aggregate liability of $0.7 million related to these warrants was derecognized and reclassified to additional paid in capital which then automatically converted into warrants to purchase shares of common stock on a 1:1 basis. During the fourth quarter of fiscal 2016, the lender net exercised 66,026 warrants at an exercise price of $4.70 per share to 21,421 shares of common stock. In June 2009, the Company issued warrants to purchase 34,397 shares of Series Alpha convertible preferred stock and in May 2009, the Company issued warrants to purchase 21,299 shares of convertible preferred stock. Upon completion of the IPO on July 22, 2015, of the warrants to purchase 34,397 shares of Series Alpha convertible preferred stock issued in June 2009, warrants to purchase 2,769 shares of Series Alpha convertible preferred were cash exercised at an exercise price of $4.70 per share to 2,769 shares of common stock; warrants to purchase 21,529 shares of Series Alpha convertible preferred stock were net exercised using the IPO price of $13.00 per share net of the exercise price of $4.70 per share to 13,752 shares of common stock; and warrants to purchase 10,099 shares were terminated due to failure to exercise on or before the IPO per the terms of the warrant agreement. The Company recognized a gain of $0.1 million on the termination of 10,099 warrants. The IPO also triggered the 21,299 warrants issued in May 2009, to convert to common warrants to purchase 21,299 shares of common stock. The total aggregate liability of $0.4 million related to these warrants was derecognized and reclassified to additional paid in capital. The following assumptions were used to calculate the fair value of the warrants: For the period ended For the year ended January 31, July 22, 2015 2015 2014 Assumptions: Expected volatility 66%-70% 70% 70% Expected term (in years) 0-1.1 1.3-1.4 0.1-2.4 Risk-free interest rate 0%-0.3% 0.3% 0.3%-0.5% Dividend yield —% —% —% |
Common Stock and Preferred Stoc
Common Stock and Preferred Stock | 12 Months Ended |
Jan. 31, 2016 | |
Equity [Abstract] | |
Common Stock and Preferred Stock | 9. COMMON STOCK AND PREFERRED STOCK Reverse Stock Split On July 6, 2015, the Company effected a one-for-two reverse stock split of its outstanding common stock, convertible preferred stock, stock options, warrants to purchase preferred stock and warrants to purchase common stock as approved by its Board. All information in this Annual Report on Form 10-K relating to the number of shares, price per share and per share amounts have been adjusted to give effect to the one-for-two reverse stock split. Convertible Preferred Stock Upon the closing of the IPO on July 22, 2015, all of the Company's outstanding Series Alpha and Series Alpha-1 convertible preferred stock converted into 8,353,748 shares of common stock on a 1:1 basis and 241,469 shares of Series Beta preferred stock converted into 525,109 shares of common stock. Prior to the closing of the Company's IPO on July 22, 2015 and as of January 31, 2015, the Company had the following convertible preferred stock outstanding: As of July 22, 2015 As of January 31, 2015 Shares authorized Shares issued and outstanding Aggregate liquidation preference Carrying value Shares authorized Shares issued and outstanding Aggregate liquidation preference Carrying value (in thousands) (in thousands) Convertible preferred series Alpha 8,060,629 7,868,605 $ 36,943 $ 30,632 8,125,000 7,868,605 $ 36,943 $ 30,632 Convertible preferred series Alpha-1 485,146 485,143 19,490 3,005 583,333 485,143 19,490 3,005 Convertible preferred series Beta 471,635 241,469 5,120 5,000 — — — — Total convertible preferred stock 9,017,410 8,595,217 $ 61,553 $ 38,637 8,708,333 8,353,748 $ 56,433 $ 33,637 The holders of Series Alpha, Series Alpha-1, and Series Beta preferred stock collectively, the preferred stock had the following rights and preferences: Dividends —The holders of preferred stock were entitled to receive dividends, out of assets legally available therefor, prior and in preference to any declaration or payment of any other dividends, at the rates of $0.3756, $3.214 and $1.6962 per share (adjusted to reflect stock splits, stock dividends, reclassifications, and the like) per annum on each outstanding share of Series Alpha, Series Alpha-1, and Series Beta preferred stock, respectively, when, as and if, declared by the board of directors. Such dividends were not cumulative and no dividends had been declared to date. Liquidation Preference —In a liquidation, dissolution, or winding-up of the Company, either voluntary or involuntary, the holders of Series Alpha and Series Beta preferred stock were entitled to receive, prior and in preference to any distribution to the holders of Series Alpha-1 preferred stock or common stock, an amount equal to $4.70 per share and $21.2028 per share, respectively, adjusted to reflect stock splits, etc., plus any declared or accrued but unpaid dividends. If the assets and funds were insufficient to permit the full payment to the holders of the Series Alpha and Series Beta preferred stock, then the entire assets and funds legally available for distribution would have been distributed ratably among the holders of the Series Alpha and Series Beta preferred stock. Holders of the Series Alpha-1 preferred stock would have been entitled to receive, prior and in preference to a distribution to the holders of common stock, an amount equal to $40.1740 per share, as adjusted for stock splits, etc., plus any declared or accrued but unpaid dividends. If the assets and funds were insufficient to permit the full payment to the holders of Series Alpha-1 preferred stock, then the entire assets and funds legally available for distribution would have been distributed ratably among the holders of the Series Alpha-1 preferred stock. Upon completion of the required distributions to the holders of preferred stock, the holders of the common stock would have received all of the remaining assets of the Company. A sale or licensing of substantially all of the Company’s property or a merger or consolidation with another corporation was a deemed liquidation of the Company, unless determined otherwise by the holders of a majority of the preferred stock voting together as a single class assuming the conversion of all preferred stock into common stock. Conversion —Each share of preferred stock (except the Series Beta) was convertible, at the option of the holder, into one share of common stock, subject to adjustment for stock splits, stock dividends, and recapitalizations. Conversion of each share of preferred stock was automatic upon the earlier of (i) a firm commitment underwritten public offering that valued the Company at not less than $100 million and that resulted in proceeds to the Company of not less than $50 million or (ii) a date that was specified by a vote of the holders of a majority of the preferred stock. In the event the Company completed a liquidation transaction or qualified initial public offering in which the conversion price for the Series Beta preferred stock was greater than 75% of the consideration per share or offering price, the conversion price had to automatically adjust to 75% of the consideration per share or offering price. Voting Rights —Except as expressly provided in the Company’s certificate of incorporation, as amended or as provided by law, holders of preferred stock had the same voting rights as holders of common stock, and were entitled to the number of votes equal to the number of shares of common stock into which shares of preferred stock could be converted. For the election of members of the board of directors, the holders of the Series Alpha preferred stock, voting as a separate class, were entitled to elect three directors; the holders of the common stock, voting as a separate class, were entitled to elect one director; and the holders of the preferred stock and the common stock, voting together as a single class on an as-converted basis, were entitled to elect all remaining directors. In addition, the holders of a majority of the preferred stock, voting together as a single class, would approve certain actions, including liquidation; changing the rights of the preferred stock; declaring or paying a dividend; redeeming or otherwise acquiring shares of preferred stock or common stock, other than pursuant to certain rights of repurchase; issuing any debt if the aggregate indebtedness would exceed $100,000; changing the number of directors; amending the certificate of incorporation or bylaws; increase or decrease (other than by conversion) the total number of common stock or preferred stock; or authorizing any equity security with preference over or on parity with preferred stock. Common Stock and Preferred Stock On July 6, 2015, the Company filed an amended and restated certificate of incorporation to increase the amount of common stock authorized for issuance to 100,000,000 shares with a par value of $0.0001 per share and 10,000,000 shares with a $0.0001 par value per share of preferred stock. As of January Common Stock Reserved for Future Issuance The Company had shares of common stock reserved for issuance as follows: Year ended January 31, 2016 2015 Conversion of Series Alpha preferred stock — 7,868,605 Conversion of Series Alpha-1 preferred stock — 485,143 Total conversion of preferred stock — 8,353,748 Warrants to purchase Series Alpha preferred stock — 192,009 Warrants to purchase common stock 97,931 87,828 Options to purchase common stock outstanding 2,087,584 1,893,239 Options available for future grant under stock option plan 1,254,404 133,029 Shares reserved under Employee Stock Purchase Plan 425,596 — Restricted stock units outstanding 1,056,905 — Total shares reserved for issuance 4,922,420 10,659,853 Early Exercise of Common Stock During the years ended January 31, 2016 and 2015 the Company issued 0 and 131,810 shares, respectively, of common stock following the exercise of common stock options prior to their vesting dates, or early exercises. The amounts received from all such early exercises is recorded in accrued expenses on the consolidated balance sheets and reclassified to stockholders’ equity (deficit) as the options vest. The unvested shares are subject to the Company’s repurchase right at the original purchase price, which lapses over the vesting term of the original option grant. As of January 31, 2016 and 2015, there were 173,404 and 502,359 shares, respectively, legally outstanding, but not included within common stock outstanding for accounting purposes as a result of the early exercise of common stock options that were not yet vested. As of January 31, 2016 and 2015, the aggregate price of shares subject to repurchase recorded in accrued expenses totaled $0.2 million and $0.3 million, respectively. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jan. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | 10. STOCKHOLDERS’ EQUITY (DEFICIT) Equity Award Plans 2005 Stock Plan The Board of Directors adopted, and the stockholders approved, the Company’s 2005 Stock Plan (the “2005 Plan”) Plan was amended and restated in the form of the 2015 Equity Incentive Plan described below. The terms of the 2005 Plan as described in the Prospectus will continue to govern the terms and conditions of the outstanding awards previously granted thereunder. 2015 Equity Incentive Plan In June 2015, the Company amended and restated its 2005 Plan in the form of 2015 Equity Incentive Plan (the “2015 Plan”) which became effective immediately upon the effectiveness of the Company’s IPO. T he 2015 Plan provides for the grant of incentive stock options to its employees and any of its subsidiary corporations’ employees, and for the grant of non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance shares to its employees, directors and consultants and its subsidiary corporations’ employees and consultants. 5% of the outstanding shares of its common stock as of the last day of its immediately preceding fiscal year; and (ii) such other amount as the Company’s board of directors may determine. As of January Employee Stock Purchase Plan In conjunction with the completion of its IPO, the Company adopted the 2015 Employee Stock Purchase Plan (“ESPP”). The ESPP has 441,165 shares authorized for future issuance. The number of authorized shares under the ESPP is subject to increase on an annual basis. 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 subject to plan limitations. The ESPP provides for a 24-month offering period comprised of four purchase periods of approximately six months. Employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s common stock (i) at the date of commencement of the offering period or (ii) at the last day of the purchase period. The offering periods are scheduled to start on the first trading day on or after March 15 and September 15 of each year, except for the first offering period, which commenced on the first trading day upon the completion of the Company’s IPO, or July 17, 2015, and ends on September 15, 2017. During the year ended January 31, 2016, there was a purchase of 15,569 shares at a purchase price of $7.12 per share. On September 15, 2015 the Company started a new offering period at a new offering price based on the closing price of the Company’s common stock on the same date. The Company concluded that starting a new offering period prior to the completion of the existing offering period resulted in an accounting modification and accordingly, calculated $0.4 million of incremental expense that will be recognized over the remaining term of the ESPP offering period. During the year ended 31, 2016 the Company recorded stock-based compensation expense of $0.4 million related to the ESPP. Stock Options Options to purchase shares of common stock may be granted to employees, directors, and consultants. These options vest from date of grant to up to five years and expire 10 years from the date of grant. Options may be exercised anytime during their term in accordance with the vesting/exercise schedule specified in the recipient’s stock option agreement and in accordance with the plan provisions. Shares issued upon exercise prior to vesting, are subject to a right of repurchase, which lapses according to the original option vesting schedule. Summary of the Company’s stock option activity is as follows: Number of Weighted Average Weighted Average Aggregate Options Exercise Price Contractual Term Intrinsic Value Outstanding Per Share (in Years) (in thousands) Balance as of January 31, 2015 1,893,239 $ 3.85 8.4 $ 10,109 Options granted 427,948 $ 12.55 Options exercised (83,229 ) $ 0.79 Options canceled (150,374 ) $ 6.16 Balance as of January 31, 2016 2,087,584 $ 5.59 7.9 $ 4,843 Vested and exercisable - January 31, 2016 706,322 $ 1.90 5.7 $ 3,682 Vested and expected to vest - January 31, 2016 2,005,813 $ 5.50 7.8 $ 4,779 The aggregate intrinsic value of vested options exercised during the years ended January 31, 2016, 2015 and 2014 was $0.8 million, $0.5 million and $0.1 million, respectively. The weighted-average grant date fair value of options granted during the years ended January 31, 2016, 2015 and 2014 was $6.92, $5.20 and $0.82 per share, respectively. Restricted Stock Units Restricted Stock Units (RSUs) were granted to employees, non-employee board members and consultants. These RSUs vest ratably over a period of time which ranges from one to four years, and are subject to the participant’s continuing service to the Company over that period. Until vested, RSUs do not have the voting and dividend participation rights of common stock and the shares underlying the awards are not considered issued and outstanding. A summary of the Company’s RSU activity and related information for year ended January 31, 2016 is as follows: Number of Shares WeightedAverage Grant-Date Fair Value Per Share WeightedAverage Remaining Vesting Period (Years) Aggregate Intrinsic Value (in thousands) Balance as of January 31, 2015 — $ — — $ — RSUs granted 1,157,105 9.62 RSUs vested — — RSUs canceled (100,200 ) 9.74 Balance as of January 31, 2016 1,056,905 $ 9.60 1.43 $ 7,176 No RSU’s were vested for the year ended January 31, 2016. The Company did not grant any RSUs prior to fiscal 2016. Common Stock Warrants A summary of the Company’s common stock warrants activity is as follows: Common Warrants Outstanding Balance as of January 31, 2015 87,828 Add: Conversion of Preferred Series Alpha warrants to common warrants on IPO 87,325 Less: Common warrants exercised to common stock (30,573 ) Less: Common warrants terminated (46,649 ) Balance as of January 31, 2016 97,931 These warrants have exercise prices ranging from $4.70 to $6.04 per share and have expiration dates through January 2025. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jan. