Smartsheet (SMAR) 10-Q 8 Sep 23 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jul. 31, 2023	Sep. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2023
Document Transition Report	false
Entity File Number	001-38464
Entity Registrant Name	Smartsheet Inc.
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	20-2954357
Entity Address, Address Line One	500 108th Ave NE, Suite 200
Entity Address, City or Town	Bellevue,
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98004
City Area Code	(844)
Local Phone Number	324-2360
Title of 12(b) Security	Class A common stock, no par value per share
Trading Symbol	SMAR
Security Exchange Name	NYSE
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 Common Stock Shares Outstanding (in shares)		135,132,764
Document Fiscal Year Focus	2024
Amendment Flag	false
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001366561
Current Fiscal Year End Date	--01-31

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Revenue
Total revenue	$ 235,585	$ 186,691	$ 455,471	$ 355,001
Cost of revenue
Total cost of revenue	47,038	40,551	92,919	77,709
Gross profit	188,547	146,140	362,552	277,292
Operating expenses
Research and development	58,358	53,784	114,548	106,303
Sales and marketing	129,813	124,015	244,765	239,406
General and administrative	36,523	33,200	71,501	66,244
Total operating expenses	224,694	210,999	430,814	411,953
Loss from operations	(36,147)	(64,859)	(68,262)	(134,661)
Interest income	5,847	1,281	11,064	1,669
Other income (expense), net	(55)	1,624	(591)	796
Loss before income tax provision	(30,355)	(61,954)	(57,789)	(132,196)
Income tax provision	3,002	359	5,438	574
Net loss	$ (33,357)	$ (62,313)	$ (63,227)	$ (132,770)
Net loss per share, basic (in dollars per share)	$ (0.25)	$ (0.48)	$ (0.47)	$ (1.03)
Net loss per share, diluted (in dollars per share)	$ (0.25)	$ (0.48)	$ (0.47)	$ (1.03)
Weighted-average shares outstanding used to compute net loss per share, basic (in shares)	133,829	129,645	133,196	129,091
Weighted-average shares outstanding used to compute net loss per share, diluted (in shares)	133,829	129,645	133,196	129,091
Subscription
Revenue
Total revenue	$ 221,522	$ 173,533	$ 427,523	$ 328,809
Cost of revenue
Total cost of revenue	33,584	27,722	66,751	52,860
Professional services
Revenue
Total revenue	14,063	13,158	27,948	26,192
Cost of revenue
Total cost of revenue	$ 13,454	$ 12,829	$ 26,168	$ 24,849

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (33,357)	$ (62,313)	$ (63,227)	$ (132,770)
Other comprehensive loss
Net unrealized loss on available-for-sale securities	(209)	(61)	(20)	(403)
Foreign currency translation adjustments	136	0	(510)	0
Other comprehensive loss	(73)	(61)	(530)	(403)
Comprehensive loss	$ (33,430)	$ (62,374)	$ (63,757)	$ (133,173)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2023	Jan. 31, 2023
Current assets
Cash and cash equivalents	$ 237,278	$ 223,156
Short-term investments	311,707	233,225
Accounts receivable, net of allowances of $5,248 and $6,285, respectively	156,492	198,643
Prepaid expenses and other current assets	54,904	55,063
Total current assets	760,381	710,087
Restricted cash	193	197
Deferred commissions	136,248	121,785
Property and equipment, net	40,262	39,395
Operating lease right-of-use assets	46,922	54,278
Intangible assets, net	33,442	39,069
Goodwill	141,723	142,415
Other long-term assets	3,595	2,983
Total assets	1,162,766	1,110,209
Current liabilities
Accounts payable	1,502	2,125
Accrued compensation and related benefits	66,181	68,347
Other accrued liabilities	35,135	27,437
Operating lease liabilities, current	17,597	19,220
Deferred revenue	461,239	457,534
Total current liabilities	581,654	574,663
Operating lease liabilities, non-current	40,068	47,564
Deferred revenue, non-current	1,679	2,195
Other long-term liabilities	343	129
Total liabilities	623,744	624,551
Commitments and Contingencies (Note 13)
Shareholders’ equity
Preferred stock, no par value; 10,000,000 shares authorized, no shares issued or outstanding as of July 31, 2023 and January 31, 2023	0	0
Additional paid-in capital	1,360,851	1,243,730
Accumulated other comprehensive income (loss)	(429)	101
Accumulated deficit	(821,400)	(758,173)
Total shareholders’ equity	539,022	485,658
Total liabilities and shareholders’ equity	1,162,766	1,110,209
Common Class A
Shareholders’ equity
Common stock	0	0
Common Class B
Shareholders’ equity
Common stock	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2023	Jan. 31, 2023
Current assets
Accounts receivable, allowances	$ 5,248	$ 6,285
Shareholders’ equity
Preferred stock authorized (in shares)	10,000,000	10,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Common Class A
Shareholders’ equity
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	134,499,892	131,845,028
Common stock outstanding (in shares)	134,499,892	131,845,028
Common Class B
Shareholders’ equity
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	0	0
Common stock outstanding (in shares)	0	0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock (Class A)	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance, common stock (in shares) at Jan. 31, 2022		127,809,525
Beginning balance at Jan. 31, 2022	$ 504,779	$ 0	$ 1,047,313	$ (542,534)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock plans (in shares)		2,345,482
Issuance of common stock under employee stock plans	14,476		14,476
Taxes paid related to net share settlement of equity awards	(2,513)		(2,513)
Share-based compensation expense	91,134		91,134
Other comprehensive loss	(403)				(403)
Net loss	(132,770)			(132,770)
Ending balance, common stock (in shares) at Jul. 31, 2022		130,155,007
Ending balance at Jul. 31, 2022	474,703	$ 0	1,150,410	(675,304)	(403)
Beginning balance, common stock (in shares) at Apr. 30, 2022		128,867,149
Beginning balance at Apr. 30, 2022	480,976	$ 0	1,094,309	(612,991)	(342)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock plans (in shares)		1,287,858
Issuance of common stock under employee stock plans	10,762		10,762
Taxes paid related to net share settlement of equity awards	(1,147)		(1,147)
Share-based compensation expense	46,486		46,486
Other comprehensive loss	(61)				(61)
Net loss	(62,313)			(62,313)
Ending balance, common stock (in shares) at Jul. 31, 2022		130,155,007
Ending balance at Jul. 31, 2022	474,703	$ 0	1,150,410	(675,304)	(403)
Beginning balance, common stock (in shares) at Jan. 31, 2023		131,845,028
Beginning balance at Jan. 31, 2023	485,658	$ 0	1,243,730	(758,173)	101
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock plans (in shares)		2,654,864
Issuance of common stock under employee stock plans	12,231		12,231
Taxes paid related to net share settlement of equity awards	(1,150)		(1,150)
Share-based compensation expense	106,040		106,040
Other comprehensive loss	(530)				(530)
Net loss	(63,227)			(63,227)
Ending balance, common stock (in shares) at Jul. 31, 2023		134,499,892
Ending balance at Jul. 31, 2023	539,022	$ 0	1,360,851	(821,400)	(429)
Beginning balance, common stock (in shares) at Apr. 30, 2023		132,912,458
Beginning balance at Apr. 30, 2023	507,965	$ 0	1,296,364	(788,043)	(356)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock plans (in shares)		1,587,434
Issuance of common stock under employee stock plans	11,642		11,642
Taxes paid related to net share settlement of equity awards	(529)		(529)
Share-based compensation expense	53,374		53,374
Other comprehensive loss	(73)				(73)
Net loss	(33,357)			(33,357)
Ending balance, common stock (in shares) at Jul. 31, 2023		134,499,892
Ending balance at Jul. 31, 2023	$ 539,022	$ 0	$ 1,360,851	$ (821,400)	$ (429)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Cash flows from operating activities
Net loss	$ (63,227)	$ (132,770)
Adjustments to reconcile net loss to net cash provided by operating activities:
Share-based compensation expense	103,802	89,388
Depreciation and amortization	13,191	12,239
Net amortization of premiums (discounts) on investments	(4,845)	(402)
Amortization of deferred commission costs	24,378	27,567
Unrealized foreign currency loss	483	423
Non-cash operating lease costs	6,322	7,905
Other, net	1,674	(1,587)
Changes in operating assets and liabilities:
Accounts receivable	40,433	20,357
Prepaid expenses and other current assets	49	(3,804)
Other long-term assets	(798)	(131)
Accounts payable	(602)	2,002
Other accrued liabilities	8,000	6,965
Accrued compensation and related benefits	(2,337)	(8,773)
Deferred commissions	(38,840)	(36,994)
Deferred revenue	3,183	30,653
Other long-term liabilities	216	0
Operating lease liabilities	(8,052)	(7,870)
Net cash provided by operating activities	83,030	5,168
Cash flows from investing activities
Purchases of short-term investments	(248,480)	(297,844)
Maturities of short-term investments	174,900	69,548
Proceeds from liquidation of a long-term investment	0	622
Purchases of property and equipment	(1,395)	(3,007)
Proceeds from sale of property and equipment	27	94
Capitalized internal-use software development costs	(4,815)	(4,121)
Net cash used in investing activities	(79,763)	(234,708)
Cash flows from financing activities
Proceeds from exercise of stock options	1,070	3,649
Taxes paid related to net share settlement of restricted stock units	(1,150)	(2,513)
Proceeds from contributions to Employee Stock Purchase Plan	10,846	7,836
Net cash provided by financing activities	10,766	8,972
Effects of changes in foreign currency exchange rates on cash, cash equivalents, and restricted cash	6	(1,225)
Net increase (decrease) in cash, cash equivalents, and restricted cash	14,039	(221,793)
Cash, cash equivalents, and restricted cash at beginning of period	223,757	449,680
Cash, cash equivalents, and restricted cash at end of period	237,796	227,887
Supplemental disclosures
Cash paid for income tax	6,186	191
Accrued purchases of property and equipment, including internal-use software	1,255	939
Share-based compensation expense capitalized in internal-use software development costs	2,065	1,747
Right-of-use assets obtained in exchange for new operating lease liabilities	0	4,464
Right-of-use asset reductions related to operating leases	$ 1,033	$ 110

