Document and Entity Information
Document and Entity Information - shares shares in Millions | 3 Months Ended | |
Apr. 30, 2022 | May 24, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-35680 | |
Entity Registrant Name | WORKDAY, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-2480422 | |
Entity Address, Address Line One | 6110 Stoneridge Mall Road | |
Entity Address, City or Town | Pleasanton | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94588 | |
City Area Code | 925 | |
Local Phone Number | 951-9000 | |
Title of 12(b) Security | Class A Common Stock, par value $0.001 | |
Trading Symbol | WDAY | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001327811 | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Class A | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 199 | |
Class B | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 55 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 2,776,336 | $ 1,534,273 |
Marketable securities | 3,479,019 | 2,109,888 |
Trade and other receivables, net | 778,076 | 1,242,545 |
Deferred costs | 156,806 | 152,957 |
Prepaid expenses and other current assets | 252,989 | 174,402 |
Total current assets | 7,443,226 | 5,214,065 |
Property and equipment, net | 1,186,004 | 1,123,075 |
Operating lease right-of-use assets | 252,236 | 247,808 |
Deferred costs, noncurrent | 339,712 | 341,259 |
Acquisition-related intangible assets, net | 369,387 | 391,002 |
Goodwill | 2,840,044 | 2,840,044 |
Other assets | 368,497 | 341,252 |
Total assets | 12,799,106 | 10,498,505 |
Current liabilities: | ||
Accounts payable | 123,361 | 55,487 |
Accrued expenses and other current liabilities | 246,939 | 195,590 |
Accrued compensation | 362,269 | 402,885 |
Unearned revenue | 2,820,119 | 3,110,947 |
Operating lease liabilities | 80,573 | 80,503 |
Debt, current | 1,148,126 | 1,222,443 |
Total current liabilities | 4,781,387 | 5,067,855 |
Debt, noncurrent | 2,973,068 | 617,354 |
Unearned revenue, noncurrent | 59,308 | 71,533 |
Operating lease liabilities, noncurrent | 182,237 | 182,456 |
Other liabilities | 22,299 | 24,225 |
Total liabilities | 8,018,299 | 5,963,423 |
Stockholders’ equity: | ||
Common stock | 253 | 251 |
Additional paid-in capital | 7,596,787 | 7,284,174 |
Treasury stock | (12,584) | (12,467) |
Accumulated other comprehensive income (loss) | 43,109 | 7,709 |
Accumulated deficit | (2,846,758) | (2,744,585) |
Total stockholders’ equity | 4,780,807 | 4,535,082 |
Total liabilities and stockholders’ equity | $ 12,799,106 | $ 10,498,505 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | ||
Revenues: | |||
Total revenues | $ 1,434,657 | $ 1,175,033 | |
Costs and expenses: | |||
Product development | [1] | 541,509 | 441,616 |
Sales and marketing | [1] | 429,301 | 326,494 |
General and administrative | [1] | 133,869 | 112,183 |
Total costs and expenses | 1,507,500 | 1,213,346 | |
Operating income (loss) | (72,843) | (38,313) | |
Other income (expense), net | (20,163) | (9,051) | |
Income (loss) before provision for (benefit from) income taxes | (93,006) | (47,364) | |
Provision for (benefit from) income taxes | 9,167 | (842) | |
Net income (loss) | $ (102,173) | $ (46,522) | |
Net income (loss) per share, basic (in dollars per share) | $ (0.41) | $ (0.19) | |
Net income (loss) per share, diluted (in dollars per share) | $ (0.41) | $ (0.19) | |
Weighted-average shares used to compute net income (loss) per share, basic (in shares) | 251,743 | 243,739 | |
Weighted-average shares used to compute net income (loss) per share, diluted (in shares) | 251,743 | 243,739 | |
Subscription services | |||
Revenues: | |||
Total revenues | $ 1,272,076 | $ 1,032,169 | |
Costs and expenses: | |||
Total costs and expenses | [1] | 232,922 | 182,208 |
Professional services | |||
Revenues: | |||
Total revenues | 162,581 | 142,864 | |
Costs and expenses: | |||
Total costs and expenses | [1] | $ 169,899 | $ 150,845 |
[1] | (1) Costs and expenses include share-based compensation expenses as follows: Three Months Ended April 30, 2022 2021 Costs of subscription services $ 26,230 $ 20,717 Costs of professional services 27,584 27,692 Product development 153,304 129,862 Sales and marketing 59,169 50,308 General and administrative 45,219 36,056 Total share-based compensation expenses $ 311,506 $ 264,635 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Total share-based compensation expenses | $ 311,506 | $ 264,635 |
Costs of subscription services | ||
Total share-based compensation expenses | 26,230 | 20,717 |
Costs of professional services | ||
Total share-based compensation expenses | 27,584 | 27,692 |
Product development | ||
Total share-based compensation expenses | 153,304 | 129,862 |
Sales and marketing | ||
Total share-based compensation expenses | 59,169 | 50,308 |
General and administrative | ||
Total share-based compensation expenses | $ 45,219 | $ 36,056 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (102,173) | $ (46,522) |
Other comprehensive income (loss): | ||
Net change in foreign currency translation adjustment | (1,922) | 218 |
Net change in unrealized gains (losses) on available-for-sale debt securities | (8,924) | (898) |
Net change in unrealized gains (losses) on cash flow hedges | 46,246 | (4,771) |
Other comprehensive income (loss) | 35,400 | (5,451) |
Comprehensive income (loss) | $ (66,773) | $ (51,973) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common stock: | Additional paid-in capital: | Additional paid-in capital:Cumulative Effect, Period of Adoption, Adjustment | Treasury stock: | Accumulated other comprehensive income (loss): | Accumulated deficit: | Accumulated deficit:Cumulative Effect, Period of Adoption, Adjustment |
Balance, beginning (in shares) at Jan. 31, 2021 | 242,667 | |||||||
Balance, beginning at Jan. 31, 2021 | $ 242 | $ 6,254,936 | $ (219,702) | $ (12,384) | $ (54,970) | $ (2,909,990) | $ 136,032 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock under employee equity plans, net of shares withheld for employee taxes (in shares) | 3,562 | |||||||
Issuance of common stock under employee equity plans, net of shares withheld for employee taxes | $ 4 | (1,361) | ||||||
Share-based compensation | 264,605 | |||||||
Exercise of convertible senior notes hedges | 39 | (36) | ||||||
Settlement of convertible senior notes | (1) | |||||||
Other comprehensive income (loss) | $ (5,451) | (5,451) | ||||||
Net income (loss) | (46,522) | (46,522) | ||||||
Other (in shares) | 82 | |||||||
Balance, ending (in shares) at Apr. 30, 2021 | 246,311 | |||||||
Balance, ending at Apr. 30, 2021 | 3,405,441 | $ 246 | 6,298,516 | (12,420) | (60,421) | (2,820,480) | ||
Balance, beginning (in shares) at Jan. 31, 2022 | 251,209 | |||||||
Balance, beginning at Jan. 31, 2022 | 4,535,082 | $ 251 | 7,284,174 | (12,467) | 7,709 | (2,744,585) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock under employee equity plans, net of shares withheld for employee taxes (in shares) | 2,470 | |||||||
Issuance of common stock under employee equity plans, net of shares withheld for employee taxes | $ 2 | 988 | ||||||
Share-based compensation | 311,506 | |||||||
Exercise of convertible senior notes hedges | 119 | (117) | ||||||
Settlement of convertible senior notes (in shares) | 1 | |||||||
Other comprehensive income (loss) | 35,400 | 35,400 | ||||||
Net income (loss) | (102,173) | (102,173) | ||||||
Purchase of treasury stock from the exercise of convertible senior notes hedges (in shares) | (1) | |||||||
Balance, ending (in shares) at Apr. 30, 2022 | 253,679 | |||||||
Balance, ending at Apr. 30, 2022 | $ 4,780,807 | $ 253 | $ 7,596,787 | $ (12,584) | $ 43,109 | $ (2,846,758) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (102,173) | $ (46,522) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 89,846 | 82,463 |
Share-based compensation expenses | 311,506 | 264,635 |
Amortization of deferred costs | 39,427 | 31,614 |
Non-cash lease expense | 22,048 | 22,230 |
(Gains) losses on investments | 8,080 | 6,018 |
Other | 709 | (1,624) |
Changes in operating assets and liabilities, net of business combinations: | ||
Trade and other receivables, net | 462,964 | 392,119 |
Deferred costs | (41,729) | (26,270) |
Prepaid expenses and other assets | (23,997) | (35,566) |
Accounts payable | 6,910 | (170) |
Accrued expenses and other liabilities | (30,873) | (10,920) |
Unearned revenue | (303,001) | (225,579) |
Net cash provided by (used in) operating activities | 439,717 | 452,428 |
Cash flows from investing activities: | ||
Purchases of marketable securities | (2,010,619) | (765,395) |
Maturities of marketable securities | 601,475 | 857,408 |
Sales of marketable securities | 5,130 | 12,457 |
Owned real estate projects | (20) | (171,423) |
Capital expenditures, excluding owned real estate projects | (58,750) | (69,796) |
Business combinations, net of cash acquired | 0 | (679,220) |
Purchases of non-marketable equity and other investments | (15,023) | (45,767) |
Sales and maturities of non-marketable equity and other investments | 7,066 | 25 |
Other | 0 | (5) |
Net cash provided by (used in) investing activities | (1,470,741) | (861,716) |
Cash flows from financing activities: | ||
Proceeds from issuance of debt, net of debt discount | 2,978,077 | 0 |
Repayments and extinguishment of debt | (693,953) | (9,426) |
Payments for debt issuance costs | (7,220) | 0 |
Proceeds from issuance of common stock from employee equity plans, net of taxes paid for shares withheld | 990 | |
Proceeds from issuance of common stock from employee equity plans, net of taxes paid for shares withheld | (1,357) | |
Other | (192) | (225) |
Net cash provided by (used in) financing activities | 2,277,702 | (11,008) |
Effect of exchange rate changes | (685) | 186 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 1,245,993 | (420,110) |
Cash, cash equivalents, and restricted cash at the beginning of period | 1,540,745 | 1,387,921 |
Cash, cash equivalents, and restricted cash at the end of period | 2,786,738 | 967,811 |
Supplemental cash flow data: | ||
Cash paid for interest | 2,941 | 4,638 |
Cash paid for income taxes, net of refunds | 4,496 | 4,493 |
Non-cash investing and financing activities: | ||
Purchases of property and equipment, accrued but not paid | 119,007 | 78,468 |
Cash and cash equivalents | 2,776,336 | 959,358 |
Total cash, cash equivalents, and restricted cash | 2,786,738 | 967,811 |
Prepaid expenses and other current assets | ||
Restricted cash | 10,402 | 7,755 |
Other assets | ||
Restricted cash | $ 0 | $ 698 |
Overview and Basis of Presentat
Overview and Basis of Presentation | 3 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Overview and Basis of Presentation | Overview and Basis of Presentation Company and Background Workday delivers applications for financial management, spend management, human capital management, planning, and analytics. With Workday, our customers have a unified system that can help them plan, execute, analyze, and extend to other applications and environments, thereby helping them continuously adapt how they manage their business and operations. We were originally incorporated in March 2005 in Nevada, and in June 2012, we reincorporated in Delaware. As used in this report, the terms “Workday,” “registrant,” “we,” “us,” and “our” mean Workday, Inc. and its subsidiaries unless the context indicates otherwise. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated financial statements include the results of Workday, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of our management, the information contained herein reflects all adjustments necessary for a fair presentation of Workday’s financial position, results of operations, stockholders’ equity, and cash flows. All such adjustments are of a normal, recurring nature. The results of operations for the three months ended April 30, 2022, shown in this report are not necessarily indicative of the results to be expected for the full fiscal year ending January 31, 2023. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended January 31, 2022, filed with the SEC on February 28, 2022. Certain prior period amounts reported in our consolidated financial statements and notes thereto have been reclassified to conform to current period presentation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires us to make certain estimates, judgements, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period. For revenue recognition, examples of significant estimates, judgements, and assumptions include the identification of distinct performance obligations and the assessment of the standalone selling price for each performance obligation identified. Other significant estimates, judgements, and assumptions include, but are not limited to, the determination of the period of benefit for deferred commissions, the fair value and useful lives of assets acquired and liabilities assumed through business combinations, and the valuation of non-marketable equity investments. Actual results could differ from those estimates, judgements, and assumptions, and such differences could be material to our condensed consolidated financial statements. Segment Information We operate in one operating segment, cloud applications. Operating segments are defined as components of an enterprise where separate financial information is evaluated regularly by a chief operating decision maker (“CODM”) in deciding how to allocate resources and assessing performance. For the three months ended April 30, 2022, our CODM was our Co-Chief Executive Officer and Chairman, Aneel Bhusri, and our Co-Chief Executive Officer, Chano Fernandez. Our CODM allocates resources and assesses performance based upon discrete financial information at the consolidated level. |
Significant Accounting Policies