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 11. Stock-Based Compensation The total stock-based compensation the Company recognized for stock-based awards in the consolidated statements of operations is as follows (in thousands): Year ended January 31, 2016 2015 2014 Total cost of revenue $ 437 $ 36 $ 7 Sales and marketing 611 41 6 Research and development 1,683 169 26 General and administrative 1,922 180 33 Total stock-based compensation expense $ 4,653 $ 426 $ 72 The following table presents stock-based compensation expense by award-type (in thousands): Year ended January 31, 2016 2015 2014 Stock options $ 2,607 $ 426 $ 72 Restricted stock units 1,644 — — Employee stock purchase plan 402 — — Total stock-based compensation expense $ 4,653 $ 426 $ 72 As of January Total outstanding non-employee stock options were 70,199 and 67,884 at January Prior to the Company’s IPO, the fair value of the shares of common stock underlying stock options was historically established by the Company’s Board of Directors, and was based in part upon a valuation provided by an independent third-party valuation firm. Subsequent to the completion of the IPO, the Company uses the closing price of common stock as reported on the New York Stock Exchange on the grant date. The Company has consistently used peer company volatilities for calculating the expected volatilities for employee stock options and the ESPP. The expected term of options granted to employees is based on the simplified method as the Company does not have sufficient historical exercise data, and the expected term of the ESPP is based on the contractual term. The risk-free interest rate for the expected term of the options and the ESPP is based on the U.S. Treasury yield curve in effect at the time of grant. The Company recognizes its stock-based compensation related to options and RSUs using a straight-line method over the vesting term. The Company recognizes its stock-based compensation related to ESPP using a straight-line method over the offering period. For the years ended January 31, 2016, 2015 and 2014 the calculated fair value of employee stock options grants was estimated using the Black – Scholes model with the following assumptions: Year ended January 31, 2016 2015 2014 Stock Options: Expected volatility 54%-62% 69%-81% 77% - 79% Expected term (in years) 5.3-6.1 5.4-6.3 5.1-6.3 Risk-free interest rate 1.6%-1.9% 1.5%-2.0% 0.8%-2.2% Dividend yield —% —% —% The grant date fair value of the ESPP was estimated using the following assumptions: For the year ended January 31, 2016 ESPP: Expected volatility 35%-44% Expected term (in years) 0.5-2.2 Risk-free interest rate 0.1%-0.8% Dividend yield —% The Company did not have a ESPP prior to fiscal 2016. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. INCOME TAXES Income tax expense differed from the amount computed by applying the federal statutory income tax rate of 34% to pretax loss as a result of the following (in thousands): Year ended January 31, 2016 Rate 2015 Rate 2014 Rate Federal tax at statutory rate $ (4,787 ) 34 % $ (2,350 ) 34 % $ (680 ) 34 % Change in valuation allowance 4,502 (32 )% 2,132 (31 )% 831 (42 )% State taxes (261 ) 2 % (437 ) 6 % (156 ) 8 % Stock-based compensation 691 (5 )% 92 (1 )% 14 (1 )% Research and development credit (273 ) 2 % (192 ) 3 % (131 ) 7 % Permanent tax adjustment 128 (1 )% 23 — 104 (5 )% Other — — 230 (3 )% 18 (1 )% Total $ — — $ (502 ) 8 % $ — — Income tax expense differs from the amount computed by applying the statutory federal income tax rate primarily as the result of changes in the valuation allowance. The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities related to the following (in thousands): As of January 31, 2016 2015 Deferred tax assets: Accruals and reserves $ 2,297 $ 2,036 Stock-based compensation 1,334 436 Intangible assets amortization 110 243 Deferred revenue 13 15 Fixed assets depreciation — 168 Net operating loss carry forwards 24,869 22,240 Tax credit carryover 1,558 1,241 Gross deferred tax assets 30,181 26,379 Valuation allowance (29,868 ) (25,785 ) Net deferred tax assets $ 313 $ 594 Deferred tax liabilities: Acquired intangible assets $ (301 ) $ (594 ) Fixed assets depreciation (12 ) — Gross deferred tax liabilities $ (313 ) $ (594 ) Total deferred tax assets $ — $ — Income taxes are recorded using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income (or loss) in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, is not more likely than not to be realized. Management believes that, based on available evidence, both positive and negative, it is more likely than not that the deferred tax assets will not be utilized, such that a full valuation allowance has been recorded. The valuation allowance for deferred tax assets was $29.9 million, $25.8 million and $23.7 million as of January 31, 2016, 2015 and 2014, respectively. The net change in the total valuation allowance for the year ended January 31, 2016 was an increase of $4.1 million. On January 31, 2016, the Company had approximately $64.2 million and $55.0 million of net operating loss (NOL) carryforwards available to offset future taxable income for both federal and state purposes, respectively. Of these amounts $0.4 million and $0.4 million represent federal and state tax deductions from stock-based compensation, which will be recorded as an adjustment to additional paid-in capital when they reduce tax payable. If not utilized, these available carryforward losses will expire in various amounts for federal and state tax purposes beginning in 2030. In addition, the Company had approximately $1.7 million and $1.3 million of federal and state research and development tax credits, respectively, available to offset future taxes. If not utilized, the available federal credits will begin to expire in 2030. California state research and development tax credits can be carried forward indefinitely. Under Section 382 of the Internal Revenue Code of 1986, as amended, utilization of the NOL carryforwards and credits may be subject to substantial annual limitation due to the ownership change limitations and similar state provisions. If there should be an additional ownership change, the annual limitation may result in the expiration of NOLs and credits before utilization. The Company completed a Section 382 analysis through January 31, 2016 and determined that an ownership change, as defined under Section 382 of the Internal Revenue Code, occurred in prior years. Based on the analysis, the Company determined that it has undergone three ownership changes. The first and second ownership changes occurred in April 2005 and the third change occurred in February 2009. NOLs presented account for any limited and potential lost attributes due to such ownership changes and their respective expiration dates. In fiscal 2015, the Company acquired Talkatone, Inc., or Talkatone, a privately held provider of telephony and texting services over Wifi Networks. The Company recorded a tax benefit of $0.5 million arising from the release of deferred tax valuation allowances subsequent to the acquisition of Talkatone. The release of the valuation allowances was triggered by the recognition of $0.5 million of long term net deferred tax liabilities that were primarily related to the acquired intangible assets and R&D credits recorded upon the acquisition of Talkatone. The Company had unrecognized tax benefits (“UTBs”) of approximately $1.2 million as of January 31, 2016. All of the deferred tax assets associated with these UTBs are fully offset by a valuation allowance. The following table summarizes the activity related to UTBs (in thousands): Balance at January 31, 2014 $ 743 Increase related to prior year positions 59 Increase related to current year tax positions 227 Balance at January 31, 2015 1,029 (Decrease) related to prior year positions (16 ) Increase related to current year tax positions 204 Balance at January 31, 2016 $ 1,217 All of these UTBs, if recognized, would not affect the effective tax rate before consideration of the valuation allowance. The Company’s policy is to classify interest and penalties associated with unrecognized tax benefits as income tax expense. The Company had no interest or penalty accruals associated with uncertain tax benefits in its balance sheets and statements of operations for both fiscal years 2016 and 2015. The Company does not have any tax positions for which it is reasonably possible the total amount of gross unrecognized benefits will increase or decrease within 12 months of the year ended January 31, 2016. Because the Company has net operating loss and credit carryforwards, there are open statutes of limitations in which federal, state and foreign taxing authorities may examine the Company’s tax returns for all years from 2005 through the current period. |
Retirement Plan
Retirement Plan | 12 Months Ended |
Jan. 31, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plan | 13. RETIREMENT PLAN The Company offers a qualified 401(k) plan to eligible employees. The plan allows for discretionary employer matching and profit-sharing contributions. The plan covers all full-time employees over the age of 21 and provides employees with tax deferred salary deductions. Employees may contribute up to a maximum of $18,000 per year, or $24,000 for employees over 50 years of age, and the Company matches 50% of the contribution of the employee up to 6% of the deferred salary amount. Contributions made by the Company vest 100% upon contribution. The Company expensed $0.3 million, $0.2 million and $0.1 million in the years ended January 31, 2016, 2015 and 2014, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. COMMITMENTS AND CONTINGENCIES The Company leases office space for its headquarters in Palo Alto, California under an operating lease, which is due to expire in November 2017. Monthly rent payments on the lease are approximately $40,000. In January 2015, the Company entered into a capital lease for computer equipment that matures in December 2016 with the right to purchase the equipment at maturity for one dollar. Minimum rental commitments under all noncancelable leases with an initial term in excess of one year as of January 31, 2016, were as follows (in thousands): Capital Operating Year Ending January 31, Leases Leases 2017 $ 653 $ 1,802 2018 — 1,421 2019 — 45 Total $ 653 $ 3,268 Less: Amount representing interest (21 ) Present value of lease payments 632 Less: Current portion (632 ) Capital lease—net of current portion $ — Rent expense was $1.2 million, $0.9 million, and $0.6 million for the years ended January 31, 2016, 2015 and 2014, respectively. In March 2011, the Company entered into a patent license agreement with AT&T Intellectual Property II, L.P. Under the terms of the agreement, the Company is to pay a royalty on a per unit of on-premise appliance sold basis in consideration for the license and release. The royalty is not payable until after 250,000 units are sold. The royalty expense is recorded in cost of revenue, and was not material for any of the periods presented. Legal Matters —The Company is party to actions and proceedings incident to the Company’s business in the ordinary course of business, including litigation regarding its intellectual property, challenges to the enforceability or validity of its intellectual property, and claims that the Company’s products or services infringe on the intellectual property rights of others. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. In management’s opinion, there are no contingent liabilities requiring accrual or disclosure as of January 31, 2016. Indemnification —The Company enters into standard indemnification arrangements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third party with respect to the Company’s technology. The term of these indemnification agreements is generally perpetual. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable because it involves claims that may be made against the Company in the future, but have not yet been made. The Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has director and officer insurance coverage that reduces the Company’s exposure and enables the Company to recover a portion of any future amounts paid. To date the Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. No liability associated with such indemnifications has been recorded to date. |
Acquisitions
Acquisitions | 12 Months Ended |
Jan. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | 15. ACQUISITIONS Talkatone, Inc. —In fiscal 2015, the Company acquired all of the issued and outstanding securities of Talkatone, Inc. (“Talkatone”) a privately held provider of telephony services over Wi-Fi networks in order to expand its service offerings in the mobile application marketplace. The total consideration for this transaction was approximately $2.3 million on the acquisition date and consisted of the following (dollars in thousands): Cash consideration paid at closing $ 887 Common stock (90,426 shares) 338 Contingent consideration 1,039 Total consideration $ 2,264 At the time of the Talkatone acquisition, the Company was obligated to pay additional amounts for certain deferred earn-out payments based upon the achievement of certain performance targets. The Company determined the fair market value of these earn-outs based on probability analysis. The fair market value and gross amount of these earn-out payments were $1.0 million and $2.2 million, respectively. The fair value measurement is based on significant inputs not observed in the market and thus represents a Level 3 measurement, which reflects the Company’s own assumptions in measuring fair value. Transaction costs associated with the acquisition were $12,000 and are included in general and administrative expense in the accompanying consolidated statement of operations. The Company accounted for the Talkatone acquisition under the acquisition method of accounting as a business combination. The assets acquired and liabilities assumed were recorded at fair market value determined by management. The excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired was recorded as goodwill. The goodwill generated from the business combination is primarily related to the employee workforce and the expected synergies. Goodwill is not subject to any amortization and is not tax deductible. During the fiscal year ended January 31, 2016, the Company paid $0.7 million in cash and issued 49,159 shares as earn-out consideration. The purchase price was allocated as follows (in thousands): Cash $ 215 Net liabilities assumed (60 ) Intangible assets: Trade name 103 Developed technology 815 Non-compete agreement 118 User relationships 458 Non-current deferred tax liabilities (502 ) Goodwill 1,117 Net assets acquired $ 2,264 The intangible assets acquired are reported, net of accumulated amortization, in the accompanying consolidated balance sheets as of January 31, 2016 and 2015. Amortization expense related to the acquired intangible assets was $0.4 million and $0.2 million for fiscal 2016 and 2015, respectively, which was included as a component of operating expenses and cost of revenue in the consolidated statement of operations. The operating results of Talkatone have been included in the accompanying consolidated financial statements from the date of acquisition. Pro forma results of operations for the acquisitions completed have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to the Company’s financial results. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Jan. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 16. NET LOSS PER SHARE Basic and diluted net loss per share of common stock allocable to common stockholders is calculated by dividing the net loss allocable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per share of common stock is the same as basic net loss per share of common stock, since the effects of potentially dilutive securities are antidilutive. Upon completion of the IPO on July 22, 2015, all outstanding convertible preferred stock was converted to common stock and are included in the weighted average number of common shares used to compute net loss per share from the conversion date. The following table sets forth the computation of the Company’s basic and diluted net loss per share of common stock (in thousands, except share and per share data): Year ended January 31, 2016 2015 2014 Numerator Net loss $ (14,052 ) $ (6,410 ) $ (2,000 ) Denominator Weighted-average common shares for basic and diluted net loss per share 10,173,095 2,284,241 1,688,846 Basic and diluted net loss per share $ (1.38 ) $ (2.81 ) $ (1.18 ) The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding because such securities have an antidilutive impact due to losses reported (in common stock equivalent shares): Year ended January 31, 2016 2015 2014 Options to purchase common stock 2,087,584 1,893,239 899,478 Employee stock purchase plan 381,066 — — Convertible preferred stock — 8,353,748 8,333,341 Restricted stock units 1,056,905 — — Warrants to purchase convertible preferred stock — 192,009 217,814 Warrants to purchase common stock 97,931 87,828 34,730 Common stock subject to repurchase 173,404 502,359 739,798 Potential shares excluded from diluted net loss per share 3,796,890 11,029,183 10,225,161 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jan. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. SUBSEQUENT EVENTS From February 1, 2016 to April 11, 2016, the Company granted 1,283,050 restricted stock units which vest over four years to officers, employees and non-employees. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation —The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and includes the accounts of the Company and its wholly owned subsidiary. All intercompany transactions and balances have been eliminated in consolidation. |