Overview and Basis of Presentat

Overview and Basis of Presentation	6 Months Ended
	Jul. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Overview and Basis of Presentation	Overview and Basis of Presentation Description of business Smartsheet Inc. (the “Company,” “we,” “our”) was incorporated in the State of Washington in 2005, and is headquartered in Bellevue, Washington. Smartsheet, the enterprise work management platform, empowers organizations to innovate and achieve results faster, securely, and at scale through effective collaboration and streamlined workflows. By uniting people, content, and work, Smartsheet provides powerful capabilities that revolutionize the way teams operate. Smartsheet makes outcomes reliable, keeps customer data safe, and ensures users are on the same page, making it ideal for organizations seeking efficient, impactful collaborative work management. Customers access their accounts via a web-based interface or a mobile application. The Company also offers professional services, which primarily consist of consulting and training services. Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated balance sheet as of January 31, 2023 was derived from the audited consolidated financial statements as of that date but does not include all of the information and notes required by GAAP for complete financial statements. 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. Therefore, these 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 year ended January 31, 2023, filed with the SEC on March 22, 2023. The condensed consolidated financial statements include the results of Smartsheet Inc. and its wholly owned subsidiaries, including those located in the United States, the United Kingdom, Germany, Australia, Japan, and Costa Rica. All intercompany balances and transactions have been eliminated upon consolidation. In the opinion of management, the information contained herein reflects all adjustments necessary for a fair presentation of our condensed consolidated financial statements. All such adjustments are of a normal, recurring nature. The results of operations for the three and six months ended July 31, 2023 are not necessarily indicative of results to be expected for the full year ending January 31, 2024, or for any other interim period, or for any future year. Use of estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. The Company bases its estimates on historical experience and on other assumptions that its management believes are reasonable under the circumstances. Actual results could differ from those estimates. The Company’s most significant estimates and judgments involve the measurement of fair values of share-based compensation award grants; determination of the amortization period for capitalized sales commission costs; and revenue recognition with respect to the allocation of transaction consideration for the Company’s offerings, among others.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jul. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies For a summary of the Company’s significant accounting policies refer to Note 2, Summary of Significant Accounting Policies, of our Annual Report on Form 10-K for the fiscal year ended January 31, 2023. Segment information The Company operates as one operating segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information for purposes of making operating decisions, assessing financial performance, and allocating resources. Concentrations of risk and significant customers Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents, short-term investments, and accounts receivable. The Company maintains its cash accounts with financial institutions where deposits, at times, exceed the Federal Deposit Insurance Corporation (“FDIC”) limits. No individual customer represented more than 10% of accounts receivable as of July 31, 2023 or January 31, 2023. No individual customer represented more than 10% of revenue for the three and six months ended July 31, 2023 or 2022. Recent accounting pronouncements

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jul. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers During the three months ended July 31, 2023 and 2022, the Company recognized $191.4 million and $144.7 million of subscription revenue, respectively, and $5.4 million and $4.2 million of professional services revenue, respectively, which were included in the deferred revenue balance as of April 30, 2023 and 2022, respectively. During the six months ended July 31, 2023 and 2022, the Company recognized $315.5 million and $230.8 million of subscription revenue, respectively, and $7.0 million and $4.2 million of professional services revenue, respectively, which were included in the deferred revenue balance as of January 31, 2023 and 2022, respectively. As of July 31, 2023, approximately $553.6 million of revenue, including amounts already invoiced and amounts contracted but not yet invoiced, was expected to be recognized from remaining performance obligations, of which $546.7 million related to subscription services and $6.8 million related to professional services. Approximately 88% of revenue related to remaining performance obligations is expected to be recognized in the next 12 months.

Deferred Commissions

Deferred Commissions	6 Months Ended
	Jul. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred Commissions	Revenue from Contracts with Customers During the three months ended July 31, 2023 and 2022, the Company recognized $191.4 million and $144.7 million of subscription revenue, respectively, and $5.4 million and $4.2 million of professional services revenue, respectively, which were included in the deferred revenue balance as of April 30, 2023 and 2022, respectively. During the six months ended July 31, 2023 and 2022, the Company recognized $315.5 million and $230.8 million of subscription revenue, respectively, and $7.0 million and $4.2 million of professional services revenue, respectively, which were included in the deferred revenue balance as of January 31, 2023 and 2022, respectively. As of July 31, 2023, approximately $553.6 million of revenue, including amounts already invoiced and amounts contracted but not yet invoiced, was expected to be recognized from remaining performance obligations, of which $546.7 million related to subscription services and $6.8 million related to professional services. Approximately 88% of revenue related to remaining performance obligations is expected to be recognized in the next 12 months.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jul. 31, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share The following table presents calculations for basic and diluted net loss per share (in thousands, except per share data): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Numerator: Net loss $ (33,357) $ (62,313) $ (63,227) $ (132,770) Denominator: Weighted-average shares outstanding 133,829 129,645 133,196 129,091 Net loss per share, basic and diluted $ (0.25) $ (0.48) $ (0.47) $ (1.03) The following outstanding shares of common stock equivalents as of the periods presented were excluded from the computation of diluted net loss per share for the periods presented because the impact of including them would have been anti-dilutive (in thousands): July 31, 2023 2022 Shares subject to outstanding common stock awards 12,861 11,799 Shares issuable pursuant to the 2018 Employee Stock Purchase Plan 326 53 Total potentially dilutive shares 13,187 11,852

Investments

Investments	6 Months Ended
	Jul. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	Investments All cash equivalents and short-term investments were designated as available-for-sale securities as of July 31, 2023. The following tables present the amortized costs, unrealized gains and losses, and estimated fair values of the Company’s cash equivalents and short-term investments (in thousands): July 31, 2023 Amortized Cost* Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 71,387 $ — $ — $ 71,387 U.S. Treasury securities 23,361 — — 23,361 Commercial paper 2,636 — — 2,636 Total cash equivalents 97,384 — — 97,384 Short-term investments: Corporate bonds 65,200 16 (101) 65,115 U.S. Treasury securities 124,559 — (46) 124,513 Commercial paper 84,467 — — 84,467 Agency securities 37,670 — (58) 37,612 Total short-term investments 311,896 16 (205) 311,707 Total $ 409,280 $ 16 $ (205) $ 409,091 *Excludes interest receivable of $0.8 million, which is included in Prepaid expenses and other current assets on the condensed consolidated balance sheets. January 31, 2023 Amortized Cost* Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 137,490 $ — $ — $ 137,490 Agency securities 3,497 — — 3,497 Total cash equivalents 140,987 — — 140,987 Short-term investments: Corporate bonds 66,051 46 (79) 66,018 U.S. Treasury securities 62,520 2 (144) 62,378 Commercial paper 78,454 — — 78,454 Agency securities 26,369 12 (6) 26,375 Total short-term investments 233,394 60 (229) 233,225 Total $ 374,381 $ 60 $ (229) $ 374,212 *Excludes interest receivable of $1.1 million, which is included in Prepaid expenses and other current assets on the condensed consolidated balance sheets. The Company does not intend to sell, nor is it more likely than not that we will be required to sell, any investments in unrealized loss positions before recovery of their amortized cost basis. We did not recognize any credit losses related to our investments during the three and six months ended July 31, 2023 and 2022. The unrealized losses on our short-term investments were primarily due to unfavorable changes in interest rates subsequent to initial purchase. There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive income (loss) during the three and six months ended July 31, 2023 and 2022. None of the short-term investments held as of July 31, 2023 or January 31, 2023 were in a continuous unrealized loss position for greater than 12 months. The following tables present the contractual maturities of the Company’s short-term investments (in thousands): July 31, 2023 Amortized Cost Estimated Fair Value Due within one year $ 289,409 $ 289,255 Due between one to five years 22,487 22,452 Total $ 311,896 $ 311,707 January 31, 2023 Amortized Cost Estimated Fair Value Due within one year $ 207,487 $ 207,325 Due between one to five years 25,907 25,900 Total $ 233,394 $ 233,225

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets and liabilities recorded at fair value in the condensed consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. The lowest level of significant input determines the placement of the fair value measurement within the following hierarchical levels: • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Observable inputs, other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3: Unobservable inputs that are supported by little or no market activity. Assets and liabilities measured at fair value on a recurring basis The following tables present information about the Company’s financial assets and liabilities that are measured at fair value and indicate the fair value hierarchy of the valuation inputs used (in thousands): July 31, 2023 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 71,387 $ — $ — $ 71,387 U.S. Treasury securities — 23,361 — 23,361 Commercial Paper — 2,636 — 2,636 Total cash equivalents 71,387 25,997 — 97,384 Short-term investments: Corporate bonds — 65,115 — 65,115 U.S. Treasury securities — 124,513 — 124,513 Commercial paper — 84,467 — 84,467 Agency securities — 37,612 — 37,612 Total short-term investments — 311,707 — 311,707 Total assets $ 71,387 $ 337,704 $ — $ 409,091 January 31, 2023 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 137,490 $ — $ — $ 137,490 Agency securities — 3,497 — 3,497 Total cash equivalents 137,490 3,497 — 140,987 Short-term investments: Corporate bonds — 66,018 — 66,018 U.S. Treasury securities — 62,378 — 62,378 Commercial paper — 78,454 — 78,454 Agency securities — 26,375 — 26,375 Total short-term investments — 233,225 — 233,225 Total assets $ 137,490 $ 236,722 $ — $ 374,212 The carrying amounts of certain financial instruments, including cash held in banks, accounts receivable, and accounts payable, approximate fair value due to their short-term maturities and are excluded from the fair value tables above. It is the Company’s policy to recognize transfers of assets and liabilities between levels of the fair value hierarchy at the end of a reporting period. The Company does not transfer out of Level 3 and into Level 2 until observable inputs become available and reliable. There were no transfers between fair value measurement levels during the three and six months ended July 31, 2023 or 2022. Assets and liabilities measured at fair value on a non-recurring basis See Note 8, Business Combinations , and Note 9, Goodwill and Net Intangible Assets , of these notes to our condensed consolidated financial statements for fair value measurements of certain assets and liabilities recorded at fair value on a non-recurring basis.