Significant Accounting Policies and Accounting Standards | 3 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Accounting Standards | Significant Accounting Policies and Accounting Standards Significant Accounting Policies There have been no material changes in our significant accounting policies as described in our Annual Report on Form 10-K for the fiscal year ended January 31, 2022. Concentrations of Risk and Significant Customers Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, debt securities, and trade and other receivables. Our deposits exceed federally insured limits. No customer individually accounted for more than 10% of trade and other receivables, net as of April 30, 2022, or January 31, 2022. No customer individually accounted for more than 10% of total revenues during the three months ended April 30, 2022, or 2021. Other than the United States, no country individually accounted for more than 10% of total revenues during the three months ended April 30, 2022, or 2021. In order to reduce the risk of down-time of our cloud applications, we have established data centers in various geographic regions. We serve our customers and users from data center facilities operated by third parties, located in the United States, Canada, and Europe. We have internal procedures to restore services in the event of disaster at one of our data center facilities. Even with these procedures for disaster recovery in place, our cloud applications could be significantly interrupted during the implementation of the procedures to restore services. In addition, we rely upon third-party hosted infrastructure partners globally, including Amazon Web Services (“AWS”), Google LLC, and Microsoft Corporation, to serve customers and operate certain aspects of our services. Given this, any disruption of or interference at our hosted infrastructure partners would impact our operations and our business could be adversely impacted. Recently Adopted Accounting Pronouncements ASU No. 2021-08 In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured in accordance with Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. Prior to the adoption of the new standard, such assets and liabilities were recognized by the acquirer at fair value on the acquisition date. We early adopted ASU No. 2021-08 on a prospective basis effective February 1, 2022. The adoption had no impact on our condensed consolidated financial statements during the three months ended April 30, 2022, and any financial impact will be dependent on the magnitude and nature of future business combinations. |
Investments
Investments | 3 Months Ended |
Apr. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Debt Securities As of April 30, 2022, debt securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value U.S. treasury securities $ 2,184,775 $ 6 $ (4,015) $ 2,180,766 U.S. agency obligations 606,874 1 (2,825) 604,050 Corporate bonds 523,658 1 (6,718) 516,941 Commercial paper 1,941,286 — (72) 1,941,214 Total debt securities $ 5,256,593 $ 8 $ (13,630) $ 5,242,971 Included in Cash and cash equivalents $ 1,866,271 $ 6 $ (32) $ 1,866,245 Included in Marketable securities $ 3,390,322 $ 2 $ (13,598) $ 3,376,726 As of January 31, 2022, debt securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value U.S. treasury securities $ 843,627 $ 5 $ (1,720) $ 841,912 U.S. agency obligations 232,093 — (1,168) 230,925 Corporate bonds 490,867 — (1,815) 489,052 Commercial paper 969,204 — — 969,204 Total debt securities $ 2,535,791 $ 5 $ (4,703) $ 2,531,093 Included in Cash and cash equivalents $ 525,524 $ — $ (1) $ 525,523 Included in Marketable securities $ 2,010,267 $ 5 $ (4,702) $ 2,005,570 We classify our debt securities as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. We consider all debt securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classify these securities as current assets on the Condensed Consolidated Balance Sheets. Debt securities included in Marketable securities on the Condensed Consolidated Balance Sheets consist of securities with original maturities at the time of purchase greater than three months, and the remaining securities are included in Cash and cash equivalents. No debt securities held as of April 30, 2022, and January 31, 2022, were in a continuous unrealized loss position for greater than 12 months, and we did not recognize any credit losses related to our debt securities during the periods presented. We did not have any sales of debt securities during the three months ended April 30, 2022. We sold $10 million of debt securities during the three months ended April 30, 2021, and the realized gains and losses from the sales were immaterial. Equity Investments Equity investments consisted of the following (in thousands): Condensed Consolidated Balance Sheets Location April 30, 2022 January 31, 2022 Money market funds Cash and cash equivalents $ 604,004 $ 607,640 Non-marketable equity investments measured using the measurement alternative Other assets 257,586 256,643 Marketable equity investments Marketable securities 102,293 104,318 Total equity investments $ 963,883 $ 968,601 Total realized and unrealized gains and losses associated with our equity investments consisted of the following (in thousands): Three Months Ended April 30, 2022 2021 Net realized gains (losses) recognized on equity investments sold (1) $ 1,059 $ (1,751) Net unrealized gains (losses) recognized on equity investments held as of the end of the period (8,488) (4,298) Total net gains (losses) recognized in Other income (expense), net $ (7,429) $ (6,049) (1) Reflects the difference between the sale proceeds and the carrying value of the equity investments at the beginning of the period. Non-Marketable Equity Investments Measured Using the Measurement Alternative Non-marketable equity investments measured using the measurement alternative include investments in privately held companies without readily determinable fair values in which we do not own a controlling interest or exercise significant influence. The carrying values for our non-marketable equity investments are summarized below (in thousands): April 30, 2022 January 31, 2022 Total initial cost $ 204,717 $ 192,694 Cumulative net unrealized gains (losses) 52,869 63,949 Carrying value $ 257,586 $ 256,643 During the three months ended April 30, 2022, we recorded upward adjustments to the carrying value of non-marketable equity investments of $3 million and impairment losses of $14 million. During the three months ended April 30, 2021, we recorded upward adjustments to the carrying value of these investments of $8 million and impairment losses of $2 million. Marketable Equity Investments We hold marketable equity investments with readily determinable fair values over which we do not own a controlling interest or exercise significant influence. The carrying values for our marketable equity investments are summarized below (in thousands): April 30, 2022 January 31, 2022 Total initial cost $ 38,936 $ 40,739 Cumulative net unrealized gains (losses) 63,357 63,579 Carrying value $ 102,293 $ 104,318 During the three months ended April 30, 2022, we sold marketable equity investments for proceeds of $5 million with a corresponding realized gain of $1 million. During the three months ended April 30, 2021, we sold marketable equity investments for proceeds of $2 million with a corresponding realized loss of $2 million. During the three months ended April 30, 2022, and 2021, we recorded unrealized gains on marketable equity investments of $3 million and unrealized losses of $7 million, respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We measure our cash equivalents, marketable securities, and foreign currency derivative contracts at fair value at each reporting period using a fair value hierarchy that requires that we maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. In addition, we measure our non-marketable equity investments for which there has been an observable price change from an orderly transaction for identical or similar investments of the same issuer at fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Other inputs that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs that are supported by little or no market activity. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis and their assigned levels within the valuation hierarchy as of April 30, 2022 (in thousands): Level 1 Level 2 Level 3 Total U.S. treasury securities $ 2,180,766 $ — $ — $ 2,180,766 U.S. agency obligations — 604,050 — 604,050 Corporate bonds — 516,941 — 516,941 Commercial paper — 1,941,214 — 1,941,214 Money market funds 604,004 — — 604,004 Marketable equity investments 102,293 — — 102,293 Foreign currency derivative assets — 94,742 — 94,742 Total assets $ 2,887,063 $ 3,156,947 $ — $ 6,044,010 Foreign currency derivative liabilities $ — $ 24,703 $ — $ 24,703 Total liabilities $ — $ 24,703 $ — $ 24,703 The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis and their assigned levels within the valuation hierarchy as of January 31, 2022 (in thousands): Level 1 Level 2 Level 3 Total U.S. treasury securities $ 841,912 $ — $ — $ 841,912 U.S. agency obligations — 230,925 — 230,925 Corporate bonds — 489,052 — 489,052 Commercial paper — 969,204 — 969,204 Money market funds 607,640 — — 607,640 Marketable equity investments 104,318 — — 104,318 Foreign currency derivative assets — 39,031 — 39,031 Total assets $ 1,553,870 $ 1,728,212 $ — $ 3,282,082 Foreign currency derivative liabilities $ — $ 13,039 $ — $ 13,039 Total liabilities $ — $ 13,039 $ — $ 13,039 Non-Marketable Equity Investments Measured at Fair Value on a Non-Recurring Basis Non-marketable equity investments that have been remeasured during the period due to an observable event or impairment are classified within Level 3 in the fair value hierarchy because we estimate the value based on valuation methods which may include a combination of the observable transaction price at the transaction date and other unobservable inputs including volatility, rights, and obligations of the investments we hold. For further information, see Note 3, Investments . Fair Value Measurements of Other Financial Instruments We carry our debt at face value less unamortized debt discount and issuance costs on our Condensed Consolidated Balance Sheets and present the fair value for disclosure purposes only. All of our debt obligations are categorized as Level 2 financial instruments. For further information on the fair values of our debt and the inputs used in the calculations, see Note 10, Debt . |
Deferred Costs
Deferred Costs | 3 Months Ended |
Apr. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Deferred Costs | Deferred CostsDeferred costs, which consist of deferred sales commissions, were $497 million and $494 million as of April 30, 2022, and January 31, 2022, respectively. Amortization expense for the deferred costs was $39 million and $32 million for the three months ended April 30, 2022, and 2021, respectively. There was no impairment loss in relation to the costs capitalized for the periods presented.Unearned Revenue and Performance Obligations Subscription services revenues of $1.1 billion and $930 million were recognized during the three months ended April 30, 2022, and 2021, respectively, that were included in the unearned revenue balances as of January 31, 2022, and 2021, respectively. Professional services revenues recognized in the same periods from unearned revenue balances at the beginning of the respective periods were not material. Transaction Price Allocated to the Remaining Performance Obligations As of April 30, 2022, approximately $12.7 billion of revenues are expected to be recognized from remaining performance obligations for subscription contracts. We expect to recognize revenues on approximately $8.0 billion of these remaining performance obligations over the next 24 months, with the balance recognized thereafter. Revenues from remaining performance obligations for professional services contracts as of April 30, 2022, were not material. |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Apr. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): April 30, 2022 January 31, 2022 Computers, equipment, and software $ 1,174,084 $ 1,071,141 Buildings 708,149 691,896 Leasehold improvements 165,113 158,037 Land and land improvements 80,553 80,553 Furniture, fixtures, and transportation equipment 81,626 79,723 Property and equipment, gross 2,209,525 2,081,350 Less accumulated depreciation and amortization (1,023,521) (958,275) Property and equipment, net $ 1,186,004 $ 1,123,075 Depreciation expense totaled $67 million and $63 million for the three months ended April 30, 2022, and 2021, respectively. |
Acquisition-Related Intangible
Acquisition-Related Intangible Assets, Net | 3 Months Ended |
Apr. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquisition-Related Intangible Assets, Net | Acquisition-Related Intangible Assets, Net Acquisition-related intangible assets, net consisted of the following (in thousands): April 30, 2022 January 31, 2022 Developed technology $ 346,300 $ 346,300 Customer relationships 311,100 311,100 Trade name 12,500 12,500 Backlog 15,000 15,000 Acquisition-related intangible assets, gross 684,900 684,900 Less accumulated amortization (315,513) (293,898) Acquisition-related intangible assets, net $ 369,387 $ 391,002 Amortization expense related to acquisition-related intangible assets was $22 million and $18 million for the three months ended April 30, 2022, and 2021, respectively. As of April 30, 2022, our future estimated amortization expense related to acquisition-related intangible assets was as follows (in thousands): Fiscal Period: Remainder of 2023 $ 63,921 2024 74,319 2025 61,663 2026 55,748 2027 31,177 Thereafter 82,559 Total $ 369,387 |
Other Assets
Other Assets | 3 Months Ended |