Fiscal Year End | Fiscal Year End— The last day of Company’s fiscal year is January 31, fiscal year end January 31, 2016 is referred as fiscal 2016, fiscal year end January 31, 2015 is referred as fiscal 2015 and fiscal year end January 31, 2014 is referred as fiscal 2014. |
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 amount 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. Significant estimates include, but are not limited to, those related to revenue recognition, the allowance for returns, stock-based compensation and warrants, valuation of goodwill and intangible assets, inventory valuation, regulatory fees and indirect tax accruals, and accounting for income taxes, including valuation allowances and fair value measurements. Estimates are based on historical experience, where applicable, and other assumptions believed to be reasonable by management. Actual results could differ from those estimates. |
Reverse Stock Split | Reverse Stock Split — Effective July 6, 2015, the Company completed a one-for-two reverse stock split, as approved by its Board of Directors (the “Board”). All shares and warrants and per share and warrant amounts set forth herein give effect to this reverse stock split. |
Initial Public Offering and Conversion of Preferred Stock | Initial Public Offering and Conversion of Preferred Stock In July 2015, the Company completed its initial public offering (the “IPO”). As a result, the following transactions were recorded in the Company’s consolidated financial statements as of January 31, 2016: · The Company issued 5,000,000 shares of its common stock at the initial public offering price of $13.00 per share. The net proceeds from the sale of the shares was $56.9 million after deducting the underwriters’ discounts and commissions of $4.5 million and $3.6 million of offering expenses. · 8,353,748 shares of Series Alpha convertible preferred stock and Series Alpha-1 convertible preferred stock were collectively converted into 8,353,748 shares of common stock on a 1:1 basis. The public offering price of $13.00 per share triggered an automatic conversion of 241,469 shares of Series Beta convertible preferred stock, which automatically converted to 525,109 shares of common stock based on an adjusted conversion price equal to 75% of the $13.00 public offering price, or $9.75, rather than the $21.2028 per share consideration paid, pursuant to the conversion price adjustment provision applicable to such shares in the Company’s then-current amended and restated certificate of incorporation. · The warrant issued in December 2010 to purchase 70,287 shares of Series Alpha convertible preferred stock was cash settled at the IPO price of $13.00 per share after deducting the exercise price of $4.70 per share. The Company paid $0.6 million to the warrant holder on settlement. · Of the warrants to purchase 34,397 shares of Series Alpha convertible preferred stock issued in June 2009, warrants to purchase 2,769 shares of Series Alpha convertible preferred stock were cash exercised at an exercise price of $4.70 per share and resulted in 2,769 shares of common stock; warrants to purchase 21,529 shares of Series Alpha convertible preferred stock were net exercised using the IPO price of $13.00 per share net of the exercise price of $4.70 per share resulting in issuance of 13,752 shares of common stock; and warrants to purchase 10,099 shares of common stock were terminated due to failure to exercise on or before the IPO date per the terms of the warrant agreements. · On the completion of the IPO, the warrants to purchase 21,299 shares of Series Alpha convertible preferred stock issued in May 2009 and warrants to purchase 66,026 shares of Series Alpha convertible preferred stock issued in conjunction with the Company’s debt in April and December 2012 and October 2014 were converted on a 1:1 basis into warrants to purchase shares of common stock. · Of the warrants to purchase 87,828 shares of common stock outstanding prior to the IPO, 6,542 common warrants were cash exercised and converted to 6,542 shares of common stock and 4,100 common warrants were exercised net of the respective exercise price per warrant to 2,612 shares of common stock and 556 common warrants were terminated due to non-exercise on IPO per the terms of the warrant agreement. |
Revenue Recognition | Revenue Recognition —The Company derives revenue from two sources: (1) subscription and services revenue, which are generated from the sale of subscription plans and other services; and (2) product and other revenue. Products and services are sold directly to end-customers via the Company’s website and through distributors and retailers. The Company recognizes revenue when the following criteria are met: · Persuasive evidence of an arrangement exists. · Delivery has occurred. · Collection of the fees is reasonably assured . · The fee is fixed or determinable. |
Subscription and Service Revenue | Subscription and Services Revenue The Company generates subscription and services revenue by selling subscriptions for communications solutions, as well as other connected services. Subscription revenue is derived primarily from recurring monthly and annual payments related to service plans such as Ooma Basic, Ooma Office and Premier, international calling plans, and other subscriptions. Subscription revenue is recognized on a straight-line basis over the contractual service term. Subscription and services revenue also includes revenue generated from payments for qualified lead generation, prepaid international calls and directory assistance, which are recognized based on actual usage. The Company also earns revenue from the display of advertisements through the Talkatone mobile application, primarily based on advertisement impressions displayed. The Company recognizes revenue from mobile advertising on a net basis, because it is not the primary obligor to advertisers. Deferred revenue primarily consists of billings or payments received in advance of meeting revenue recognition criteria. The Company’s telephony services are sold as monthly or annual subscriptions, payable in advance. The Company recognizes deferred telephony services revenue on a ratable basis over the term of the contract as the services are provided. For all arrangements, any revenue that has been deferred and is expected to be recognized beyond one year is not significant and is included in long term liabilities in the consolidated balance sheets. |
Product and Other Revenue | Product and Other Revenue The Company generates product revenue from the sale of on-premise appliances and end-point devices, including shipping and handling fees. The Company also generates other revenue from porting fees to enable customers to transfer their existing phone numbers. Product and other revenue for direct end-customers are billed to the customer’s credit card at the time an on-line order is submitted by the customer via the Company’s website and recognized when the product has been shipped to the customer. The Company also generates product revenue from sales through distributors, retailers and resellers (collectively the “channel partners”) which are based on written purchase authorizations. The Company’s distribution agreements with its channel partners typically contain clauses for price protection and rights of return, which result in prices for these transactions not being fixed or determinable and increases the difficulty of estimating returns from the channel partners. Accordingly, the Company records shipments to the channel partners, where the right of return exists, as deferred revenue and defers recognition of revenue on these sales until the title transfers to the end-customer. The Company assesses the ability to collect from its channel partners based on a number of factors, including credit worthiness and payment history of the distributor or retail partner. The Company records revenue net of any sales-related taxes that are billed to its customers. Substantially all of the Company’s arrangements are multiple-element arrangements, which consist of an on-premise appliance and telephony services. The arrangement may also contain a bundled end-point device and a subscription plan for telephony services. Monthly telephony services and end-point devices purchased after the original multi-element arrangement are optional purchases that are accounted for as separate arrangements and are not considered a deliverable in the sale of the on-premise appliance. The Company has determined that each unit of accounting has stand-alone value and accounts for each separately. The Company allocates revenue to each unit of accounting based on an estimated selling price at the inception of the arrangement. The total arrangement consideration is allocated to each separate unit of accounting using the relative selling price of each unit. The Company determines the estimated selling price for each deliverable using vendor-specific objective evidence, or VSOE, of selling price or third-party evidence, or TPE, of selling price, if it exists. If neither VSOE nor TPE of selling price exists for a deliverable, the Company uses the best estimate of selling price, or BESP, of each deliverable in its allocation of arrangement consideration. Revenue allocated to each deliverable, limited to the amount not contingent on future performance, is then recognized when the basic revenue recognition criteria are met for the respective deliverable. The Company determines VSOE of selling price for telephony services and end point devices based on historical standalone sales to customers. In determining VSOE of selling price, the Company requires that a substantial majority of the selling prices for a product or service fall within a reasonably narrow pricing range of the median selling price. The Company does not have VSOE or TPE for its on premise appliance and estimates BESP by considering company-specific factors such as pricing strategies, direct product and other costs, and bundling and discounting practices. The Company records reductions to revenue for estimated sales returns from end-users and customer credits at the time the related revenue is recognized. Sales returns and customer credits are estimated based on historical experience, current trends and expectations regarding future experience. The Company monitors the accuracy of its sales reserve estimates by reviewing actual returns and credits and adjusts them for future expectations to determine the adequacy of current reserve needs. If actual future returns and credits differ from past experience, additional reserves may be required. |
Cash Equivalents and Short-term investments | Cash Equivalents and Short-term investments —The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Short-term investments are classified as available-for-sale for use in current operations, if required, and are reported at fair value, with unrealized gains and losses, net of tax, presented as a separate component of stockholders’ equity (deficit) within accumulated other comprehensive income. All realized gains and losses and unrealized losses resulting from declines in fair value that are other-than-temporary are recorded in other expense, net in the period of occurrence. The Company uses the specific identification method to determine the realized gains and losses on investments. For all investments in marketable securities, the Company assesses whether the impairment is other-than-temporary. If the fair value of a security is less than its amortized cost basis, an impairment is considered other-than-temporary if (i) the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of its entire amortized cost basis, or (ii) the Company does not expect to recover the entire amortized cost of the security. If an impairment is considered other-than-temporary based on condition (i), the entire difference between the amortized cost and the fair value of the security is recognized in earnings. If an impairment is considered other-than-temporary based on condition (ii), the amount representing credit losses, defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis of the security, will be recognized in earnings, and the amount relating to all other factors will be recognized in other comprehensive income. The Company evaluates both qualitative and quantitative factors such as duration and severity of the unrealized losses, credit ratings, default and loss rates of the underlying collateral, structure and credit enhancements to determine if a credit loss may exist. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments — The Company records its financial assets and liabilities at fair value. The accounting guidance for fair value provides a framework for measuring fair value, clarifies the definition of fair value, and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company recognizes transfers among Level 1, Level 2 and Level 3 classifications as of the actual date of the events or change in circumstances that caused the transfers. The Company’s financial instruments, including cash equivalents, accounts receivable, accounts payable and accrued liabilities have carrying amounts which approximate fair value due to the short-term maturity of these instruments. |
Segment Reporting | Segment Reporting — The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, management has determined that the Company operates in one reportable segment. The Company markets its products and services in the United States and in foreign countries through its direct sales force and indirect distribution channels. Substantially all of the Company’s revenue, based on the customer’s billing address, was derived from customers in the United States for the years ended January 31, 2016, 2015 and 2014. All of the Company’s long-lived assets were attributable to operations in the United States as of January 31, 2016 and 2015. |
Comprehensive Income | Comprehensive Income —The purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period resulting from transactions from non-owner sources. During the year ended January 31, 2016 the Company’s other comprehensive income includes unrealized gains, net of $17,000 from its available-for-sale securities that individually are not considered other-than-temporarily impaired. In fiscal 2015 and 2014 the Company did not have any components of comprehensive income (loss), as such the net loss for both fiscal 2015 and 2014 reported equaled the comprehensive loss. |
Net Loss per Share of Common Stock | Net Loss per Share of Common Stock —Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. Prior to the completion of the Company’s initial public offering, the Company applied the two-class method for calculating and presenting earnings per share as Series Alpha, Series Alpha -1 and Series Beta convertible preferred stock was considered participating securities due to the rights of cumulative preferred return. The Company’s participating securities did not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. Because the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. |
Concentration of Credit Risk | Concentration of Credit Risk —Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, short-term investments and accounts receivables. Substantially all of the Company’s cash and cash equivalents and short-term investments are held by financial institutions that management believes are of high-credit quality. Such investments and deposits may, at times, exceed federally insured-limits. The Company performs credit evaluations of its channel partners’ financial condition and generally does not require collateral for sales made on credit. One customer individually accounted for more than 10% of the Company’s accounts receivable balances at January 31, 2016 and three customers accounted for more than 10% of the Company’s accounts receivable balance at January 31, 2015. The concentration of accounts receivable was as follows: As of January 31, 2016 2015 Customer A 13 % 11 % Customer B * 23 % Customer C * 10 % * represents less than 10% during the period |
Accounts Receivable and Allowance for Returns | Accounts Receivable and Allowance for Returns —The Company’s receivables are recorded when billed. The carrying value of the accounts receivable, net of the allowance for returns represents their estimated net realizable value. The Company determines allowances for returns based on its historical experience. As of January 31, 2016 and January 31, 2015 the Company had allowances recorded on the consolidated balance sheets of $0 and $0.2 million, respectively. |