Business Combinations

Business Combinations	6 Months Ended
	Jul. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Business Combinations Outfit On September 1, 2022, the Company acquired 100% of the outstanding equity of On Brand Holdings, Inc. and its subsidiaries, collectively doing business as Outfit, pursuant to an Agreement and Plan of Merger. The Company acquired Outfit to enhance Brandfolder’s templating and creative automation solution. We incurred acquisition costs of $0.6 million during the year ended January 31, 2023. The total purchase consideration for the acquisition of Outfit was $20.6 million in cash, net of customary purchase price adjustments. The transaction was accounted for as a business combination and accordingly, the total fair value of purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their respective estimated fair values on the acquisition date. Fair values were determined using income and cost approaches. The fair value measurements of the intangible assets were based primarily on significant unobservable inputs and thus represent a Level 3 measurement. The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition (in thousands): September 1, 2022 Cash and restricted cash $ 266 Intangible assets 5,190 Goodwill 16,434 Other net tangible assets and liabilities assumed (1,283) Total $ 20,607 The excess purchase price consideration was recorded as goodwill, and is primarily attributable to the acquired assembled workforce and expected synergies with Brandfolder’s product offerings. The goodwill is not deductible for income tax purposes. We engaged a third-party valuation specialist to aid our analysis of the fair value of the acquired intangibles. All estimates, key assumptions, and forecasts were either provided by or reviewed by us. While we chose to utilize a third-party valuation specialist for assistance, the fair value analysis and related valuations reflect the conclusions of management and not those of any third party. The estimated useful lives and fair values of the identifiable intangible assets at acquisition date were as follows (dollars in thousands): Fair Value Expected Useful Life Discount Rate Software technology $ 3,200 5 years 14.7 % Customer relationships 1,990 7 years 14.7 % Total intangible assets $ 5,190 The identified intangible assets, software technology and customer relationships, were valued as follows: Software technology - we valued the finite-lived software technology using the relief-from-royalty method under the income approach. This method estimates fair value by forecasting avoided royalties, reducing them by maintenance-related research and development expenses and taxes, and discounting the resulting net cash flows to a present value using an appropriate discount rate. We applied judgment which involved the use of assumptions with respect to the future revenue forecast, technology life, royalty rate, and the discount rate. Customer relationships - we valued the finite-lived customer relationships using the multi-period excess-earnings method. This method involves forecasting the net earnings expected to be generated by the asset, reducing them by appropriate returns on contributory assets, and then discounting the resulting net cash flows to a present value using an appropriate discount rate. We applied judgment which involved the use of assumptions with respect to the future cash flows forecast, base year annual recurring revenue, customer churn rate, and the discount rate. The related software technology amortization expense is recognized over its useful life within cost of revenue in the condensed consolidated statements of operations. The amortization expense related to the customer relationship intangible asset is recognized over its useful life within sales and marketing in the condensed consolidated statements of operations. The weighted-average amortization period of the acquired intangible assets is 5.8 years. We have included the financial results of Outfit in our condensed consolidated financial statements from the date of acquisition. Separate financial results and pro forma financial information for Outfit have not been presented as the effect of this acquisition was not significant to our financial results.

Goodwill and Net Intangible Ass

Goodwill and Net Intangible Assets	6 Months Ended
	Jul. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Net Intangible Assets	Goodwill and Net Intangible Assets Changes in the carrying amount of goodwill or measurement period adjustments during the six months ended July 31, 2023 were as follows (in thousands): Goodwill balance as of January 31, 2023 $ 142,415 Effects of foreign currency translation (692) Goodwill balance as of July 31, 2023 $ 141,723 The following table presents the components of net intangible assets (in thousands): July 31, 2023 January 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired software technology $ 28,539 $ (17,390) $ 11,149 $ 28,673 $ (14,547) $ 14,126 Acquired customer relationships 34,102 (14,604) 19,498 34,186 (12,265) 21,921 Trade names 4,100 (1,379) 2,721 4,100 (1,157) 2,943 Patents 170 (140) 30 170 (135) 35 Domain name 44 — 44 44 — 44 Total $ 66,955 $ (33,513) $ 33,442 $ 67,173 $ (28,104) $ 39,069 The following table presents the components of acquired intangible assets (dollars in thousands): July 31, 2023 January 31, 2023 Net Carrying Amount Weighted Average Life (Years) Net Carrying Amount Weighted Average Life (Years) Acquired software technology $ 11,149 2.4 $ 14,126 2.8 Acquired customer relationships 19,498 4.2 21,921 4.7 Trade names 2,721 6.1 2,943 6.6 Total $ 33,368 3.8 $ 38,990 4.2 Amortization expense related to intangible assets was $2.7 million and $2.5 million for the three months ended July 31, 2023 and 2022, respectively, and $5.4 million and $5.0 million for the six months ended July 31, 2023 and 2022, respectively. As of July 31, 2023, estimated remaining amortization expense for the finite-lived intangible assets by fiscal year is as follows (in thousands): Remainder of Fiscal 2024 $ 5,424 Fiscal 2025 9,647 Fiscal 2026 7,930 Fiscal 2027 5,764 Fiscal 2028 3,464 Thereafter 1,169 Total $ 33,398

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jul. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation The Company has issued incentive and non-qualifying stock options to employees and non-employee directors under the 2005 Stock Option/Restricted Stock Plan, the 2015 Equity Incentive Plan (the “2015 Plan”), and the 2018 Equity Incentive Plan (the “2018 Plan”). Employee stock options are granted with exercise prices at the fair value of the underlying common stock on the grant date, generally vest based on continuous employment over three The Company has also issued restricted stock units (“RSUs”) to employees and non-employee directors pursuant to the 2015 Plan and the 2018 Plan. Employee RSUs are measured based on the grant date fair value of the awards and generally vest based on continuous employment over three The Company has issued restricted stock awards (“RSAs”) to certain Brandfolder employees subject to vesting conditions. These shares were issued in a private placement transaction. As vesting of these RSAs is dependent on continuous employment, these were not considered part of the purchase price in accounting for the September 2020 acquisition. The RSAs are measured based on the grant date fair value of the awards and vest based on continuous employment over three years. The Company issued market-based performance share units (“PSUs”) to certain executives pursuant to the 2018 Plan during the year ended January 31, 2023. The target number of market-based PSUs granted was 251,027. The number of shares that can be earned range from 0% to 200% of the target number of shares, based on the relative growth of the Company’s total shareholder return as compared to the total shareholder return of the S&P Software and Services Select Index. These awards have two separate performance periods. The first tranche of awards has a one year performance period starting on the date of grant and ending on the first anniversary of the date of grant. The second tranche of awards has a two year performance period starting on the date of grant and ending on the second anniversary of the date of grant. These awards also include a service condition and vest on a graded vesting schedule, subject to continuous employment, over a three year period. The fair value of the PSUs granted was determined using a Monte Carlo simulation approach. Stock options The following table includes a summary of the option activity during the six months ended July 31, 2023: Options Outstanding Weighted-Average Exercise Price Outstanding at January 31, 2023 3,819,288 $ 23.42 Granted — — Exercised (145,724) 7.32 Forfeited or canceled (10,125) 67.00 Outstanding at July 31, 2023 3,663,439 23.94 Exercisable at July 31, 2023 3,031,579 17.76 Restricted stock units The following table includes a summary of the RSU activity during the six months ended July 31, 2023: Number of Shares Underlying Outstanding RSUs Weighted-Average Grant-Date Fair Value per RSU Outstanding at January 31, 2023 10,975,157 $ 46.56 Granted 836,732 45.09 Vested (2,193,483) 46.63 Forfeited or canceled (671,460) 47.08 Outstanding at July 31, 2023 8,946,946 46.37 Performance Share Units The following table includes a summary of the PSU activity during the six months ended July 31, 2023: Number of Shares Weighted-Average Grant-Date Fair Value per PSU Outstanding at January 31, 2023 251,027 $ 53.34 Granted — — Vested — — Forfeited or canceled — — Outstanding at July 31, 2023 251,027 53.34 Restricted stock awards The following table includes a summary of the RSA activity during the six months ended July 31, 2023: Number of Shares Weighted-Average Grant-Date Fair Value per Share Outstanding at January 31, 2023 19,895 $ 46.93 Granted — — Vested — — Forfeited or canceled — — Outstanding at July 31, 2023 19,895 46.93 2018 Employee Stock Purchase Plan In April 2018, we adopted our 2018 Employee Stock Purchase Plan (“ESPP”). The ESPP became effective on April 26, 2018, with the effective date of our initial public offering. Under our ESPP, eligible employees are able to acquire shares of Class A common stock by accumulating funds through payroll deductions of up to 15% of their compensation, subject to plan limitations. Purchases are accomplished through participation in discrete offering periods. Each offering period is six months (commencing each January 1 and July 1), with a purchase date following the end of the period, unless otherwise determined by our board of directors or our compensation committee. The purchase price for shares of our common stock purchased under our ESPP is 85% of the lesser of the fair market value of common stock on (i) the first trading day of the applicable offering period or (ii) the last trading day of the purchase period in the applicable offering period. Shares available for issuance The following table includes a summary of the Company’s shares available for issuance activity under our 2018 Plan and our ESPP during the six months ended July 31, 2023: 2018 Plan 2018 ESPP Balance at January 31, 2023 14,594,290 4,850,775 Authorized 6,592,251 1,318,450 Granted (836,732) (343,252) Forfeited or canceled 681,585 — Balance at July 31, 2023 21,031,394 5,825,973 The aggregate number of shares reserved for issuance under our ESPP will increase automatically on February 1 of each of the first 10 calendar years after the first offering date. The increase of shares is equal to 1% of the total outstanding shares of our Class A and Class B common stock as of the immediately preceding January 31 (rounded to the nearest whole share) or such lesser number of shares as may be determined by our board of directors. The aggregate number of shares issued over the term of our ESPP, subject to stock-splits, recapitalizations or similar events, may not exceed 20,400,000 shares of our Class A common stock. As of July 31, 2023, $2.4 million has been withheld on behalf of our employees for a future purchase under the ESPP and is recorded in accrued compensation and related benefits in the condensed consolidated balance sheets. Share-based compensation expense Share-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Cost of subscription revenue $ 3,357 $ 2,849 $ 6,816 $ 5,460 Cost of professional services revenue 1,915 1,756 3,825 3,233 Research and development 17,611 15,974 35,043 31,589 Sales and marketing 18,989 16,707 38,043 31,452 General and administrative 10,151 8,202 20,075 17,654 Total share-based compensation expense $ 52,023 $ 45,488 $ 103,802 $ 89,388 We have excluded $1.4 million and $1.0 million of capitalized software development costs from share-based compensation expense in the three months ended July 31, 2023 and 2022, respectively, and $2.2 million and $1.7 million for the six months ended July 31, 2023 and 2022, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes for interim tax periods is generally determined using an estimate of the Company’s annual effective tax rate, excluding jurisdictions for which no tax benefit can be recognized due to valuation allowances, and adjusted for discrete tax items in the period. Each quarter the Company updates its estimate of the annual effective tax rate and makes a cumulative adjustment if the estimated annual tax rate has changed. The Company’s effective tax rate generally differs from the U.S. federal statutory tax rate primarily due to valuation allowances on deferred tax assets, U.S. Base Erosion and Anti-Abuse Tax (“BEAT”), state taxes, and non-deductible share-based compensation offset by tax credits and Foreign Derived Intangible Income (“FDII”) deductions. The Company recorded a provision for income taxes of $3.0 million and $0.4 million for the three months ended July 31, 2023 and 2022, respectively, and $5.4 million and $0.6 million for the six months ended July 31, 2023 and 2022, respectively. The provision is primarily attributable to BEAT, income taxes in foreign jurisdictions, and state income taxes. In August 2022, the Inflation Reduction Act (the “IRA”) was signed into law. The IRA contains a number of tax related provisions including a 15% minimum corporate income tax on certain large corporations as well as an excise tax on stock repurchases. The IRA did not have a material impact on the Company’s condensed consolidated financial statements.