Apr. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets Other noncurrent assets consisted of the following (in thousands): April 30, 2022 January 31, 2022 Non-marketable equity and other investments $ 260,553 $ 256,759 Derivative assets 41,757 16,618 Prepayments for goods and services 24,028 25,927 Technology patents and other intangible assets, net 21,918 22,792 Net deferred tax assets 10,924 11,642 Deposits 6,352 6,701 Other 2,965 813 Total other assets $ 368,497 $ 341,252 Technology patents and other intangible assets with estimable useful lives are amortized on a straight-line basis. As of April 30, 2022, the future estimated amortization expense was as follows (in thousands): Fiscal Period: Remainder of 2023 $ 2,535 2024 3,102 2025 2,622 2026 2,357 2027 2,077 Thereafter 9,225 Total $ 21,918 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Apr. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments We conduct business on a global basis in multiple foreign currencies, subjecting Workday to foreign currency exchange risk. To mitigate this risk, we utilize derivative hedging contracts as described below. We do not enter into any derivatives for trading or speculative purposes. Our foreign currency contracts are classified within Level 2 of the fair value hierarchy because the valuation inputs are based on quoted prices and market observable data of similar instruments in active markets, such as currency spot and forward rates. Cash Flow Hedges We enter into foreign currency forward contracts to hedge a portion of our forecasted revenue and expense transactions (“cash flow hedges”). We designate these forward contracts as cash flow hedging instruments since the accounting criteria for such designation have been met. Cash flow hedges are recorded on the Condensed Consolidated Balance Sheets at fair value. Cash flows from such forward contracts are classified as operating activities. Gains or losses resulting from changes in the fair value of these hedges are recorded in Accumulated other comprehensive income (loss) (“AOCI”) on the Condensed Consolidated Balance Sheets and are subsequently reclassified to the same line item as the hedged transaction on the Condensed Consolidated Statements of Operations in the same period that the hedged transaction affects earnings. As of April 30, 2022, we estimate that $5 million of net gains recorded in AOCI related to our cash flow hedges will be reclassified into income within the next 12 months. As of April 30, 2022, and January 31, 2022, the notional values of the forward contracts designated as cash flow hedges that we held to buy U.S. dollars in exchange for other currencies were $1.5 billion and $1.4 billion, respectively. The notional values of the forward contracts designated as cash flow hedges that we held to sell U.S. dollars in exchange for other currencies were $300 million and $355 million as of April 30, 2022, and January 31, 2022, respectively. All contracts had maturities of less than 47 months. Non-Designated Hedges We also enter into foreign currency forward contracts to hedge a portion of our net outstanding monetary assets and liabilities (“non-designated hedges”). These forward contracts are intended to offset foreign currency gains or losses associated with the underlying monetary assets and liabilities and are recorded on the Condensed Consolidated Balance Sheets at fair value. These forward contracts are not designated as hedging instruments under applicable accounting guidance, and therefore all changes in the fair value of these forward contracts are recorded in Other income (expense), net on the Condensed Consolidated Statements of Operations. Cash flows from such forward contracts are classified as operating activities. As of April 30, 2022, and January 31, 2022, the notional values of the forward contracts not designated as hedges that we held to buy U.S. dollars in exchange for other currencies were $100 million and $217 million, respectively, and the notional values of the forward contracts not designated as hedges that we held to sell U.S. dollars in exchange for other currencies were $14 million and $8 million, respectively. The fair values of outstanding derivative instruments were as follows (in thousands): Condensed Consolidated Balance Sheets Location April 30, 2022 January 31, 2022 Derivative assets: Cash flow hedges Prepaid expenses and other current assets $ 50,316 $ 21,337 Cash flow hedges Other assets 41,757 16,618 Non-designated hedges Prepaid expenses and other current assets 2,669 1,076 Non-designated hedges Other assets — — Total derivative assets $ 94,742 $ 39,031 Derivative liabilities: Cash flow hedges Accrued expenses and other current liabilities $ 20,800 $ 7,512 Cash flow hedges Other liabilities 3,261 5,175 Non-designated hedges Accrued expenses and other current liabilities 595 336 Non-designated hedges Other liabilities 47 16 Total derivative liabilities $ 24,703 $ 13,039 The effect of cash flow hedges on the Condensed Consolidated Statements of Operations was as follows (in thousands): Three Months Ended April 30, 2022 2021 Revenues Costs and Expenses Revenues Costs and Expenses Total $ 1,434,657 $ 1,507,500 $ 1,175,033 $ 1,213,346 Gains (losses) related to cash flow hedges (1,157) (829) 518 — Gains (losses) associated with cash flow hedges were as follows (in thousands): Consolidated Statements of Operations and Statements of Comprehensive Income (Loss) Locations Three Months Ended April 30, 2022 2021 Gains (losses) recognized in OCI Net change in unrealized gains (losses) on cash flow hedges $ 44,260 $ (4,253) Gains (losses) reclassified from AOCI into income (effective portion) Revenues (1,157) 518 Gains (losses) reclassified from AOCI into income (effective portion) Costs and expenses (829) — Gains (losses) associated with non-designated as hedges were as follows (in thousands): Condensed Consolidated Statements of Operations Location Three Months Ended April 30, 2022 2021 Gains (losses) related to non-designated hedges Other income (expense), net $ 3,966 $ (192) We are subject to netting agreements with all of the counterparties of the foreign exchange contracts, under which we are permitted to net settle transactions of the same currency with a single net amount payable by one party to the other. It is our policy to present the derivatives gross on the Condensed Consolidated Balance Sheets. Our foreign currency forward contracts are not subject to any credit contingent features or collateral requirements. We manage our exposure to counterparty risk by entering into contracts with a diversified group of major financial institutions and by actively monitoring outstanding positions. As of April 30, 2022, information related to these offsetting arrangements was as follows (in thousands): Gross Amounts of Recognized Assets Gross Amounts Offset on the Condensed Consolidated Balance Sheets Net Amounts of Assets Presented on the Condensed Consolidated Balance Sheets Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets Net Assets Exposed Financial Instruments Cash Collateral Received Derivative assets: Counterparty A $ 15,150 $ — $ 15,150 $ (3,146) $ — $ 12,004 Counterparty B 23,381 — 23,381 (14,665) — 8,716 Counterparty C 16,943 — 16,943 (5,163) — 11,780 Counterparty D 33,691 — 33,691 (1,712) — 31,979 Counterparty E 5,577 — 5,577 (17) — 5,560 Total $ 94,742 $ — $ 94,742 $ (24,703) $ — $ 70,039 Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Condensed Consolidated Balance Sheets Net Amounts of Liabilities Presented on the Condensed Consolidated Balance Sheets Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets Net Liabilities Exposed Financial Instruments Cash Collateral Pledged Derivative liabilities: Counterparty A $ 3,146 $ — $ 3,146 $ (3,146) $ — $ — Counterparty B 14,665 — 14,665 (14,665) — — Counterparty C 5,163 — 5,163 (5,163) — — Counterparty D 1,712 — 1,712 (1,712) — — Counterparty E 17 — 17 (17) — — Total $ 24,703 $ — $ 24,703 $ (24,703) $ — $ — |
Debt
Debt | 3 Months Ended |
Apr. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt Outstanding debt consisted of the following (in thousands): April 30, 2022 January 31, 2022 2022 Notes $ 1,149,613 $ 1,149,817 2027 Notes 1,000,000 — 2029 Notes 750,000 — 2032 Notes 1,250,000 — Term loan under the 2020 Credit Agreement — 693,750 Total principal amount 4,149,613 1,843,567 Less: unamortized debt discount and issuance costs (28,419) (3,770) Net carrying amount 4,121,194 1,839,797 Less: debt, current (1,148,126) (1,222,443) Debt, noncurrent $ 2,973,068 $ 617,354 As of April 30, 2022, the future principal payments for the outstanding debt were as follows (in thousands): Fiscal Period: Remainder of 2023 $ 1,149,613 2024 — 2025 — 2026 — 2027 — Thereafter 3,000,000 Total $ 4,149,613 Senior Notes In April 2022, we issued $3.0 billion aggregate principal amount of senior notes, consisting of $1.0 billion aggregate principal amount of 3.500% notes due April 1, 2027 (“2027 Notes”), $750 million aggregate principal amount of 3.700% notes due April 1, 2029 (“2029 Notes”), and $1.25 billion aggregate principal amount of 3.800% notes due April 1, 2032 (“2032 Notes,” and together with the 2027 Notes and the 2029 Notes, “Senior Notes”). Interest is payable semi-annually in arrears on April 1 and October 1 of each year, commencing on October 1, 2022. The Senior Notes are unsecured obligations and rank equally with all existing and future unsecured and unsubordinated indebtedness of Workday. We may redeem the Senior Notes in whole or in part at any time or from time to time, at specified redemption dates and prices. In addition, upon the occurrence of certain change of control triggering events, we may be required to repurchase the Senior Notes under specified terms. The indenture governing the Senior Notes also includes covenants (including certain limited covenants restricting our ability to incur certain liens and enter into certain sale and leaseback transactions), events of default, and other customary provisions. As of April 30, 2022, we were in compliance with all covenants associated with the Senior Notes. We incurred debt discount and issuance costs of approximately $27 million in connection with the Senior Notes offering, which were allocated on a pro rata basis to the 2027 Notes, 2029 Notes, and 2032 Notes. The debt discounts and issuance costs are amortized on a straight-line basis, which approximates the effective interest rate method, to interest expense over the contractual term of each arrangement. The effective interest rates on the 2027 Notes, 2029 Notes, and 2032 Notes, which are calculated as the contractual interest rates adjusted for the debt discount and issuance costs, are 3.67%, 3.82%, and 3.90%, respectively. As of April 30, 2022, the total estimated fair value of the Senior Notes was $2.9 billion. The estimated fair values of the Senior Notes, which we have classified as Level 2 financial instruments, were determined based on quoted bid prices in an over-the-counter market on the last trading day of the reporting period. Credit Agreement In April 2022, we entered into a credit agreement (“2022 Credit Agreement”) which provides for a revolving credit facility in an aggregate principal amount of $1.0 billion. The 2022 Credit Agreement replaced our prior credit agreement entered into in April 2020 (“2020 Credit Agreement”) which provided for a term loan facility in an aggregate original principal amount of $750 million and a revolving credit facility in an aggregate principal amount of $750 million. Concurrently with entering into the 2022 Credit Agreement, we paid off the remaining principal balance of $694 million on the term loan under the 2020 Credit Agreement and terminated the revolving credit facility under the 2020 Credit Agreement which had no outstanding balance. The modification to our revolving credit facility and extinguishment of the term loan under the 2020 Credit Agreement did not have a material impact to our Condensed Consolidated Statements of Operations for the three months ended April 30, 2022. As of April 30, 2022, we had no outstanding revolving loans under the 2022 Credit Agreement. The revolving loans under the 2022 Credit Agreement may be borrowed, repaid, and reborrowed until April 6, 2027, at which time all amounts borrowed must be repaid. The revolving loans under the 2022 Credit Agreement will bear interest, at our option, at a base rate plus a margin of 0.000% to 0.500% or a secured overnight financing rate (“SOFR”) rate plus 10 basis points, plus a margin of 0.750% to 1.500%, with such margin being determined based on our consolidated leverage ratio or debt rating. We are also obligated to pay an ongoing commitment fee on undrawn amounts. The 2022 Credit Agreement contains customary representations, warranties, and affirmative and negative covenants, including a financial covenant, events of default, and indemnification provisions in favor of the lenders. The negative covenants include restrictions on the incurrence of liens and indebtedness, certain merger transactions, and other matters, all subject to certain exceptions. The financial covenant, based on a quarterly financial test, requires that we do not exceed a maximum leverage ratio of 3.50:1.00, subject to a step-up to 4.50:1.00 at our election for a certain period following an acquisition. As of April 30, 2022, we were in compliance with all covenants. Convertible Senior Notes In September 2017, we issued 0.25% convertible senior notes due October 1, 2022, with a principal amount of $1.15 billion (“2022 Notes”). The 2022 Notes are unsecured, unsubordinated obligations, and interest is payable in cash in arrears at a fixed rate of 0.25% on April 1 and October 1 of each year. The 2022 Notes mature on October 1, 2022, unless repurchased or converted in accordance with their terms prior to such date. We cannot redeem the 2022 Notes prior to maturity. The terms of the 2022 Notes are governed by an Indenture by and between us and Computershare Trust Company, as Trustee and successor to Wells Fargo Bank, National Association. Upon conversion, holders of the 2022 Notes will receive cash, shares of Class A common stock, or a combination of cash and shares of Class A common stock, at our election. The initial conversion rate for the 2022 Notes is 6.7982 shares of Class A common stock per $1,000 principal amount, which is equal to an initial conversion price of approximately $147.10 per share of Class A common stock, subject to adjustment. Prior to the close of business on May 31, 2022, conversion of the 2022 Notes is subject to the satisfaction of certain conditions, as described below. Holders of the 2022 Notes who convert their 2022 Notes in connection with certain corporate events that constitute a make-whole fundamental change (as defined in the Indenture) are, under certain circumstances, entitled to an increase in the conversion rate. Additionally, in the event of a corporate event that constitutes a fundamental change (as defined in the Indenture), holders of the 2022 Notes may require us to repurchase all or a portion of their 2022 Notes at a price equal to 100% of the principal amount of the 2022 Notes, plus any accrued and unpaid interest. Holders of the 2022 Notes may convert all or a portion of their 2022 Notes prior to the close of business on May 31, 2022, in multiples of $1,000 principal amount, only under the following circumstances: • if the last reported sale price of our Class A common stock for at least 20 trading days during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price of the 2022 Notes on each applicable trading day; • during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the 2022 Notes for each day of that five day consecutive trading day period was less than 98% of the product of the last reported sale price of Class A common stock and the conversion rate of the 2022 Notes on such trading day; or • upon the occurrence of specified corporate events, as noted in the Indenture. On or after June 1, 2022, holders of the 2022 Notes may convert their 2022 Notes at any time until the close of business on the second scheduled trading day immediately preceding the maturity date of the 2022 Notes. The 2022 Notes were convertible at the option of the holders during the first quarter of fiscal 2023 and continue to be convertible in the second quarter of fiscal 2023 since the trigger for early conversion was met. Specifically, the last reported sale price of our Class A common stock exceeded 130% of the conversion price of the 2022 Notes for more than 20 trading days during the 30 consecutive trading days ended April 30, 2022. Through the date of this filing, the amount of the principal balance of the 2022 Notes that has been converted or for which conversion has been requested was not material. The 2022 Notes are classified as current on the Condensed Consolidated Balance Sheets as of April 30, 2022, and January 31, 2022. The