Inventories | Inventories —Inventories, which consist of raw materials and finished goods, are stated at the lower of cost to purchase or the market value of such inventory, and include the cost to purchase manufactured products, allocated labor and overhead. Inventory is valued using the first-in, first-out method for all inventories. The Company writes down the inventory value for estimated excess and obsolete inventory based on management’s assessment of future demand and market conditions, and establishes a new cost basis for the inventory. |
Deferred Inventory Costs | Deferred Inventory Costs —Deferred inventory cost represents the inventory that has been shipped to a channel partner for which the retailer or distributor has a right of return. The cost of the product sold is recognized contemporaneously with the recognition of revenue, when the end customer has purchased the on-premise appliance or end-point device. |
Website Development Costs | Website Development Costs —The Company capitalizes certain costs to develop its websites when preliminary development efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software will be used as intended. Such costs are amortized on a straight-line basis over the estimated useful life of the related assets, which approximates two years. Costs related to preliminary project activities and post-implementation activities are expensed as incurred. The Company capitalized approximately $0.5 million for each of the years ended January 31, 2016 and 2015, respectively. |
Property and Equipment | Property and Equipment —Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed over the estimated useful lives of the assets, using the straight-line method, generally three to five years. Leasehold improvements are amortized over the shorter of the lease term or estimated useful lives of the respective assets. Repairs and maintenance costs that do not extend the life or improve the asset are expensed as incurred. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets —The Company records the excess of the acquisition purchase price over the fair value of the tangible and identifiable intangible assets acquired as goodwill. Goodwill of $1.1 million was recognized following the acquisition of Talkatone in fiscal 2015. The Company performs an impairment test of its goodwill in the fourth quarter of its fiscal year, or more frequently if indicators of potential impairment arise. The Company has a single reporting unit and consequently evaluates goodwill for impairment based on an evaluation of the fair value of the Company as a whole. No impairment has been recognized related to the goodwill balance as of January 31, 2016. The Company records purchased intangible assets at their respective estimated fair values at the date of acquisition. Purchased intangible assets are being amortized using the straight-line method over their remaining estimated useful lives, which range from one to seven years. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets —Long-lived assets, such as property and equipment, capitalized website development costs, and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. The Company did not record any impairment charges in any of the periods presented. |
Convertible Preferred Stock | Convertible Preferred Stock —The Company recorded convertible preferred stock at fair value on the dates of issuance, net of issuance costs. The convertible preferred stock was recorded outside of stockholders’ equity (deficit) because the shares contained liquidation features that were not solely within the Company’s control. The Company had elected not to adjust the carrying values of the convertible preferred stock to the liquidation preferences of such shares because it was uncertain whether or when an event would occur that would obligate the Company to pay the liquidation preferences to holders of shares of convertible preferred stock. On the completion of the IPO all shares of the convertible preferred stock were converted to shares of common stock. |
Convertible Preferred Stock Warrant Liability | Convertible Preferred Stock Warrant Liability —The Company has recorded freestanding warrants to purchase convertible preferred stock as derivative financial liabilities as the terms of the warrants are not fixed due to potential adjustments in the exercise price and the number of shares issuable under the warrants. Some of the warrants issued in connecting with debt financing provided for adjustment of the exercise price and the number of shares upon an equity financing at a lower price and also provided for a contingent cash settlement, both of which preclude equity classification of the warrants. The convertible preferred stock warrants were initially recorded at fair value when issued, with gains and losses arising from changes in fair value recognized in other expense in the consolidated statements of operations at each period end while such instruments were outstanding and classified as liabilities. The fair value of the convertible preferred stock warrants issued in connection with debt agreements was recorded as a debt discount that was amortized as non-cash interest expense in the consolidated statement of operations over the expected repayment period of the debt agreement. The Company adjusted the liability for changes in fair value until the completion of the IPO in July 2015. Upon conversion of the underlying preferred stock to common stock, the related warrant liability was remeasured to fair value and the remaining liability was reclassified to additional paid-in capital. The warrant that was subject to contingent cash settlement was settled and the warrant holder was paid $0.6 million. |
Shipping and Handling Costs | Shipping and Handling Costs —Shipping and handling costs are expensed as incurred and are included in cost of product and other revenue. |
Research and Development | Research and Development —Research and development costs, including new product development, are charged to operating expenses as incurred in the consolidated statements of operations. Such costs included personnel-related costs, including stock-based compensation, supplies, services, depreciation, and allocated facilities costs. |
Deferred Offering Costs | Deferred Offering Costs Deferred offering costs, consisting of legal, accounting and filing fees related to the initial public offering, were capitalized as other assets and offset against initial public offering proceeds upon the completion of the offering. As of January 31, 2015 the Company had capitalized $0.5 million, respectively, of deferred offering costs in other assets on the consolidated balance sheets. |
Advertising | Advertising —The Company expenses all advertising costs as incurred, except for the cost of producing television advertising, which is expensed on the first date of airing. Advertising costs included in sales and marketing expenses were $13.9 million, $14.8 million and $8.9 million for the years ended January 31, 2016, 2015 and 2014, respectively. Advertising costs incurred by channel partners are recorded as reduction of revenue or expense as incurred. These costs totaled $0.5 million, $0.8 million and $0.6 million for the years ended January 31, 2016, 2015 and 2014, respectively. |
Stock-Based Compensation | Stock-Based Compensation —Stock-based compensation expense is recognized under ASC 718, Compensation—Stock Compensation . ASC 718 requires companies to recognize the cost of employee services received in exchange for awards of equity instruments based upon the fair value of those awards on the grant date. The Company’s stock-based awards include stock options, restricted stock units (RSU) and purchase rights under the employee stock purchase plan (ESPP). Stock-based compensation expense for all stock-based awards granted to employees is measured at the grant date based on the fair value of the equity award and is recognized as expense, less expected forfeitures, over the requisite service period, which is generally the vesting period. The forfeiture rate is based on an analysis of actual historic forfeitures. The fair value of options granted is estimated on the date of grant using the Black-Scholes option-pricing model. The fair value of each RSU granted is determined using the fair value of the Company’s common stock on the date of grant. Stock-based compensation expense for options granted to non-employees is calculated using the Black-Scholes option-pricing model and is recognized in the consolidated statements of operations over the service period. Compensation expense for non-employees stock options subject to vesting is remeasured as of each reporting date until the stock options are vested, and any change in value, if any, is recognized in the consolidated statement of operations during the period the related services are performed. The Company recognizes stock-based compensation expense on the straight-line method for its equity awards. Determining the fair value of stock-based awards at the grant date requires judgment, including estimating the expected volatility, expected term, risk-free interest rate, and expected dividends. |
Income Taxes | Income Taxes —The Company accounts for income taxes in accordance with ASC 740, Income Taxes , under which deferred tax liabilities and assets are recognized for the expected future tax consequences of temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities and net operating loss and tax credit carryforwards. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. A tax position is recognized when it is more likely than not that the tax position will be sustained upon examination, including resolution of any related appeals or litigation processes. A tax position that meets the more likely than not recognition threshold is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2016, the Financial Accounting Standard Board (“FASB”) issued accounting standards update (“ASU”) 2016-09, Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU 2016-02, Leases In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes In July 2015, the FASB issued ASU No. 2015-11 (ASC 330) , Simplifying the Measurement of Inventory In August 2014, the FASB issued ASU No. 2014-15 (ASC 205) , Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers which affects any entity that either enters into contracts with customers to transfer goods and services or enters into contracts for the transfer of nonfinancial assets. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under the currently effective guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In July 2015, the FASB approved a one-year deferral of the effective date of the standard with the issuance of by ASU 2015-14, Revenue from Contracts with Customers (ASC 606) Deferral of Effective Date . As a result, ASU 2014-09 will become effective for the Company in the first quarter of fiscal 2019 and can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. Early adoption is permitted but not before the original effective date of annual periods beginning after December 15, 2016. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Accounting Policies [Abstract] | |
Concentration of Accounts Receivable | The concentration of accounts receivable was as follows: As of January 31, 2016 2015 Customer A 13 % 11 % Customer B * 23 % Customer C * 10 % * represents less than 10% during the period |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities at Fair Value | The Company’s financial assets and liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy are as follows (in thousands): As of January 31, 2016 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 3,462 $ — $ — $ 3,462 Commercial paper — 3,499 — 3,499 Total cash equivalents $ 3,462 $ 3,499 $ — $ 6,961 Cash 20,452 Total Cash and cash equivalents $ 27,413 Short-term investments: Corporate debt securities $ — $ 7,845 $ — $ 7,845 Commercial paper — 4,986 — 4,986 U.S. agency securities — 7,666 — 7,666 U.S. government securities 7,494 — — 7,494 Total short-term investments $ 7,494 $ 20,497 $ — $ 27,991 Liabilities: Acquisition-related contingent consideration $ — $ — $ 288 $ 288 Total liabilities $ — $ — $ 288 $ 288 Balance as of January 31, 2015 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 9,018 $ — $ — $ 9,018 Total cash equivalents $ 9,018 $ — $ — $ 9,018 Cash 115 Total Cash and cash equivalents $ 9,133 Liabilities: Acquisition-related contingent consideration $ — $ — $ 1,695 $ 1,695 Convertible preferred stock warrant liability — — 1,217 1,217 Total liabilities $ — $ — $ 2,912 $ 2,912 |
Schedule of Changes in Level Three Fair Value Category | As of January 31, 2016, the Level 3 liabilities consisted of acquisition-related contingent consideration. Convertible Stock Warrant Liability Acquisition-Related Contingent Consideration Balance at January 31, 2015 $ 1,217 $ 1,695 Payout of consideration — (675 ) Issuance of shares — (451 ) Changes in fair value 442 (281 ) Payment of preferred warrant liability upon IPO (584 ) — De-recognition of preferred warrant liability to additional paid-in capital (1,075 ) — Balance at January 31, 2016 $ — $ 288 |
Short-term Investments (Tables)
Short-term Investments (Tables) - Short-term Investments [Member] | 12 Months Ended |
Jan. 31, 2016 | |
Schedule Of Available For Sale Securities [Line Items] | |
Summary of Short-term Investments | Short-term investments consisted of the following (in thousands): As of January 31, 2016 Amortized Cost Unrealized Losses Unrealized Gains Fair Value Corporate debt securities $ 7,851 $ (6 ) $ — $ 7,845 Commercial paper 4,985 1 4,986 U.S. agency securities 7,661 5 7,666 U.S. government securities 7,477 17 7,494 Total short-term investments $ 27,974 $ (6 ) $ 23 $ 27,991 |
Schedule of Cost Basis and Fair Value of Short-term Investments by Contractual Maturity | The cost basis and fair value of the short-term investments by contractual maturity consist of the following (in thousands): As of January 31, 2016 Amortized Value Fair Value One year or less $ 19,143 $ 19,145 Over one year and less than two years 8,831 8,846 Total $ 27,974 $ 27,991 |
Schedule of Investments in Unrealized Loss Position | Investments in an unrealized loss position consisted of the following (in thousands): As of January 31, 2016 Fair Value Unrealized Losses Corporate debt securities $ 7,845 $ (6 ) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Value of Intangible Assets Other than Goodwill | The carrying values of intangible assets other than goodwill are as follows (in thousands): As of January 31, 2016 As of January 31, 2015 Estimated Life (in years) Gross Value Accumulated Amortization Net Carrying Amount Gross Value Accumulated Amortization Net Carrying Amount Developed technology 5 $ 815 $ (285 ) $ 530 $ 815 $ (123 ) $ 692 User relationships 3.5 458 (229 ) 229 458 (98 ) 360 Trade name 5 103 (36 ) 67 103 (16 ) 87 Non-compete agreement 2 118 (104 ) 14 118 (44 ) 74 Patents and licenses 3.8-7 714 (669 ) 45 714 (649 ) 65 Total $ 2,208 $ (1,323 ) $ 885 $ 2,208 $ (930 ) $ 1,278 |
Schedule of Estimated Amortization Expense | At January 31, 2016 the estimated amortization expense related to the intangible assets is as follows (in thousands): Years Ending January 31, 2017 $ 349 2018 291 2019 190 2020 52 2021 and thereafter 3 Total $ 885 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Balance Sheet Components [Abstract] | |
Components of Inventories | Inventories consist of the following (in thousands): As of January 31, 2016 2015 Finished goods $ 4,633 $ 5,719 Raw material 378 2,362 Total inventory $ 5,011 $ 8,081 |
Components of Deferred Revenue | Deferred revenue, consists of the following (in thousands): As of January 31, 2016 2015 Deferred revenue: Subscription and services $ 11,954 $ 9,860 Product and other 3,118 4,523 Total deferred revenue 15,072 14,383 Less: current portion of deferred revenue 15,036 14,348 Deferred revenue, noncurrent portion included in other long-term liabilities $ 36 $ 35 |
Components of Property and Equipment, Net | Property and equipment, net consists of the following (in thousands): As of January 31, Estimated Life (in years) 2016 2015 Software and computer equipment 3-4 $ 6,615 $ 4,963 Website development costs 2 1,675 1,216 Machinery and equipment 3 1,207 644 Office furniture and fixtures 5 57 52 Leasehold improvements shorter of estimated life of asset or remaining lease term 372 251 Total property and equipment $ 9,926 $ 7,126 Less: accumulated depreciation and amortization (5,635 ) (4,233 ) Property and equipment, net $ 4,291 $ 2,893 |