Leases

Leases	6 Months Ended
	Jul. 31, 2023
Leases [Abstract]
Leases	Leases The Company has operating leases related to corporate offices. Our leases have remaining lease terms of less than one year to six years, some of which include options to extend the leases for up to five years. The components of lease expense recorded in the condensed consolidated statements of operations were as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Operating lease cost $ 3,948 $ 4,887 $ 7,929 $ 9,766 Short-term lease cost 141 127 321 256 Variable lease cost 822 792 1,673 1,359 Sublease income (547) — (1,094) — Total lease costs $ 4,364 $ 5,806 $ 8,829 $ 11,381 Other information related to operating leases was as follows (dollars in thousands): Six Months Ended July 31, 2023 2022 Supplemental cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 9,667 $ 9,729 Right-of-use assets obtained in exchange for new operating lease liabilities — 4,464 Right-of-use assets reductions related to operating leases 1,033 110 Other supplemental information: Weighted-average remaining lease term (in years) 4.2 4.8 Weighted-average discount rate 5.4 % 4.9 % As of July 31, 2023, remaining maturities of lease liabilities were as follows (in thousands): Operating Leases Remainder of Fiscal 2024 $ 9,704 Fiscal 2025 16,355 Fiscal 2026 14,547 Fiscal 2027 10,855 Fiscal 2028 6,063 Thereafter 6,235 Total lease payments 63,759 Less: imputed interest (6,094) Total $ 57,665 As of July 31, 2023, we had an operating lease that had not yet commenced with future non-cancelable lease payments of approximately $3.6 million. This operating lease will commence in the third quarter of fiscal year 2024 with a lease term of five years. Additionally, as of July 31, 2023, we also had a finance lease that had not yet commenced with future non-cancelable lease payments of approximately $0.8 million. This finance lease will commence in the third quarter of fiscal year 2024 with a lease term of three years. As of July 31, 2023, the future total minimum sublease payments to be received were as follows (in thousands): Sublease Receipts Remainder of Fiscal 2024 $ 1,173 Fiscal 2025 2,396 Fiscal 2026 1,986 Fiscal 2027 700 Thereafter — Total $ 6,255

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal matters An indemnification claim was made against the Company by a former director, Ryan Hinkle, and Insight Venture Partners VII, L.P. and certain affiliated entities that are former shareholders of the Company (together with Hinkle, the “IVP Parties”), relating to a purported class action litigation in which the IVP Parties are defendants. On January 29, 2021, the IVP Parties filed a complaint against the Company in the Superior Court of Washington, King County, for the advancement of legal fees, costs, and expenses incurred in defending the purported class action claim. In December 2021, we paid $10.0 million as part of an overall settlement of these matters. During the year ended January 31, 2023, we recovered $4.5 million related to insurance coverage of this claim. In February 2023, we settled an additional insurance reimbursement claim related to this case. As a result of this settlement, we recorded an insurance reimbursement receivable of $3.9 million in prepaid and other current assets in our condensed consolidated balance sheet and related general and administrative expense in our condensed consolidated statement of operations as of, and for the year ended, January 31, 2023. The $3.9 million was collected during the three months ended April 30, 2023. We do not expect any additional activity related to this that would have a material impact on our financial position, results of operations, or cash flows.

Geographic Information

Geographic Information	6 Months Ended
	Jul. 31, 2023
Segment Reporting [Abstract]
Geographic Information	Geographic Information Revenue Revenue by geographic location is determined by the location of the Company’s customers. The following table sets forth revenue by geographic area (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 United States $ 199,222 $ 155,912 $ 384,817 $ 295,606 EMEA 18,758 16,180 36,482 31,465 Asia Pacific 8,666 7,032 16,873 13,566 Americas other than the United States 8,939 7,567 17,299 14,364 Total $ 235,585 $ 186,691 $ 455,471 $ 355,001 No individual country other than the United States contributed more than 10% of total revenue during any of the periods presented. Long-lived assets Long-lived assets by geographic location is based on the location of the legal entity that owns the asset. The following table sets forth long-lived assets by geographic area (in thousands): July 31, 2023 January 31, 2023 United States $ 53,377 $ 60,246 EMEA 3,319 5,583 Asia Pacific 4,072 4,510 Americas other than the United States 580 274 Total $ 61,348 $ 70,613

Supplemental Consolidated Finan

Supplemental Consolidated Financial Statement Information	6 Months Ended
	Jul. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Consolidated Financial Statement Information	Supplemental Consolidated Financial Statement Information Prepaid and other current assets Prepaid expenses and other current assets consisted of the following (in thousands): July 31, 2023 January 31, 2023 Prepaid expenses $ 50,348 $ 45,877 Other current assets 4,556 9,186 Total prepaid expense and other current assets $ 54,904 $ 55,063 Restricted cash Restricted cash was $0.5 million and $0.6 million as of July 31, 2023 and January 31, 2023, respectively, primarily related to Australian employee contributions to the Company’s 2018 Employee Stock Purchase Plan. Cash as reported on the condensed consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and restricted cash as shown on the condensed consolidated balance sheets. Cash as reported on the condensed consolidated statements of cash flows consisted of the following (in thousands): July 31, 2023 2022 Cash and cash equivalents $ 237,278 $ 227,370 Restricted cash included in prepaid expenses and other current assets 325 500 Restricted cash 193 17 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 237,796 $ 227,887