effective interest rate on the 2022 Notes is 0.56%. As of April 30, 2022, and January 31, 2022, the estimated fair value of the 2022 Notes was $1.7 billion and $1.9 billion, respectively. The estimated fair value of the 2022 Notes, which we have classified as a Level 2 financial instrument, was determined based on the quoted bid price in an over-the-counter market on the last trading day of each applicable reporting period. Notes Hedges In connection with the issuance of the 2022 Notes, we entered into convertible note hedge transactions (“Purchased Options”) which give us the option to purchase, subject to anti-dilution adjustments substantially identical to those in the 2022 Notes, approximately 7.8 million shares of our Class A common stock for $147.10 per share. The Purchased Options are exercisable upon conversion of the 2022 Notes and will expire on October 1, 2022, if not exercised earlier. They are intended to offset potential economic dilution to our Class A common stock upon any conversion of the 2022 Notes. The Purchased Options are separate transactions and are not part of the terms of the 2022 Notes. The amounts paid for the Purchased Options were recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets. Warrants In connection with the issuance of the 2022 Notes, we also entered into warrant transactions to sell warrants (“Warrants”) to acquire, subject to anti-dilution adjustments, up to approximately 7.8 million shares over 60 scheduled trading days beginning in January 2023 of our Class A common stock at an exercise price of $213.96 per share. If the Warrants are not exercised on their exercise dates, they will expire. The Warrants will be net share settled, and the resulting number of shares of our common stock we will issue depends on the daily volume-weighted average stock prices over the 60 scheduled trading day period beginning on the first expiration date of the Warrants. If the market value per share of our Class A common stock exceeds the applicable exercise price of the Warrants, the Warrants will have a dilutive effect on our earnings per share, assuming that we are profitable. The Warrants are separate transactions and are not part of the terms of the 2022 Notes or the Purchased Options. The proceeds from the sale of the Warrants were recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets. Interest Expense on Debt The following table sets forth total interest expense recognized related to our debt (in thousands): Three Months Ended April 30, 2022 2021 Contractual interest expense $ 11,385 $ 3,148 Interest cost related to amortization and write-off of debt discount and issuance costs 2,601 997 Total interest expense $ 13,986 $ 4,145 |
Leases
Leases | 3 Months Ended |
Apr. 30, 2022 | |
Leases [Abstract] | |
Leases | Leases We have entered into operating lease agreements for our office space, data centers, and other property and equipment. Operating lease right-of-use assets were $252 million and $248 million as of April 30, 2022, and January 31, 2022, respectively, and operating lease liabilities were $263 million as of both April 30, 2022, and January 31, 2022. We have also entered into finance lease agreements for other property and equipment. As of April 30, 2022, and January 31, 2022, finance leases were not material. The components of operating lease expense were as follows (in thousands): Three Months Ended April 30, 2022 2021 Operating lease cost $ 23,644 $ 24,273 Short-term lease cost 1,225 2,178 Variable lease cost 9,773 5,121 Total operating lease cost $ 34,642 $ 31,572 Supplemental cash flow information related to our operating leases was as follows (in thousands): Three Months Ended April 30, 2022 2021 Cash paid for operating lease liabilities $ 25,658 $ 26,622 Operating lease right-of-use assets obtained in exchange for new operating lease liabilities 28,581 21,501 Other information related to our operating leases was as follows: April 30, 2022 January 31, 2022 Weighted average remaining lease term (in years) 5 5 Weighted average discount rate 2.42 % 2.35 % As of April 30, 2022, maturities of operating lease liabilities were as follows (in thousands): Fiscal Period: Remainder of 2023 $ 64,149 2024 78,891 2025 61,901 2026 35,127 2027 14,748 Thereafter 33,191 Total lease payments 288,007 Less imputed interest (25,197) Total operating lease liabilities $ 262,810 As of April 30, 2022, we have additional operating leases for office space and data centers that had not yet commenced with total undiscounted lease payments of $12 million. These operating leases will commence in fiscal 2023, with lease terms ranging from five |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Purchase Obligations Our purchase obligations are primarily related to agreements for third-party hosted infrastructure platforms, data center equipment and software, business technology software and support, and sales and marketing activities. During the three months ended April 30, 2022, there were no material changes outside the ordinary course of business to our non-cancelable purchase obligations disclosed in our Annual Report on Form 10-K for the fiscal year ended January 31, 2022. Legal Matters We are a party to various legal proceedings and claims that arise in the ordinary course of business. We make a provision for a liability relating to legal matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular matter. In our opinion, as of April 30, 2022, there was not at least a reasonable possibility that we had incurred a material loss, or a material loss in excess of a recorded accrual, with respect to such loss contingencies. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Apr. 30, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Common Stock As of April 30, 2022, there were 199 million shares of Class A common stock, net of treasury stock, and 55 million shares of Class B common stock outstanding. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to 10 votes per share. Each share of Class B common stock can be converted into a share of Class A common stock at any time at the option of the holder. Employee Equity Plans Our 2012 Equity Incentive Plan (“EIP”) serves as the successor to our 2005 Stock Plan (together with the EIP, the “Stock Plans”). As of April 30, 2022, we had 52 million shares of Class A common stock available for future grants. We also have a 2012 Employee Stock Purchase Plan (“ESPP”). Under the ESPP, eligible employees are granted options to purchase shares at the lower of 85% of the fair market value of the stock at the time of grant or 85% of the fair market value at the time of exercise. Options to purchase shares are granted twice yearly on or about June 1 and December 1, and are exercisable on or about the succeeding November 30 and May 31, respectively. Pursuant to the terms of the ESPP, the share reserve increased by 2 million shares on March 31, 2022. As of April 30, 2022, 6 million shares of Class A common stock were available for issuance under the ESPP. Restricted Stock Units The Stock Plans provide for the issuance of restricted stock units (“RSUs”) to employees and non-employees. RSUs generally vest over four years. A summary of information related to RSU activity during the three months ended April 30, 2022, is as follows (in thousands, except per share data): Number of Shares Weighted-Average Grant Date Fair Value Balance as of January 31, 2022 11,808 $ 209.12 RSUs granted 6,114 221.96 RSUs vested (2,014) 209.16 RSUs forfeited (398) 198.14 Balance as of April 30, 2022 15,510 214.46 As of April 30, 2022, there was a total of $2.6 billion in unrecognized compensation cost, adjusted for estimated forfeitures, related to unvested RSUs, which is expected to be recognized over a weighted-average period of approximately three years. Performance-Based Restricted Stock Units During fiscal 2022, 0.4 million shares of performance-based restricted stock units (“PRSUs”) were granted to employees below the level of vice president that included both service conditions and performance conditions related to company-wide goals. These performance conditions were met and the PRSUs vested on March 15, 2022. During the three months ended April 30, 2022, we recognized $16 million in compensation cost related to these PRSUs. We will not continue our company-wide PRSU program in fiscal 2023. Stock Options The Stock Plans provide for the issuance of incentive and nonstatutory stock options to employees and non-employees. Stock options issued under the Stock Plans generally are exercisable for periods not to exceed ten years and generally vest over five years. A summary of information related to stock option activity during the three months ended April 30, 2022, is as follows (in millions, except number of shares which are reflected in thousands and per share data): Outstanding Stock Options Weighted-Average Exercise Price Aggregate Intrinsic Value Balance as of January 31, 2022 387 $ 20.09 $ 90 Stock options exercised (112) 10.50 Stock options canceled (14) 32.58 Balance as of April 30, 2022 261 23.53 48 Vested and expected to vest as of April 30, 2022 261 23.62 48 Exercisable as of April 30, 2022 260 23.56 48 As of April 30, 2022, unrecognized compensation cost related to unvested stock options was not material. |
Unearned Revenue and Performanc
Unearned Revenue and Performance Obligations | 3 Months Ended |
Apr. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Unearned Revenue and Performance Obligations | Deferred CostsDeferred costs, which consist of deferred sales commissions, were $497 million and $494 million as of April 30, 2022, and January 31, 2022, respectively. Amortization expense for the deferred costs was $39 million and $32 million for the three months ended April 30, 2022, and 2021, respectively. There was no impairment loss in relation to the costs capitalized for the periods presented.Unearned Revenue and Performance Obligations Subscription services revenues of $1.1 billion and $930 million were recognized during the three months ended April 30, 2022, and 2021, respectively, that were included in the unearned revenue balances as of January 31, 2022, and 2021, respectively. Professional services revenues recognized in the same periods from unearned revenue balances at the beginning of the respective periods were not material. Transaction Price Allocated to the Remaining Performance Obligations As of April 30, 2022, approximately $12.7 billion of revenues are expected to be recognized from remaining performance obligations for subscription contracts. We expect to recognize revenues on approximately $8.0 billion of these remaining performance obligations over the next 24 months, with the balance recognized thereafter. Revenues from remaining performance obligations for professional services contracts as of April 30, 2022, were not material. |
Other Income (Expense), Net
Other Income (Expense), Net | 3 Months Ended |
Apr. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Other Income (Expense), Net | Other Income (Expense), Net Other income (expense), net consisted of the following (in thousands): Three Months Ended April 30, 2022 2021 Interest income $ 4,007 $ 2,003 Interest expense (1) (14,018) (4,177) Other (2) (10,152) (6,877) Total other income (expense), net $ (20,163) $ (9,051) (1) Interest expense primarily includes the contractual interest expense of our debt obligations, and the related non-cash interest expense attributable to amortization of the debt discounts and issuance costs. For further information, see Note 1 0 , Debt . (2) Other primarily includes the net gains (losses) from our equity investments. For further information, see Note 3, Investments . |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We reported an income tax provision of $9 million and an income tax benefit of $1 million for the three months ended April 30, 2022, and 2021, respectively. The income tax provision for the three months ended April 30, 2022, was primarily attributable to a taxable gain recognized from an intercompany sale of intellectual property, income tax expenses in profitable foreign jurisdictions, and an increase in state taxes due to capitalized research and development expenditures. The income tax benefit for the three months ended April 30, 2021, was primarily attributable to excess tax benefit from stock option deductions in foreign jurisdictions. The 2017 Tax Cuts and Jobs Act requires research and development expenditures incurred for the tax year beginning after December 31, 2021, to be capitalized and amortized ratably over five years for domestic research and fifteen years for international research. The mandatory capitalization requirement has no material impact to our fiscal 2023 income tax provision due to our tax attributes carryover and full valuation allowance position. We are subject to income tax audits in the U.S. and foreign jurisdictions. We record liabilities related to uncertain tax positions and believe that we have provided adequate reserves for income tax uncertainties in all open tax years. Due to our history of tax losses, all years remain open to tax audit. We periodically evaluate the realizability of our net deferred tax assets based on all available evidence, both positive and negative. The realization of net deferred tax assets is dependent on our ability to generate sufficient future taxable income during periods prior to the expiration of tax attributes to fully utilize these assets. As of April 30, 2022, we continue to maintain a full valuation allowance on our deferred tax assets except in certain jurisdictions. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Apr. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period, net of treasury stock. Diluted net loss per share is computed by giving effect to all potentially dilutive shares of common stock, including our convertible senior notes, outstanding warrants related to the issuance of the convertible senior notes, and outstanding share-based awards consisting primarily of unvested RSUs and ESPP obligations. The net loss per share is allocated based on the contractual participation rights of the Class A common shares and Class B common shares as if the loss for the period had been distributed. As the liquidation and dividend rights are identical, the net loss is allocated on a proportionate basis. Basic and diluted net loss per share was the same for each period presented, as the inclusion of all potential common shares outstanding would have been anti-dilutive. The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended April 30, 2022 2021 Class A Class B Class A Class B Net loss per share, basic and diluted: Numerator: Net loss $ (79,738) $ (22,435) $ (35,385) $ (11,137) Denominator: Weighted-average shares outstanding 196,466 55,277 185,397 58,342 Net loss per share, basic and diluted $ (0.41) $ (0.41) $ (0.19) $ (0.19) The computation of diluted net loss per share does not include the effect of the following potentially outstanding weighted-average shares of common stock. The effects of these potentially outstanding shares were not included in the calculation of diluted net loss per share because the effect would have been anti-dilutive (in thousands): Three Months Ended April 30, 2022 2021 Shares related to outstanding share-based awards 13,654 14,757 Shares related to the convertible senior notes 7,816 7,817 Shares subject to warrants related to the issuance of convertible senior notes 7,818 7,818 Total 29,288 30,392 |