Components of Accrued Expenses | Accrued expenses consist of the following (in thousands): As of January 31, 2016 2015 Accrued regulatory fees and taxes $ 5,216 $ 4,762 Accrued payroll and related expenses 3,559 2,022 Acquisition-related contingent consideration-current portion 288 1,027 Other accrued expenses 3,947 2,502 Total accrued expenses $ 13,010 $ 10,313 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Aggregate Debt Outstanding | The aggregate debt outstanding at each balance sheet date was as follows (in thousands): Term Debt Capital Lease Obligations Total Debt as of January 31, 2016 $ — $ 632 $ 632 Less: unamortized discounts and issuance costs — — — Net carrying value of debt — 632 632 Less: short-term debt and capital lease obligations — 632 632 Long-term debt and capital lease obligations $ — $ — $ — Debt as of January 31, 2015 $ 11,058 $ 1,298 $ 12,356 Less: unamortized discounts and issuance costs (396 ) — (396 ) Net carrying value of debt 10,662 1,298 11,960 Less: short-term debt and capital lease obligations 896 666 1,562 Long-term debt and capital lease obligations $ 9,766 $ 632 $ 10,398 |
Convertible Preferred Stock W32
Convertible Preferred Stock Warrant Liability (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Summary of Warrants to Purchase Convertible Preferred Stock Outstanding | A summary of the Company’s common stock warrants activity is as follows: Common Warrants Outstanding Balance as of January 31, 2015 87,828 Add: Conversion of Preferred Series Alpha warrants to common warrants on IPO 87,325 Less: Common warrants exercised to common stock (30,573 ) Less: Common warrants terminated (46,649 ) Balance as of January 31, 2016 97,931 |
Stock Options Valuation Assumptions Used to Calculate the Fair Value of Warrants | The following assumptions were used to calculate the fair value of the warrants: For the period ended For the year ended January 31, July 22, 2015 2015 2014 Assumptions: Expected volatility 66%-70% 70% 70% Expected term (in years) 0-1.1 1.3-1.4 0.1-2.4 Risk-free interest rate 0%-0.3% 0.3% 0.3%-0.5% Dividend yield —% —% —% |
Convertible Preferred Stock | |
Summary of Warrants to Purchase Convertible Preferred Stock Outstanding | At each balance sheet date, the Company had the following warrants to purchase convertible preferred stock outstanding: Fair value Fair value Warrants of Warrants Warrants of Warrants outstanding Liabilities as of outstanding Liabilities as of as of January 31, 2015 as of January 31, 2016 January (in thousands) January (in thousands) December 2010 warrant 70,287 $ 474 — $ — April 2012, December 2012 and October 2014 warrants 66,026 374 — — May and June 2009 warrants 55,696 369 — — Total 192,009 $ 1,217 — $ — |
Common Stock and Preferred St33
Common Stock and Preferred Stock (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Equity [Abstract] | |
Summary of Convertible Preferred Stock Outstanding | Prior to the closing of the Company's IPO on July 22, 2015 and as of January 31, 2015, the Company had the following convertible preferred stock outstanding: As of July 22, 2015 As of January 31, 2015 Shares authorized Shares issued and outstanding Aggregate liquidation preference Carrying value Shares authorized Shares issued and outstanding Aggregate liquidation preference Carrying value (in thousands) (in thousands) Convertible preferred series Alpha 8,060,629 7,868,605 $ 36,943 $ 30,632 8,125,000 7,868,605 $ 36,943 $ 30,632 Convertible preferred series Alpha-1 485,146 485,143 19,490 3,005 583,333 485,143 19,490 3,005 Convertible preferred series Beta 471,635 241,469 5,120 5,000 — — — — Total convertible preferred stock 9,017,410 8,595,217 $ 61,553 $ 38,637 8,708,333 8,353,748 $ 56,433 $ 33,637 |
Schedule of Common Stock Reserved for Issuance | The Company had shares of common stock reserved for issuance as follows: Year ended January 31, 2016 2015 Conversion of Series Alpha preferred stock — 7,868,605 Conversion of Series Alpha-1 preferred stock — 485,143 Total conversion of preferred stock — 8,353,748 Warrants to purchase Series Alpha preferred stock — 192,009 Warrants to purchase common stock 97,931 87,828 Options to purchase common stock outstanding 2,087,584 1,893,239 Options available for future grant under stock option plan 1,254,404 133,029 Shares reserved under Employee Stock Purchase Plan 425,596 — Restricted stock units outstanding 1,056,905 — Total shares reserved for issuance 4,922,420 10,659,853 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Equity [Abstract] | |
Summary of Stock Option Activity | Summary of the Company’s stock option activity is as follows: Number of Weighted Average Weighted Average Aggregate Options Exercise Price Contractual Term Intrinsic Value Outstanding Per Share (in Years) (in thousands) Balance as of January 31, 2015 1,893,239 $ 3.85 8.4 $ 10,109 Options granted 427,948 $ 12.55 Options exercised (83,229 ) $ 0.79 Options canceled (150,374 ) $ 6.16 Balance as of January 31, 2016 2,087,584 $ 5.59 7.9 $ 4,843 Vested and exercisable - January 31, 2016 706,322 $ 1.90 5.7 $ 3,682 Vested and expected to vest - January 31, 2016 2,005,813 $ 5.50 7.8 $ 4,779 |
Summary of Restricted Stock Units Activity | A summary of the Company’s RSU activity and related information for year ended January 31, 2016 is as follows: Number of Shares WeightedAverage Grant-Date Fair Value Per Share WeightedAverage Remaining Vesting Period (Years) Aggregate Intrinsic Value (in thousands) Balance as of January 31, 2015 — $ — — $ — RSUs granted 1,157,105 9.62 RSUs vested — — RSUs canceled (100,200 ) 9.74 Balance as of January 31, 2016 1,056,905 $ 9.60 1.43 $ 7,176 |
Summary of Warrants to Purchase Convertible Preferred Stock Outstanding | A summary of the Company’s common stock warrants activity is as follows: Common Warrants Outstanding Balance as of January 31, 2015 87,828 Add: Conversion of Preferred Series Alpha warrants to common warrants on IPO 87,325 Less: Common warrants exercised to common stock (30,573 ) Less: Common warrants terminated (46,649 ) Balance as of January 31, 2016 97,931 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Total Stock-Based Compensation Recognized for Stock-Based Awards in Condensed Consolidated Statements of Operations | The total stock-based compensation the Company recognized for stock-based awards in the consolidated statements of operations is as follows (in thousands): Year ended January 31, 2016 2015 2014 Total cost of revenue $ 437 $ 36 $ 7 Sales and marketing 611 41 6 Research and development 1,683 169 26 General and administrative 1,922 180 33 Total stock-based compensation expense $ 4,653 $ 426 $ 72 |
Stock-Based Compensation Expense by Award Type | The following table presents stock-based compensation expense by award-type (in thousands): Year ended January 31, 2016 2015 2014 Stock options $ 2,607 $ 426 $ 72 Restricted stock units 1,644 — — Employee stock purchase plan 402 — — Total stock-based compensation expense $ 4,653 $ 426 $ 72 |
Stock Options Valuation Assumptions Used to Calculate the Fair Value of Warrants | The following assumptions were used to calculate the fair value of the warrants: For the period ended For the year ended January 31, July 22, 2015 2015 2014 Assumptions: Expected volatility 66%-70% 70% 70% Expected term (in years) 0-1.1 1.3-1.4 0.1-2.4 Risk-free interest rate 0%-0.3% 0.3% 0.3%-0.5% Dividend yield —% —% —% |
ESPP | |
Stock Options Valuation Assumptions Used to Calculate the Fair Value of Warrants | The grant date fair value of the ESPP was estimated using the following assumptions: For the year ended January 31, 2016 ESPP: Expected volatility 35%-44% Expected term (in years) 0.5-2.2 Risk-free interest rate 0.1%-0.8% Dividend yield —% |
Employee Stock Option | |
Stock Options Valuation Assumptions Used to Calculate the Fair Value of Warrants | For the years ended January 31, 2016, 2015 and 2014 the calculated fair value of employee stock options grants was estimated using the Black – Scholes model with the following assumptions: Year ended January 31, 2016 2015 2014 Stock Options: Expected volatility 54%-62% 69%-81% 77% - 79% Expected term (in years) 5.3-6.1 5.4-6.3 5.1-6.3 Risk-free interest rate 1.6%-1.9% 1.5%-2.0% 0.8%-2.2% Dividend yield —% —% —% |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Income Tax Expense | Income tax expense differed from the amount computed by applying the federal statutory income tax rate of 34% to pretax loss as a result of the following (in thousands): Year ended January 31, 2016 Rate 2015 Rate 2014 Rate Federal tax at statutory rate $ (4,787 ) 34 % $ (2,350 ) 34 % $ (680 ) 34 % Change in valuation allowance 4,502 (32 )% 2,132 (31 )% 831 (42 )% State taxes (261 ) 2 % (437 ) 6 % (156 ) 8 % Stock-based compensation 691 (5 )% 92 (1 )% 14 (1 )% Research and development credit (273 ) 2 % (192 ) 3 % (131 ) 7 % Permanent tax adjustment 128 (1 )% 23 — 104 (5 )% Other — — 230 (3 )% 18 (1 )% Total $ — — $ (502 ) 8 % $ — — |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities related to the following (in thousands): As of January 31, 2016 2015 Deferred tax assets: Accruals and reserves $ 2,297 $ 2,036 Stock-based compensation 1,334 436 Intangible assets amortization 110 243 Deferred revenue 13 15 Fixed assets depreciation — 168 Net operating loss carry forwards 24,869 22,240 Tax credit carryover 1,558 1,241 Gross deferred tax assets 30,181 26,379 Valuation allowance (29,868 ) (25,785 ) Net deferred tax assets $ 313 $ 594 Deferred tax liabilities: Acquired intangible assets $ (301 ) $ (594 ) Fixed assets depreciation (12 ) — Gross deferred tax liabilities $ (313 ) $ (594 ) Total deferred tax assets $ — $ — |
Summary of Activity Related to UTBs | The following table summarizes the activity related to UTBs (in thousands): Balance at January 31, 2014 $ 743 Increase related to prior year positions 59 Increase related to current year tax positions 227 Balance at January 31, 2015 1,029 (Decrease) related to prior year positions (16 ) Increase related to current year tax positions 204 Balance at January 31, 2016 $ 1,217 |
Commitments and Contingencies (
Commitments and Contingencies (Table) | 12 Months Ended |
Jan. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Minimum Rental Commitments under Noncancelable Leases | Minimum rental commitments under all noncancelable leases with an initial term in excess of one year as of January 31, 2016, were as follows (in thousands): Capital Operating Year Ending January 31, Leases Leases 2017 $ 653 $ 1,802 2018 — 1,421 2019 — 45 Total $ 653 $ 3,268 Less: Amount representing interest (21 ) Present value of lease payments 632 Less: Current portion (632 ) Capital lease—net of current portion $ — |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Business Combinations [Abstract] | |
Components of Total Consideration | The total consideration for this transaction was approximately $2.3 million on the acquisition date and consisted of the following (dollars in thousands): Cash consideration paid at closing $ 887 Common stock (90,426 shares) 338 Contingent consideration 1,039 Total consideration $ 2,264 |
Schedule of Purchase Price Allocation | The purchase price was allocated as follows (in thousands): Cash $ 215 Net liabilities assumed (60 ) Intangible assets: Trade name 103 Developed technology 815 Non-compete agreement 118 User relationships 458 Non-current deferred tax liabilities (502 ) Goodwill 1,117 Net assets acquired $ 2,264 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss Per Share of Common Stock | The following table sets forth the computation of the Company’s basic and diluted net loss per share of common stock (in thousands, except share and per share data): Year ended January 31, 2016 2015 2014 Numerator Net loss $ (14,052 ) $ (6,410 ) $ (2,000 ) Denominator Weighted-average common shares for basic and diluted net loss per share 10,173,095 2,284,241 1,688,846 Basic and diluted net loss per share $ (1.38 ) $ (2.81 ) $ (1.18 ) |
Potential Dilutive Securities Outstanding of Common Stock Excluded from Diluted Weighted-Average Common Shares Outstanding | The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding because such securities have an antidilutive impact due to losses reported (in common stock equivalent shares): Year ended January 31, 2016 2015 2014 Options to purchase common stock 2,087,584 1,893,239 899,478 Employee stock purchase plan 381,066 — — Convertible preferred stock — 8,353,748 8,333,341 Restricted stock units 1,056,905 — — Warrants to purchase convertible preferred stock — 192,009 217,814 Warrants to purchase common stock 97,931 87,828 34,730 Common stock subject to repurchase 173,404 502,359 739,798 Potential shares excluded from diluted net loss per share 3,796,890 11,029,183 10,225,161 |
Description of Business - Addit
Description of Business - Additional Information (Details) | 12 Months Ended |
Jan. 31, 2016 | |
Accounting Policies [Abstract] | |
Date of Incorporation of Company | Nov. 19, 2003 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Additional Information (Details) | Jul. 06, 2015 | Jul. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2010USD ($)$ / sharesshares | Jan. 31, 2016USD ($)SegmentCustomer$ / sharesshares | Jan. 31, 2015USD ($)Customer$ / sharesshares | Jan. 31, 2014USD ($) | Jul. 22, 2015$ / sharesshares | Jun. 30, 2009shares | May. 31, 2009shares |
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Reverse stock split ratio | 0.5 | ||||||||
Common stock, shares issued | 2,612 | 16,916,250 | 2,515,065 | ||||||
Public offering price | $ / shares | $ 13 | $ 13 | |||||||
Number of preferred stock converted | 13,752 | ||||||||
Common stock issued for conversion of preferred stock | 6,542 | ||||||||
Convertible preferred stock warrant liability settled | $ | $ 600,000 | $ 600,000 | |||||||
Warrant to purchase convertible preferred stock | 70,287 | 76,630 | 34,397 | 21,299 | |||||
Exercise price per share of warrants | $ / shares | $ 4.70 | $ 4.70 | $ 6.04 | ||||||
Warrant exercised | 21,529 | ||||||||
Class of warrants or rights termination | 556 | ||||||||
Warrants issued | 66,026 | ||||||||
Common warrants were cash exercised | 6,542 | ||||||||
Reportable segments | Segment | 1 | ||||||||
Unrealized gains, net | $ | $ 17,000 | ||||||||
Net of allowance of returns | $ | 0 | $ 200,000 | |||||||
Goodwill | $ | 1,117,000 | 1,117,000 | |||||||
Impairment of long-lived assets | $ | 0 | 0 | $ 0 | ||||||
Deferred offering costs capitalized | $ | 500,000 | ||||||||
Advertising costs | $ | 500,000 | 800,000 | 600,000 | ||||||
Sales and marketing | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Advertising costs | $ | 13,900,000 | 14,800,000 | $ 8,900,000 | ||||||
Talkatone | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Goodwill | $ | 1,100,000 | ||||||||
Impairment on goodwill | $ | $ 0 | ||||||||
Minimum | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Estimated useful life of property and equipment | 3 years | ||||||||
Minimum | Talkatone | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Finite-Lived intangible assets remaining amortization period | 1 year | ||||||||
Maximum | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Estimated useful life of property and equipment | 5 years | ||||||||
Maximum | Talkatone | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Finite-Lived intangible assets remaining amortization period | 7 years | ||||||||
Website Development Costs | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Estimated useful life of property and equipment | 2 years | ||||||||
Development costs capitalized | $ | $ 500,000 | $ 500,000 | |||||||
Customer Concentration Risk | Accounts Receivable | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Number of customers | Customer | 1 | 3 | |||||||
Common Stock | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Warrant to purchase convertible preferred stock | 87,828 | 21,299 | |||||||
Common warrants were exercised | 4,100 | ||||||||
Convertible Preferred Stock | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Warrant to purchase convertible preferred stock | 2,769 | 2,769 | 34,397 | 21,299 | |||||
Class of warrants or rights termination | 10,099 | ||||||||
Initial Public Offering | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Common stock, shares issued | 5,000,000 | 5,000,000 | |||||||
Public offering price | $ / shares | $ 13 | $ 13 | $ 13 | ||||||
Net proceeds from issuance of common stock | $ | $ 56,900,000 | ||||||||
Underwriters discounts and commissions related to stock issuance | $ | 4,500,000 | ||||||||
Offering cost related to stock issuance | $ | $ 3,600,000 | ||||||||
Common stock issued for conversion of preferred stock | 525,109 | ||||||||
Percentage of guaranteed conversion price | 75.00% | ||||||||
Convertible preferred stock adjusted conversion price | $ / shares | $ 9.75 | ||||||||
Warrant to purchase convertible preferred stock | 21,529 | ||||||||
Exercise price per share of warrants | $ / shares | $ 4.70 | ||||||||
Initial Public Offering | Common Stock | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Warrant to purchase convertible preferred stock | 13,752 | ||||||||
Initial Public Offering | Series Alpha preferred stock and Series Alpha -1 preferred stock | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Public offering price | $ / shares | $ 13 | ||||||||
Number of preferred stock converted | 8,353,748 | ||||||||