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Pay vs Performance Disclosure
Net loss	$ (33,357)	$ (62,313)	$ (63,227)	$ (132,770)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jul. 31, 2023 shares	Jul. 31, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Rule 10b5-1 Plan Elections During the fiscal quarter ended July 31, 2023, each of our Chief Revenue Officer, Mr. Arntz, our Chief Legal Officer, Ms. Marshall, and our Chief Executive Officer, Mr. Mader, adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408, as described in the table below. Each trading arrangement adopted during the period and disclosed below is a Rule 10b5-1 trading arrangement and is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), as amended (the “Rule”). Each adopted Rule 10b5-1 trading arrangement included a representation from the adopting individual to the broker administering the plan that he or she was not in possession of any material nonpublic information regarding the Company or the securities subject to the plan. A similar representation was made to the Company in connection with the adoption of the plan, as required under the Company’s insider trading policy. Those representations were made as of the date of adoption of each Rule 10b5-1 trading arrangement, and speak only as of that date. In making those representations, there is no assurance with respect to any material nonpublic information of which the individual was unaware, or with respect to any material nonpublic information acquired by the individual or the Company after the date of the representation. Name & Title Date Adopted Aggregate Number of Shares of Class A Common Stock to be Purchased or Sold Pursuant to Trading Arrangement (1) Duration (2) Date Terminated Michael Arntz - Chief Revenue Officer June 26, 2023 147,547 June 26, 2023 - August 14, 2024 N/A Jolene Marshall - Chief Legal Officer June 26, 2023 23,719 (3) June 26, 2023 - April 30, 2024 N/A Mark Mader - Chief Executive Officer December 13, 2022 (4) 80,000 December 13, 2022 - February 23, 2024 June 27, 2023 Mark Mader - Chief Executive Officer June 27, 2023 91,654 June 27, 2023 - February 21, 2024 N/A (1) The volume of sales is determined, in part, based on pricing triggers outlined in the trading arrangement. (2) Each trading arrangement permitted or permits transactions through and including the earlier to occur of (a) the completion of all purchases or sales or (b) the date listed in the table. Each arrangement also provided or provides for automatic expiration in the event of liquidation, dissolution, bankruptcy, insolvency, or death, of the adopting person. (3) The Rule 10b5-1 trading arrangement provides for the sale of a percentage of shares to be received upon future vesting of certain outstanding equity awards, net of any shares withheld by us to satisfy applicable taxes. The number of shares to be withheld, and thus the exact number of shares to be sold pursuant to Ms. Marshall’s Rule 10b5-1 trading arrangement, can only be determined upon the occurrence of the future vesting events. For purposes of this disclosure, we have reported the maximum aggregate number of shares to be sold without subtracting any shares to be withheld upon future vesting events. (4) The terminated Rule 10b5-1 trading arrangement complied with the then-applicable requirements of Rule 10b5-1(c) when adopted in December 2022.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Michael Arntz [Member]
Trading Arrangements, by Individual
Name	Michael Arntz
Title	Chief Revenue Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 26, 2023
Arrangement Duration	415 days
Aggregate Available	147,547	147,547
Jolene Marshall [Member]
Trading Arrangements, by Individual
Name	Jolene Marshall
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 26, 2023
Arrangement Duration	309 days
Aggregate Available	23,719	23,719
Mark Mader December 2022 Plan [Member] | Michael Mader [Member]
Trading Arrangements, by Individual
Name	Mark Mader
Title	Chief Executive Officer
Adoption Date	December 13, 2022(4)
Non-Rule 10b5-1 Arrangement Terminated	true
Arrangement Duration	437 days
Aggregate Available	80,000	80,000
Mark Mader June 2023 Plan [Member] | Michael Mader [Member]
Trading Arrangements, by Individual
Name	Mark Mader
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 27, 2023
Arrangement Duration	239 days
Aggregate Available	91,654	91,654

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 31, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated balance sheet as of January 31, 2023 was derived from the audited consolidated financial statements as of that date but does not include all of the information and notes required by GAAP for complete financial statements. 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. Therefore, these 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 year ended January 31, 2023, filed with the SEC on March 22, 2023. The condensed consolidated financial statements include the results of Smartsheet Inc. and its wholly owned subsidiaries, including those located in the United States, the United Kingdom, Germany, Australia, Japan, and Costa Rica. All intercompany balances and transactions have been eliminated upon consolidation. In the opinion of management, the information contained herein reflects all adjustments necessary for a fair presentation of our condensed consolidated financial statements. All such adjustments are of a normal, recurring nature. The results of operations for the three and six months ended July 31, 2023 are not necessarily indicative of results to be expected for the full year ending January 31, 2024, or for any other interim period, or for any future year.
Use of estimates	Use of estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. The Company bases its estimates on historical experience and on other assumptions that its management believes are reasonable under the circumstances. Actual results could differ from those estimates. The Company’s most significant estimates and judgments involve the measurement of fair values of share-based compensation award grants; determination of the amortization period for capitalized sales commission costs; and revenue recognition with respect to the allocation of transaction consideration for the Company’s offerings, among others.
Segment information	Segment information The Company operates as one operating segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information for purposes of making operating decisions, assessing financial performance, and allocating resources.
Concentrations of risk and significant customers	Concentrations of risk and significant customers Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents, short-term investments, and accounts receivable. The Company maintains its cash accounts with financial institutions where deposits, at times, exceed the Federal Deposit Insurance Corporation (“FDIC”) limits.
Recent accounting pronouncements	Recent accounting pronouncementsThere have been no recent accounting pronouncements, changes in accounting pronouncements, or recently adopted accounting guidance during the six months ended July 31, 2023 that have had a material impact on our condensed consolidated financial statements.

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jul. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents calculations for basic and diluted net loss per share (in thousands, except per share data): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Numerator: Net loss $ (33,357) $ (62,313) $ (63,227) $ (132,770) Denominator: Weighted-average shares outstanding 133,829 129,645 133,196 129,091 Net loss per share, basic and diluted $ (0.25) $ (0.48) $ (0.47) $ (1.03)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following outstanding shares of common stock equivalents as of the periods presented were excluded from the computation of diluted net loss per share for the periods presented because the impact of including them would have been anti-dilutive (in thousands): July 31, 2023 2022 Shares subject to outstanding common stock awards 12,861 11,799 Shares issuable pursuant to the 2018 Employee Stock Purchase Plan 326 53 Total potentially dilutive shares 13,187 11,852

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jul. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Unrealized Gains and Losses, and Estimated Fair Values of the Company’s Investments	The following tables present the amortized costs, unrealized gains and losses, and estimated fair values of the Company’s cash equivalents and short-term investments (in thousands): July 31, 2023 Amortized Cost* Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 71,387 $ — $ — $ 71,387 U.S. Treasury securities 23,361 — — 23,361 Commercial paper 2,636 — — 2,636 Total cash equivalents 97,384 — — 97,384 Short-term investments: Corporate bonds 65,200 16 (101) 65,115 U.S. Treasury securities 124,559 — (46) 124,513 Commercial paper 84,467 — — 84,467 Agency securities 37,670 — (58) 37,612 Total short-term investments 311,896 16 (205) 311,707 Total $ 409,280 $ 16 $ (205) $ 409,091 *Excludes interest receivable of $0.8 million, which is included in Prepaid expenses and other current assets on the condensed consolidated balance sheets. January 31, 2023 Amortized Cost* Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 137,490 $ — $ — $ 137,490 Agency securities 3,497 — — 3,497 Total cash equivalents 140,987 — — 140,987 Short-term investments: Corporate bonds 66,051 46 (79) 66,018 U.S. Treasury securities 62,520 2 (144) 62,378 Commercial paper 78,454 — — 78,454 Agency securities 26,369 12 (6) 26,375 Total short-term investments 233,394 60 (229) 233,225 Total $ 374,381 $ 60 $ (229) $ 374,212 *Excludes interest receivable of $1.1 million, which is included in Prepaid expenses and other current assets on the condensed consolidated balance sheets.
Schedule of Maturities of the Company’s Short-term Investments	The following tables present the contractual maturities of the Company’s short-term investments (in thousands): July 31, 2023 Amortized Cost Estimated Fair Value Due within one year $ 289,409 $ 289,255 Due between one to five years 22,487 22,452 Total $ 311,896 $ 311,707 January 31, 2023 Amortized Cost Estimated Fair Value Due within one year $ 207,487 $ 207,325 Due between one to five years 25,907 25,900 Total $ 233,394 $ 233,225

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jul. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present information about the Company’s financial assets and liabilities that are measured at fair value and indicate the fair value hierarchy of the valuation inputs used (in thousands): July 31, 2023 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 71,387 $ — $ — $ 71,387 U.S. Treasury securities — 23,361 — 23,361 Commercial Paper — 2,636 — 2,636 Total cash equivalents 71,387 25,997 — 97,384 Short-term investments: Corporate bonds — 65,115 — 65,115 U.S. Treasury securities — 124,513 — 124,513 Commercial paper — 84,467 — 84,467 Agency securities — 37,612 — 37,612 Total short-term investments — 311,707 — 311,707 Total assets $ 71,387 $ 337,704 $ — $ 409,091 January 31, 2023 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 137,490 $ — $ — $ 137,490 Agency securities — 3,497 — 3,497 Total cash equivalents 137,490 3,497 — 140,987 Short-term investments: Corporate bonds — 66,018 — 66,018 U.S. Treasury securities — 62,378 — 62,378 Commercial paper — 78,454 — 78,454 Agency securities — 26,375 — 26,375 Total short-term investments — 233,225 — 233,225 Total assets $ 137,490 $ 236,722 $ — $ 374,212

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Jul. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Assets Acquired and Liabilities Assumed	The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition (in thousands): September 1, 2022 Cash and restricted cash $ 266 Intangible assets 5,190 Goodwill 16,434 Other net tangible assets and liabilities assumed (1,283) Total $ 20,607
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination	The estimated useful lives and fair values of the identifiable intangible assets at acquisition date were as follows (dollars in thousands): Fair Value Expected Useful Life Discount Rate Software technology $ 3,200 5 years 14.7 % Customer relationships 1,990 7 years 14.7 % Total intangible assets $ 5,190

Goodwill and Net Intangible A_2

Goodwill and Net Intangible Assets (Tables)	6 Months Ended
	Jul. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Changes in the carrying amount of goodwill or measurement period adjustments during the six months ended July 31, 2023 were as follows (in thousands): Goodwill balance as of January 31, 2023 $ 142,415 Effects of foreign currency translation (692) Goodwill balance as of July 31, 2023 $ 141,723
Schedule of Finite-Lived Intangible Assets	The following table presents the components of net intangible assets (in thousands): July 31, 2023 January 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired software technology $ 28,539 $ (17,390) $ 11,149 $ 28,673 $ (14,547) $ 14,126 Acquired customer relationships 34,102 (14,604) 19,498 34,186 (12,265) 21,921 Trade names 4,100 (1,379) 2,721 4,100 (1,157) 2,943 Patents 170 (140) 30 170 (135) 35 Domain name 44 — 44 44 — 44 Total $ 66,955 $ (33,513) $ 33,442 $ 67,173 $ (28,104) $ 39,069 The following table presents the components of acquired intangible assets (dollars in thousands): July 31, 2023 January 31, 2023 Net Carrying Amount Weighted Average Life (Years) Net Carrying Amount Weighted Average Life (Years) Acquired software technology $ 11,149 2.4 $ 14,126 2.8 Acquired customer relationships 19,498 4.2 21,921 4.7 Trade names 2,721 6.1 2,943 6.6 Total $ 33,368 3.8 $ 38,990 4.2
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of July 31, 2023, estimated remaining amortization expense for the finite-lived intangible assets by fiscal year is as follows (in thousands): Remainder of Fiscal 2024 $ 5,424 Fiscal 2025 9,647 Fiscal 2026 7,930 Fiscal 2027 5,764 Fiscal 2028 3,464 Thereafter 1,169 Total $ 33,398