Geographic Information
Geographic Information | 3 Months Ended |
Apr. 30, 2022 | |
Segment Reporting [Abstract] | |
Geographic Information | Geographic Information Revenues We sell our subscription contracts and related services in two primary geographical markets: to customers located in the United States and to customers located outside of the United States. Revenues by geography are generally based on the address of the customer as specified in our customer subscription agreement. The following table sets forth revenues by geographic area (in thousands): Three Months Ended April 30, 2022 2021 United States $ 1,075,045 $ 883,441 Other countries 359,612 291,592 Total revenues $ 1,434,657 $ 1,175,033 Long-Lived Assets Our long-lived assets, which primarily consist of property and equipment and operating lease right-of-use assets, are attributed to a country based on the physical location of the assets. Aggregate Property and equipment, net and Operating lease right-of-use assets by geographic area was as follows (in thousands): April 30, 2022 January 31, 2022 United States $ 1,231,597 $ 1,174,371 Ireland 125,655 117,049 Other countries 80,988 79,463 Total long-lived assets $ 1,438,240 $ 1,370,883 |
Overview and Basis of Present_2
Overview and Basis of Presentation (Policies) | 3 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated financial statements include the results of Workday, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of our management, the information contained herein reflects all adjustments necessary for a fair presentation of Workday’s financial position, results of operations, stockholders’ equity, and cash flows. All such adjustments are of a normal, recurring nature. The results of operations for the three months ended April 30, 2022, shown in this report are not necessarily indicative of the results to be expected for the full fiscal year ending January 31, 2023. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended January 31, 2022, filed with the SEC on February 28, 2022. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires us to make certain estimates, judgements, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period. For revenue recognition, examples of significant estimates, judgements, and assumptions include the identification of distinct performance obligations and the assessment of the standalone selling price for each performance obligation identified. Other significant estimates, judgements, and assumptions include, but are not limited to, the determination of the period of benefit for deferred commissions, the fair value and useful lives of assets acquired and liabilities assumed through business combinations, and the valuation of non-marketable equity investments. Actual results could differ from those estimates, judgements, and assumptions, and such differences could be material to our condensed consolidated financial statements. |
Segment Information | Segment Information We operate in one operating segment, cloud applications. Operating segments are defined as components of an enterprise where separate financial information is evaluated regularly by a chief operating decision maker (“CODM”) in deciding how to allocate resources and assessing performance. For the three months ended April 30, 2022, our CODM was our Co-Chief Executive Officer and Chairman, Aneel Bhusri, and our Co-Chief Executive Officer, Chano Fernandez. Our CODM allocates resources and assesses performance based upon discrete financial information at the consolidated level. |
Concentrations of Risk and Significant Customers | Concentrations of Risk and Significant Customers Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, debt securities, and trade and other receivables. Our deposits exceed federally insured limits. No customer individually accounted for more than 10% of trade and other receivables, net as of April 30, 2022, or January 31, 2022. No customer individually accounted for more than 10% of total revenues during the three months ended April 30, 2022, or 2021. Other than the United States, no country individually accounted for more than 10% of total revenues during the three months ended April 30, 2022, or 2021. In order to reduce the risk of down-time of our cloud applications, we have established data centers in various geographic regions. We serve our customers and users from data center facilities operated by third parties, located in the United States, Canada, and Europe. We have internal procedures to restore services in the event of disaster at one of our data center facilities. Even with these procedures for disaster recovery in place, our cloud applications could be significantly interrupted during the implementation of the procedures to restore services. In addition, we rely upon third-party hosted infrastructure partners globally, including Amazon Web Services (“AWS”), Google LLC, and Microsoft Corporation, to serve customers and operate certain aspects of our services. Given this, any disruption of or interference at our hosted infrastructure partners would impact our operations and our business could be adversely impacted. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements ASU No. 2021-08 In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured in accordance with Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. Prior to the adoption of the new standard, such assets and liabilities were recognized by the acquirer at fair value on the acquisition date. We early adopted ASU No. 2021-08 on a prospective basis effective February 1, 2022. The adoption had no impact on our condensed consolidated financial statements during the three months ended April 30, 2022, and any financial impact will be dependent on the magnitude and nature of future business combinations. |
Investments | We classify our debt securities as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. We consider all debt securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classify these securities as current assets on the Condensed Consolidated Balance Sheets. Debt securities included in Marketable securities on the Condensed Consolidated Balance Sheets consist of securities with original maturities at the time of purchase greater than three months, and the remaining securities are included in Cash and cash equivalents. |
Fair Value Measurements | We measure our cash equivalents, marketable securities, and foreign currency derivative contracts at fair value at each reporting period using a fair value hierarchy that requires that we maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. In addition, we measure our non-marketable equity investments for which there has been an observable price change from an orderly transaction for identical or similar investments of the same issuer at fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Other inputs that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs that are supported by little or no market activity. |
Derivative Instruments | We conduct business on a global basis in multiple foreign currencies, subjecting Workday to foreign currency exchange risk. To mitigate this risk, we utilize derivative hedging contracts as described below. We do not enter into any derivatives for trading or speculative purposes. Our foreign currency contracts are classified within Level 2 of the fair value hierarchy because the valuation inputs are based on quoted prices and market observable data of similar instruments in active markets, such as currency spot and forward rates. Cash Flow Hedges We enter into foreign currency forward contracts to hedge a portion of our forecasted revenue and expense transactions (“cash flow hedges”). We designate these forward contracts as cash flow hedging instruments since the accounting criteria for such designation have been met. |
Net Loss Per Share | Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period, net of treasury stock. Diluted net loss per share is computed by giving effect to all potentially dilutive shares of common stock, including our convertible senior notes, outstanding warrants related to the issuance of the convertible senior notes, and outstanding share-based awards consisting primarily of unvested RSUs and ESPP obligations. The net loss per share is allocated based on the contractual participation rights of the Class A common shares and Class B common shares as if the loss for the period had been distributed. As the liquidation and dividend rights are identical, the net loss is allocated on a proportionate basis. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Debt Securities | As of April 30, 2022, debt securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value U.S. treasury securities $ 2,184,775 $ 6 $ (4,015) $ 2,180,766 U.S. agency obligations 606,874 1 (2,825) 604,050 Corporate bonds 523,658 1 (6,718) 516,941 Commercial paper 1,941,286 — (72) 1,941,214 Total debt securities $ 5,256,593 $ 8 $ (13,630) $ 5,242,971 Included in Cash and cash equivalents $ 1,866,271 $ 6 $ (32) $ 1,866,245 Included in Marketable securities $ 3,390,322 $ 2 $ (13,598) $ 3,376,726 As of January 31, 2022, debt securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value U.S. treasury securities $ 843,627 $ 5 $ (1,720) $ 841,912 U.S. agency obligations 232,093 — (1,168) 230,925 Corporate bonds 490,867 — (1,815) 489,052 Commercial paper 969,204 — — 969,204 Total debt securities $ 2,535,791 $ 5 $ (4,703) $ 2,531,093 Included in Cash and cash equivalents $ 525,524 $ — $ (1) $ 525,523 Included in Marketable securities $ 2,010,267 $ 5 $ (4,702) $ 2,005,570 |
Equity Investments | Equity investments consisted of the following (in thousands): Condensed Consolidated Balance Sheets Location April 30, 2022 January 31, 2022 Money market funds Cash and cash equivalents $ 604,004 $ 607,640 Non-marketable equity investments measured using the measurement alternative Other assets 257,586 256,643 Marketable equity investments Marketable securities 102,293 104,318 Total equity investments $ 963,883 $ 968,601 |
Realized and Unrealized Gains and Losses With Equity Investments | Total realized and unrealized gains and losses associated with our equity investments consisted of the following (in thousands): Three Months Ended April 30, 2022 2021 Net realized gains (losses) recognized on equity investments sold (1) $ 1,059 $ (1,751) Net unrealized gains (losses) recognized on equity investments held as of the end of the period (8,488) (4,298) Total net gains (losses) recognized in Other income (expense), net $ (7,429) $ (6,049) (1) Reflects the difference between the sale proceeds and the carrying value of the equity investments at the beginning of the period. |
Carrying Values Of Non-marketable Equity Investments | The carrying values for our non-marketable equity investments are summarized below (in thousands): April 30, 2022 January 31, 2022 Total initial cost $ 204,717 $ 192,694 Cumulative net unrealized gains (losses) 52,869 63,949 Carrying value $ 257,586 $ 256,643 |
Carrying Values Of Marketable Equity Investments | The carrying values for our marketable equity investments are summarized below (in thousands): April 30, 2022 January 31, 2022 Total initial cost $ 38,936 $ 40,739 Cumulative net unrealized gains (losses) 63,357 63,579 Carrying value $ 102,293 $ 104,318 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Information about Assets Measured at Fair Value on a Recurring Basis | The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis and their assigned levels within the valuation hierarchy as of April 30, 2022 (in thousands): Level 1 Level 2 Level 3 Total U.S. treasury securities $ 2,180,766 $ — $ — $ 2,180,766 U.S. agency obligations — 604,050 — 604,050 Corporate bonds — 516,941 — 516,941 Commercial paper — 1,941,214 — 1,941,214 Money market funds 604,004 — — 604,004 Marketable equity investments 102,293 — — 102,293 Foreign currency derivative assets — 94,742 — 94,742 Total assets $ 2,887,063 $ 3,156,947 $ — $ 6,044,010 Foreign currency derivative liabilities $ — $ 24,703 $ — $ 24,703 Total liabilities $ — $ 24,703 $ — $ 24,703 The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis and their assigned levels within the valuation hierarchy as of January 31, 2022 (in thousands): Level 1 Level 2 Level 3 Total U.S. treasury securities $ 841,912 $ — $ — $ 841,912 U.S. agency obligations — 230,925 — 230,925 Corporate bonds — 489,052 — 489,052 Commercial paper — 969,204 — 969,204 Money market funds 607,640 — — 607,640 Marketable equity investments 104,318 — — 104,318 Foreign currency derivative assets — 39,031 — 39,031 Total assets $ 1,553,870 $ 1,728,212 $ — $ 3,282,082 Foreign currency derivative liabilities $ — $ 13,039 $ — $ 13,039 Total liabilities $ — $ 13,039 $ — $ 13,039 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): April 30, 2022 January 31, 2022 Computers, equipment, and software $ 1,174,084 $ 1,071,141 Buildings 708,149 691,896 Leasehold improvements 165,113 158,037 Land and land improvements 80,553 80,553 Furniture, fixtures, and transportation equipment 81,626 79,723 Property and equipment, gross 2,209,525 2,081,350 Less accumulated depreciation and amortization (1,023,521) (958,275) Property and equipment, net $ 1,186,004 $ 1,123,075 |
Acquisition-Related Intangibl_2