Initial Public Offering | Series Alpha-1 | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Common stock issued for conversion of preferred stock | 8,353,748 | ||||||||
Initial Public Offering | Series Beta Preferred Stock | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Number of preferred stock converted | 241,469 | ||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 21.2028 | ||||||||
Initial Public Offering | Convertible Preferred Stock | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Common stock conversion ratio | 1 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Concentration of Accounts Receivable (Details) - Accounts Receivable - Customer Concentration Risk | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Customer A | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 13.00% | 11.00% |
Customer B | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 23.00% | |
Customer C | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 10.00% |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Financial Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Assets: | ||
Total Cash and cash equivalents | $ 27,413 | $ 9,133 |
Total short-term investments | 27,991 | |
Liabilities: | ||
Total liabilities | 288 | 2,912 |
Corporate Debt Securities | ||
Assets: | ||
Total short-term investments | 7,845 | |
U.S. Agency Securities | ||
Assets: | ||
Total short-term investments | 7,666 | |
U.S. Government Securities | ||
Assets: | ||
Total short-term investments | 7,494 | |
Commercial Paper | ||
Assets: | ||
Total short-term investments | 4,986 | |
Cash Equivalents | ||
Assets: | ||
Total Cash and cash equivalents | 6,961 | 9,018 |
Cash Equivalents | Money Market Funds | ||
Assets: | ||
Total Cash and cash equivalents | 3,462 | 9,018 |
Cash Equivalents | Commercial Paper | ||
Assets: | ||
Total Cash and cash equivalents | 3,499 | |
Cash | ||
Assets: | ||
Total Cash and cash equivalents | 20,452 | 115 |
Acquisition-Related Contingent Consideration | ||
Liabilities: | ||
Total liabilities | 288 | 1,695 |
Convertible Preferred Stock Warrant Liability | ||
Liabilities: | ||
Total liabilities | 1,217 | |
Level 1 | ||
Assets: | ||
Total short-term investments | 7,494 | |
Level 1 | U.S. Government Securities | ||
Assets: | ||
Total short-term investments | 7,494 | |
Level 1 | Cash Equivalents | ||
Assets: | ||
Total Cash and cash equivalents | 3,462 | 9,018 |
Level 1 | Cash Equivalents | Money Market Funds | ||
Assets: | ||
Total Cash and cash equivalents | 3,462 | 9,018 |
Level 2 | ||
Assets: | ||
Total short-term investments | 20,497 | |
Level 2 | Corporate Debt Securities | ||
Assets: | ||
Total short-term investments | 7,845 | |
Level 2 | U.S. Agency Securities | ||
Assets: | ||
Total short-term investments | 7,666 | |
Level 2 | Commercial Paper | ||
Assets: | ||
Total short-term investments | 4,986 | |
Level 2 | Cash Equivalents | ||
Assets: | ||
Total Cash and cash equivalents | 3,499 | |
Level 2 | Cash Equivalents | Commercial Paper | ||
Assets: | ||
Total Cash and cash equivalents | 3,499 | |
Level 3 | ||
Liabilities: | ||
Total liabilities | 288 | 2,912 |
Level 3 | Acquisition-Related Contingent Consideration | ||
Liabilities: | ||
Total liabilities | $ 288 | 1,695 |
Level 3 | Convertible Preferred Stock Warrant Liability | ||
Liabilities: | ||
Total liabilities | $ 1,217 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) | 12 Months Ended | |||||||
Jan. 31, 2016 | Jan. 31, 2015 | Jul. 31, 2015 | Jul. 22, 2015 | Oct. 31, 2014 | Dec. 31, 2012 | Apr. 30, 2012 | Dec. 31, 2010 | |
Fair Value Disclosures [Line Items] | ||||||||
Transfers into or out of the level 3 category | $ 0 | $ 0 | ||||||
Acquisition-related contingent consideration reduction in expense | $ (281,000) | $ 656,000 | ||||||
Exercise price per share of warrants | $ 6.04 | $ 4.70 | $ 4.70 | |||||
Series Alpha Convertible Preferred Stock | ||||||||
Fair Value Disclosures [Line Items] | ||||||||
Exercise price per share of warrants | $ 4.70 | $ 4.70 | $ 4.70 | $ 4.70 | $ 4.70 | |||
Initial Public Offering | ||||||||
Fair Value Disclosures [Line Items] | ||||||||
Exercise price per share of warrants | $ 4.70 | |||||||
Initial Public Offering | Series Alpha Convertible Preferred Stock | ||||||||
Fair Value Disclosures [Line Items] | ||||||||
Initial public offering warrant to purchase, shares | 70,287 | |||||||
Exercise price per share of warrants | $ 13 | |||||||
Warrants exercise price | $ 4.70 | |||||||
Total warrant liabilities | $ 600,000 |
Fair Value Measurement - Sche45
Fair Value Measurement - Schedule of Changes in Level Three Fair Value Category (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Beginning Balance | $ 2,912 | |
Payout of consideration | 281 | $ (656) |
Issuance of shares | (451) | (338) |
De-recognition of preferred warrant liability to additional paid-in capital | (1,075) | |
Ending Balance | 288 | 2,912 |
Convertible Preferred Stock Warrant Liability | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Beginning Balance | 1,217 | |
Ending Balance | 1,217 | |
Acquisition-Related Contingent Consideration | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Beginning Balance | 1,695 | |
Ending Balance | 288 | 1,695 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Beginning Balance | 2,912 | |
Ending Balance | 288 | 2,912 |
Level 3 | Convertible Preferred Stock Warrant Liability | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Beginning Balance | 1,217 | |
Changes in fair value | 442 | |
Payment of preferred warrant liability upon IPO | (584) | |
De-recognition of preferred warrant liability to additional paid-in capital | (1,075) | |
Ending Balance | 1,217 | |
Level 3 | Acquisition-Related Contingent Consideration | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Beginning Balance | 1,695 | |
Payout of consideration | (675) | |
Issuance of shares | (451) | |
Changes in fair value | (281) | |
Ending Balance | $ 288 | $ 1,695 |
Short-term Investments - Summar
Short-term Investments - Summary of Short-term Investment (Details) - Short-term Investments [Member] $ in Thousands | Jan. 31, 2016USD ($) |
Schedule Of Available For Sale Securities [Line Items] | |
Short-term Investments, Amortized Cost | $ 27,974 |
Short-term Investments, Unrealized Losses | (6) |
Short-term Investments, Unrealized Gains | 23 |
Short-term Investments, Fair Value | 27,991 |
Corporate Debt Securities | |
Schedule Of Available For Sale Securities [Line Items] | |
Short-term Investments, Amortized Cost | 7,851 |
Short-term Investments, Unrealized Losses | (6) |
Short-term Investments, Fair Value | 7,845 |
Commercial Paper | |
Schedule Of Available For Sale Securities [Line Items] | |
Short-term Investments, Amortized Cost | 4,985 |
Short-term Investments, Unrealized Gains | 1 |
Short-term Investments, Fair Value | 4,986 |
U.S. Agency Securities | |
Schedule Of Available For Sale Securities [Line Items] | |
Short-term Investments, Amortized Cost | 7,661 |
Short-term Investments, Unrealized Gains | 5 |
Short-term Investments, Fair Value | 7,666 |
US Government Securities [Member] | |
Schedule Of Available For Sale Securities [Line Items] | |
Short-term Investments, Amortized Cost | 7,477 |
Short-term Investments, Unrealized Gains | 17 |
Short-term Investments, Fair Value | $ 7,494 |
Short-term Investments - Additi
Short-term Investments - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Short-term Investments [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Short-term investments, gross realized gain (losses) | $ 0 | $ 0 | $ 0 |
Short-term Investments - Schedu
Short-term Investments - Schedule of Cost Basis and Fair Value of Short-term Investments by Contractual Maturity (Details) - Short-term Investments [Member] $ in Thousands | Jan. 31, 2016USD ($) |
Schedule Of Available For Sale Securities [Line Items] | |
One year or less, amortized cost | $ 19,143 |
Over one year and less than two years, amortized cost | 8,831 |
Short-term Investments, Amortized Cost | 27,974 |
One year or less, fair value | 19,145 |
Over one year and less than two years, fair value | 8,846 |
Short-term Investments, Fair Value | $ 27,991 |
Short-term Investments - Sche49
Short-term Investments - Schedule of Investments in Unrealized Loss Position (Details) $ in Thousands | 12 Months Ended |
Jan. 31, 2016USD ($) | |
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | |
Total short-term investments | $ 27,991 |
Corporate Debt Securities | |
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | |
Total short-term investments | 7,845 |
Investments, Unrealized Losses | $ (6) |
Goodwill and Intangible Asset50
Goodwill and Intangible Assets - Additional Information (Details) - Talkatone, Inc. $ in Millions | 12 Months Ended |
Jan. 31, 2015USD ($) | |
Finite Lived Intangible Assets [Line Items] | |
Intangible assets recognized from acquisition | $ 1.5 |
Goodwill recognized from acquisition | $ 1.1 |
Goodwill and Intangible Asset51
Goodwill and Intangible Assets - Summary of Carrying Values of Intangible Assets Other than Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross Value | $ 2,208 | $ 2,208 |
Accumulated Amortization | (1,323) | (930) |
Net Carrying Amount | 885 | 1,278 |
Developed technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Value | 815 | 815 |
Accumulated Amortization | (285) | (123) |
Net Carrying Amount | $ 530 | 692 |
Estimated Life (in years) | 5 years | |
User relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Value | $ 458 | 458 |
Accumulated Amortization | (229) | (98) |
Net Carrying Amount | $ 229 | 360 |
Estimated Life (in years) | 3 years 6 months | |
Trade name | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Value | $ 103 | 103 |
Accumulated Amortization | (36) | (16) |
Net Carrying Amount | $ 67 | 87 |
Estimated Life (in years) | 5 years | |
Non-compete agreement | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Value | $ 118 | 118 |
Accumulated Amortization | (104) | (44) |
Net Carrying Amount | $ 14 | 74 |
Estimated Life (in years) | 2 years | |
Patents and licenses | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Value | $ 714 | 714 |
Accumulated Amortization | (669) | (649) |
Net Carrying Amount | $ 45 | $ 65 |
Patents and licenses | Minimum | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated Life (in years) | 3 years 9 months 18 days | |
Patents and licenses | Maximum | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated Life (in years) | 7 years |
Goodwill and Intangible Asset52
Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2,017 | $ 349 | |
2,018 | 291 | |
2,019 | 190 | |
2,020 | 52 | |
2021 and thereafter | 3 | |
Total | $ 885 | $ 1,278 |
Balance Sheet Components - Comp
Balance Sheet Components - Components of Inventories (Details) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 4,633 | $ 5,719 |
Raw material | 378 | 2,362 |
Total inventory | $ 5,011 | $ 8,081 |
Balance Sheet Components - Co54
Balance Sheet Components - Components of Deferred Revenue (Details) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | $ 15,072 | $ 14,383 |
Less: current portion of deferred revenue | 15,036 | 14,348 |
Deferred revenue, noncurrent portion included in other long-term liabilities | 36 | 35 |
Subscription and Services | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | 11,954 | 9,860 |
Product and Other | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | $ 3,118 | $ 4,523 |
Balance Sheet Components - Co55
Balance Sheet Components - Components of Property And Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 9,926 | $ 7,126 |
Less: accumulated depreciation and amortization | (5,635) | (4,233) |
Property and equipment, net | $ 4,291 | 2,893 |
Minimum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated life | 3 years | |
Maximum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated life | 5 years | |
Software and Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 6,615 | 4,963 |
Software and Computer Equipment | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated life | 3 years | |
Software and Computer Equipment | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated life | 4 years | |
Website Development Costs | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated life | 2 years | |
Total property and equipment | $ 1,675 | 1,216 |
Machinery and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated life | 3 years | |
Total property and equipment | $ 1,207 | 644 |
Office Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated life | 5 years | |
Total property and equipment | $ 57 | 52 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated life | shorter of estimated life of asset or remaining lease term | |
Total property and equipment | $ 372 | $ 251 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Property Plant And Equipment [Line Items] | |||
Depreciation and amortization | $ 1,410 | $ 896 | $ 787 |
Computer Equipment | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment under capital lease agreement | 1,500 | 1,500 | |
Accumulated depreciation of property and equipment under capital lease agreement | $ 500 | $ 200 |
Balance Sheet Components - Co57
Balance Sheet Components - Components of Accrued Expenses (Details) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Payables And Accruals [Abstract] | ||
Accrued regulatory fees and taxes | $ 5,216 | $ 4,762 |
Accrued payroll and related expenses | 3,559 | 2,022 |
Acquisition-related contingent consideration-current portion | 288 | 1,027 |
Other accrued expenses | 3,947 | 2,502 |
Total accrued expenses | $ 13,010 | $ 10,313 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Jul. 31, 2015 | Jan. 31, 2015 | Jul. 31, 2014 | Dec. 31, 2012 | Jul. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | Oct. 31, 2014 | Apr. 30, 2012 | Dec. 31, 2010 | Jun. 30, 2009 | May. 31, 2009 | |
Debt Instrument [Line Items] | |||||||||||||
Warrant to purchase convertible preferred stock | 76,630 | 76,630 | 70,287 | 34,397 | 21,299 | ||||||||
Exercise price per share of warrants | $ 4.70 | $ 6.04 | $ 4.70 | $ 6.04 | $ 4.70 | ||||||||
Warrants, exercisable date | 2025-01 | ||||||||||||
Interest expense | $ 900,000 | $ 300,000 | $ 300,000 | ||||||||||
Amortization of debt issuance costs | 100,000 | 100,000 | $ 100,000 | ||||||||||
Write-off of non-cash deferred debt issuance costs | 332,000 | ||||||||||||
Outstanding debt on equipment acquired under capital lease | $ 1,562,000 | $ 632,000 | 1,562,000 | ||||||||||
Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, maturity period | 2014-12 | ||||||||||||
Revolving credit line | 12,000,000 | $ 6,000,000 | 12,000,000 | ||||||||||
Interest rate | 2.75% | ||||||||||||
Interest rate | 3.50% | ||||||||||||
Borrowing under the revolving line of credit facility | $ 5,000,000 | ||||||||||||
Repayment of outstanding debt | $ 5,000,000 | ||||||||||||
Line of credit facility, current borrowing capacity | $ 12,000,000 | ||||||||||||
Revolving Credit Facility | 2014 Amended Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, maturity period | 2016-07 | ||||||||||||
Term Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Outstanding debt on equipment acquired under capital lease | 896,000 | 896,000 | |||||||||||
Term Debt | Secured Debt Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Term loan | $ 4,000,000 | ||||||||||||
Term loan fixed interest rate | 5.75% | ||||||||||||
Debt instrument, maturity period | 2015-09 | ||||||||||||
Repayment of remaining balance | $ 300,000 | $ 300,000 | |||||||||||
New Line Of Credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Revolving credit line | 10,000,000 | 10,000,000 | |||||||||||
Line of credit facility, current borrowing capacity | $ 5,000,000 | $ 5,000,000 | |||||||||||
Interest rate during period | 11.00% | 11.00% | |||||||||||
Credit facility, maturity date | Jan. 5, 2018 | ||||||||||||
Line of credit, covenant terms | The Company’s credit agreements with its lender contain customary negative covenants that limit the ability to, among other things, incur additional indebtedness, grant liens, make investments, repurchase stock, pay dividends, transfer assets and merge or consolidate. |
Schedule of Aggregate Debt Outs
Schedule of Aggregate Debt Outstanding (Details) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Debt Instrument [Line Items] | ||
Debt outstanding | $ 632 | $ 12,356 |
Less: unamortized discounts and issuance costs | (396) | |
Net carrying value of debt | 632 | 11,960 |
Short-term capital lease and debt | 632 | 1,562 |
Long-term debt | 10,398 | |
Term Debt | ||
Debt Instrument [Line Items] | ||
Debt outstanding | 11,058 | |
Less: unamortized discounts and issuance costs | (396) | |
Net carrying value of debt | 10,662 | |
Short-term capital lease and debt | 896 | |
Long-term debt | 9,766 | |
Capital Lease Obligations | ||
Debt Instrument [Line Items] | ||
Debt outstanding | 632 | 1,298 |
Net carrying value of debt | 632 | 1,298 |
Short-term capital lease and debt | $ 632 | 666 |
Long-term debt | $ 632 |
Convertible Preferred Stock W60