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jul. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following table includes a summary of the option activity during the six months ended July 31, 2023: Options Outstanding Weighted-Average Exercise Price Outstanding at January 31, 2023 3,819,288 $ 23.42 Granted — — Exercised (145,724) 7.32 Forfeited or canceled (10,125) 67.00 Outstanding at July 31, 2023 3,663,439 23.94 Exercisable at July 31, 2023 3,031,579 17.76
Schedule of Restricted Stock Units Award Activity	The following table includes a summary of the RSU activity during the six months ended July 31, 2023: Number of Shares Underlying Outstanding RSUs Weighted-Average Grant-Date Fair Value per RSU Outstanding at January 31, 2023 10,975,157 $ 46.56 Granted 836,732 45.09 Vested (2,193,483) 46.63 Forfeited or canceled (671,460) 47.08 Outstanding at July 31, 2023 8,946,946 46.37
Schedule of Performance Share Units Activity	The following table includes a summary of the PSU activity during the six months ended July 31, 2023: Number of Shares Weighted-Average Grant-Date Fair Value per PSU Outstanding at January 31, 2023 251,027 $ 53.34 Granted — — Vested — — Forfeited or canceled — — Outstanding at July 31, 2023 251,027 53.34
Schedule of Nonvested Restricted Stock Shares Activity	The following table includes a summary of the RSA activity during the six months ended July 31, 2023: Number of Shares Weighted-Average Grant-Date Fair Value per Share Outstanding at January 31, 2023 19,895 $ 46.93 Granted — — Vested — — Forfeited or canceled — — Outstanding at July 31, 2023 19,895 46.93
Schedule of Shares Available for Issuance Under ESPP	The following table includes a summary of the Company’s shares available for issuance activity under our 2018 Plan and our ESPP during the six months ended July 31, 2023: 2018 Plan 2018 ESPP Balance at January 31, 2023 14,594,290 4,850,775 Authorized 6,592,251 1,318,450 Granted (836,732) (343,252) Forfeited or canceled 681,585 — Balance at July 31, 2023 21,031,394 5,825,973
Schedule of Share-based Compensation Expense	Share-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Cost of subscription revenue $ 3,357 $ 2,849 $ 6,816 $ 5,460 Cost of professional services revenue 1,915 1,756 3,825 3,233 Research and development 17,611 15,974 35,043 31,589 Sales and marketing 18,989 16,707 38,043 31,452 General and administrative 10,151 8,202 20,075 17,654 Total share-based compensation expense $ 52,023 $ 45,488 $ 103,802 $ 89,388

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jul. 31, 2023
Leases [Abstract]
Schedule of Lease Cost	The components of lease expense recorded in the condensed consolidated statements of operations were as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Operating lease cost $ 3,948 $ 4,887 $ 7,929 $ 9,766 Short-term lease cost 141 127 321 256 Variable lease cost 822 792 1,673 1,359 Sublease income (547) — (1,094) — Total lease costs $ 4,364 $ 5,806 $ 8,829 $ 11,381 Other information related to operating leases was as follows (dollars in thousands): Six Months Ended July 31, 2023 2022 Supplemental cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 9,667 $ 9,729 Right-of-use assets obtained in exchange for new operating lease liabilities — 4,464 Right-of-use assets reductions related to operating leases 1,033 110 Other supplemental information: Weighted-average remaining lease term (in years) 4.2 4.8 Weighted-average discount rate 5.4 % 4.9 %
Schedule of Future Minimum Rental Payments for Operating Leases	As of July 31, 2023, remaining maturities of lease liabilities were as follows (in thousands): Operating Leases Remainder of Fiscal 2024 $ 9,704 Fiscal 2025 16,355 Fiscal 2026 14,547 Fiscal 2027 10,855 Fiscal 2028 6,063 Thereafter 6,235 Total lease payments 63,759 Less: imputed interest (6,094) Total $ 57,665
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity	As of July 31, 2023, the future total minimum sublease payments to be received were as follows (in thousands): Sublease Receipts Remainder of Fiscal 2024 $ 1,173 Fiscal 2025 2,396 Fiscal 2026 1,986 Fiscal 2027 700 Thereafter — Total $ 6,255

Geographic Information (Tables)

Geographic Information (Tables)	6 Months Ended
	Jul. 31, 2023
Segment Reporting [Abstract]
Schedule of Revenue by Geographical Area	Revenue by geographic location is determined by the location of the Company’s customers. The following table sets forth revenue by geographic area (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 United States $ 199,222 $ 155,912 $ 384,817 $ 295,606 EMEA 18,758 16,180 36,482 31,465 Asia Pacific 8,666 7,032 16,873 13,566 Americas other than the United States 8,939 7,567 17,299 14,364 Total $ 235,585 $ 186,691 $ 455,471 $ 355,001
Schedule of Long-lived Assets by Geographic Areas	Long-lived assets by geographic location is based on the location of the legal entity that owns the asset. The following table sets forth long-lived assets by geographic area (in thousands): July 31, 2023 January 31, 2023 United States $ 53,377 $ 60,246 EMEA 3,319 5,583 Asia Pacific 4,072 4,510 Americas other than the United States 580 274 Total $ 61,348 $ 70,613

Supplemental Consolidated Fin_2

Supplemental Consolidated Financial Statement Information (Tables)	6 Months Ended
	Jul. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): July 31, 2023 January 31, 2023 Prepaid expenses $ 50,348 $ 45,877 Other current assets 4,556 9,186 Total prepaid expense and other current assets $ 54,904 $ 55,063
Schedule of Cash and Cash Equivalents	Cash as reported on the condensed consolidated statements of cash flows consisted of the following (in thousands): July 31, 2023 2022 Cash and cash equivalents $ 237,278 $ 227,370 Restricted cash included in prepaid expenses and other current assets 325 500 Restricted cash 193 17 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 237,796 $ 227,887
Schedule of Restricted Cash and Cash Equivalents	Cash as reported on the condensed consolidated statements of cash flows consisted of the following (in thousands): July 31, 2023 2022 Cash and cash equivalents $ 237,278 $ 227,370 Restricted cash included in prepaid expenses and other current assets 325 500 Restricted cash 193 17 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 237,796 $ 227,887

Overview and Basis of Present_2

Overview and Basis of Presentation (Details) - $ / shares		3 Months Ended		6 Months Ended
	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jan. 31, 2023	Jul. 31, 2022
Change in Accounting Estimate [Line Items]
Deferred commissions amortized period	3 years				4 years
Benefit to net income per share, basic (in dollars per share)		$ (0.25)	$ (0.48)	$ (0.47)		$ (1.03)
Benefit to net income per share, diluted (in dollars per share)		$ (0.25)	$ (0.48)	$ (0.47)		$ (1.03)
Deferred Commissions, Amortization Period
Change in Accounting Estimate [Line Items]
Total revenue (in percent)		2%		2%
Benefit to net income per share, basic (in dollars per share)		$ 0.04		$ 0.07
Benefit to net income per share, diluted (in dollars per share)		$ 0.04		$ 0.07

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details)	6 Months Ended
	Jul. 31, 2023 segment
Accounting Policies [Abstract]
Number of operating segments	1

Revenue from Contracts with C_2

Revenue from Contracts with Customers - Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Revenue from External Customer [Line Items]
Deferred revenue	$ 553.6		$ 553.6
Subscription
Revenue from External Customer [Line Items]
Revenue recognized included in deferred revenue	(191.4)	$ 144.7	(315.5)	$ 230.8
Deferred revenue	546.7		546.7
Professional services
Revenue from External Customer [Line Items]
Revenue recognized included in deferred revenue	5.4	$ 4.2	7	$ 4.2
Deferred revenue	$ 6.8		$ 6.8

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Revenue Recognition (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-08-01	Jul. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of revenue related to remaining performance obligations	88%
Period of expected timing of satisfaction related to remaining performance obligations	12 months

Deferred Commissions (Details)

Deferred Commissions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022	Jan. 31, 2023	Aug. 01, 2022
Revenue from Contract with Customer [Abstract]
Deferred commissions	$ 136,248		$ 136,248		$ 121,785
Amortization of deferred commission costs	$ 12,900	$ 14,500	$ 24,400	$ 27,600
Deferred commissions amortized period		3 years		3 years		4 years

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Numerator:
Net loss	$ (33,357)	$ (62,313)	$ (63,227)	$ (132,770)
Denominator:
Weighted-average shares outstanding, basic (in shares)	133,829	129,645	133,196	129,091
Weighted-average shares outstanding, diluted (in shares)	133,829	129,645	133,196	129,091
Net loss per share, basic (in dollars per share)	$ (0.25)	$ (0.48)	$ (0.47)	$ (1.03)
Net loss per share, diluted (in dollars per share)	$ (0.25)	$ (0.48)	$ (0.47)	$ (1.03)

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	13,187	11,852
Shares subject to outstanding common stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	12,861	11,799
Shares issuable pursuant to the 2018 Employee Stock Purchase Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	326	53