Acquisition-Related Intangible Assets, Net (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Acquired Assets | Acquisition-related intangible assets, net consisted of the following (in thousands): April 30, 2022 January 31, 2022 Developed technology $ 346,300 $ 346,300 Customer relationships 311,100 311,100 Trade name 12,500 12,500 Backlog 15,000 15,000 Acquisition-related intangible assets, gross 684,900 684,900 Less accumulated amortization (315,513) (293,898) Acquisition-related intangible assets, net $ 369,387 $ 391,002 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of April 30, 2022, our future estimated amortization expense related to acquisition-related intangible assets was as follows (in thousands): Fiscal Period: Remainder of 2023 $ 63,921 2024 74,319 2025 61,663 2026 55,748 2027 31,177 Thereafter 82,559 Total $ 369,387 Fiscal Period: Remainder of 2023 $ 2,535 2024 3,102 2025 2,622 2026 2,357 2027 2,077 Thereafter 9,225 Total $ 21,918 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Noncurrent Assets | Other noncurrent assets consisted of the following (in thousands): April 30, 2022 January 31, 2022 Non-marketable equity and other investments $ 260,553 $ 256,759 Derivative assets 41,757 16,618 Prepayments for goods and services 24,028 25,927 Technology patents and other intangible assets, net 21,918 22,792 Net deferred tax assets 10,924 11,642 Deposits 6,352 6,701 Other 2,965 813 Total other assets $ 368,497 $ 341,252 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of April 30, 2022, our future estimated amortization expense related to acquisition-related intangible assets was as follows (in thousands): Fiscal Period: Remainder of 2023 $ 63,921 2024 74,319 2025 61,663 2026 55,748 2027 31,177 Thereafter 82,559 Total $ 369,387 Fiscal Period: Remainder of 2023 $ 2,535 2024 3,102 2025 2,622 2026 2,357 2027 2,077 Thereafter 9,225 Total $ 21,918 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values of Outstanding Derivative Instruments | The fair values of outstanding derivative instruments were as follows (in thousands): Condensed Consolidated Balance Sheets Location April 30, 2022 January 31, 2022 Derivative assets: Cash flow hedges Prepaid expenses and other current assets $ 50,316 $ 21,337 Cash flow hedges Other assets 41,757 16,618 Non-designated hedges Prepaid expenses and other current assets 2,669 1,076 Non-designated hedges Other assets — — Total derivative assets $ 94,742 $ 39,031 Derivative liabilities: Cash flow hedges Accrued expenses and other current liabilities $ 20,800 $ 7,512 Cash flow hedges Other liabilities 3,261 5,175 Non-designated hedges Accrued expenses and other current liabilities 595 336 Non-designated hedges Other liabilities 47 16 Total derivative liabilities $ 24,703 $ 13,039 |
Derivative Instruments Gain (Loss) | The effect of cash flow hedges on the Condensed Consolidated Statements of Operations was as follows (in thousands): Three Months Ended April 30, 2022 2021 Revenues Costs and Expenses Revenues Costs and Expenses Total $ 1,434,657 $ 1,507,500 $ 1,175,033 $ 1,213,346 Gains (losses) related to cash flow hedges (1,157) (829) 518 — Consolidated Statements of Operations and Statements of Comprehensive Income (Loss) Locations Three Months Ended April 30, 2022 2021 Gains (losses) recognized in OCI Net change in unrealized gains (losses) on cash flow hedges $ 44,260 $ (4,253) Gains (losses) reclassified from AOCI into income (effective portion) Revenues (1,157) 518 Gains (losses) reclassified from AOCI into income (effective portion) Costs and expenses (829) — Gains (losses) associated with non-designated as hedges were as follows (in thousands): Condensed Consolidated Statements of Operations Location Three Months Ended April 30, 2022 2021 Gains (losses) related to non-designated hedges Other income (expense), net $ 3,966 $ (192) |
Offsetting Assets | As of April 30, 2022, information related to these offsetting arrangements was as follows (in thousands): Gross Amounts of Recognized Assets Gross Amounts Offset on the Condensed Consolidated Balance Sheets Net Amounts of Assets Presented on the Condensed Consolidated Balance Sheets Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets Net Assets Exposed Financial Instruments Cash Collateral Received Derivative assets: Counterparty A $ 15,150 $ — $ 15,150 $ (3,146) $ — $ 12,004 Counterparty B 23,381 — 23,381 (14,665) — 8,716 Counterparty C 16,943 — 16,943 (5,163) — 11,780 Counterparty D 33,691 — 33,691 (1,712) — 31,979 Counterparty E 5,577 — 5,577 (17) — 5,560 Total $ 94,742 $ — $ 94,742 $ (24,703) $ — $ 70,039 |
Offsetting Liabilities | Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Condensed Consolidated Balance Sheets Net Amounts of Liabilities Presented on the Condensed Consolidated Balance Sheets Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets Net Liabilities Exposed Financial Instruments Cash Collateral Pledged Derivative liabilities: Counterparty A $ 3,146 $ — $ 3,146 $ (3,146) $ — $ — Counterparty B 14,665 — 14,665 (14,665) — — Counterparty C 5,163 — 5,163 (5,163) — — Counterparty D 1,712 — 1,712 (1,712) — — Counterparty E 17 — 17 (17) — — Total $ 24,703 $ — $ 24,703 $ (24,703) $ — $ — |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Debt Disclosure [Abstract] | |
Outstanding Debt | Outstanding debt consisted of the following (in thousands): April 30, 2022 January 31, 2022 2022 Notes $ 1,149,613 $ 1,149,817 2027 Notes 1,000,000 — 2029 Notes 750,000 — 2032 Notes 1,250,000 — Term loan under the 2020 Credit Agreement — 693,750 Total principal amount 4,149,613 1,843,567 Less: unamortized debt discount and issuance costs (28,419) (3,770) Net carrying amount 4,121,194 1,839,797 Less: debt, current (1,148,126) (1,222,443) Debt, noncurrent $ 2,973,068 $ 617,354 |
Schedule of Maturities of Long-term Debt | As of April 30, 2022, the future principal payments for the outstanding debt were as follows (in thousands): Fiscal Period: Remainder of 2023 $ 1,149,613 2024 — 2025 — 2026 — 2027 — Thereafter 3,000,000 Total $ 4,149,613 |
Schedule of Interest Expense | The following table sets forth total interest expense recognized related to our debt (in thousands): Three Months Ended April 30, 2022 2021 Contractual interest expense $ 11,385 $ 3,148 Interest cost related to amortization and write-off of debt discount and issuance costs 2,601 997 Total interest expense $ 13,986 $ 4,145 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Leases [Abstract] | |
Components of Lease Expense | The components of operating lease expense were as follows (in thousands): Three Months Ended April 30, 2022 2021 Operating lease cost $ 23,644 $ 24,273 Short-term lease cost 1,225 2,178 Variable lease cost 9,773 5,121 Total operating lease cost $ 34,642 $ 31,572 |
Information Related to Right-of-Use Assets and Lease Liabilities | Supplemental cash flow information related to our operating leases was as follows (in thousands): Three Months Ended April 30, 2022 2021 Cash paid for operating lease liabilities $ 25,658 $ 26,622 Operating lease right-of-use assets obtained in exchange for new operating lease liabilities 28,581 21,501 Other information related to our operating leases was as follows: April 30, 2022 January 31, 2022 Weighted average remaining lease term (in years) 5 5 Weighted average discount rate 2.42 % 2.35 % |
Maturities of Operating Lease Liabilities | As of April 30, 2022, maturities of operating lease liabilities were as follows (in thousands): Fiscal Period: Remainder of 2023 $ 64,149 2024 78,891 2025 61,901 2026 35,127 2027 14,748 Thereafter 33,191 Total lease payments 288,007 Less imputed interest (25,197) Total operating lease liabilities $ 262,810 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Equity [Abstract] | |
Summary of Information Related to Restricted Stock Units Activity | A summary of information related to RSU activity during the three months ended April 30, 2022, is as follows (in thousands, except per share data): Number of Shares Weighted-Average Grant Date Fair Value Balance as of January 31, 2022 11,808 $ 209.12 RSUs granted 6,114 221.96 RSUs vested (2,014) 209.16 RSUs forfeited (398) 198.14 Balance as of April 30, 2022 15,510 214.46 |
Summary of Information Related to Stock Option Activity | A summary of information related to stock option activity during the three months ended April 30, 2022, is as follows (in millions, except number of shares which are reflected in thousands and per share data): Outstanding Stock Options Weighted-Average Exercise Price Aggregate Intrinsic Value Balance as of January 31, 2022 387 $ 20.09 $ 90 Stock options exercised (112) 10.50 Stock options canceled (14) 32.58 Balance as of April 30, 2022 261 23.53 48 Vested and expected to vest as of April 30, 2022 261 23.62 48 Exercisable as of April 30, 2022 260 23.56 48 |
Other Income (Expense), Net (Ta
Other Income (Expense), Net (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Other Income (Expense), Net | Other income (expense), net consisted of the following (in thousands): Three Months Ended April 30, 2022 2021 Interest income $ 4,007 $ 2,003 Interest expense (1) (14,018) (4,177) Other (2) (10,152) (6,877) Total other income (expense), net $ (20,163) $ (9,051) (1) Interest expense primarily includes the contractual interest expense of our debt obligations, and the related non-cash interest expense attributable to amortization of the debt discounts and issuance costs. For further information, see Note 1 0 , Debt . (2) Other primarily includes the net gains (losses) from our equity investments. For further information, see Note 3, Investments . |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Calculation of Basic and Diluted Net Loss Per Share | The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended April 30, 2022 2021 Class A Class B Class A Class B Net loss per share, basic and diluted: Numerator: Net loss $ (79,738) $ (22,435) $ (35,385) $ (11,137) Denominator: Weighted-average shares outstanding 196,466 55,277 185,397 58,342 Net loss per share, basic and diluted $ (0.41) $ (0.41) $ (0.19) $ (0.19) |
Shares Excluded from Diluted Net Loss Per Share | The effects of these potentially outstanding shares were not included in the calculation of diluted net loss per share because the effect would have been anti-dilutive (in thousands): Three Months Ended April 30, 2022 2021 Shares related to outstanding share-based awards 13,654 14,757 Shares related to the convertible senior notes 7,816 7,817 Shares subject to warrants related to the issuance of convertible senior notes 7,818 7,818 Total 29,288 30,392 |
Geographic Information (Tables)
Geographic Information (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Segment Reporting [Abstract] | |
Summary of Revenues by Geographic Area | The following table sets forth revenues by geographic area (in thousands): Three Months Ended April 30, 2022 2021 United States $ 1,075,045 $ 883,441 Other countries 359,612 291,592 Total revenues $ 1,434,657 $ 1,175,033 |
Long-lived Assets by Geographic Areas | Aggregate Property and equipment, net and Operating lease right-of-use assets by geographic area was as follows (in thousands): April 30, 2022 January 31, 2022 United States $ 1,231,597 $ 1,174,371 Ireland 125,655 117,049 Other countries 80,988 79,463 Total long-lived assets $ 1,438,240 $ 1,370,883 |
Overview and Basis of Present_3
Overview and Basis of Presentation (Detail) | 3 Months Ended |
Apr. 30, 2022segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Investments - Summary of Market
Investments - Summary of Marketable Securities (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 5,256,593 | $ 2,535,791 |
Unrealized Gains | 8 | 5 |
Unrealized Losses | (13,630) | (4,703) |
Aggregate Fair Value | 5,242,971 | 2,531,093 |
Included in Cash and cash equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,866,271 | 525,524 |
Unrealized Gains | 6 | 0 |
Unrealized Losses | (32) | (1) |
Aggregate Fair Value | 1,866,245 | 525,523 |
Included in Marketable securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,390,322 | 2,010,267 |
Unrealized Gains | 2 | 5 |
Unrealized Losses | (13,598) | (4,702) |
Aggregate Fair Value | 3,376,726 | 2,005,570 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,184,775 | 843,627 |
Unrealized Gains | 6 | 5 |
Unrealized Losses | (4,015) | (1,720) |
Aggregate Fair Value | 2,180,766 | 841,912 |
U.S. agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 606,874 | 232,093 |
Unrealized Gains | 1 | 0 |
Unrealized Losses | (2,825) | (1,168) |
Aggregate Fair Value | 604,050 | 230,925 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 523,658 | 490,867 |
Unrealized Gains | 1 | 0 |
Unrealized Losses | (6,718) | (1,815) |
Aggregate Fair Value | 516,941 | 489,052 |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,941,286 | 969,204 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (72) | 0 |
Aggregate Fair Value | $ 1,941,214 | $ 969,204 |
Investments - Narrative (Detail
Investments - Narrative (Details) | 3 Months Ended | ||
Apr. 30, 2022USD ($)security | Apr. 30, 2021USD ($) | Jan. 31, 2022security | |
Investments, Debt and Equity Securities [Abstract] | |||
Unrealized loss of debt securities held for greater than twelve months | security | 0 | 0 | |
Credit losses on debt securities | $ 0 | $ 0 | |
Proceeds of sale of debt securities | 0 | 10,000,000 | |
Upward price adjustment to non-marketable equity investments | 3,000,000 | 8,000,000 | |
Impairment loss on non-marketable equity securities | 14,000,000 | 2,000,000 | |
Proceeds from sale of available-for-sale securities, equity | 5,000,000 | 2,000,000 | |
Gain on sale of equity securities marketable equity investments | 1,000,000 | ||
Loss on sale of equity securities marketable equity investments | 2,000,000 | ||
Equity securities, unrealized gain | $ 3,000,000 | ||
Equity securities, unrealized loss | $ 7,000,000 |
Investments - Equity Investment
Investments - Equity Investments (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | ||
Non-marketable equity investments measured using the measurement alternative | $ 257,586 | $ 256,643 |
Equity investments | 963,883 | 968,601 |
Cash and cash equivalents | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity securities | 604,004 | 607,640 |
Other assets | ||
Schedule of Equity Method Investments [Line Items] | ||
Non-marketable equity investments measured using the measurement alternative | 257,586 | 256,643 |
Marketable securities | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity securities | $ 102,293 | $ 104,318 |
Investments - Equity Investme_2
Investments - Equity Investments Realized and Unrealized Gains (Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Net realized gains (losses) recognized on equity investments sold | $ 1,059 | $ (1,751) |
Net unrealized gains (losses) recognized on equity investments held as of the end of the period | (8,488) | (4,298) |
Total net gains (losses) recognized in Other income (expense), net | $ (7,429) | $ (6,049) |
Investments - Schedule of Non-M
Investments - Schedule of Non-Marketable Equity Investments (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Total initial cost | $ 204,717 | $ 192,694 |
Cumulative net unrealized gains (losses) | 52,869 | 63,949 |
Carrying value | $ 257,586 | $ 256,643 |
Investments - Schedule of Marke
Investments - Schedule of Marketable Equity Investments (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Total initial cost | $ 38,936 | $ 40,739 |
Cumulative net unrealized gains (losses) | 63,357 | 63,579 |
Marketable securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | $ 102,293 | $ 104,318 |
Fair Value Measurements - Infor
Fair Value Measurements - Information about Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | $ 5,242,971 | $ 2,531,093 |