Convertible Preferred Stock Warrant Liability - Summary of Warrants to Purchase Convertible Preferred Stock Outstanding (Details) $ in Thousands | Jan. 31, 2015USD ($)shares |
Warrants Outstanding | |
Convertible Preferred Stock Warrant Liability [Line Items] | |
Warrants to purchase convertible preferred stock outstanding | shares | 192,009 |
Fair Value Of Warrants Liabilities | |
Convertible Preferred Stock Warrant Liability [Line Items] | |
Convertible preferred stock outstanding | $ | $ 1,217 |
December 2010 warrant | Warrants Outstanding | |
Convertible Preferred Stock Warrant Liability [Line Items] | |
Warrants to purchase convertible preferred stock outstanding | shares | 70,287 |
December 2010 warrant | Fair Value Of Warrants Liabilities | |
Convertible Preferred Stock Warrant Liability [Line Items] | |
Convertible preferred stock outstanding | $ | $ 474 |
April 2012, December 2012 and October 2014 warrants | Warrants Outstanding | |
Convertible Preferred Stock Warrant Liability [Line Items] | |
Warrants to purchase convertible preferred stock outstanding | shares | 66,026 |
April 2012, December 2012 and October 2014 warrants | Fair Value Of Warrants Liabilities | |
Convertible Preferred Stock Warrant Liability [Line Items] | |
Convertible preferred stock outstanding | $ | $ 374 |
May and June 2009 warrants | Warrants Outstanding | |
Convertible Preferred Stock Warrant Liability [Line Items] | |
Warrants to purchase convertible preferred stock outstanding | shares | 55,696 |
May and June 2009 warrants | Fair Value Of Warrants Liabilities | |
Convertible Preferred Stock Warrant Liability [Line Items] | |
Convertible preferred stock outstanding | $ | $ 369 |
Convertible Preferred Stock W61
Convertible Preferred Stock Warrant Liability - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 22, 2015 | Oct. 31, 2014 | Dec. 31, 2012 | Apr. 30, 2012 | May. 31, 2009 | Jan. 31, 2016 | Jan. 31, 2016 | Jan. 31, 2015 | Jul. 31, 2015 | Dec. 31, 2010 | Jun. 30, 2009 |
Class Of Stock [Line Items] | |||||||||||
Exercise price per share of warrants | $ 6.04 | $ 4.70 | $ 4.70 | ||||||||
Payment for warrant holders | $ 0.6 | ||||||||||
Public offering price | $ 13 | $ 13 | |||||||||
Aggregate liability | $ 0.4 | ||||||||||
Warrant to purchase convertible preferred stock | 21,299 | 76,630 | 70,287 | 34,397 | |||||||
Warrants terminated | 10,099 | ||||||||||
Gain on termination of warrants | $ 0.1 | ||||||||||
Common Stock | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Warrant to purchase convertible preferred stock | 21,299 | 87,828 | |||||||||
December 2010 warrant | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Remeasurement loss from change in fair value of warrants | 0.1 | $ 0.3 | |||||||||
May and June 2009 warrants | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Remeasurement loss from change in fair value of warrants | $ 0.1 | 0.3 | |||||||||
May and June 2009 warrants | Common Stock | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Warrant to purchase convertible preferred stock | 2,769 | ||||||||||
Initial Public Offering | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Exercise price per share of warrants | $ 4.70 | ||||||||||
Public offering price | $ 13 | $ 13 | $ 13 | $ 13 | |||||||
Warrant to purchase convertible preferred stock | 21,529 | ||||||||||
Warrants terminated | 10,099 | ||||||||||
Warrants issued | 21,299 | ||||||||||
Initial Public Offering | Common Stock | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Warrant to purchase convertible preferred stock | 13,752 | ||||||||||
Series Alpha Convertible Preferred Stock | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Warrants to purchase convertible preferred stock outstanding | 70,287 | ||||||||||
Exercise price per share of warrants | $ 4.70 | $ 4.70 | $ 4.70 | $ 4.70 | $ 4.70 | $ 4.70 | |||||
Warrants issued to purchase convertible preferred stock | 66,026 | 66,026 | 66,026 | ||||||||
Aggregate liability | $ 0.7 | ||||||||||
Warrant conversion ratio | 100.00% | ||||||||||
Conversion of warrants to common stock | 21,421 | ||||||||||
Warrants exercised, net | 66,026 | ||||||||||
Series Alpha Convertible Preferred Stock | Minimum | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Warrant expiry period | 2022-04 | ||||||||||
Series Alpha Convertible Preferred Stock | Maximum | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Warrant expiry period | 2022-12 | ||||||||||
Series Alpha Convertible Preferred Stock | April 2012, December 2012 and October 2014 warrants | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Remeasurement loss from change in fair value of warrants | $ 0.3 | $ 0.2 | |||||||||
Series Alpha Convertible Preferred Stock | Initial Public Offering | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Exercise price per share of warrants | $ 13 | $ 13 | |||||||||
Convertible Preferred Stock | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Warrant to purchase convertible preferred stock | 2,769 | 21,299 | 2,769 | 34,397 |
Convertible Preferred Stock W62
Convertible Preferred Stock Warrant Liability - Assumptions Used to Estimate Fair Value of Each Stock Option (Details) | Jul. 22, 2015 | Jan. 31, 2015 | Jan. 31, 2014 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility | 70.00% | 70.00% | |
Expected volatility, minimum | 66.00% | ||
Expected volatility, maximum | 70.00% | ||
Risk-free interest rate | 0.30% | ||
Risk-free interest rate, minimum | 0.00% | 0.30% | |
Risk-free interest rate, maximum | 0.30% | 0.50% | |
Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 0 years | 1 year 3 months 18 days | 1 month 6 days |
Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 1 year 1 month 6 days | 1 year 4 months 24 days | 2 years 4 months 24 days |
Common Stock and Preferred St63
Common Stock and Preferred Stock - Additional Information (Details) - USD ($) | Jul. 22, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | Jul. 31, 2015 | Jul. 06, 2015 |
Common Stock And Preferred Stock [Line Items] | |||||
Preferred stock, shares outstanding | 0 | 0 | |||
Preferred stock, dividends declared | $ 0 | ||||
Conversion of preferred stock into common stock | 1 | ||||
Convertible preferred stock, conversion terms | Conversion of each share of preferred stock was automatic upon the earlier of (i) a firm commitment underwritten public offering that valued the Company at not less than $100 million and that resulted in proceeds to the Company of not less than $50 million or (ii) a date that was specified by a vote of the holders of a majority of the preferred stock. In the event the Company completed a liquidation transaction or qualified initial public offering in which the conversion price for the Series Beta preferred stock was greater than 75% of the consideration per share or offering price, the conversion price had to automatically adjust to 75% of the consideration per share or offering price. | ||||
Aggregate indebtedness | $ 100,000 | ||||
Common stock, shares authorized | 100,000,000 | 13,000,000 | 100,000,000 | ||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Preferred stock, shares authorized | 10,000,000 | 0 | 10,000,000 | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Common stock, shares outstanding | 16,916,250 | 2,515,065 | |||
Common stock, shares issued | 16,916,250 | 2,515,065 | 2,612 | ||
Preferred stock, shares issued | 0 | 0 | |||
Common stock, shares, issued | 0 | 131,810 | |||
Shares excluded from common stock outstanding for early exercise of common stock | 173,404 | 502,359 | |||
Accrued expenses and other long-term liabilities | $ 200,000 | $ 300,000 | |||
Initial Public Offering | |||||
Common Stock And Preferred Stock [Line Items] | |||||
Common stock, shares issued | 5,000,000 | 5,000,000 | |||
Maximum | |||||
Common Stock And Preferred Stock [Line Items] | |||||
Underwritten public offering | $ 100,000,000 | ||||
Proceeds from conversion | $ 50,000,000 | ||||
Common Stock | |||||
Common Stock And Preferred Stock [Line Items] | |||||
Conversion of convertible preferred stock to common stock upon initial public offering, Shares | 8,878,857 | ||||
Series Alpha preferred stock and Series Alpha -1 preferred stock | |||||
Common Stock And Preferred Stock [Line Items] | |||||
Stock conversion ratio | 1.00% | ||||
Series Alpha preferred stock and Series Alpha -1 preferred stock | Common Stock | |||||
Common Stock And Preferred Stock [Line Items] | |||||
Conversion of convertible preferred stock to common stock upon initial public offering, Shares | 8,353,748 | ||||
Series Beta Preferred Stock | |||||
Common Stock And Preferred Stock [Line Items] | |||||
Preferred stock, shares outstanding | 241,469 | ||||
Preferred stock, dividends paid per share | $ 1.6962 | ||||
Liquidation preference to the holders | $ 21.2028 | ||||
Series Beta Preferred Stock | Minimum | |||||
Common Stock And Preferred Stock [Line Items] | |||||
Percentage of conversion price | 75.00% | ||||
Series Beta Preferred Stock | Common Stock | |||||
Common Stock And Preferred Stock [Line Items] | |||||
Conversion of convertible preferred stock to common stock upon initial public offering, Shares | 525,109 | ||||
Series Alpha Preferred Stock | |||||
Common Stock And Preferred Stock [Line Items] | |||||
Preferred stock, dividends paid per share | $ 0.3756 | ||||
Liquidation preference to the holders | 4.70 | ||||
Series Alpha-1 Preferred stock | |||||
Common Stock And Preferred Stock [Line Items] | |||||
Preferred stock, dividends paid per share | 3.214 | ||||
Liquidation preference to the holders | $ 40.1740 |
Common Stock and Preferred St64
Common Stock and Preferred Stock - Summary of Convertible Preferred Stock Outstanding (Details) - USD ($) $ in Thousands | Jan. 31, 2016 | Jul. 22, 2015 | Jul. 06, 2015 | Jan. 31, 2015 |
Common Stock And Preferred Stock [Line Items] | ||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 0 | |
Convertible preferred series Alpha | ||||
Common Stock And Preferred Stock [Line Items] | ||||
Preferred stock, shares authorized | 8,060,629 | 8,125,000 | ||
Shares issued and outstanding | 7,868,605 | 7,868,605 | ||
Aggregate liquidation preference | $ 36,943 | $ 36,943 | ||
Carrying value | $ 30,632 | $ 30,632 | ||
Convertible preferred series Alpha-1 | ||||
Common Stock And Preferred Stock [Line Items] | ||||
Preferred stock, shares authorized | 485,146 | 583,333 | ||
Shares issued and outstanding | 485,143 | 485,143 | ||
Aggregate liquidation preference | $ 19,490 | $ 19,490 | ||
Carrying value | $ 3,005 | $ 3,005 | ||
Convertible preferred series Beta | ||||
Common Stock And Preferred Stock [Line Items] | ||||
Preferred stock, shares authorized | 471,635 | |||
Shares issued and outstanding | 241,469 | |||
Aggregate liquidation preference | $ 5,120 | |||
Carrying value | $ 5,000 | |||
Convertible Preferred Stock | ||||
Common Stock And Preferred Stock [Line Items] | ||||
Preferred stock, shares authorized | 0 | 9,017,410 | 8,708,333 | |
Shares issued and outstanding | 8,595,217 | 8,353,748 | ||
Aggregate liquidation preference | $ 61,553 | $ 56,433 | ||
Carrying value | $ 38,637 | $ 33,637 |
Common Stock and Preferred St65
Common Stock and Preferred Stock - Schedule of Common Stock Reserved for Issuance (Details) - shares | Jan. 31, 2016 | Jan. 31, 2015 |
Common Stock And Preferred Stock [Line Items] | ||
Total conversion of preferred stock | 8,353,748 | |
Total shares reserved for issuance | 4,922,420 | 10,659,853 |
Conversion of Series Alpha preferred stock | ||
Common Stock And Preferred Stock [Line Items] | ||
Total conversion of preferred stock | 7,868,605 | |
Conversion of Series Alpha-1 preferred stock | ||
Common Stock And Preferred Stock [Line Items] | ||
Total conversion of preferred stock | 485,143 | |
Warrants to purchase Series Alpha preferred stock | ||
Common Stock And Preferred Stock [Line Items] | ||
Total conversion of common stock | 192,009 | |
Warrants to purchase common stock | ||
Common Stock And Preferred Stock [Line Items] | ||
Total conversion of common stock | 97,931 | 87,828 |
Options to purchase common stock outstanding | ||
Common Stock And Preferred Stock [Line Items] | ||
Total conversion of common stock | 2,087,584 | 1,893,239 |
Options available for future grant under stock option plan | ||
Common Stock And Preferred Stock [Line Items] | ||
Total conversion of common stock | 1,254,404 | 133,029 |
Shares reserved under Employee Stock Purchase Plan | ||
Common Stock And Preferred Stock [Line Items] | ||
Total conversion of common stock | 425,596 | |
Restricted stock units outstanding | ||
Common Stock And Preferred Stock [Line Items] | ||
Total conversion of common stock | 1,056,905 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) - Additional Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Jan. 31, 2016USD ($)Peroid$ / sharesshares | Jan. 31, 2015USD ($)$ / sharesshares | Jan. 31, 2014USD ($)$ / shares | Jul. 31, 2015$ / sharesshares | Jul. 22, 2015$ / shares | May. 31, 2015shares | Dec. 31, 2010$ / shares | |
Stockholders Equity Note Disclosure [Line Items] | |||||||
Purchase price of shares under ESPP | $ / shares | $ 13 | $ 13 | |||||
Stock-based compensation | $ | $ 4,653 | $ 426 | $ 72 | ||||
Exercise price per share of warrants | $ / shares | $ 6.04 | 4.70 | $ 4.70 | ||||
Common Stock Warrants | |||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||
Warrants expiration period | 2025-01 | ||||||
Maximum | Common Stock Warrants | |||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||
Exercise price per share of warrants | $ / shares | $ 6.04 | ||||||
Minimum | Common Stock Warrants | |||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||
Exercise price per share of warrants | $ / shares | $ 4.70 | ||||||
Employee Stock Option | |||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||
Stock-based compensation | $ | $ 2,607 | $ 426 | 72 | ||||
Employee stock option expiration period | 10 years | ||||||
Aggregate intrinsic value of vested options exercised | $ | $ 800 | $ 500 | $ 100 | ||||
Weighted-average grant date fair value of options granted | $ / shares | $ 6.92 | $ 5.20 | $ 0.82 | ||||
Employee Stock Option | Maximum | |||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||
Employee stock option vesting period | 5 years | ||||||
Restricted Stock Units (RSUs) | |||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||
Stock-based compensation | $ | $ 1,644 | ||||||
Employee stock option vesting period | 1 year 5 months 5 days | ||||||
Number of Shares, RSUs granted | 1,157,105 | 0 | |||||
Number of Shares, RSUs vested | 0 | ||||||
Restricted Stock Units (RSUs) | Maximum | |||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||
Employee stock option vesting period | 4 years | ||||||
Restricted Stock Units (RSUs) | Minimum | |||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||
Employee stock option vesting period | 1 year | ||||||
Initial Public Offering | |||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||
Purchase price of shares under ESPP | $ / shares | $ 13 | $ 13 | $ 13 | ||||
Exercise price per share of warrants | $ / shares | $ 4.70 | ||||||
ESPP | |||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||
Shares authorized for future issuance | 441,165 | ||||||
Percentage of eligible compensation subject to plan limitation | 15.00% | ||||||
Employee stock purchase plan offering period | 24 months | ||||||
Number of purchase periods | Peroid | 4 | ||||||
Purchase periods | 6 months | ||||||
Purchase price of common stock as percentage of fair market value | 85.00% | ||||||
Number of shares issued under ESPP | 15,569 | ||||||
Purchase price of shares under ESPP | $ / shares | $ 7.12 | ||||||
Incremental expense will be recognized over the remaining term | $ | $ 400 | ||||||
Stock-based compensation | $ | $ 402 | ||||||
2005 Plan | |||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||
Number of shares increasing under the plan | 250,000 | ||||||
Maximum aggregate number of shares issued under the plan | 4,433,102 | ||||||
2015 Equity Incentive Plan | |||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||
Maximum aggregate number of shares issued under the plan | 4,433,102 | ||||||
Additional aggregate number of shares issued under the plan | 2,205,828 | ||||||
Percentage of common stock outstanding | 5.00% | ||||||
Common stock available for future issuance | 1,254,404 | ||||||
2015 Equity Incentive Plan | Initial Public Offering | |||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||
Percentage of common stock outstanding | 10.00% |
Stockholders' Equity (Deficit67
Stockholders' Equity (Deficit) - Summary of Stock Option Activity Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Number of Options Outstanding | ||
Number of Options Outstanding, Beginning balance | 1,893,239 | |
Number of Options Outstanding, Options granted | 427,948 | |
Number of Options Outstanding, Options exercised | (83,229) | |
Number of Options Outstanding, Options canceled | (150,374) | |
Number of Options Outstanding, Ending balance | 2,087,584 | 1,893,239 |
Number of Options Outstanding, Vested and exercisable | 706,322 | |
Number of Options Outstanding, Vested and expected to vest | 2,005,813 | |