Investments - Schedule of Unrea

Investments - Schedule of Unrealized Gains and Losses, and Estimated Fair Values of the Company’s Investments (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jan. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Total	$ 409,280	$ 374,381
Unrealized Gains	16	60
Unrealized Losses	(205)	(229)
Estimated Fair Value	409,091	374,212
Interest receivable	800	1,100
Money market funds | Cash equivalents:
Debt and Equity Securities, FV-NI [Line Items]
Total	71,387	137,490
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	71,387	137,490
Agency securities | Cash equivalents:
Debt and Equity Securities, FV-NI [Line Items]
Total		3,497
Unrealized Gains		0
Unrealized Losses		0
Estimated Fair Value		3,497
Total cash equivalents | Cash equivalents:
Debt and Equity Securities, FV-NI [Line Items]
Total	97,384	140,987
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	97,384	140,987
Corporate bonds | Short-term investments:
Debt and Equity Securities, FV-NI [Line Items]
Total	65,200	66,051
Unrealized Gains	16	46
Unrealized Losses	(101)	(79)
Estimated Fair Value	65,115	66,018
U.S. Treasury securities | Cash equivalents:
Debt and Equity Securities, FV-NI [Line Items]
Total	23,361
Unrealized Gains	0
Unrealized Losses	0
Estimated Fair Value	23,361
U.S. Treasury securities | Short-term investments:
Debt and Equity Securities, FV-NI [Line Items]
Total	124,559	62,520
Unrealized Gains	0	2
Unrealized Losses	(46)	(144)
Estimated Fair Value	124,513	62,378
Commercial paper | Cash equivalents:
Debt and Equity Securities, FV-NI [Line Items]
Total	2,636
Unrealized Gains	0
Unrealized Losses	0
Estimated Fair Value	2,636
Commercial paper | Short-term investments:
Debt and Equity Securities, FV-NI [Line Items]
Total	84,467	78,454
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	84,467	78,454
Agency securities | Short-term investments:
Debt and Equity Securities, FV-NI [Line Items]
Total	37,670	26,369
Unrealized Gains	0	12
Unrealized Losses	(58)	(6)
Estimated Fair Value	37,612	26,375
Short-term investments:
Debt and Equity Securities, FV-NI [Line Items]
Total	311,896	233,394
Estimated Fair Value	311,707	233,225
Short-term investments: | Short-term investments:
Debt and Equity Securities, FV-NI [Line Items]
Total	311,896	233,394
Unrealized Gains	16	60
Unrealized Losses	(205)	(229)
Estimated Fair Value	$ 311,707	$ 233,225

Investments - Schedule of Matur

Investments - Schedule of Maturities of the Company’s Short-term Investments (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jan. 31, 2023
Amortized Cost
Total	$ 409,280	$ 374,381
Estimated Fair Value
Total	409,091	374,212
Total short-term investments
Amortized Cost
Due within one year	289,409	207,487
Due between one to five years	22,487	25,907
Total	311,896	233,394
Estimated Fair Value
Due within one year	289,255	207,325
Due between one to five years	22,452	25,900
Total	$ 311,707	$ 233,225

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jul. 31, 2023	Jan. 31, 2023
Cash equivalents:
Cash equivalents:	$ 97,384	$ 140,987
Short-term investments:	311,707	233,225
Total assets	409,091	374,212
Corporate bonds
Cash equivalents:
Short-term investments:	65,115	66,018
U.S. Treasury securities
Cash equivalents:
Short-term investments:	124,513	62,378
Commercial paper
Cash equivalents:
Short-term investments:	84,467	78,454
Agency securities
Cash equivalents:
Short-term investments:	37,612	26,375
Money market funds
Cash equivalents:
Cash equivalents:	71,387	137,490
Agency securities
Cash equivalents:
Cash equivalents:		3,497
U.S. Treasury securities
Cash equivalents:
Cash equivalents:	23,361
Commercial paper
Cash equivalents:
Cash equivalents:	2,636
Level 1
Cash equivalents:
Cash equivalents:	71,387	137,490
Short-term investments:	0	0
Total assets	71,387	137,490
Level 1 | Corporate bonds
Cash equivalents:
Short-term investments:	0	0
Level 1 | U.S. Treasury securities
Cash equivalents:
Short-term investments:	0	0
Level 1 | Commercial paper
Cash equivalents:
Short-term investments:	0	0
Level 1 | Agency securities
Cash equivalents:
Short-term investments:	0	0
Level 1 | Money market funds
Cash equivalents:
Cash equivalents:	71,387	137,490
Level 1 | Agency securities
Cash equivalents:
Cash equivalents:		0
Level 1 | U.S. Treasury securities
Cash equivalents:
Cash equivalents:	0
Level 1 | Commercial paper
Cash equivalents:
Cash equivalents:	0
Level 2
Cash equivalents:
Cash equivalents:	25,997	3,497
Short-term investments:	311,707	233,225
Total assets	337,704	236,722
Level 2 | Corporate bonds
Cash equivalents:
Short-term investments:	65,115	66,018
Level 2 | U.S. Treasury securities
Cash equivalents:
Short-term investments:	124,513	62,378
Level 2 | Commercial paper
Cash equivalents:
Short-term investments:	84,467	78,454
Level 2 | Agency securities
Cash equivalents:
Short-term investments:	37,612	26,375
Level 2 | Money market funds
Cash equivalents:
Cash equivalents:	0	0
Level 2 | Agency securities
Cash equivalents:
Cash equivalents:		3,497
Level 2 | U.S. Treasury securities
Cash equivalents:
Cash equivalents:	23,361
Level 2 | Commercial paper
Cash equivalents:
Cash equivalents:	2,636
Level 3
Cash equivalents:
Cash equivalents:	0	0
Short-term investments:	0	0
Total assets	0	0
Level 3 | Corporate bonds
Cash equivalents:
Short-term investments:	0	0
Level 3 | U.S. Treasury securities
Cash equivalents:
Short-term investments:	0	0
Level 3 | Commercial paper
Cash equivalents:
Short-term investments:	0	0
Level 3 | Agency securities
Cash equivalents:
Short-term investments:	0	0
Level 3 | Money market funds
Cash equivalents:
Cash equivalents:	0	0
Level 3 | Agency securities
Cash equivalents:
Cash equivalents:		$ 0
Level 3 | U.S. Treasury securities
Cash equivalents:
Cash equivalents:	0
Level 3 | Commercial paper
Cash equivalents:
Cash equivalents:	$ 0

Business Combinations - Narrati

Business Combinations - Narrative (Details) - On Brand Holdings Inc. - USD ($) $ in Millions	Sep. 01, 2022	Jan. 31, 2023
Business Acquisition [Line Items]
Outstanding equity acquired (percentage)	100%
Transaction costs		$ 0.6
Consideration transferred	$ 20.6
Weighted average amortization period	5 years 9 months 18 days

Business Combinations - Fair Va

Business Combinations - Fair Value of Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jan. 31, 2023	Sep. 01, 2022
Business Acquisition [Line Items]
Goodwill	$ 141,723	$ 142,415
On Brand Holdings Inc.
Business Acquisition [Line Items]
Cash and restricted cash			$ 266
Intangible assets			5,190
Goodwill			16,434
Other net tangible assets and liabilities assumed			(1,283)
Total			$ 20,607

Business Combinations - Intangi

Business Combinations - Intangible Assets Acquired (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Sep. 01, 2022	Jul. 31, 2023	Jan. 31, 2023
Business Acquisition [Line Items]
Expected Useful Life		3 years 9 months 18 days	4 years 2 months 12 days
On Brand Holdings Inc.
Business Acquisition [Line Items]
Fair Value	$ 5,190
Software technology
Business Acquisition [Line Items]
Expected Useful Life		2 years 4 months 24 days	2 years 9 months 18 days
Software technology | On Brand Holdings Inc.
Business Acquisition [Line Items]
Fair Value	$ 3,200
Expected Useful Life	5 years
Discount Rate	14.70%
Customer relationships
Business Acquisition [Line Items]
Expected Useful Life		4 years 2 months 12 days	4 years 8 months 12 days
Customer relationships | On Brand Holdings Inc.
Business Acquisition [Line Items]
Fair Value	$ 1,990
Expected Useful Life	7 years
Discount Rate	14.70%

Goodwill and Net Intangible A_3

Goodwill and Net Intangible Assets - Changes in Goodwill (Details) $ in Thousands	6 Months Ended
	Jul. 31, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill balance as of January 31, 2023	$ 142,415
Effects of foreign currency translation	(692)
Goodwill balance as of July 31, 2023	$ 141,723

Goodwill and Net Intangible A_4

Goodwill and Net Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jul. 31, 2023	Jan. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 66,955	$ 67,173
Accumulated Amortization	(33,513)	(28,104)
Net Carrying Amount	33,442	39,069
Net Carrying Amount	$ 33,368	$ 38,990
Weighted Average Life (Years)	3 years 9 months 18 days	4 years 2 months 12 days
Acquired software technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 28,539	$ 28,673
Accumulated Amortization	(17,390)	(14,547)
Net Carrying Amount	11,149	14,126
Net Carrying Amount	$ 11,149	$ 14,126
Weighted Average Life (Years)	2 years 4 months 24 days	2 years 9 months 18 days
Acquired customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 34,102	$ 34,186
Accumulated Amortization	(14,604)	(12,265)
Net Carrying Amount	19,498	21,921
Net Carrying Amount	$ 19,498	$ 21,921
Weighted Average Life (Years)	4 years 2 months 12 days	4 years 8 months 12 days
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,100	$ 4,100
Accumulated Amortization	(1,379)	(1,157)
Net Carrying Amount	2,721	2,943
Net Carrying Amount	$ 2,721	$ 2,943
Weighted Average Life (Years)	6 years 1 month 6 days	6 years 7 months 6 days
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 170	$ 170
Accumulated Amortization	(140)	(135)
Net Carrying Amount	30	35
Domain name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	44	44
Accumulated Amortization	0	0
Net Carrying Amount	$ 44	$ 44

Goodwill and Net Intangible A_5

Goodwill and Net Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 2.7	$ 2.5	$ 5.4	$ 5

Goodwill and Net Intangible A_6

Goodwill and Net Intangible Assets - Estimated Remaining Amortization Expense (Details) $ in Thousands	Jul. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of Fiscal 2024	$ 5,424
Fiscal 2025	9,647
Fiscal 2026	7,930
Fiscal 2027	5,764
Fiscal 2028	3,464
Thereafter	1,169
Total	$ 33,398