Foreign currency derivative assets | 94,742 | |
Foreign currency derivative liabilities | 24,703 | |
U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 2,180,766 | 841,912 |
U.S. agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 604,050 | 230,925 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 516,941 | 489,052 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 1,941,214 | 969,204 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable equity investments | 102,293 | 104,318 |
Foreign currency derivative assets | 94,742 | 39,031 |
Total assets | 6,044,010 | 3,282,082 |
Foreign currency derivative liabilities | 24,703 | 13,039 |
Total liabilities | 24,703 | 13,039 |
Fair Value, Measurements, Recurring | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 2,180,766 | 841,912 |
Fair Value, Measurements, Recurring | U.S. agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 604,050 | 230,925 |
Fair Value, Measurements, Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 516,941 | 489,052 |
Fair Value, Measurements, Recurring | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 1,941,214 | 969,204 |
Fair Value, Measurements, Recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 604,004 | 607,640 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable equity investments | 102,293 | 104,318 |
Foreign currency derivative assets | 0 | 0 |
Total assets | 2,887,063 | 1,553,870 |
Foreign currency derivative liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 2,180,766 | 841,912 |
Fair Value, Measurements, Recurring | Level 1 | U.S. agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 604,004 | 607,640 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable equity investments | 0 | 0 |
Foreign currency derivative assets | 94,742 | 39,031 |
Total assets | 3,156,947 | 1,728,212 |
Foreign currency derivative liabilities | 24,703 | 13,039 |
Total liabilities | 24,703 | 13,039 |
Fair Value, Measurements, Recurring | Level 2 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | U.S. agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 604,050 | 230,925 |
Fair Value, Measurements, Recurring | Level 2 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 516,941 | 489,052 |
Fair Value, Measurements, Recurring | Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 1,941,214 | 969,204 |
Fair Value, Measurements, Recurring | Level 2 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable equity investments | 0 | 0 |
Foreign currency derivative assets | 0 | 0 |
Total assets | 0 | 0 |
Foreign currency derivative liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | U.S. agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | $ 0 | $ 0 |
Deferred Costs (Details)
Deferred Costs (Details) - USD ($) | 3 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Jan. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |||
Deferred sales commission | $ 497,000,000 | $ 494,000,000 | |
Amortization of deferred costs | 39,427,000 | $ 31,614,000 | |
Capitalized contract cost, impairment loss | $ 0 | $ 0 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,209,525 | $ 2,081,350 |
Less accumulated depreciation and amortization | (1,023,521) | (958,275) |
Property and equipment, net | 1,186,004 | 1,123,075 |
Computers, equipment, and software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,174,084 | 1,071,141 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 708,149 | 691,896 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 165,113 | 158,037 |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 80,553 | 80,553 |
Furniture, fixtures, and transportation equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 81,626 | $ 79,723 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 67 | $ 63 |
Acquisition-Related Intangibl_3
Acquisition-Related Intangible Assets, Net - Schedule of Acquired Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Jan. 31, 2022 | |
Acquisition-related intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | $ 684,900 | $ 684,900 | |
Less accumulated amortization | (315,513) | (293,898) | |
Total | 369,387 | 391,002 | |
Amortization of intangible assets | 22,000 | $ 18,000 | |
Developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 346,300 | 346,300 | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 311,100 | 311,100 | |
Trade name | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 12,500 | 12,500 | |
Backlog | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | $ 15,000 | $ 15,000 |
Acquisition-Related Intangibl_4
Acquisition-Related Intangible Assets, Net - Schedule of Future Amortization Expense (Detail) - Acquisition-related intangible assets - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Remainder of 2023 | $ 63,921 | |
2024 | 74,319 | |
2025 | 61,663 | |
2026 | 55,748 | |
2027 | 31,177 | |
Thereafter | 82,559 | |
Total | $ 369,387 | $ 391,002 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Noncurrent Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Other Assets [Line Items] | ||
Non-marketable equity and other investments | $ 260,553 | $ 256,759 |
Derivative assets | 41,757 | 16,618 |
Prepayments for goods and services | 24,028 | 25,927 |
Net deferred tax assets | 10,924 | 11,642 |
Deposits | 6,352 | 6,701 |
Other | 2,965 | 813 |
Total other assets | 368,497 | 341,252 |
Technology patents and other intangible assets, net | ||
Other Assets [Line Items] | ||
Technology patents and other intangible assets, net | $ 21,918 | $ 22,792 |
Other Assets - Summary of Futur
Other Assets - Summary of Future Estimated Amortization Expense Related to Acquired Land Leasehold Interest and Technology Patents (Details) - Technology patents and other intangible assets, net - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Remainder of 2023 | $ 2,535 | |
2024 | 3,102 | |
2025 | 2,622 | |
2026 | 2,357 | |
2027 | 2,077 | |
Thereafter | 9,225 | |
Total | $ 21,918 | $ 22,792 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2022 | Jan. 31, 2022 | |
Derivative [Line Items] | ||
Net gains on cash flow hedges estimated to be reclassified into income within the next 12 months | $ 5 | |
Non-designated hedges | Foreign Currency Forward Contracts | Long | ||
Derivative [Line Items] | ||
Derivative, notional amount | 100 | $ 217 |
Non-designated hedges | Foreign Currency Forward Contracts | Short | ||
Derivative [Line Items] | ||
Derivative, notional amount | 14 | 8 |
Cash flow hedges | Cash flow hedges | Foreign Currency Forward Contracts | Long | ||
Derivative [Line Items] | ||
Derivative, notional amount | 1,500 | 1,400 |
Cash flow hedges | Cash flow hedges | Foreign Currency Forward Contracts | Short | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 300 | $ 355 |
Cash flow hedges | Cash flow hedges | Foreign Currency Forward Contracts | Maximum | ||
Derivative [Line Items] | ||
Derivative, remaining maturity (in months) | 47 months |
Derivative Instruments - Fair V
Derivative Instruments - Fair Values of Outstanding Derivative Instruments (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets: | $ 94,742 | $ 39,031 |
Derivative liabilities: | 24,703 | 13,039 |
Non-designated hedges | Prepaid expenses and other current assets | Foreign Currency Forward Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets: | 2,669 | 1,076 |
Non-designated hedges | Other assets | Foreign Currency Forward Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets: | 0 | 0 |
Non-designated hedges | Accrued expenses and other current liabilities | Foreign Currency Forward Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities: | 595 | 336 |
Non-designated hedges | Other liabilities | Foreign Currency Forward Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities: | 47 | 16 |
Cash flow hedges | Cash flow hedges | Prepaid expenses and other current assets | Foreign Currency Forward Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets: | 50,316 | 21,337 |
Cash flow hedges | Cash flow hedges | Other assets | Foreign Currency Forward Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets: | 41,757 | 16,618 |
Cash flow hedges | Cash flow hedges | Accrued expenses and other current liabilities | Foreign Currency Forward Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities: | 20,800 | 7,512 |
Cash flow hedges | Cash flow hedges | Other liabilities | Foreign Currency Forward Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities: | $ 3,261 | $ 5,175 |
Derivative Instruments - Effect
Derivative Instruments - Effect of Cash Flow Hedges on Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total | $ 1,434,657 | $ 1,175,033 |
Total costs and expenses | 1,507,500 | 1,213,346 |
Revenues | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) related to cash flow hedges | (1,157) | 518 |
Costs and Expenses | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) related to cash flow hedges | $ (829) | $ 0 |
Derivative Instruments - Pre-ta
Derivative Instruments - Pre-tax Gains (Losses) Associated with Cash Flow Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in OCI | $ 44,260 | $ (4,253) |
Revenues | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) reclassified from AOCI into income (effective portion) | (1,157) | 518 |
Costs and expenses | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) reclassified from AOCI into income (effective portion) | (829) | 0 |
Other income (expense), net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) related to non-designated hedges | $ 3,966 | $ (192) |
Derivative Instruments - Offset
Derivative Instruments - Offsetting Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | $ 94,742 | $ 39,031 |
Gross Amounts Offset on the Condensed Consolidated Balance Sheets | 0 | |
Net Amounts of Assets Presented on the Condensed Consolidated Balance Sheets | 94,742 | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Financial Instruments | (24,703) | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Cash Collateral Received | 0 | |
Net Assets Exposed | 70,039 | |
Counterparty A | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 15,150 | |
Gross Amounts Offset on the Condensed Consolidated Balance Sheets | 0 | |
Net Amounts of Assets Presented on the Condensed Consolidated Balance Sheets | 15,150 | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Financial Instruments | (3,146) | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Cash Collateral Received | 0 | |
Net Assets Exposed | 12,004 | |
Counterparty B | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 23,381 | |
Gross Amounts Offset on the Condensed Consolidated Balance Sheets | 0 | |
Net Amounts of Assets Presented on the Condensed Consolidated Balance Sheets | 23,381 | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Financial Instruments | (14,665) | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Cash Collateral Received | 0 | |
Net Assets Exposed | 8,716 | |
Counterparty C | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 16,943 | |
Gross Amounts Offset on the Condensed Consolidated Balance Sheets | 0 | |
Net Amounts of Assets Presented on the Condensed Consolidated Balance Sheets | 16,943 | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Financial Instruments | (5,163) | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Cash Collateral Received | 0 | |
Net Assets Exposed | 11,780 | |
Counterparty D | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 33,691 | |
Gross Amounts Offset on the Condensed Consolidated Balance Sheets | 0 | |
Net Amounts of Assets Presented on the Condensed Consolidated Balance Sheets | 33,691 | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Financial Instruments | (1,712) | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Cash Collateral Received | 0 | |
Net Assets Exposed | 31,979 | |
Counterparty E | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 5,577 | |
Gross Amounts Offset on the Condensed Consolidated Balance Sheets | 0 | |
Net Amounts of Assets Presented on the Condensed Consolidated Balance Sheets | 5,577 | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Financial Instruments | (17) | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Cash Collateral Received | 0 | |
Net Assets Exposed | $ 5,560 |
Derivative Instruments - Offs_2
Derivative Instruments - Offsetting Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ 24,703 | $ 13,039 |
Gross Amounts Offset on the Condensed Consolidated Balance Sheets | 0 | |
Net Amounts of Liabilities Presented on the Condensed Consolidated Balance Sheets | 24,703 | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Financial Instruments | (24,703) | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Cash Collateral Pledged | 0 | |
Net Liabilities Exposed | 0 | |
Counterparty A | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 3,146 | |
Gross Amounts Offset on the Condensed Consolidated Balance Sheets | 0 | |
Net Amounts of Liabilities Presented on the Condensed Consolidated Balance Sheets | 3,146 | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Financial Instruments | (3,146) | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Cash Collateral Pledged | 0 | |
Net Liabilities Exposed | 0 | |
Counterparty B | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 14,665 | |
Gross Amounts Offset on the Condensed Consolidated Balance Sheets | 0 | |
Net Amounts of Liabilities Presented on the Condensed Consolidated Balance Sheets | 14,665 | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Financial Instruments | (14,665) | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Cash Collateral Pledged | 0 | |
Net Liabilities Exposed | 0 | |
Counterparty C | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 5,163 | |
Gross Amounts Offset on the Condensed Consolidated Balance Sheets | 0 | |
Net Amounts of Liabilities Presented on the Condensed Consolidated Balance Sheets | 5,163 | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Financial Instruments | (5,163) | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Cash Collateral Pledged | 0 | |
Net Liabilities Exposed | 0 | |
Counterparty D | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 1,712 | |
Gross Amounts Offset on the Condensed Consolidated Balance Sheets | 0 | |
Net Amounts of Liabilities Presented on the Condensed Consolidated Balance Sheets | 1,712 | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Financial Instruments | (1,712) | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Cash Collateral Pledged | 0 | |
Net Liabilities Exposed | 0 | |
Counterparty E | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 17 | |
Gross Amounts Offset on the Condensed Consolidated Balance Sheets | 0 | |
Net Amounts of Liabilities Presented on the Condensed Consolidated Balance Sheets | 17 | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Financial Instruments | (17) | |
Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets, Cash Collateral Pledged | 0 | |
Net Liabilities Exposed | $ 0 |
Debt - Outstanding Debt (Detail
Debt - Outstanding Debt (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 4,149,613 | $ 1,843,567 |
Less: unamortized debt discount and issuance costs | (28,419) | (3,770) |
Net carrying amount | 4,121,194 | 1,839,797 |
Less: debt, current | (1,148,126) | (1,222,443) |
Debt, noncurrent | 2,973,068 | 617,354 |
2022 Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 1,149,613 | 1,149,817 |
2027 Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 1,000,000 | 0 |
2029 Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 750,000 | 0 |
2032 Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 1,250,000 | 0 |
Term loan under the 2020 Credit Agreement | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 0 | $ 693,750 |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Debt Disclosure [Abstract] | ||
Remainder of 2023 | $ 1,149,613 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 3,000,000 | |
Total | $ 4,149,613 | $ 1,843,567 |
Debt - Senior Notes, Credit Agr
Debt - Senior Notes, Credit Agreement, Convertible Senior Notes, Notes Hedges and Warrants (Details) | 1 Months Ended | 3 Months Ended | |||
Apr. 30, 2022USD ($)$ / sharesshares | Apr. 30, 2022USD ($)trading_day$ / sharesshares | Jan. 31, 2022USD ($) | Apr. 30, 2020USD ($) | Sep. 30, 2017USD ($) | |
Debt Instrument [Line Items] | |||||
Debt discount and issuance costs | $ 28,419,000 | $ 28,419,000 | $ 3,770,000 | ||
Number of trading days related to warrants (in days) | trading_day | 60 | ||||
Warrants expires In 2023 | |||||
Debt Instrument [Line Items] | |||||
Shares covered by each purchased options or warrants (in shares) | shares | 7,800,000 | 7,800,000 | |||
Number of trading days related to warrants (in days) | trading_day | 60 | ||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 213.96 | $ 213.96 | |||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 3,000,000,000 | $ 3,000,000,000 | |||
Debt discount and issuance costs | 27,000,000 | 27,000,000 | |||
Fair value of Senior Notes | 2,900,000,000 | 2,900,000,000 | |||
2027 Notes | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 1,000,000,000 | $ 1,000,000,000 | |||
Contractual interest rate | 3.50% | 3.50% | |||
Effective interest rate | 3.67% | 3.67% | |||
2029 Notes | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 750,000,000 | $ 750,000,000 | |||
Contractual interest rate | 3.70% | 3.70% | |||
Effective interest rate | 3.82% | 3.82% | |||
2032 Notes | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 1,250,000,000 | $ 1,250,000,000 | |||
Contractual interest rate | 3.80% | 3.80% | |||
Effective interest rate | 3.90% | 3.90% | |||
2022 Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maximum leverage ratio | 3.50 | ||||
Debt instrument, maximum leverage ratio step up | 4.50 | ||||
2022 Credit Agreement | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 1,000,000,000 | $ 1,000,000,000 | |||
Long-term line of credit | 0 | 0 | |||
2020 Credit Agreement | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 750,000,000 | ||||
Long-term line of credit | 0 | 0 | |||
Term loan under the 2020 Credit Agreement | Term Loan | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 750,000,000 | ||||
Remaining principal paid off | 694,000,000 | ||||
2022 Notes | Level 2 | |||||
Debt Instrument [Line Items] | |||||
Convertible debt, fair value | 1,700,000,000 | 1,700,000,000 | $ 1,900,000,000 | ||
2022 Notes | Class A | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 1,000 | $ 1,000 | |||
Debt instrument, convertible, number of shares (in shares) | shares | 6.7982 | ||||
2022 Notes | Convertible Debt | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 1,150,000,000 | ||||
Contractual interest rate | 0.25% | ||||
Effective interest rate | 0.56% | ||||
Repurchase of notes percentage | 100.00% | ||||
2022 Notes | Convertible Debt | Class A | |||||
Debt Instrument [Line Items] | |||||
Initial conversion price (in dollars per share) | $ / shares | $ 147.10 | $ 147.10 | |||
Indexed shares (in shares) | shares | 7,800,000 | 7,800,000 | |||
Convertible Senior Notes | Convertible Debt | Debt Conversion, Option One | |||||
Debt Instrument [Line Items] | |||||
Threshold trading days (in trading days) | trading_day | 20 | ||||
Threshold consecutive trading days (in trading days) | trading_day | 30 | ||||
Threshold percentage of conversion price | 130.00% | ||||
Convertible Senior Notes | Convertible Debt | Debt Conversion, Option Two | |||||
Debt Instrument [Line Items] | |||||
Threshold trading days (in trading days) | trading_day | 5 | ||||
Threshold consecutive trading days (in trading days) | trading_day | 5 | ||||
Maximum | Convertible Senior Notes | Convertible Debt | Debt Conversion, Option Two | |||||
Debt Instrument [Line Items] | |||||
Threshold percentage of stock trading price | 98.00% | ||||
Base Rate | Minimum | 2022 Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.00% | ||||
Base Rate | Maximum | 2022 Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.50% | ||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | 2022 Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.10% | ||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | 2022 Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.75% | ||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | 2022 Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.50% |
Debt - Schedule of Interest Exp
Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Debt Disclosure [Abstract] | ||
Contractual interest expense | $ 11,385 | $ 3,148 |
Interest cost related to amortization and write-off of debt discount and issuance costs | 2,601 | 997 |
Total interest expense | $ 13,986 | $ 4,145 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets | $ 252,236 | $ 247,808 |
Operating lease liabilities | 262,810 | $ 263,000 |
Operating lease, lease not yet commenced, payment | $ 12,000 | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, lease not yet commenced, term (years) | 5 years | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, lease not yet commenced, term (years) | 7 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Leases [Abstract] | ||
Operating lease cost | $ 23,644 | $ 24,273 |
Short-term lease cost | 1,225 | 2,178 |
Variable lease cost | 9,773 | 5,121 |
Total operating lease cost | $ 34,642 | $ 31,572 |
Leases - Information Related to
Leases - Information Related to Our Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Jan. 31, 2022 | |
Leases [Abstract] | |||
Cash paid for operating lease liabilities | $ 25,658 | $ 26,622 | |
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities | $ 28,581 | $ 21,501 | |
Weighted average remaining lease term (in years) | 5 years | 5 years | |
Weighted average discount rate | 2.42% | 2.35% |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Remainder of 2023 | $ 64,149 | |
2024 | 78,891 | |
2025 | 61,901 | |
2026 | 35,127 | |
2027 | 14,748 | |
Thereafter | 33,191 | |
Total lease payments | 288,007 | |
Less imputed interest | (25,197) | |
Total operating lease liabilities | $ 262,810 | $ 263,000 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2022USD ($)voteshares | Apr. 30, 2021USD ($) | Jan. 31, 2022shares | Mar. 31, 2022shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expenses | $ | $ 311,506 | $ 264,635 | ||
2012 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock available for future grants (in shares) | 52,000,000 | |||
Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock available for future grants (in shares) | 6,000,000 | |||
Employee Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of fair market value of stock at which employees are granted shares | 85.00% | |||
Increase to share ESPP share reserve (in shares) | 2,000,000 | |||
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period of vesting (in years) | 4 years | |||
Unrecognized compensation cost, other than options | $ | $ 2,600,000 | |||
Unrecognized compensation cost recognized over weighted-average period (in years) | 3 years | |||
RSUs granted (in shares) | 6,114,000 | |||
Performance Based Restricted Stock Unit PRSU | Non-Executive Employees | Vesting March 15 2022 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSUs granted (in shares) | 400,000 | |||
Total share-based compensation expenses | $ | $ 16,000 | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period of vesting (in years) | 5 years | |||
Period of which options become exercisable (in years) | 10 years | |||
Class A | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, outstanding (in shares) | 199,000,000 | |||
Common stock, votes per share | vote | 1 | |||
Class B | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, outstanding (in shares) | 55,000,000 | |||
Common stock, votes per share | vote | 10 |
Stockholders' Equity - Restrict
Stockholders' Equity - Restricted Stock Units Activity (Details) - Restricted Stock Units | 3 Months Ended |
Apr. 30, 2022$ / sharesshares | |
Number of Shares | |
Beginning Balance (in shares) | shares | 11,808,000 |
RSUs granted (in shares) | shares | 6,114,000 |
RSUs vested (in shares) | shares | (2,014,000) |
RSUs forfeited (in shares) | shares | (398,000) |
Ending Balance (in shares) | shares | 15,510,000 |
Weighted-Average Grant Date Fair Value | |
Beginning Balance (in dollars per share) | $ / shares | $ 209.12 |
RSUs granted (in dollars per share) | $ / shares | 221.96 |
RSUs vested (in dollars per share) | $ / shares | 209.16 |
RSUs forfeited (in dollars per share) | $ / shares | 198.14 |
Ending Balance (in dollars per share) | $ / shares | $ 214.46 |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Options (Details) $ / shares in Units, $ in Millions | 3 Months Ended |
Apr. 30, 2022USD ($)$ / sharesshares | |
Outstanding Stock Options | |
Beginning Balance (in shares) | shares | 387,000 |
Stock options exercised (in shares) | shares | (112,000) |
Stock options canceled (in shares) | shares | (14,000) |
Ending Balance (in shares) | shares | 261,000 |
Vested and expected to vest (in shares) | shares | 261,000 |
Exercisable (in shares) | shares | 260,000 |
Weighted-Average Exercise Price | |
Beginning Balance (in dollars per share) | $ / shares | $ 20.09 |
Stock options exercised (in dollars per share) | $ / shares | 10.50 |
Stock options canceled (in dollars per share) | $ / shares | 32.58 |
Ending Balance (in dollars per share) | $ / shares | 23.53 |
Vested and expected to vest, Weighted-Average Exercise Price (in dollars per share) | $ / shares | 23.62 |
Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ / shares | $ 23.56 |
Beginning balance, Aggregate Intrinsic Value | $ | $ 90 |
Ending balance, Aggregate Intrinsic Value | $ | 48 |
Vested and expected to vest, Aggregate Intrinsic Value | $ | 48 |
Exercisable, Aggregate Intrinsic Value | $ | $ 48 |
Unearned Revenue and Performa_2
Unearned Revenue and Performance Obligations - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Subscription revenue recognized that was included in total unearned revenue balance at beginning of period | $ 1,100 | $ 930 |
Unearned Revenue and Performa_3
Unearned Revenue and Performance Obligations - Transaction Price Allocated to the Remaining Performance Obligations (Details) - Subscription services $ in Billions | Apr. 30, 2022USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue is expected to be recognized from remaining performance obligations for subscription contracts | $ 12.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-05-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue is expected to be recognized from remaining performance obligations for subscription contracts | $ 8 |
Recognition period (in months) | 24 months |
Other Income (Expense), Net (De
Other Income (Expense), Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Other Income and Expenses [Abstract] | ||
Interest income | $ 4,007 | $ 2,003 |
Interest expense | (14,018) | (4,177) |
Other | (10,152) | (6,877) |
Total other income (expense), net | $ (20,163) | $ (9,051) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Provision for (benefit from) income taxes | $ 9,167 | $ (842) |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Numerator: | ||
Net loss | $ (102,173) | $ (46,522) |
Denominator: | ||
Weighted-average shares outstanding, basic (in shares) | 251,743 | 243,739 |
Net loss per share, basic (in dollars per share) | $ (0.41) | $ (0.19) |
Net loss per share, diluted (in dollars per share) | $ (0.41) | $ (0.19) |
Class A | ||
Numerator: | ||
Net loss | $ (79,738) | $ (35,385) |
Denominator: | ||
Weighted-average shares outstanding, basic (in shares) | 196,466 | 185,397 |
Net loss per share, basic (in dollars per share) | $ (0.41) | $ (0.19) |
Net loss per share, diluted (in dollars per share) | $ (0.41) | $ (0.19) |
Class B | ||
Numerator: | ||
Net loss | $ (22,435) | $ (11,137) |
Denominator: | ||
Weighted-average shares outstanding, basic (in shares) | 55,277 | 58,342 |
Net loss per share, basic (in dollars per share) | $ (0.41) | $ (0.19) |
Net loss per share, diluted (in dollars per share) | $ (0.41) | $ (0.19) |
Net Loss Per Share - Summary _2
Net Loss Per Share - Summary of Diluted Net Loss Per Common Share (Details) - shares shares in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive securities (in shares) | 29,288 | 30,392 |
Shares related to outstanding share-based awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive securities (in shares) | 13,654 | 14,757 |
Shares related to the convertible senior notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive securities (in shares) | 7,816 | 7,817 |
Shares subject to warrants related to the issuance of convertible senior notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive securities (in shares) | 7,818 | 7,818 |
Geographic Information - Summar
Geographic Information - Summary of Revenues by Geographic Area (Details) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022USD ($)market | Apr. 30, 2021USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Number of primary geographical markets | market | 2 | |
Total revenues | $ 1,434,657 | $ 1,175,033 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1,075,045 | 883,441 |
Other countries | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 359,612 | $ 291,592 |
Geographic Information - Long-L
Geographic Information - Long-Lived Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 1,438,240 | $ 1,370,883 |
United States | ||
Long-Lived Assets [Line Items] | ||
Total long-lived assets | 1,231,597 | 1,174,371 |
Ireland | ||
Long-Lived Assets [Line Items] | ||
Total long-lived assets | 125,655 | 117,049 |
Other countries | ||
Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 80,988 | $ 79,463 |