Weighted Average Exercise Price Per Share | ||
Weighted Average Exercise Price Per Share, Beginning balance | $ 3.85 | |
Weighted Average Exercise Price Per Share, Options granted | 12.55 | |
Weighted Average Exercise Price Per Share, Options exercised | 0.79 | |
Weighted Average Exercise Price Per Share, Options canceled | 6.16 | |
Weighted Average Exercise Price Per Share, Ending balance | 5.59 | $ 3.85 |
Weighted Average Exercise Price Per Share, Vested and exercisable | 1.90 | |
Weighted Average Exercise Price Per Share, Vested and expected to vest | $ 5.50 | |
Weighted Average Contractual Term | ||
Weighted Average Contractual Term | 7 years 10 months 24 days | 8 years 4 months 24 days |
Weighted Average Contractual Term, Vested and exercisable | 5 years 8 months 12 days | |
Weighted Average Contractual Term, Vested and expected to vest | 7 years 9 months 18 days | |
Aggregate Intrinsic Value | ||
Aggregate Intrinsic Value, Beginning balance | $ 10,109 | |
Aggregate Intrinsic Value, Ending balance | 4,843 | $ 10,109 |
Aggregate Intrinsic Value, Vested and exercisable | 3,682 | |
Aggregate Intrinsic Value, Vested and expected to vest | $ 4,779 |
Stockholders' Equity (Deficit68
Stockholders' Equity (Deficit) - Summary of RSU activity (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Number of Shares | ||
Number of Shares, RSUs Beginning Balance | ||
Number of Shares, RSUs granted | 1,157,105 | 0 |
Number of Shares, RSUs vested | 0 | |
Number of Shares, RSUs canceled | (100,200) | |
Number of Shares, RSUs Ending Balance | 1,056,905 | |
Weighted-Average Grant-Date Fair Value Per Share | ||
Weighted-Average Grant-Date Fair Value Per Share, Beginning Balance | ||
Weighted-Average Grant-Date Fair Value Per Share, RSUs granted | $ 9.62 | |
Weighted-Average Grant-Date Fair Value Per Share, RSUs canceled | 9.74 | |
Weighted-Average Grant-Date Fair Value Per Share, Ending Balance | $ 9.60 | |
Weighted-Average Remaining Contractual Life | ||
Weighted-Average Remaining Vesting Period | 1 year 5 months 5 days | |
Aggregate Intrinsic Value | ||
Aggregate Intrinsic Value | $ 7,176 |
Stockholders' Equity (Deficit69
Stockholders' Equity (Deficit) - Summary of Common Stock Warrants Activity (Details) - Common Stock Warrants | 12 Months Ended |
Jan. 31, 2016shares | |
Class Of Warrant Or Right [Line Items] | |
Common Warrants Outstanding, Beginning Balance | 87,828 |
Add: Conversion of Preferred Series Alpha warrants to common warrants on IPO | 87,325 |
Less: Common warrants exercised to common stock | (30,573) |
Less: Common warrants terminated | (46,649) |
Common Warrants Outstanding, Ending Balance | 97,931 |
Stock-Based Compensation - Tota
Stock-Based Compensation - Total Stock-Based Compensation Recognized for Stock-Based Awards in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 4,653 | $ 426 | $ 72 |
Total cost of revenue | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 437 | 36 | 7 |
Sales and marketing | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 611 | 41 | 6 |
Research and development | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 1,683 | 169 | 26 |
General and administrative | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 1,922 | $ 180 | $ 33 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 4,653 | $ 426 | $ 72 |
Employee Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | 2,607 | $ 426 | $ 72 |
Restricted Stock Units (RSUs) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | 1,644 | ||
ESPP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 402 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Non employee stock options outstanding | 70,199 | 67,884 | |
Stock-based compensation | $ 4,653 | $ 426 | $ 72 |
Employee Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized share-based compensation expense related to non-vested stock option grants | $ 5,800 | ||
Stock-based compensation expenses recognized on straight line basis offering period | 2 years 6 months | ||
Stock-based compensation | $ 2,607 | $ 426 | $ 72 |
Employee Stock Option | Non Employee | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation | 200 | ||
Restricted Stock Units (RSUs) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized share-based compensation expense related to non-vested stock option grants | $ 7,700 | ||
Stock-based compensation expenses recognized on straight line basis offering period | 2 years 4 months 24 days | ||
Non employee stock options outstanding | 1,056,905 | ||
Stock-based compensation | $ 1,644 | ||
Restricted Stock Units (RSUs) | Non Employee | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Non employee stock options outstanding | 70,500 | 0 | |
Stock-based compensation | $ 100 | ||
ESPP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized share-based compensation expense related to non-vested stock option grants | $ 1,200 | ||
Stock-based compensation expenses recognized on straight line basis offering period | 10 months 24 days | ||
Stock-based compensation | $ 402 | ||
Outstanding, ESPP | 0 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used to Estimate Fair Value of Employee Stock Options Grants Using Black-Scholes Option Pricing Model (Details) | Jul. 22, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected volatility, minimum | 66.00% | |||
Risk-free interest rate, minimum | 0.00% | 0.30% | ||
Expected volatility, maximum | 70.00% | |||
Risk-free interest rate, maximum | 0.30% | 0.50% | ||
Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 0 years | 1 year 3 months 18 days | 1 month 6 days | |
Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 1 year 1 month 6 days | 1 year 4 months 24 days | 2 years 4 months 24 days | |
Employee Stock Option | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected volatility, minimum | 54.00% | 69.00% | 77.00% | |
Risk-free interest rate, minimum | 1.60% | 1.50% | 0.80% | |
Expected volatility, maximum | 62.00% | 81.00% | 79.00% | |
Risk-free interest rate, maximum | 1.90% | 2.00% | 2.20% | |
Employee Stock Option | Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 5 years 3 months 18 days | 5 years 4 months 24 days | 5 years 1 month 6 days | |
Employee Stock Option | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years 1 month 6 days | 6 years 3 months 18 days | 6 years 3 months 18 days |
Stock-Based Compensation - As74
Stock-Based Compensation - Assumptions Used to Estimate Fair Value of ESPP (Details) | Jul. 22, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected volatility, minimum | 66.00% | |||
Risk-free interest rate, minimum | 0.00% | 0.30% | ||
Expected volatility, maximum | 70.00% | |||
Risk-free interest rate, maximum | 0.30% | 0.50% | ||
Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 0 years | 1 year 3 months 18 days | 1 month 6 days | |
Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 1 year 1 month 6 days | 1 year 4 months 24 days | 2 years 4 months 24 days | |
ESPP | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected volatility, minimum | 35.00% | |||
Risk-free interest rate, minimum | 0.10% | |||
Expected volatility, maximum | 44.00% | |||
Risk-free interest rate, maximum | 0.80% | |||
ESPP | Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 8 months 12 days | |||
ESPP | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 2 years 2 months 12 days |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Income Tax [Line Items] | |||
Federal statutory income tax rate | 34.00% | 34.00% | 34.00% |
Valuation allowance for deferred tax assets | $ 29,868,000 | $ 25,785,000 | $ 23,700,000 |
Net change in valuation allowance | $ 4,100,000 | ||
Net operating loss carryforwards, expired | 2,030 | ||
Income tax benefit | 502,000 | ||
Long term net deferred tax liabilities , acquired intangible assets | $ 301,000 | 594,000 | |
Unrecognized tax benefits | 1,217,000 | 1,029,000 | $ 743,000 |
Interest expense or penalties related to unrecognized tax benefits | $ 0 | 0 | |
Talkatone, Inc. | |||
Income Tax [Line Items] | |||
Income tax benefit | 500,000 | ||
Long term net deferred tax liabilities , acquired intangible assets | $ 500,000 | ||
Research and Development | |||
Income Tax [Line Items] | |||
Federal tax credit, expired | 2,030 | ||
Federal | |||
Income Tax [Line Items] | |||
Net operating loss carryforwards | $ 64,200,000 | ||
Net operating loss carryforwards, deductions from stock-based compensation | 400,000 | ||
Federal | Research and Development | |||
Income Tax [Line Items] | |||
Tax credit carryforwards | 1,700,000 | ||
State | |||
Income Tax [Line Items] | |||
Net operating loss carryforwards | 55,000,000 | ||
Net operating loss carryforwards, deductions from stock-based compensation | 400,000 | ||
State | Research and Development | |||
Income Tax [Line Items] | |||
Tax credit carryforwards | $ 1,300,000 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal tax at statutory rate | $ (4,787) | $ (2,350) | $ (680) |
Change in valuation allowance | 4,502 | 2,132 | 831 |
State taxes | (261) | (437) | (156) |
Stock-based compensation | 691 | 92 | 14 |
Research and development credit | (273) | (192) | (131) |
Permanent tax adjustment | $ 128 | 23 | 104 |
Other | 230 | $ 18 | |
Total | $ (502) | ||
Federal tax at statutory rate, Rate | 34.00% | 34.00% | 34.00% |
Change in valuation allowance, Rate | (32.00%) | (31.00%) | (42.00%) |
State taxes, Rate | 2.00% | 6.00% | 8.00% |
Stock-based compensation, Rate | (5.00%) | (1.00%) | (1.00%) |
Research and development credit, Rate | 2.00% | 3.00% | 7.00% |
Permanent tax adjustment, Rate | (1.00%) | (5.00%) | |
Other, Rate | (3.00%) | (1.00%) | |
Total, Rate | 8.00% |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 |
Deferred tax assets: | |||
Accruals and reserves | $ 2,297 | $ 2,036 | |
Stock-based compensation | 1,334 | 436 | |
Intangible assets amortization | 110 | 243 | |
Deferred revenue | 13 | 15 | |
Fixed assets depreciation | 168 | ||
Net operating loss carry forwards | 24,869 | 22,240 | |
Tax credit carryover | 1,558 | 1,241 | |
Gross deferred tax assets | 30,181 | 26,379 | |
Valuation allowance | (29,868) | (25,785) | $ (23,700) |
Net deferred tax assets | 313 | 594 | |
Deferred tax liabilities: | |||
Acquired intangible assets | (301) | (594) | |
Fixed assets depreciation | (12) | ||
Gross deferred tax liabilities | $ (313) | $ (594) |
Income Taxes - Summary of Activ
Income Taxes - Summary of Activity Related to UTBs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Balance at January 31, 2014 | $ 1,029 | $ 743 |
Increase related to prior year positions | 59 | |
(Decrease) related to prior year positions | (16) | |
Increase related to current year tax positions | 204 | 227 |
Balance at January 31, 2015 | $ 1,217 | $ 1,029 |
Retirement Plan - Additional In
Retirement Plan - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Compensation And Retirement Disclosure [Abstract] | |||
Minimum age of employees covered under 401(k) plan | 21 years | ||
Employee contributions maximum amount | $ 18,000 | ||
Employee contributions maximum amount, over fifty years of age. | $ 24,000 | ||
Employer contribution, percent of match | 50.00% | ||
Employee maximum contribution percent of deferred salary amount | 6.00% | ||
Vesting percentage | 100.00% | ||
Contributions expenses | $ 300,000 | $ 200,000 | $ 100,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2016USD ($) | Jan. 31, 2015USD ($) | Mar. 31, 2011Unit | Jan. 31, 2016USD ($) | Jan. 31, 2015USD ($) | Jan. 31, 2014USD ($) | |
Operating Leased Assets [Line Items] | ||||||
Rent expense | $ 1,200,000 | $ 900,000 | $ 600,000 | |||
License agreement, minimum number of units sold, requiring royalty payment | Unit | 250,000 | |||||
Contingent liabilities requiring accrual or disclosure | $ 0 | $ 0 | ||||
Palo Alto | ||||||
Operating Leased Assets [Line Items] | ||||||
Operating lease expiration date | 2017-11 | |||||
Rent expense | $ 40,000 | |||||
Lease Agreement One | ||||||
Operating Leased Assets [Line Items] | ||||||
Capital lease of computer equipment maturity date | 2016-12 | |||||
Right to purchase the equipment, amount | $ 1 |
Commitments and Contingencies81
Commitments and Contingencies - Minimum Rental Commitments under Noncancelable Leases (Details) $ in Thousands | Jan. 31, 2016USD ($) |
Capital Leases | |
2,017 | $ 653 |
Total | 653 |
Less: Amount representing interest | (21) |
Present value of lease payments | 632 |
Less: Current portion | (632) |
Operating Leases | |
2,017 | 1,802 |
2,018 | 1,421 |
2,019 | 45 |
Total | $ 3,268 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Business Acquisition [Line Items] | |||
Amortization of intangible assets | $ 393,000 | $ 306,000 | $ 151,000 |
Talkatone, Inc. | |||
Business Acquisition [Line Items] | |||
Total consideration | 2,264,000 | ||
Earn-out payments, fair market value | 1,000,000 | ||
Earn-out payments, gross amount | 2,200,000 | ||
Acquisition, transaction costs | 12,000 | ||
Earn-out consideration, cash paid | $ 700,000 | ||
Earn-out consideration, shares issued | 49,159 | ||
Amortization of intangible assets | $ 400,000 | $ 200,000 |
Acquisitions - Components of To
Acquisitions - Components of Total Consideration (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Business Acquisition [Line Items] | ||
Cash consideration paid at closing | $ 672 | |
Shares issued as consideration in business acquisition and related earn-out | $ 451 | 338 |
Talkatone, Inc. | ||
Business Acquisition [Line Items] | ||
Cash consideration paid at closing | 887 | |
Shares issued as consideration in business acquisition and related earn-out | 338 | |
Contingent consideration | 1,039 | |
Total consideration | $ 2,264 |
Acquisitions - Components of 84
Acquisitions - Components of Total Consideration (Parenthetical) (Details) | 12 Months Ended |
Jan. 31, 2015shares | |
Talkatone, Inc. | |
Business Acquisition [Line Items] | |
Common stock, number of shares | 90,426 |
Acquisitions - Schedule of Purc
Acquisitions - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Business Acquisition [Line Items] | ||
Goodwill | $ 1,117 | $ 1,117 |
Talkatone, Inc. | ||
Business Acquisition [Line Items] | ||
Cash | 215 | |
Net liabilities assumed | (60) | |
Non-current deferred tax liabilities | (502) | |
Goodwill | 1,117 | |
Net assets acquired | 2,264 | |
Talkatone, Inc. | Developed technology | ||
Business Acquisition [Line Items] | ||
Intangible asset | 815 | |
Talkatone, Inc. | Non-compete agreement | ||
Business Acquisition [Line Items] | ||
Intangible asset | 118 | |
Talkatone, Inc. | User relationships | ||
Business Acquisition [Line Items] | ||
Intangible asset | 458 | |
Talkatone, Inc. | Trade name | ||
Business Acquisition [Line Items] | ||
Intangible asset | $ 103 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Numerator | |||
Net loss | $ (14,052) | $ (6,410) | $ (2,000) |
Denominator | |||
Weighted-average common shares for basic and diluted net loss per share | 10,173,095 | 2,284,241 | 1,688,846 |
Basic and diluted net loss per share | $ (1.38) | $ (2.81) | $ (1.18) |
Net Loss Per Share - Potential
Net Loss Per Share - Potential Dilutive Securities Outstanding of Common Stock Excluded from Diluted Weighted-Average Common Shares Outstanding (Details) - shares | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potential shares excluded from diluted net loss per share | 3,796,890 | 11,029,183 | 10,225,161 |
Employee stock purchase plan | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potential shares excluded from diluted net loss per share | 381,066 | ||
Options to purchase common stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potential shares excluded from diluted net loss per share | 2,087,584 | 1,893,239 | 899,478 |
Restricted stock units | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potential shares excluded from diluted net loss per share | 1,056,905 | ||
Convertible Preferred Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potential shares excluded from diluted net loss per share | 8,353,748 | 8,333,341 | |
Common stock subject to repurchase | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potential shares excluded from diluted net loss per share | 173,404 | 502,359 | 739,798 |
Warrants to purchase convertible preferred stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potential shares excluded from diluted net loss per share | 192,009 | 217,814 | |
Warrants to purchase common stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potential shares excluded from diluted net loss per share | 97,931 | 87,828 | 34,730 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Restricted Stock Units (RSUs) - shares | 2 Months Ended | 12 Months Ended | |
Apr. 11, 2016 | Jan. 31, 2016 | Jan. 31, 2015 | |
Subsequent Event [Line Items] | |||
Number of units granted to officers, employees and non-employees. | 1,157,105 | 0 | |
Employee stock option vesting period | 1 year 5 months 5 days | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Number of units granted to officers, employees and non-employees. | 1,283,050 | ||
Employee stock option vesting period | 4 years |