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022	Jan. 31, 2023
Share-based compensation
Accrued compensation and related benefits	$ 66,181		$ 66,181		$ 68,347
Capitalized software development costs	$ (1,400)	$ 1,000	$ (2,200)	$ 1,700
2018 ESPP
Share-based compensation
Granted (in shares)			343,252
Allowable payroll deduction as a percent of base cash compensation			15%
Offering period (in months)			6 months
Purchase price percent			85%
Maximum number of shares authorized (in shares)	5,825,973		5,825,973		4,850,775
Accrued compensation and related benefits	$ 2,400		$ 2,400
2018 ESPP | Common Class A
Share-based compensation
Period in which shares authorized increase			10 years
2018 ESPP | Common Class A and B
Share-based compensation
Percent of shares outstanding			1%
Maximum | 2018 ESPP | Common Class A
Share-based compensation
Maximum number of shares authorized (in shares)	20,400,000		20,400,000
Stock Option
Share-based compensation
Expiration period			10 years
Stock Option | Minimum
Share-based compensation
Vesting period			3 years
Stock Option | Maximum
Share-based compensation
Vesting period			4 years
RSUs
Share-based compensation
Granted (in shares)			836,732
RSUs | Minimum
Share-based compensation
Vesting period			3 years
RSUs | Maximum
Share-based compensation
Vesting period			4 years
RSAs
Share-based compensation
Vesting period			3 years
Performance Shares
Share-based compensation
Vesting period			3 years
Granted (in shares)			0		251,027
Performance Shares | Share-Based Payment Arrangement, Tranche One
Share-based compensation
Vesting period			1 year
Performance Shares | Share-Based Payment Arrangement, Tranche Two
Share-based compensation
Vesting period			2 years
Performance Shares | Minimum
Share-based compensation
Percentage of target number of shares					0%
Performance Shares | Maximum
Share-based compensation
Percentage of target number of shares					200%

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Options (Details) - Stock Option	6 Months Ended
	Jul. 31, 2023 $ / shares shares
Options Outstanding
Outstanding beginning balance (in shares) | shares	3,819,288
Granted (in shares) | shares	0
Exercised (in shares) | shares	(145,724)
Forfeited or canceled (in shares) | shares	(10,125)
Outstanding ending balance (in shares) | shares	3,663,439
Exercisable (in shares) | shares	3,031,579
Weighted-Average Exercise Price
Outstanding beginning balance (in dollars per share) | $ / shares	$ 23.42
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	7.32
Forfeited or canceled (in dollars per share) | $ / shares	67
Outstanding ending balance (in dollars per share) | $ / shares	23.94
Exercisable (in dollars per share) | $ / shares	$ 17.76

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Units (Details) - RSUs	6 Months Ended
	Jul. 31, 2023 $ / shares shares
Number of Shares Underlying Outstanding RSUs
Outstanding beginning balance (in shares) | shares	10,975,157
Granted (in shares) | shares	836,732
Vested (in shares) | shares	(2,193,483)
Forfeited or canceled (in shares) | shares	(671,460)
Outstanding ending balance (in shares) | shares	8,946,946
Weighted-Average Grant-Date Fair Value per RSU
Outstanding beginning balance (in dollars per share) | $ / shares	$ 46.56
Granted (in dollars per share) | $ / shares	45.09
Vested (in dollars per share) | $ / shares	46.63
Forfeited or canceled (in dollars per share) | $ / shares	47.08
Outstanding ending balance (in dollars per share) | $ / shares	$ 46.37

Share-Based Compensation - Perf

Share-Based Compensation - Performance Share Unit Activity (Details) - Performance Shares - $ / shares	6 Months Ended	12 Months Ended
	Jul. 31, 2023	Jan. 31, 2023
Number of Shares Underlying Outstanding RSUs
Outstanding beginning balance (in shares)	251,027
Granted (in shares)	0	251,027
Vested (in shares)	0
Forfeited or canceled (in shares)	0
Outstanding ending balance (in shares)	251,027	251,027
Weighted-Average Grant-Date Fair Value per RSU
Outstanding beginning balance (in dollars per share)	$ 53.34
Granted (in dollars per share)	0
Vested (in dollars per share)	0
Forfeited or canceled (in dollars per share)	0
Outstanding ending balance (in dollars per share)	$ 53.34	$ 53.34

Share-Based Compensation - Re_2

Share-Based Compensation - Restricted Stock Awards (Details) - Restricted Stock	6 Months Ended
	Jul. 31, 2023 $ / shares shares
Number of Shares
Outstanding beginning balance (in shares) | shares	19,895
Granted (in shares) | shares	0
Vested (in shares) | shares	0
Forfeited or canceled (in shares) | shares	0
Outstanding ending balance (in shares) | shares	19,895
Weighted-Average Grant-Date Fair Value per Share
Outstanding beginning balance (in dollars per share) | $ / shares	$ 46.93
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	0
Forfeited or canceled (in dollars per share) | $ / shares	0
Outstanding ending balance (in dollars per share) | $ / shares	$ 46.93

Share-Based Compensation - 2018

Share-Based Compensation - 2018 Plan and 2018 Employee Stock Purchase Plan (Details)	6 Months Ended
	Jul. 31, 2023 shares
2018 Plan
Share-based compensation
Balance at beginning of period (in shares)	14,594,290
Authorized (in shares)	6,592,251
Granted (in shares)	(836,732)
Forfeited (in shares)	681,585
Balance at end of period (in shares)	21,031,394
2018 ESPP
Share-based compensation
Balance at beginning of period (in shares)	4,850,775
Authorized (in shares)	1,318,450
Granted (in shares)	(343,252)
Forfeited (in shares)	0
Balance at end of period (in shares)	5,825,973

Share-Based Compensation - Shar

Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 52,023	$ 45,488	$ 103,802	$ 89,388
Cost of subscription revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	3,357	2,849	6,816	5,460
Cost of professional services revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	1,915	1,756	3,825	3,233
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	17,611	15,974	35,043	31,589
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	18,989	16,707	38,043	31,452
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 10,151	$ 8,202	$ 20,075	$ 17,654

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Income Tax Disclosure [Abstract]
Income tax provision	$ 3,002	$ 359	$ 5,438	$ 574

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	6 Months Ended
	Jul. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Option to extend lease	5 years
Future non-cancelable operating lease, total payments	$ 3.6
Term of contract for operating lease not yet commenced	5 years
Future non-cancelable financing lease, total payments	$ 0.8
Term of contract for financing lease not yet commenced	3 years
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	6 years

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Leases [Abstract]
Operating lease cost	$ 3,948	$ 4,887	$ 7,929	$ 9,766
Short-term lease cost	141	127	321	256
Variable lease cost	822	792	1,673	1,359
Sublease income	(547)	0	(1,094)	0
Total lease costs	$ 4,364	$ 5,806	$ 8,829	$ 11,381

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Supplemental cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$ 9,667	$ 9,729
Right-of-use assets obtained in exchange for new operating lease liabilities	0	4,464	$ 0	$ 4,464
Right-of-use assets reductions related to operating leases	$ 1,033	$ 110
Weighted Average Remaining Lease Term [Abstract]
Weighted-average remaining lease term (in years)	4 years 2 months 12 days	4 years 9 months 18 days	4 years 2 months 12 days	4 years 9 months 18 days
Weighted Average Discount Rate [Abstract]
Weighted-average discount rate	5.40%	4.90%	5.40%	4.90%

Leases - Schedule of Future Pay

Leases - Schedule of Future Payments for Operating and Sublease Receipts (Details) $ in Thousands	Jul. 31, 2023 USD ($)
Operating Leases
Remainder of Fiscal 2024	$ 9,704
Fiscal 2025	16,355
Fiscal 2026	14,547
Fiscal 2027	10,855
Fiscal 2028	6,063
Thereafter	6,235
Total lease payments	63,759
Less: imputed interest	(6,094)
Total	57,665
Sublease Receipts
Remainder of Fiscal 2024	1,173
Fiscal 2025	2,396
Fiscal 2026	1,986
Fiscal 2027	700
Thereafter	0
Total	$ 6,255

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Apr. 30, 2023	Jan. 31, 2023
Loss Contingencies [Line Items]
Payments for legal settlement	$ 10
Collected receivables		$ 3.9
Insurance Claims
Loss Contingencies [Line Items]
Legal settlement recovery			$ 4.5
Estimated legal settlement recovery			$ 3.9

Geographic Information - Schedu

Geographic Information - Schedule of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 235,585	$ 186,691	$ 455,471	$ 355,001
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	199,222	155,912	384,817	295,606
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	18,758	16,180	36,482	31,465
Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	8,666	7,032	16,873	13,566
Americas other than the United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 8,939	$ 7,567	$ 17,299	$ 14,364

Geographic Information - Long-l

Geographic Information - Long-lived Assets (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jan. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 61,348	$ 70,613
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	53,377	60,246
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	3,319	5,583
Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	4,072	4,510
Americas other than the United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 580	$ 274

Supplemental Consolidated Fin_3

Supplemental Consolidated Financial Statement Information - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jan. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 50,348	$ 45,877
Other current assets	4,556	9,186
Prepaid expenses and other current assets	$ 54,904	$ 55,063

Supplemental Consolidated Fin_4

Supplemental Consolidated Financial Statement Information - Narrative (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jan. 31, 2023	Jul. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 325		$ 500
Letter of Credit Collateral
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 500	$ 600

Supplemental Consolidated Fin_5

Supplemental Consolidated Financial Statement Information - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jan. 31, 2023	Jul. 31, 2022	Jan. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 237,278	$ 223,156	$ 227,370
Restricted cash included in prepaid expenses and other current assets	325		500
Restricted cash	193	197	17
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$ 237,796	$ 223,757	$ 227,887	$ 449,680